2023 Community Bank Case Study Competition Journal

SECOND PLACE: Iowa State University

PSB possesses a generationally diversified staff. Its 80 employees consist of 13 Baby Boomers, 17 Gen Xers, 20 Millennials, and 26 from Generation Z. Staff turnover in recent years has been evenly distributed in each generation. PSB did not suffer from early retirements during the pandemic. Weber noted the generational makeup has little impact on how PSB continues to operate. Notable Hires PSB prides itself on promoting from within. They believe in providing existing employees with the tools they need to grow within the organization. Bobbi Gladson is a prime example of this practice. PSB hired Gladson as a part time teller while she was finishing her degree in mathematics at Simpson College. As an individual interested in the banking industry, Gladson accepted a full-time position in their Indianola location upon graduation. In the subsequent years, she took on different roles in the organization that allowed her to grow her expertise and connections within the bank. Gladson headed the bank’s audit and compliance department as the bank grew and expanded. When the department grew to two employees, she was able to learn and practice more managerial skills. Now the Director of Operations for PSB, Gladson oversees new product offerings for the bank and explores ways to increase availability to customers. She now plays a key role in the succession planning of PSB as she is expected to be a candidate to become the next bank President.

PSB prides itself on promoting from within. They believe in providing existing employees with the tools they need to grow within the organization.

Untimely Exits Seven years ago, PSB encountered an issue with its succession plan when the bank’s second in command, Wayne Vander Tuig, passed away unexpectedly. Vander Tuig had been a fixture in the bank since its inception. Prior to his death, PSB had done little to prepare for such an unexpected event and was faced with identifying and reassigning roles while grieving the loss of their colleague and friend. Thereafter, PSB began implementing what it called the “Hats” protocol.” Hats require every employee to put in writing the various tasks and projects for which they are responsible in the event they are required to wear a different hat. Hats became a critical part of implementing a solid succession plan for PSB. Succession Starting as a De Novo with approximately 120 shareholders, PSB did not expect to see the same types of succession problems plaguing family-owned banks. Halterman describes

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