Independent Banker - April 2024 - 70

CONNECTIONS TRAILBLAZER
President and CEO
Robie K. Suggs is a
former chief lending
officer with the Cincinnati
Development Fund.
intentional about, when
they start a business. "
With the official MDI
designation still freshly
minted, the team at
Warsaw Federal is looking
at the products and
services the community
bank currently offers and
figuring out if they're
still appropriate. To this
end, Suggs explains, they
are setting up listening
sessions with the help of
local nonprofits-neutral
parties that already serve
the community-to help
the bank establish trust
with community members.
" What those sessions
will do is allow us to say,
'Hey, tell us what you need!
Are you getting what you
need from your financial
institution? Are there
things that you wish were
available? Why are you
using payday lenders to
do your general banking?
traditional banks, because they
don't have any history or established
credit score. Folks who pay cash
for everything or buy their money
orders-that's how they make their
payments on their bills. So, there's
not really a history for them to
establish traditional credit. "
Warsaw Federal is looking at ways
to support its community's needs
and bring opportunities for credit
building to its customers.
Building generational wealth
One focus will be helping those
individuals gain wealth through
homeownership and small business
development, which have eluded
residents of the neighborhood
for decades. That means offering
unique mortgage products, as well
as educating the community on
such concepts as homeownership,
credit maintenance, inheritance and
generational wealth.
Suggs stresses the importance
of discussing issues that many
individuals often don't want to
talk about and making banking
more approachable.
" Some folks, if they are lucky
enough to own their home, they
may actually be able to use some
of the equity built in their home to
start a business, " she says. " And,
so, what does that look like for a
small business? How do you help
them with understanding what's a
good way to manage your finances?
Do they really need a CPA? Those
kinds of things that people tend to
just sort of fall into, instead of being
70 // ICBA Independent Banker // April 2024
Do you understand what a financially
depressing cycle you can be placed in
by using those services?' " she says.
Warsaw Federal already has an
established loyal depositor base that
has been with the community bank
for decades, and Suggs believes this
loyalty has helped sustain it.
Under its new designation, the
bank will be reaching out to the
underserved within the community,
building that same trust. Suggs is
keen to stress that underserved
individuals don't have to be
minorities. " Yes, we are an MDI, but
that does not mean that someone who
is not a minority can't walk into the
bank and feel welcome. "
Roshan McArthur is a writer
in California.
Independent Banker - April 2024

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