A few years ago, community stakeholders in Minden, Neb., gathered for a townhall meeting in an effort to build affordable workforce housing. Connor Peterson, a vice president at Minden’s First Bank and Trust Co., was in the room, ready to pitch in with solutions. While there, he met a small group of like-minded town professionals who were also eager to see the town of 3,100 people flourish.
From that first meeting was born the Minden Investment Club, now grown to 53 members who contribute funds, expertise and networking resources to help current and potential business owners thrive in this south-central Nebraska town.
Peterson is a problem-solver who wears a rotating wardrobe of hats in the community and at the bank. His can-do attitude has been a boon for all, with Peterson tackling a variety of projects to improve both. For those efforts, Peterson has been named a 2024 BankBeat “Rising Star in Banking.”
His journey into the industry began in a slightly roundabout way. Before heading to the University of Nebraska in Kearney for his business administration degree (with a concentration in marketing), he applied for a college scholarship offered by the Nebraska Bankers Association. As part of that arrangement, he received the offer of an internship with First Bank & Trust.
During the six-month internship, Peterson worked closely with President Kelley Ayres on multiple projects. He helped build spreadsheets to aid in loan analytics and put his marketing knowledge to use for the bank’s ad campaigns.
“I could tell he was a sharp young man who had an interest in banking and did a good job with the projects,” Ayres said. A loan officer was on the verge of retiring, and Ayres needed a replacement. Peterson was in the right place at the right time to step up for a full-time position.
Based on the needs of First Bank at the time, Peterson honed in on residential real estate. He embraced the task and dove into the details of regulatory requirements, Ayres said, bringing a positive spirit and dedication to teamwork. He looked at ways to help first-time home buyers and took the lead on setting up programs offered by the Federal Home Loan Bank which they hadn’t previously been using.
Given its size — $75 million in assets in 2015, $97 million today — Peterson has had to work in several different departments during his nine years at the one-branch bank. He’s taken charge of some tech transformations, including launching an online mortgage application platform just before the pandemic started in 2020. He’s worked with a team to overhaul and update First Bank’s website.
His marketing skills still come in handy. Peterson brought the creation of the annual report in-house a few years ago, saving time and money. Inspired by the example of an Iowa bank, he convinced the bank to buy a trailer that would double as a moving billboard. “It’s a 6-foot by 12-foot trailer with home loan advertising on the side,” he said. Customers can borrow the trailer for free, providing a shot of free promotion while they haul furniture.
At the Minden Investment Club, Peterson serves as president of the members, who chip in $1,200 each year in dues. The group has about $70,000 in annual funds to help businesses cover expenses for which they lack the capital or ability to borrow. The club helped a new coffee shop with a down payment; when the lumberyard sold, it helped with funds for the transition. A downtown remodel is next on the agenda, retrofitting a building for apartments and retail. Other projects have included new home construction to fill vacant lots or overhauling abandoned homes.
The group also brings the power of their connections to bear to boost those businesses. “The 50 or so members we currently have know hundreds if not thousands of people,” Peterson said. “Word of mouth spreads a little more quickly with that much support. We have a vested interest in it; we’re going to shop there. The mission is to help Minden grow.”
Like many other small-town bankers, Peterson has volunteered with or served on the boards of multiple organizations — the opera house, the chamber of commerce, the country club — but he’s particularly invested in the local chapter of the mentoring nonprofit TeamMates. The program was started in 1991 by University of Nebraska former Head Football Coach Tom Osborne and his wife Nancy and focuses on children in 3rd-12th grades.
Peterson currently serves as treasurer for the group, but in the past he has helped mentor middle and high school students. He’s had to take a step back in recent years, with two children under 3 years old keeping him busy at home.
He’s also put his energy into studies at the Graduate School of Banking at the University of Wisconsin-Madison, which he completed in 2022, and a stint at the NBA’s leadership school, from which he graduated in May. He also served two years on the committee of the NBA’s Young Bankers of Nebraska.
His eagerness to learn has been present since the beginning of his career. When he joined First Bank, he didn’t know anything about ag lending, which makes up a significant portion of the bank’s portfolio. With Ayres’ blessing, he invested the time and effort needed to bring himself up to speed.
Ayres is more than happy with how the investment in his former intern has played out. “He is a really bright young man,” Ayres said. “He’s helped create a very positive work dynamic and sense of teamwork within the bank.”