2023 Community Bank Case Study Competition Journal

FIRST PLACE: The University of Tennessee at Martin

to mentor newcomers. Newcomers would bring both banking and non-banking expertise that would allow CBTC to have an edge over its competitors. When Brett Stoots and Jeff Carnes were hired, David Flowers, and the bank’s previous CCO, Bruce Reed, remained on the team for 18 months to impart their banking knowledge to Stoots and Carnes. The investment in these transitional periods, while increasing personnel costs, demonstrates the commitment CBTC has in its continued success. Since the new executive team was assembled, the banking industry has seen major challenges. The COVID-19 pandemic introduced social distancing, PPP loans, privacy concerns, and ever-changing regulation as just some of the challenges the new team faced. Nevertheless, as the pandemic ended, CBTC had grown into a $1 billion bank. Currently the banking system faces interest rate hikes from the FED and large bank failures not seen since the 2008 recession. Like the challenges faced during the pandemic, the CBTC team has thus far been able to overcome these unprecedented challenges and remain an important financial services provider in West Tennessee. Generational Make-Up The same changes in generational leadership experienced in the bank’s succession plan have occurred throughout the bank. Starks states the following: R ight now, the CBTC team is made up of four generations. We have 26% Baby Boomers, we have 36% Generation X (Busters), Generation Y (Millennials) are at

The generational shift seen recently in the banking industry is very important to address.

23%, and Generation Z (Zoomers) is at 14%. Our largest group is Busters from 1965 to 1980. When you add in four generations, not everyone is going to agree, and they will all contribute a different point of view. Their perspective on the IT world is different (Starks, Davis et al., personal communication, March 29, 2023). Not only has this demographic information changed how the bank functions from day-to day and how work is completed, but it has also changed the way staff members are recruited. Starks discussed the experiences with the different generations during the pandemic and the challenges presented by sending staff to work from home during the pandemic. Starks stated it was much more difficult to send home the Baby Boomer generation, as they wanted to stay and work in the office, while Millennials and Generation Z were ready to pack up and work from home as needed. The generational shift seen recently in the banking industry is very important to address. Many younger employees are ready to succeed although they have little prior experience in

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