A leader’s legacy is often established in high-stakes situations. For Cornerstone Bank Chief Operating Officer Deneen Axtman, that moment came in 2015 as the Fargo, N.D.-based bank was merging with fellow North Dakota financial institutions Lakeside State Bank and McKenzie County Bank.
Axtman ensured the success of the merger by bringing in key leaders from all three banks to finalize the products the combined bank would offer and establish how the company would process decisions.
Listening to leaders of Lakeside State Bank and McKenzie County Bank, who had strong views on the future of the combined organization, required Axtman to hone her listening skills. She also played a key role in defining the combined bank’s mission, values and brand. Today, those values mirror the strengths others see in Axtman’s leadership approach: Positivity, openness in conversations, embracing change and empowering employees.
“Something that I try to do is take a step back and ask questions,” Axtman said of her approach to leadership. “So I am a question-asker, to try to understand people’s whys — why do we feel so strongly about that, or why would that be successful, or why do we even do that … just ask enough questions to have a really good dialogue.”
Axtman’s adherence to that philosophy led to her recognition as one of BankBeat magazine’s 2023 “Outstanding Women in Banking.”
Axtman has presided over extensive growth at Cornerstone, which has expanded to a $1.4 billion bank from $200 million when she was hired in 2012. Cornerstone Bank CEO Jeff Thomas sees that as no coincidence. To him, she has extensive knowledge of banking through her nearly four decades of experience in the industry. She is often the first to ask whether potential decisions align with Cornerstone’s culture.
“She has been instrumental in the growth and success of the bank, not just because of the expertise and breadth of experience she brings to the team but because of the respect and interpersonal skills she brings to the bank and team,” Thomas said. “Deneen exudes trust and approachability, and as a result people share with her and trust that things will get handled and improved.”
Axtman decided to enter the banking industry in the 1980s while attending college at Minnesota State University, Moorhead. She interviewed with agriculture- and retail-focused companies and a bank. As she evaluated long-term career opportunities, banking became the obvious choice.
“Whenever I interview somebody or I have been interviewed for a job, I always think that it’s not just about the company finding the right candidate, it’s also about the candidate finding the right company or industry for what matches you and your goals, your culture, your values,” Axtman added.
She initially worked for Minneapolis-based Norwest Bank and spent time as a retail district manager in the early 2000s before serving as SVP of retail banking at Bismarck, N.D.-based Starion Financial from 2008-12. “I’ve stayed in banking because it’s given me a lot of different opportunities to try and do a lot of different things and to lead people and to work on my skills,” she added.
As Cornerstone’s COO, Axtman ensures the functionality of a significant part of the bank’s IT/IS, operations, marketing, project management and facilities programs. Another crucial part of her role is gauging which positions are the right fit for employees. Axtman has one-on-one conversations with staff on a weekly basis, both to learn how she can help them grow and make them feel heard and challenged.
Axtman, Thomas and Board Chair Gary Petersen tour all 11 Cornerstone branches in North Dakota and South Dakota on an annual basis to meet with employees in small groups. The leaders discuss the current state of the company and encourage employees to share their ideas through an open dialogue.
“It is something that I am always developing,” Axtman said of her leadership approach. “Obviously I’ve gone through some training things over the years, but if you stop learning, you stop being. I am one who always wants to learn, continue to grow, continue to work on my leadership skills. I am still always looking for feedback from my peers.”
Axtman is chair-elect of the North Dakota Bankers Association, a position which allows her to gather feedback from other bankers, and has served on its board since 2018. “I learned so much, not necessarily how to process a debit or credit, but just people’s leadership styles, challenges they have run into and how they have handled them,” Axtman noted.
Axtman “has a tremendous depth of experience” which has been beneficial for the NDBA, added President and CEO Rick Clayburgh. He knows Axtman as a leader who asks the necessary questions to help the NDBA serve member banks. “I consider her just a very excellent strategic thinker, very thoughtful in her deliberation, and that has been very beneficial,” he added.