Some banks employ managers who run two branches, which is economical because they don't have to pay two separate salaries. These banks must have highly efficient employees to run each bank, so the multiunit bank manager can effectively run both branches. Bank managers managing two branches promote and market their banks' products, meet with customers and supervise all employees, just as their single-unit counterparts. If you want to manage two bank branches, you need to get a bachelor's degree. In return, you can expect to earn a salary averaging nearly $70,000 annually.
Salary and Qualifications
The average salary of a bank manager who manages two branches was $69,000 as of 2013, according to the job site Simply Hired. These multiunit bank managers may also earn bonuses and commissions that significantly increase their salaries. To become a multiunit bank manager, you typically need at least a bachelor's degree in business, finance, accounting or economics. Since many of these managers are promoted from single-unit management or loan officer jobs, most have industry experience -- five or more years of experience in many cases. Other essential requirements for the job are analytical, organizational, communication, decision-making, supervisory and computer skills.
In 2013, average salaries for bank managers managing two branches varied most significantly in the West region, according to Simply Hired, where they earned the lowest salaries of $53,000 in Mississippi and the highest of $108,000 in Washington, D.C. Those in the Midwest made $53,000 to $73,000 per year in South Dakota and Minnesota, respectively. If you worked as a multiunit bank manager in Maine or Massachusetts, you'd earn an average of $62,000 or $83,000 -- the lowest and highest salaries in the Northeast. In the West, you'd make the least in Montana or most in California at $55,000 or $78,000, respectively.
While bank managers who manage two branches earned $69,000 in 2013, those managing single banks earned average annual salaries of $55,000, Simply Hired reported. In comparison, loan officers earned average salaries of $70,350 per year, according to May 2012 data from the U.S. Bureau of Labor Statistics (BLS), while the top 10 percent made over $119,710 annually. The average salary for loan officers was somewhat inflated because the BLS included those from the securities and commodities brokerage and automobile industries in the sample, who earned $122,179 and $89,020, respectively.
The BLS doesn't forecast jobs for bank managers who manage two branches. It predicts a 14 percent increase in jobs for loan officers from 2010 to 2020, which is on par with the national average for all jobs. Bank jobs, including those of multiunit branch managers, are highly contingent on the economy and interest rates. If the economy continues to improve -- and interest rates remain low -- more people will apply for home and business loans. This should increase jobs for loan officers and all bank managers. You may also find more jobs in high growth areas, where new banks are opening.
- Simply Hired: Average Bank Manager Managing Two Banks Salaries
- U.S. Bureau of Labor Statistics: Financial Managers: Summary
- Simply Hired: Average Bank Manager Salaries
- U.S. Bureau of Labor Statistics: Occupational Outlook Handbook: Financial Managers
- U.S. Bureau of Labor Statistics: Occupational Outlook Handbook: Loan Officers
- U.S. Bureau of Labor Statistics: Loan Officers: Job Outlook
- Simply Hired: Average Bank Manager Managing Two Banks Salaries in ME, NY and MA
- Simply Hired: Average Bank Manager Managing Two Banks Salaries in MT, AK and CA
- Simply Hired: Average Bank Manager Managing Two Banks Salaries in MS and DC
- Simply Hired: Average Bank Manager Managing Two Banks Salaries in SD, IL and MN
- U.S. Bureau of Labor Statistics: Occupational Outlook Handbook: How to Become a Financial Manager
- Career Kids: Bank Managers
- Totaljobs.com: Bank Manager Job Description
- U.S. Bureau of Labor Statistics: Occupational Outlook Handbook: How to Become a Loan Officer
- Glassdoor: Wells Fargo Bank Manager Salary
- Keith Brofsky/Photodisc/Getty Images