Terch & Associates, on behalf of Security State Bank of Hibbing, is seeking an experienced community banking professional to serve as the President and future CEO/President.
Security State Bank of Hibbing is an independently owned community bank which serves as the regional leader in commercial lending. This recruitment effort is part of a succession plan; the current President & CEO will serve as a mentor for his successor until his retirement, planned for no later than the end of 2025. The Bank has strong financials and balances priorities for both short-term and long-term profitability. The Bank is independently owned by 230 shareholders, with no shareholder owning more than 5%, and is managed by a 7-person board of directors.
Applicants should have experience determining strategic goals and then developing and implementing the policies and plans required to achieve those goals. This position is accountable for, and oversees, every strategic function of the Bank. This position reports to the Board of Directors.
Strong applicants for this job must realize, and be able to meet, the expectations the community has for the President and CEO of Security State Bank of Hibbing and adhere to the strong culture foundation that has been established by the Bank. In addition to being a consummate banking professional, the President and CEO must be able to maintain and build upon the trust and reliance that the community has for the Bank and its employees. This requires the incumbent to be a present and positive influence in the community, both during and outside of business hours.
This position will be located on-site in Hibbing, Minnesota. Candidates will need to relocate to the area if they do not currently reside there. The Bank maintains a traditional dress code.
ESSENTIAL FUNCTIONS:
- Provides leadership throughout the Bank. Inspires excellence in performance and customer service at all levels. Promotes an environment of “leading by example” for service and teamwork standards.
- Creates vision, mission and strategy for the Bank. Establishes culture, sets direction, communicates strategies, provides guidance, ranks priorities and ensures accountability.
- Manages overall performance of the Bank. Establishes current and long-term performance objectives. Sets acceptable risk management levels. Ensures annual budget represents alignment with strategic direction.
- Communicates Bank goals. Provides communication and feedback on accomplishments, challenges, and changes to goals. Ensures senior managers are developing, empowering and holding accountable their department employees, and that employees see a clear connection between their individual contributions and the Bank’s goals.
- Provides guidance, direction and authorization for the Management Team. Directs senior managers to carry out plans, policies and processes according to established strategies. Promotes adequate communication and reporting activities between departments to ensure service and availability of data required for efficient daily operations.
- Primary accountability – Ensures safety and soundness matters (CAMELS components) with the FDIC, Minnesota Commerce Department, and Federal Reserve Bank (Holding Company).
- Ensures that Security State Bank of Hibbing is well respected in the community and banking business by encouraging community involvement among leaders and employees.
- Chairs marketing committee; ensures creation and implementation of marketing plans that are consistent with Bank’s strategic goals; builds a relationship with the community-at-large and serves as Bank’s spokesperson.
- Ensures bank-wide accountability for Internal Audit, Compliance and CRA functions.
- Serves as Chairman and President of Holding Company with primary responsibility for increasing shareholder value through dividends and stock appreciation, while balancing long term profitability with safety and soundness.
- Serves on Board of Directors, Loan Committee, Compliance, Asset-Liability Committee, and Executive Search Committee.
- Encourages pride of ownership among shareholders through the Bank’s community involvement and reputation.
- Responsible for shareholder communication and relationship building; keeps shareholders apprised of financial performance and data.
QUALIFICATIONS:
- Bachelor’s degree from accredited college/university, preferably in finance or business.
- Minimum 15 years’ experience in a leadership position in a bank.
- Ability to successfully complete internal training programs around, and maintain ongoing education in: Bank operations, services and products; industry regulations; and policies and procedures.
- Ability to maintain proficiency in software relevant to job responsibilities.
- Completion of Graduate School of Banking, or equivalent, preferred.
TO APPLY:
Please submit a cover letter, resume, and three professional references anywhere this position is posted or to the careers page of www.terchandassociates.com. All candidates will remain strictly confidential. No professional references will be contacted until the final stage and with the candidate’s prior knowledge.
Job Type: Full-time
Pay: $159,000.00 - $239,000.00 per year
Benefits:
- 401(k)
- 401(k) matching
- Dental insurance
- Health insurance
- Life insurance
- Paid time off
- Retirement plan
Schedule:
Ability to Relocate:
- Hibbing, MN 55746: Relocate before starting work (Required)
Work Location: In person
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