Kevin Bostrom, executive vice president, has retired from United Bankers’ Bank, Bloomington, Minn. Conrad Newburgh, a commercial lender with more than 40 years of experience, has been promoted to chief credit officer to replace Bostrom, whose last day at the bank was April 13.
Bostrom was a key contributor to the growth in UBB’s balance sheet over three decades, said Bill Rosacker, UBB president and CEO. “This was evident, when you consider that UBB’s total bank assets and capital were $49.6 million and $2.8 million, respectively, when he started in 1986 and then fast forward to 2017, where total assets and capital ended the year at $877 million and $95.7 million. Equally as impressive was that total loans grew from $17.3 million to $616.4 million during this same time period, Rosacker noted.
A loyal and customer-focused trailblazer, Bostrom understood there was a huge need for out-of-the-box solutions for correspondent lending while still maintaining quality loans, Rosacker said. “He was someone who knew the secret to exceeding expectations was to listen to the customer’s story and understand their needs – adapting and delivering even when things didn’t go as planned,” Rosacker said. “During the 2008 financial crisis, Kevin went above and beyond to advocate for his customers and worked tirelessly to assist them with their bank stock loans. His steadfast commitment made all the difference in guiding community banks through an unstable time.”
“Correspondent banking is all about cooperation and partnership. I’ve always felt strongly that participation lending was the ultimate partnership,” Bostrom shared. “I was driven to find the best way to support the ideal loan combination for the originating bank and those who participate: everyone helps, everyone benefits. I knew that UBB could fill that void in the community banking world.“
Bostrom instituted many important changes in the bank’s lending department. One notable change Bostrom made was to restructure UBB’s process to include the review of each loan by a credit analyst in addition to the lender. This level of scrutiny and comprehensive review resulted in higher loan quality and stability.
Newburgh came to UBB after working 30 years in commercial lending for First Bank and for 10 years at Excel Bank in credit administration and in lending. He has served as UBB’s Senior Credit Officer since 2008. Having worked closely with Bostrom to expand services and improve credit quality, Newburgh will carry the torch to continue the growth trend at UBB. “Kevin expected all of us to do everything possible (within reason) to help our banks do their deals. This expectation remains, and will continue to be an integral part of our culture,” Newburgh noted.
“Kevin helped build a firm foundation for UBB’s lending department. Conrad will undoubtedly bolster that foundation and continue to provide our customers with the same, high level of customer service and expertise they have come to expect from UBB,” Rosacker said.
UBB also recently announced that Dawn Tollefsrud will serve as the bank’s Vice President, Senior Credit Officer; Lisa Brusen, was recently hired as Vice President, Credit Administration Manager, and Ashley Lemke, was promoted to Assistant Vice President, Lending
United Bankers’ Bank is the nation’s first bankers’ bank. It serves community banks in: Minnesota, North Dakota, South Dakota, Montana, Nebraska, Indiana, Iowa, Wyoming, Idaho, Ohio, Oregon, Washington, Michigan and Illinois.