Successful leaders have a knack for developing their teams by showing empathy and empowering professional growth. FirstBank Executive Vice President Jennifer Luce is no exception.
Luce, one of Bank News magazine’s 2024 “Outstanding Women in Banking,” has developed and originated commercial and consumer loan requests, including mortgage loans, construction loans, business loans and affordable housing loans.
Luce has been with FirstBank, one of the nation’s top-performing and largest privately held banks, for nearly 25 years. She’s worked in multiple markets and led the $27.3 billion company’s early work in the commercial and industrial lending space. She has grown loans annually more than $220 million and deposits more than $50 million. Luce attributed that success to her relationship-focused approach. She believes forming connections with customers and employees is a matter of authentically seeking mutual growth and understanding.
“People are always my priority,” she said. “You get to know somebody, you get to know their business. And that really just fills in the gaps as to what they have. Do they have banking needs? Are there other connections and relationships you can grow with them? It may not even be a banking need, it may be just that they are a sphere of influence or they have industry knowledge.”
Luce leads a team of 14 lending officers and nearly 100 people on the retail staff. She manages and mentors a team of 14 operations officers in a nine-branch market and participates in both corporate committees and training courses. To manage her work, Luce keeps strong communication with her team of 14 officers, who then communicate with their retail teams.
“It’s always just empowering people to take action,” Luce added. “I do that with the customers as well. We’re all people, so when people are empowered, they take action. Their morale increases. It could also help them gain confidence and knowledge, so they can experience being leaders themselves.”
Luce was inspired by one of her mentors, FirstBank Market President Jarrod Lassen, to lead in a way that others can emulate. Part of what Luce sees as great leadership is giving those who work for her the benefit of the doubt, and understanding what motivates each employee.
“I have had many informal mentors throughout my career, both in and out of the banking industry, and I really think that learning never ends,” Luce said. “Part of that is giving grace to your employees, understanding that they are also always learning. I’m like a sponge. I’m ready to absorb new techniques, whether that be learning something about a colleague, learning something new in the banking industry and the market, and I think that always helps us expand our leadership skills and build relationships with people.”
Luce is active with local nonprofits, including CREW Denver, and the Castle Rock Economic Development Corporation. Luce recently joined the Fit2BeCancerFree Challenge for the American Cancer Society-Colorado. She also volunteers for children’s activities at Our Lady of Loreto School.
“She is not simply a passive member of these organizations, but in most instances holds, or has held, an elected position,” wrote Colorado Bankers Association CEO Jenifer Waller, Director of Education Lindsay Muniz and Executive Assistant Megan Carruth. “There is probably no better example of Jennifer’s leadership within the business community than her ability to consistently generate new banking opportunities for herself and her team.”
‘Learning never ends’
A native of a rural Nebraska town of 800 residents, Luce’s father would bring her to the local bank. Those visits formed her view of the bank as a central community gathering point to discuss commodity prices and the weather. “It was a source of community with strong relationships and trust,” Luce said. “It was a very positive, warm environment.”
While attending the University of Nebraska in Kearney, Luce worked part-time at a bank. Around the time of her graduation, Luce’s father told her she should consider a banking career because she had always been interested in finance. Luce, who had already worked part-time for a bank in college, worked in operations at Kearney-based Platte Valley State Bank and Trust from 1998-2000. During that time, she leaned into the lending and retail sides of finance and was immediately attracted to working with customers.
She also has played a significant role in advancing the bank’s advocacy for the broader industry at the state and federal levels. In 2015, she founded FirstBank’s advocacy committee. Luce, who has lived and worked in the Denver community her entire career, is active in the CBA and the American Bankers Association.
