MIBA-Pub1-2021-Issue3
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JUNE 2021 KEY MARKETING STRATEGIES FOR A POST-COVID WORLD PAGE 26 Strong Foundations PROVIDE SECURE FUTURES LENDING SERVICES INVESTMENT PRODUCTS2 Bank Stock Loans — Acquisition, Capital Injection, Municipal Bonds and Shareholder Buy Back/Treasury Stock Purchase Mortgage-Backed Securities Officer/Director/Shareholder Loans ( Reg-O) Govt. & Agency Bonds Participation Loans Purchased/Sold — Commercial, Corporate Bonds Commercial Real Estate, Agricultural, & Special Purpose Loans Brokered CDs Leases Money Market Instruments Structured Products OPERATIONAL SERVICES Equities Midwest Image Exchange – MIE.net™ Mutual Funds Electronic Check Clearing Products ETFs Information Reporting – CONTROL 2 Electronic Funds – Wire Transfers/ACH FINANCIAL SERVICES Risk/Fraud/Anomaly Detection Tools Public Finance Cash Management and Settlement Investment Portfolio Accounting Federal Funds and EBA Portfolio Analytics Certificates of Deposit Interest Rate Risk Reporting International Services/Foreign Exchange Asset/Liability Management Reporting Safekeeping Municipal Credit Reviews Balance Sheet Policy Development & Review AUDIT SERVICES1 Directors’ Exams Loan Review 2 Investment products and financial services offered thru First Compliance Audits Bankers’ Banc Securities, Inc. Member FINRA & SIPC. IT Audits INVESTMENTS ARE NOT FDIC INSURED, NOT BANK 1Audit Services are provided by MIB Banc Services, LLC, GUARANTEED & MAY LOSE VALUE. mibanc.com 800-347-4MIB MEMBER FDIC INSIDE THIS ISSUE Published for the Missouri Independent Bankers Association P.O. Box 1765 Jefferson City, MO 65102 573.636.2751 | miba.net Editor: Matthew S. Ruge Executive Director Hannah Ruge 30 Executive Assistant 26 ©2021 The Missouri Independent Bankers Association | The newsLINK Group, LLC. All rights reserved. The Show-Me Banker Magazine is published six times a year 16 by The newsLINK Group, LLC for The Missouri Indepen- dent Bankers Association and is the official publication for this association. The information contained in this publication is intended to provide general information 06 for review, consideration and education. The contents do not constitute legal advice and should not be relied on as such. If you need legal advice or assistance, it is strongly recommended that you contact an attorney as to your circumstances. The statements and opinions expressed in this publication are those of the individual authors and do not necessarily represent the views of The Missouri Independent Bankers Association, its board of directors, or the publisher. Likewise, the appearance of advertise- 02. President’s Message 20. Munis for the Many ments within this publication does not constitute an en- dorsement or recommendation of any product or service 04. From the Top 22. The Loyalty Factor: advertised. The Show-Me Banker Magazine is a collective Translating Relationships Into work, and as such, some articles are submitted by authors 06. Flourish who are independent of The Missouri Independent Bank- Non-Interest Income ers Association. While The Missouri Independent Bankers 07. A View From the Capitol Association encourages a first-print policy; in cases where 24. How Community Banks Can this is not possible, every effort has been made to comply 08. Legal Eagle Spotlight Prepare For CECL Changes with any known reprint guidelines or restrictions. Content may not be reproduced or reprinted without prior written 10. 2021 MIBA PAC Honor Roll 26. Key Marketing Strategies For permission. For further information, please contact the A Post-COVID World publisher at 855.747.4003. 11. MIBA Lobbying Report 11. New Members 30. Work Comp Insights TIG Advisors — Your Workers’ 13. MIBA Directors and Compensation Partner Officers Seminar 34. Dates and Events 14. News From You 36. Annual MIBA 16. Consumer Protection in the Scholarship Auction Fintech ERA 18. A Background on ... MADE IN THE USA Tyler Bender June 2021 | 1 PRESIDENT’S MESSAGE MARKETING AND BUSINESS DEVELOPMENT Marketing and Business Development are key cogs in the wheel of banking. How we It is also a good idea handle those cogs is constantly changing. In community banking, more than for marketing to work possibly any other level of banking, face- to-face interaction remains paramount. internally with loan “Know your customer” is something Matthew Lauman that I constantly preach to our staff. It is and deposit staff something I feel will never completely fade Farmers & Merchants Bank away in our business. to develop specific Last year I wrote about how we have witnessed the transformation within, messaging regarding not just our industry but across all business platforms in terms of methods of products, specials, or marketing and communication delivery. We still see billboards, newspapers and deliverables based on hear radio spots, but the digital age has transformed and will continue to transform how we deliver our message to different time of year. generations. While the newspaper ad with CD rates or a special may still