2023 Community Bank Case Study Competition Journal

2023 COMMUNITY BANK CASE STUDY COMPETITION

are part of a team was expressed many times throughout the authors’ conversation with the bank (Davis et al., personal communication, March 29, 2023). The team mentality of CBTC has overflowed into the community as well. The passion CBTC has for the communities it serves connects the bank in a special way with its customers and gives customers a sense of belonging. Succession Planning The bank’s people-focused approach is evident in its succession planning. CBTC has experienced multiple retirements of senior officers in the past decade. Fortunately, the bank was able to promote some insiders to fill existing roles or hire talented outsiders through its own recruiting efforts. One example of a successful inside hire is Clint Davis, who was promoted to president and chief operating officer two years ago. Davis has been employed with the bank for 24 years and provides experience in multiple areas of banking, including retail, trust,

volunteer lenders, compliance, operations, HR, and marketing. CBTC has also hired employees outside of the bank who currently serve on the bank’s leadership team. The bank’s current Chief Credit Officer, Jeff Carnes, joined the CBTC team four years ago. Brett Stoots, the current Chief Financial Officer, worked for the public accounting firm who audited CBTC and was hired four years ago. Jennifer Starks, the Director of Human Resources, worked at a local automotive factory and was hired three years ago. The bank’s Chief Information and Technology Officer, Scott Freschi, was recruited from an Illinois financial institution five years ago. With a significant number of CBTC’s senior officers retiring from the bank, succession planning has been a key to its recent success. The previous executive team led by Chairman and CEO, Mott Ford, inspired the bank’s succession planning efforts. David Flowers, who served as President, COO, CFO, and CRO, was also a critical factor in the bank’s succession planning and implementation. Trying to replace Flowers and his 40 years of experience with CBTC pressed the bank to separate and delegate his workload, thus creating a challenge for the bank executives that they did not wish to repeat. A core strategy throughout the succession planning process was to bring in a mixture of insiders and outsiders. Retaining insiders, such as Clint Davis, would allow the bank to maintain its values and culture. An additional critical step CBTC took in its succession plan was having the previous executive team stay

With a significant number of CBTC’s senior officers retiring from the bank, succession planning has been a key to its recent success.

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