When First Resource Bank celebrated crossing the $300 million asset mark last year, President Aaron Siegle gave each employee $300. The money came with a condition: Half had to be spent on the employees’ families and half had to go to a cause, whether a formal nonprofit or simply a neighbor in need. The success of the Lino Lakes, Minn., bank was built on the success of its people and its community, and the fruits of that success should be shared. [Continue]
I’ve come to believe community banking is somewhat of a vocation. This view has been reinforced for me by the eight honorees for “Rising Stars in Banking,” whose stories are presented this month. Each of them has already made an impact, either with their co-workers or around their communities; some are also actively bettering the industry through their activism. Many of them have done all of this while also raising families. Perhaps it’s my age, but these professionals appear too fresh-faced to have accomplished so much already. [Continue]
As both a hiker and a banker, Lynn Rhodes is conditioned to navigate rocky terrain. After 15 years in banking, Rhodes has navigated the ups and the downs of the industry while working at a number of banks, including one that failed. Rhodes is now on steady ground as executive vice president of risk management at Flagship Bank Minnesota, Wayzata. [Continue]
Advocates who follow lending issues are divided about the likely impact of the proposed revisions to the Community Reinvestment Act. Some who see its potential to expand credit to currently underserved groups are calling the proposal an opportunity of a lifetime; others, who say the proposal fails to promote racial equity, characterize it as a missed opportunity. The current reform proposal, which is soliciting public comments until August 5, will look more closely at the income of borrowers, consider small business lending with a special focus on loans to very small businesses, compare exam findings with so-called “section 1071” data collected by the Consumer Financial Protection Bureau, and take steps to increase credit availability to areas currently considered credit deserts. [Continue]
When considering a community banking career, most people would do their research, maybe take a class or two, or talk to a lender or analyst. But cold-calling the head of your local institution? That’s the strategy Kevin Forristall opted for when he was considering a move from Wells Fargo to a smaller bank. He’d found the bigger company a less than ideal fit, but stuck it out for two years learning as much as he could. [Continue]
If there’s a thread that runs through Emily Boardman’s banking career, it’s growth. She left the public accounting field to join Crossroads Bank in Wabash, Ind., because she wanted to bring her growing family back to her hometown. In her 15 years in banking, she has taken opportunities to develop and stretch her skills to fit into ever bigger and different roles. Yet, Boardman isn’t focused only on her own growth. She makes a point of fostering the professional development of others, too. [Continue]