{"id":28200,"date":"2023-11-01T06:00:13","date_gmt":"2023-11-01T11:00:13","guid":{"rendered":"https:\/\/bankbeat.biz\/?p=28200"},"modified":"2023-11-16T08:18:04","modified_gmt":"2023-11-16T14:18:04","slug":"outstanding-women-2023-nancy-rosentrater","status":"publish","type":"post","link":"https:\/\/bankbeat.biz\/outstanding-women-2023-nancy-rosentrater\/","title":{"rendered":"Outstanding Women 2023: Nancy Rosentrater"},"content":{"rendered":"

In spite of her desire to make a good first impression on her new CEO, Nancy Rosentrater couldn\u2019t help but be distracted. In the lobby, a disagreement between a customer and a teller was percolating. Rosentrater could hear snippets of what was being said between the two; she saw their faces framed in frustration; she was beginning to understand that if she didn\u2019t step in, the conflict might escalate. But there was David Lamb in her branch in May of 2015, talking to her. She was the branch manager and he was engaged in a bankwide get-to-know-you tour. Instead of training her focus on him, she interrupted him and ran to her teller\u2019s side.<\/span><\/p>\n

\"Rosentrater\"
Nancy Rosentrater<\/figcaption><\/figure>\n

\u201cI treat everyone the same,\u201d Rosentrater remembers telling Lamb after she\u2019d diffused the situation. \u201cMy customers and team members are just as important as trying to impress you.\u201d<\/span><\/p>\n

Her words resonated. A week later, Lamb called Rosentrater and invited her to manage all of the bank\u2019s branches. \u201cI didn\u2019t have the background to run nine branches,\u201d she reflected, \u201cbut I had the passion and the drive.\u201d<\/span><\/p>\n

Rosentrater is now Oxford Bank\u2019s chief operating officer and the only female serving on the $750 million Oxford, Mich.-based bank\u2019s executive committee. She is one of several women honored this month as a <\/span>BankBeat<\/span><\/i> \u201cOutstanding Woman in Banking.\u201d<\/span><\/p>\n

Rosentrater came to Oxford Bank in 2012 from Chase Bank. Oxford had a workout CEO at the time, and Rosentrater had been promised opportunities to lead people and develop holistic training programs that got at the heart of every activity required to succeed in banking. That opportunity didn\u2019t materialize until after Lamb took over and he empowered her.<\/span><\/p>\n

Calling Rosentrater \u201ca natural leader,\u201d Lamb said she trusts her team, advocates for them, and empowers them. Giving people the training they need lies at the heart of that success, Rosentrater said.<\/span><\/p>\n

Training programs, Rosentrater said, tend to be role-specific. It\u2019s her belief that new hires need to learn banking from the ground up with each task broken down to its essence. \u201cYou need to understand the \u2018whys,\u2019\u201d she said. \u201cDo they understand how banks make money? Do they know what the board does? Why is it so important we treat all customers equally, or close a loan on time?\u201d<\/span><\/p>\n

Without giving people the \u201cwhy,\u201d you struggle to earn buy-in or foster cohesion across departments, Rosentrater explained. \u201cIf the business banking team is doing well but retail is suffering, we all lose. It was important for me to understand that one small decision affects everyone in the bank, and mistakes can affect trust or cause customers to lose faith in us.\u201d<\/span><\/p>\n

Notable among her accomplishments is the bank\u2019s Interactive Teller Machine strategy, which she undertook in early 2016, when ITMs were expensive and not well understood. \u201cI was scared to death,\u201d Rosentrater recalled. \u201cI thought I\u2019d get fired.\u201d<\/span><\/p>\n

At first blush, ITMs appear contrary to community banking\u2019s value proposition: High-touch customer experiences. But as one who doesn\u2019t back away from challenges, Rosentrater focused her outcomes on improving job satisfaction, and compensation, for affected staff. Buy-in would be critical, figuring people would already be assuming success would result in the loss of their jobs.\u00a0<\/span><\/p>\n

Once the bank rolled out ITMs \u2014 the first in Michigan to do so \u2014 Rosentrater called the implementation one of her greatest accomplishments. \u201cWe made those jobs better, with better pay and flexibility,\u201d she said. Oxford gained customers and efficiencies and didn\u2019t lose staff, she added. Importantly, the bank was set up perfectly to operate during the pandemic. \u201cOur ITMs handle about two-thirds of all transactions,\u201d with all seven in the ITM group working remotely even today.<\/span><\/p>\n

Oxford Bank\u2019s ITM strategy has become a model for roughly two-dozen other community banks. \u201cShe is singularly responsible for leading efforts to enhance and develop the infrastructure to put Oxford Bank in a position to enjoy our success and growth as a community bank,\u201d Lamb said.<\/span><\/p>\n

With no background in bank treasury and on the outside looking in, Rosentrater turned her \u201crebuilding\u201d focus to the operations and product lines of the bank\u2019s commercial operations, creating a treasury group Lamb called the \u201cenvy of the community banking space.\u201d Rosentrater\u2019s approach to transformation was the same as she deployed in other areas of the bank, breaking down tasks to their essence and mentoring people to success. In this case, she coached a young part-time teller to become the treasury operations manager.<\/span><\/p>\n

When she\u2019s not training or mentoring employees or building customer relationships Rosentrater raises awareness and funds to fight homelessness and poverty. She\u2019s spent five nights in recent years sleeping <\/span>on the streets in a cardboard box for Covenant House.\u00a0\u00a0<\/span><\/p>\n

\u201cIn our society, if kids are not taught day-to-day things they need to know, if they\u2019ve aged out of foster care, where do they turn?\u201d she asked. She\u2019s answered her own question by being that person at Oxford Bank, where her passion for helping people grow jobs into careers is on display daily.\u00a0<\/span><\/p>\n

\u201cI\u2019m always looking for people who just need a break, who need the right person to come into their lives at the right time, who want to learn from the ground up.\u201d Like she did.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Rosentrater, Oxford Bank\u2019s chief operating officer, is one of several women honored this month as an \u201cOutstanding Woman in Banking.\u201d
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