Karl Adam embraces the challenges that come with his new role as president of the South Dakota Bankers Association. And there are several, including the decision by voters in November to legalize both medicinal and recreational marijuana. “It’s a topic we need to get educated on,” he said. The association has been in the process of amassing resources on the subject for its members since the election. [Continue]
In the COVID-19 era, the merchants I frequent or the coffee shops that dot my commute have gone all-in on cards and touchless payments. Cash is increasingly being rejected by stores for its “filth.” The other day, I placed a $20 bill on a counter to buy a $5 coffee. When the cashier saw the bill, he audibly sighed, slipped on a nitrile glove and picked the thing up like it was a dead mouse. [Continue]
As 2020 neared its conclusion, Fidelity Bank, was on track to rack up more business than during any other year in its 50-year history. When year-end numbers are posted, it is likely the bank will have doubled in asset size from 2019, and quadrupled its warehouse mortgage lending volume. [Continue]
During confirmation hearings, Treasury Secretary Nominee Janet Yellen said defeating the pandemic was the clearest path to restoring health to the U.S. economy. [Continue]
These are bankers who have grown their organizations, organically or through acquisition or both; individuals who’ve resolutely climbed through the ranks; leaders who invested time and treasure to serve the industry or their colleagues; people who educated themselves on the issues that could make — or break — their institutions; visionaries who are able to see where their institutions need to be in three or six or nine years and put the work in now to chart that course. [Continue]
Many of you operate family-owned banks. How might personal notes of gratitude play into prospecting for new business? Imagine a young couple in town who recently closed on a mortgage receiving an email from your president reflecting on the excitement he or she felt when they had closed on their first home. Could such a personal note offer a word of caution borne of experience? Imagine the impact of such a personalized communication from a new friend at the bank. [Continue]
Barb Smith has always been driven to make a difference for her employer. Earlier in her career, Smith had been a senior lender at a Bemidji, Minn., community bank when it was acquired. When a new retail sales role caught Smith’s eye, a colleague wondered why Smith wanted to also learn retail sales and service and deposit functions. She told him it was an opportunity to learn and “a way to make a difference.” [Continue]
We can attest to how the banking industry has developed and supported the women in its ranks. The industry’s commitment to helping women succeed is being put to the test as we approach 2021. I encourage everyone to think and act boldly to consider what changes you can make to policies or expectations so that we all continue to celebrate and support the talented women at your bank. [Continue]
I have a friend named Steve with whom I share a monthly dinner out with our respective spouses. Steve is a predictable sort with simple tastes. He likes pizza, chow mein, or a well-done(!) steak, but will set aside any of these options whenever he spies fish-and-chips on a menu. If I gently tease that he’s missing an opportunity to try something new by always ordering the same food, he shrugs his shoulders and says: “I know what I like.” I would like to tell Steve he has it backward. He doesn’t “know what he likes.” He “likes what he knows,” choosing it again and again and again. [Continue]
The conditions at banks are strong right now, reports James LaPierre, regional director of the FDIC’s Kansas City office. But 2021 will likely bring the industry some troubles, he predicted. Preparing a bank for the fallout of this pandemic is “like preparing for a hurricane,” LaPierre said. Bankers are doing a lot of “watchful waiting.” … Read more