ABA Banking Journal - November 2008 - (Page 90)

“It’s still a wonderful life” Third generation marks 100th year at BANKS OF 1908 BankCherokee S ome community bank CEOs have moved their offices off the main banking floor, but not Heidi Gesell. She continues to work right off the main lobby, as did her father, James, and his father, Russell. “If I’m tucked away in some corner,” says Gesell, president and CEO of St. Paul, Minn.’s BankCherokee, “then I can’t be much help to our customers.” Gesell uses the same office her father did, in the same headquarters building at Smith Ave. and George Ave. that all three generations of this banking family have called “office” since grandfather Russell began working for the bank in 1924. He became president in 1935; James, now chairman, became president in 1967; and, Heidi, who worked her way up, became president in 1996, and CEO in 1999. Family-owned BankCherokee, now $278 million-assets, opened its doors in 1908 as Merriam Park Bank, and it was acquired in 1920, moved to St. Paul’s west side, and renamed Cherokee State Bank. If you are looking for a connection to the Native American tribe, don’t bother. “Cherokee” comes from the name of a nearby public park, not for the tribe, which never lived in Minnesota. Being the third generation in a 100-year-old bank is a real plus, says Gesell. “I still run into customers who will tell me, ‘I knew your grandfather,’ or some other longtime employee. I love hearing their stories.” Being part of a 100-year-old bank is also a comfort in today’s period of uncertainty. “We reflect on the fact that the bank has been through challenging economic times before,” says Gesell. “This one BankCherokee CEOs have always had their offices right on the main floor, though things look considerably more modern than in this 1921 photo. Current President and CEO Heidi Gesell, below, believes accessibility to customers is a crucial part of being a community banker. By Steve Cocheo, executive editor 90 NOVEMBER 2008/ABA BANKING JOURNAL looks a bit different. Clearly today’s markets are more impacted and impacting globally than we would have seen years ago. But we know we have a good foundation to help us manage through these times. And clearly history has shown us that there will be better days ahead.” Real estate lending plays a much greater role in the bank today than it used to, as has been the case for many community banks. The bank has seen, and met, its share of other changes, too. It has adapted to an influx of Hispanic immigrants, by providing bilingual staff at its headquarters office for the last 15 years. This effort also includes a Spanish ad campaign and a Spanish-speaking customer service center. The bank has also made a niche of working with women-owned businesses. In addition to having officers on staff who have developed skills for assisting such firms, the bank annually sponsors a fall conference for women business leaders. Meeting the needs of young people who will be the bank’s core customer base of the future, has been a balancing act. Gesell says the bank offers technology solutions such as online banking and e-statements. Gesell adds, however, that the bank works hard to remember that there are customers who are very tied into their community. Gesell doesn’t want to lose the local connection. She believes that the appetite for local banking is not unlike the trend towards people wanting to buy locally produced foods. “There is a segment of the population who want to know who they are dealing with,” says Gesell. So, for BankCherokee, the human touch remains important. BJ Profiles of three more banks founded in 1908 follow on pages 92 and 93. Subscribe at www.ababj.com https://www.bankcherokee.com http://www.ababj.com

Table of Contents Feed for the Digital Edition of ABA Banking Journal - November 2008

ABA Banking Journal - November 2008 Contents Editor's Column Banking 2.0: Credit, Banking's Essence, Set for Rethinking Snapshot: The Few, the Proud, the Banks that Can Raise Capital Will Strong and Simple Banks Inherit the Business? Back to the Future ABA Resources ABA Chairman's Position Farm Lenders Must Take Care When Lending in Indian Country Pass the Aspirin Into the Breach Adventures Across A Century What the Future Holds, Post Crisis Paul Volcker: A Financial Legend Still Speaks Strong Ed Yingling: Weathering the Storm Dick Kovacevich: "Boring" Banking to Dynamic Financial Services Jim Culberson: Community Banking: What has Changed and What Shouldn't Walter Shipley: How a Chemical Reaction Helped to Mold Today's JPMorgan Chase William Isaac: Challenges and Opportunities Ahead for Banks A Hundred Years from Our Pages Eight Tech Innovations that Brought Banks into 21st Century Bank Cherokee: Third Generaton Marks 100th Year The First National Bank of Altavista: Railroad Gave Birth to a Town, a Hope Chest, and a Bank Rosedales Federal Savings and Loan Association: How a Friendly Game of Cards Turned into a 100-Year Mutual New Washington State Bank: Cooking Up the Next 100 Years Mailbox Banker's Mart To Advertise/Index of Advertisers The Economy

ABA Banking Journal - November 2008

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