have some ability to reach an audience, direct mail, internet, and satellite/internet radio “There are many being viewed as efficiently as we can (or excellent ways to are now the preferred medium to reach a redirect those dollars into other areas that broader audience (and for considerably less are producing better results). deliver our messaging cost in many instances). and many cost-effective It is also a good idea for marketing to work Facebook, Google Analytics, Twitter, and internally with loan and deposit staff to ways as well, but we webpages allow us to take our own data, develop specific messaging regarding always need to keep segment it into whatever message we want, products, specials, or deliverables based on and broadcast and track it very specifically. time of year. Regardless, without specific in mind that our best We track our customer acquisition, as I am direction, marketing can be very disjointed marketing still is and sure many of you do, but with the electronic and lack ability to resonate with whatever methods, it really builds all those tracking the message is that is trying to be delivered. will always be our staff. I metrics in for you. It also makes it much said this in the past, but easier to take the info and deliver it for our There are many excellent ways to deliver board members as well as our marketing our messaging and many cost-effective I will say it again, we, folks to digest and analyze the who, what, ways as well, but we always need to keep and our staff, are our where and how much of what we do. in mind that our best marketing still is and will always be our staff. I said this in own best ambassadors For those just entering those markets or the past, but I will say it again, we, and and marketing.” even for ones that have been utilizing our staff, are our own best ambassadors these types of media for message delivery, for marketing. There is no substitute for I would recommend using a third-party being an extension and reflection of our vendor to help. There are many excellent institutions and making sure we do not ever firms out there that can help our marketing lose sight of how important it is for face-to- departments deliver our messaging and face interactions for our overall marketing ensure that our dollars are directed and to truly be a success. ■ 2 | The Show-Me Banker Magazine Wealth management solutions for your community bank customers Broaden your services. Deepen client relationships. Enhance your bank’s reputation. Creative Planning provides a full suite of investment, tax, estate planning and trust services capabilities through our team of in-house CPAs, attorneys and CFP ® professionals. We support you as you deepen client relationships and solve a wide range of financial challenges. We offer a simple and seamless process that is easy to implement and allows you to access our services only when you need them. If you’re ready for a new approach, it’s time to get Creative. Call for a complimentary guide and to schedule a consultation. We look forward to supporting you. Clay Baker, CFP® 314.882.6940 Clay.baker@creativeplanning.com FROM THE TOP Everything we do rounds back to supporting our customers and community, but to do that well, we must have teams that buy into our mission. If you treat your employees like you want your customers to be treated, everyone wins. Robert M. Fisher When it comes to the impact of culture on But culture is more than just how bank staff Chairman of the ICBA an organization, business visionary Peter interacts with one another; it’s about how Drucker sums it up best: “Culture eats we convey who we are to our customers. @RobertMFisher strategy for breakfast.” Everything we do rounds back to supporting our customers and community, but to do Culture sets the tone for everything in an that well, we must have teams that buy into organization and research backs this up. our mission. If you treat your employees Studies point to the correlation between like you want your customers to be treated, positive culture and performance: everyone wins. Companies with strong cultures are more likely to report high revenue growth While these points set the tone for a strong and retain employees, among countless culture, every bank is different, and we other benefits. can learn from one another’s successes. So, as we read this month’s issue on the But what constitutes strong culture? As best-performing community banks, let’s leaders, we need to instill a common take a minute to look beyond the metrics sense of purpose for our staff — not just and consider the drivers behind them. How at the 30,000-foot level, but in day-to-day are these banks creating environments operations, too. It ensures we are all rowing where their teams look forward to coming in the same direction. For example, my to work? How can we leverage their stories community bank holds a weekly all-staff to strengthen our banks’ culture and better huddle where we run through upcoming serve our communities? activities and spotlight an area of the organization.