Today’s community banks need to have both eyes on the future, and that can mean looking outside of familiar business circles for potential board members. Here are some strategies for finding diverse board members who can help your bank adapt to changing customer demands.
Over the past two decades, banks have increasingly dabbled in BOLI, or bank-owned life insurance. While there are downsides to consider, experts say the benefits of these policies are two-fold: to generate income in the long term and to retain bank leaders.
Succession planning is a critical tool for community banks to identify up-and-coming talent and provide a long-term strategic vision. But how has COVID-19 affected these plans? Experts discuss strategies for making sure your community bank’s succession plan can withstand this crisis—and the next one.
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Established 21 years ago, First Citrus Bank’s strategic planning is now bearing fruit. At the core of the Tampa, Fla., community bank is a set of fundamental values that define how its associates achieve success for themselves and for their customers. By Eric Best Name: First Citrus Bank Assets: $428 million Location: Tampa, Fla. First Citrus […]
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Senior management at Oregon Community Bank lead with the aid of ideas and comments they’ve collected from staff. These efforts have led the community bank to explore new initiatives and to grow significantly. By William Atkinson Name: Oregon Community Bank Assets: $520 million Location: Oregon, Wis. While many community banks form strategy through discussions in executive meetings, […]
Your community bank’s strategic plan often takes things like innovation, growth and succession planning into account, but does the budget? How can your bank plan for these often unpredictable expenses in its budgeting process? Experts say it requires doing your homework, reassessing your budget more frequently and, yes, accepting some risk. By Kelly Pike • […]