Independent Banker - June 2023 - 54

5. CLEARLY COMMUNICATE YOUR PLAN
It's important that your plan is transparent for both employees and
customers, Buffington says.
" If you've got a strong CEO who's been there for a long time, people
look at that individual as the bank and wonder how you're going
to replace that person, " he says. " You need to show that you've got
longevity and that institutional knowledge is not going
to be lost. "
That's one of the biggest things that Kennedy and
Marionneaux got right, the former says.
" At many banks, it's just presumed that a
particular person would succeed, but if it's
not expressly communicated, there can be
misunderstandings, confusion, hurt feelings and a
lot of times separation, and that's no good for anybody, "
Kennedy says. " But we actually talked about it-timelines, mileposts-
and we talked about it frequently. "
6.
UPDATE
YOUR PLAN
REGULARLY
" You can have the greatest
plan in the world in 2023, but
if by 2024 you're just resting
on your laurels and haven't
gone back and looked to see if
it needs modifications, then it
will get outdated, " Buffington
says. " There are going to be
changes not only from a human
capital standpoint but also
technology changes-things
you didn't address initially but
now you may need to address
to make sure you have the
right people in place to manage
those changes. "
Community banks need
both a " normal " succession
strategy and an emergency
succession strategy, Tuck says.
They should not only identify
someone who can be groomed
long term to eventually take
the reins but also someone
who could immediately
take the reins if the CEO
suddenly leaves, even if it's a
temporary role.
At $742 million-asset
Ledyard National Bank in
Hanover, N.H., senior managers
are asked to give a two-year
notice, if possible, though
circumstances sometimes
change their plans, says Kathy
Underwood, CEO of the bank.
" We had a few surprises the
last few years, and fortunately
we were prepared, " Underwood
says. " In one case, we identified
where technology could be a
factor in the replacement, along
with elevating two employees.
In more than one case in senior
management, we had to go
outside, which is not unusual
in a bank our size. But we are
fortunate that our culture is one
that is attractive to candidates,
and we can't underestimate
how that helped us bring in
top-notch talent. "
54 // ICBA Independent Banker // June 2023
" We had a few
surprises the last few
years, and fortunately
we were prepared.
In one case, we
identified where
could be a factor in
the replacement,
along with elevating
two employees. "
-Kathy Underwood,
Ledyard National Bank

Independent Banker - June 2023

Table of Contents for the Digital Edition of Independent Banker - June 2023

Contents
Independent Banker - June 2023 - Contents
Independent Banker - June 2023 - Cover1
Independent Banker - June 2023 - Cover2
Independent Banker - June 2023 - Contents
Independent Banker - June 2023 - 2
Independent Banker - June 2023 - 3
Independent Banker - June 2023 - 4
Independent Banker - June 2023 - 5
Independent Banker - June 2023 - 6
Independent Banker - June 2023 - 7
Independent Banker - June 2023 - 8
Independent Banker - June 2023 - 9
Independent Banker - June 2023 - 10
Independent Banker - June 2023 - 11
Independent Banker - June 2023 - 12
Independent Banker - June 2023 - 13
Independent Banker - June 2023 - 14
Independent Banker - June 2023 - 15
Independent Banker - June 2023 - 16
Independent Banker - June 2023 - 17
Independent Banker - June 2023 - 18
Independent Banker - June 2023 - 19
Independent Banker - June 2023 - 20
Independent Banker - June 2023 - 21
Independent Banker - June 2023 - 22
Independent Banker - June 2023 - 23
Independent Banker - June 2023 - 24
Independent Banker - June 2023 - 25
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Independent Banker - June 2023 - 27
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Independent Banker - June 2023 - 30
Independent Banker - June 2023 - 31
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Independent Banker - June 2023 - 33
Independent Banker - June 2023 - 34
Independent Banker - June 2023 - 35
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Independent Banker - June 2023 - 37
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Independent Banker - June 2023 - Cover3
Independent Banker - June 2023 - Cover4
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