Editor’s Note: BankBeat Editor at Large Jackie Hilgert compiled a summary of the events that shaped community banking this year for the December BankBeat magazine. This is the fifth and final part of the series chronicling her work. The first four parts were posted Dec. 2, Dec. 9, Dec. 16 and Dec. 23, respectively.
Greater than the sum of its parts
As much as BankBeat invests to bring you stories about issues and trends, or opens space on its pages for shared opinions, this publication has always focused closely on the people of banking, reporting on their accomplishments — profiling them, celebrating them, mourning them. A summary of the year would be incomplete without recapping notable career changes or losses that gave us pause.
In memoriam
Early in 2024, the region lost two bankers who we considered still in their prime: In January, 48-year-old Jennifer Blumer, CFO at Foresight Financial in Winnebago, Ill., died unexpectedly from a pulmonary embolism. A month later, the head of the Bank of North Dakota from 2000 to 2021, 64-year-old Eric Hardmeyer, died from complications of lung cancer.
Also passing away in February, lifelong, generational bankers Leland M. Stenehjem Jr. and Bruce Lauritzen. The 78-year-old Stenehjem Jr., former president and chair of Watford City, N.D.-based First International Bank & Trust, retired from banking in 2016. He had served his home state as Commissioner of Banks and Financial Institutions under former Gov. Allen Olson, was 1996-97 ICBA president, and was recognized by this publication as its 1997 “Banker of the Year.”
The 80-year-old Lauritzen was the fifth of six generations of family leadership for the $30 billion First National Bank of Omaha. Under his leadership, FNBO expanded its footprint to six new states and constructed a business park and 45-story First National Tower in downtown Omaha.
During the summer, Minnesota bid farewell to longtime banker, 82-year-old John Crinklaw, whose career influenced activities at Bank Windsor, Riverside Bank, Crown Bank, Community Resource Bank and MidCountry Bank.
Harry Wahlquist, chair and CEO of Star Bank, based in Maple Lake, Minn., passed away mid-summer at age 85 after fighting cancer for 18 months. Wahlquist had a long career as a correspondent banker at Northwestern National Bank before buying a rural bank in 1980 and building it to an 11-office franchise with $430 million in assets.
In September, 86-year-old Belva Rasmussen, longtime owner of Minneapolis-based Northeast Bank, which was purchased in 1991 by her late husband Walter C. Rasmussen, died from dementia. She ran the bank until 2010.
Sunset bound
Closing the door on storied careers in 2024:
Eric Eishen, president and CEO of Sturgis Bank in Sturgis, Mich., concluded his 45-year career at the beginning of the year. Jason Hyska succeeded Eishen in the top role.
John Anderson retired as CEO of Davenport, Iowa-based Quad City Bank & Trust, paving the way for his successor, Laura Ekizian.
In February, president and CEO of HTLF (Heartland Financial), Bruce Lee, announced he’d retire at the end of this year. While it was announced at the time that a firm had been engaged to search for Lee’s successor, two months later Kansas City, Mo.-based UMB Financial announced it would acquire HTLF in an all-stock deal worth $2 billion.
Mick Guttau, who presided over TS Bank in Treynor, Iowa, since acquiring the bank in 1978, retired last spring. His son, Josh Guttau, succeeded him as chair, president and CEO in May.
In June, Kevin Riley retired as president and CEO of Billings, Mont.-based First Interstate Bank, which he joined as CFO in 2013. Riley presided over First Interstate’s 2021 acquisition of South Dakota’s Great Western Bank, which nearly doubled the bank’s size. Jim Reuter was named Riley’s successor this fall.
Todd Steinwand, president and CEO of the Bank of North Dakota for the past two years, retired in July. Don Morgan, who’d been president and CEO of Starion Bank, succeeded Steinwand.
Greg Kistler, president and CEO of CBI Bank & Trust in Muscatine, Iowa, retires this month. Dwayne Sieck was hired as the bank’s president earlier this year.
Notable transitions occurred in Iowa banking circles this year with the retirements of John Sorensen, president and CEO of the Iowa Bankers Association; and Dave Caris, president and CEO of the Iowa Independent Bankers.
