Bill McQuillan, the community banker from Greeley, Neb., died on Dec. 4 at the age of 76, but his name is likely to live on, thanks to the Rural Mainstreet Report, a monthly economic survey conducted by his alma mater, Creighton University in Omaha.
You’ve seen the survey results reported on this website, as well as publications like the Wall Street Journal and many other newspapers, in addition to radio and television news programs. McQuillan came up with the idea for a monthly survey that would assess conditions in Midwest rural communities, as reported by community bankers. Survey results, first published in January 2006, are unique because they include comments from community bankers. In addition to statistical data that demonstrate the condition of the rural economy, the survey also provides quotes from opinionated community bankers. “Our area farmers continue to be hurt by increased input prices, higher interest rates and low commodity prices,” reports Jim Eckert, CEO of Anchor State Bank in Anchor, Ill., in the December 2024 survey results.
The survey is conducted by Creighton University’s Ernie Goss, a professor of economics. He said that in nearly 20 years, the survey has brought a lot of attention to the rural Midwest, community banks, and Creighton University. Goss said he feels indebted to McQuillan for coming up with the idea for the survey, especially since he knows McQuillan initially went to others with the idea.
“Initially, he thought it would be best to go to a finance professor with the idea, but when they declined, he came to me,” Goss explained. “I said yes, and I am forever grateful. It has had a very positive impact on my career and on Creighton’s visibility across the country.”
McQuillan, who grew up in Greeley, worked at First National Bank of Omaha in Broken Bow, Neb., upon graduation from Creighton. He took a six-year work stint in Colorado before returning to his hometown to work at the City National Bank of Greeley, where his father and grandfather worked. He became president of the bank, and after serving as president of the Nebraska Independent Community Bankers in 1988-89, he served in the leadership of the Independent Community Bankers of America, including as president in 1998-99. His national service gave him the opportunity to meet many more people than he would meet in the community of Greeley, which had a population of about 1,000 people. At the time, his bank had $16.6 million in assets and seven employees.
Getting to know rural and ag-oriented bankers all over the country helped him create a successful survey. Goss explained that the two of them got to know each other while McQuillan served on an advisory board to the Heider College of Business at Creighton. “He knew all these bankers, and so he provided the names and their email addresses so we could follow up with them,” Goss said.
Goss and his team reach out to some 200 bankers in 10 states every month via Survey Monkey with a dozen questions meant to gauge the condition of the rural and ag economy. Bankers are encouraged to provide comments. McQuillan encouraged the bankers to participate, and sometimes if they declined to comment, he’d follow up with a phone call encouraging them to say something.
“The success of the survey had a lot to do with Bill,” Goss said. “He was a forceful person, in a good way. You always knew when Bill was in the room. He left an imprint on everything he did.”
Every edition of the survey results, emailed monthly to news organizations around the country, includes a sentence reminding readers the survey was co-founded by William McQuillan.
“I include his name for two reasons,” Goss said. “One, out of respect for Bill, but also to add credibility.”
In the December results, Goss included a note of condolences to “Bill’s family and friends.”
McQuillan switched to a state charter in 2009 and changed the name of the bank to CNB Community Bank. He retired at the end of 2012 when he sold the bank to the First National Bank of Ord, Neb. McQuillan and his wife Patty moved to Arizona in 2016; in 2023 they moved to Lakewood, Colo, in order to be closer to their kids and grandchildren.
Goss said he’ll keep the survey going, and that he expects to continue to acknowledge McQuillan in each month’s results.