Sorensen joined the IBA in 1986 and served as president and CEO since 1997. He is credited with leading IBA’s growth into one of the largest state banking associations in the country. Adam Gregg joined the IBA as president and CEO in October to succeed Sorensen. Gregg was most recently Iowa’s lieutenant governor.
Mike Gathman, most recently a senior regional director of client growth and retention at the Johnston, Iowa-based SHAZAM Network, beat out more than 50 applicants to land the job held by Caris since 2016.
Transition at the top was also a big story for the Graduate School of Banking at the University of Wisconsin-Madison, where Kirby Davidson drove change for a quarter of a century. Paul Katz succeeded Davidson; Katz said he was eager to carry on the legacy of education and leadership training that Davidson has established over the years.
The movers, the shakers…
Linda Heckert was named president and CEO of Northwest Bank, Rockford, Ill., replacing Ryan Miller, who left the bank unexpectedly. At the same time, Heckert retained her role as president and CEO of State Bank of Davis, Ill.
Mankato, Minn.-based United Prairie Bank named Scott Miller president and CEO. Miller had served on the bank’s board since 2022.
Mike Gay was named president and CEO of Lonsdale, Minn.-based Frandsen Bank & Trust. He has been with the $3 billion bank since 2009.
Joe Chybowski was named president of Bridgewater Bancshares, St. Louis Park, Minn., in April. Chybowski, who also serves as CFO, assumed the position from Jerry Baack, who is keeping his roles as chair and CEO.
Charles City, Iowa-based First Security Bank & Trust promoted Brad Miller to president and CEO, while Kurt Herbrechtsmeyer was named chair of the board of directors. Miller had recently served the bank as CFO, having been with the bank since 2021; Herbrechtsmeyer had been president and CEO for 20 years.
Katie Wahlquist was named president and CEO of Star Bank, a transition precipitated by the passing of her father, Harry.
Gunjan Kedia was named president of Minneapolis-based U.S. Bancorp. Kedia, 53, joined the bank in 2016.
Investment bankers Craig Mueller and David Stieber launched an advisory practice — TruStar Bank Advisors — at the outset of 2024. The duo leveraged more than a decade’s worth of experience at Oak Ridge Financial before striking out on their own, specializing in raising capital and facilitating mergers and acquisitions. TruStar has announced their facilitation of seven deals as of press time.
James Johnson, president and CEO of PCSB Bank, Clarinda, Iowa, was named Superintendent of the Iowa Division of Banking, replacing Jeff Plagge, who retired at the end of 2023.
… And the legacy makers
The publication honored many bankers and bank directors in 2024 through its four recognition programs:
Named an “Amazing Outside Director” this year: Andrew Young (Starion Bank, Bismarck, N.D.), Ashley Podhradsky (First Bank & Trust, Brookings, S.D.), Drew Vogel (Iowa State Bank, Orange City), Melanie VanRoekel (United Prairie Bank), and Paula Phillippe (Highland Bank, St. Michael, Minn.).
Recognized as “Rising Stars in Banking” in 2024: Brock Goggins (German American Bank, Jasper, Ind.), Ben Udell (formerly of Lake Ridge Bank, Madison, Wis.), Kevin Tiernan (Bankers Trust, Des Moines), Brian Nelson (BankVista, Mankato, Minn.), Connor Peterson (First Bank & Trust, Minden, Neb.), and Matt Vaillant (North Shore Bank of Commerce, Duluth, Minn.).
Congratulations again to BankBeat’s “Outstanding Women in Banking” honorees, honored last month: Terri Barrett (Bravera Bank, Dickinson, N.D.), Mary Jayne Crocker (Bridgewater Bank, St. Louis Park, Minn.), Kathy Headley (ACCESSBank, Omaha), Jacqueline Ruge-Perkins (First State Bank, Porter, Ind.), Kris Robbins (First Interstate Bank, Billings, Mont.), and Laura Wildenborg (Sunrise Banks, St. Paul, Minn.).
Lastly, one final note of congratulations to BankBeat’s 2024 “Banker of the Year” Bryan Bruns, president and CEO of Lake Central Bank in Annandale, Minn.