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Bank development company A case study of community bank president leadership
BANK DEVELOPMENT COMPANY: A CASE STUDY OF COMMUNITY BANK PRESIDENT LEADERSHIP by Leonard Zazula TONI BUCHSBAUM GREIF, Ph.D., Faculty Mentor and Chair JOHN HERR, Ph.D., Committee Member KAREN BAMMEL, Ph.D., Committee Member Bill Reed, Ph.D., Acting Dean, School of Business & Technology A Dissertation Presented in Partial Fulfillment Of the Requirements for the Degree Doctor of Philosophy Capella University June 2009 UMI Number: 3359046 Copyright 2009 by Zazula, Leonard All rights reserved INFORMATION TO USERS The quality of this reproduction is dependent upon the quality of the copy submitted Broken or indistinct print, colored or poor quality illustrations and photographs, print bleed-through, substandard margins, and improper alignment can adversely affect reproduction In the unlikely event that the author did not send a complete manuscript and there are missing pages, these will be noted Also, if unauthorized copyright material had to be removed, a note will indicate the deletion UMI Microform 3359046 Copyright 2009 by ProQuest LLC All rights reserved This microform edition is protected against unauthorized copying under Title 17, United States Code _ ProQuest LLC 789 East Eisenhower Parkway P.O Box 1346 Ann Arbor, MI 48106-1346 © Leonard Zazula, 2009 Abstract This study was designed to explore the traits, skills, and characteristics of community bank presidents essential to achieving superior performance in their profession Qualitative research was conducted through a phenomenological case study and examined the lived experiences of 20 community bank presidents; data included corporate documents and researcher observations The individual thoughts, perspectives, feelings, and beliefs of the community bank presidents elicited candid insight into development, training, interaction, and practices that were utilized for career advancement and attaining superior performance for the community bank Emergent themes were revealed during the data coding and analysis Decisiveness, community involvement, team building, family, values, listening, relationship management, and work ethic surfaced throughout the analysis When the themes were synthesized and weighed against extant theory, the case study confirmed the effectiveness of defined leadership qualities Utilizing relationships established through effective interaction with customers, employees, board members, and regulators, combined with core values, provided the foundation for success The study exposed the need to remain cognizant of changes in market and economical environments that affect community banks, to remain competitive and excel Dedication This dissertation is dedicated to my family My parents, first and foremost, helped instill the ethics and values that I would carry with me throughout my life The love and support they provided allowed me to face challenges and not be afraid to tackle tasks that seemed out of reach I thank them for setting the foundation that served as a springboard for curiosity, tenacity, and an overactive desire to take the path less traveled, regardless of the sacrifices necessary to succeed My grandparents, aunts, and uncles worked hard throughout their lives but knew how to enjoy life As a result, I too can find pleasure in those facets often overlooked in the hectic struggles we all face To my beautiful bride, Sandy, thank you for your understanding and tolerance While this task has been all consuming at times, I recognize this will not be the last time I will place high demands on myself and you I look forward to the future and the time we will share as one To my children, thank you for allowing me to get a hint of fatherhood Please use this dissertation as a reminder that all things are possible with the proper attitude and dedication To Aubrey, thank you for creating the time to initiate this project and keeping me young by allowing me to see through your eyes and feed off your insatiable energy I love you all iii Acknowledgments Until the process of completing a dissertation is attempted, the course of action cannot possibly be anticipated Much like my hobby of climbing mountains, the vision of the event and the execution are not always in synch, and the needs to prepare, investigate, adapt, trust your equipment, and persevere become paramount Physical and mental abilities are challenged beyond expectations and completing the task as an individual is highly improbable Depending on a team of experts to extract your full potential is essential to completing a successful expedition To that end, I wish to recognize my dissertation mentor and committee chair, Dr Toni Buchsbaum Greif, to whom I have been roped throughout this journey Her unending support, encouragement, advice, alternative recommendations, and confidence provided a source of strength necessary to continue my advancement over torturous terrain While attempting a difficult alpine ascent in the Northwest Cascades, a seasoned climber commented that he had been watching me, and even on the most complex glacial conditions, I had not taken a wrong step I aspired to perform as admirably in this venture and I recognize Dr Greif for allowing me to perform at this scholarly level in a sure-footed manner Special thanks to Dr Bammel and Dr Herr for their assistance in my transition to scholar-practitioner and this next phase of my development I would also like to recognize the Bank Development Company and its CEO and affiliate presidents for providing the resources to assist in completing this project, but more importantly, accepting me into an organization that has allowed me to develop alongside it I am proud of our accomplishments and look forward to overcoming future challenges iv My expert team has been comprised of Linda M., and her tireless editing prowess, Donna Green, churning out transcripts as fast as I could provide files, William Douwes, for keeping me focused, and Cheryl Clark and Jennifer Adams for assisting with technical support and software applications All of these individuals contributed to this endeavor, and I needed all of them as part of my team Finally, I need to recognize those individuals that paved the way for me through the monthly mentee conference calls Those glimpses into their progress generated inspiration and convinced me that completing this goal was not beyond my realm of possibilities v Table of Contents Acknowledgments iv List of Tables ix List of Figures x CHAPTER INTRODUCTION Introduction to the Problem Problem Statement Purpose of the Study Research Questions Nature of the Study Significance of the Study Definition of Terms Assumptions and Limitations CHAPTER REVIEW OF LITERATURE 11 Introduction 11 History of Community Banks 12 Community Bank President: Persona 16 Defining the Elements 21 Leadership Theory 22 Trait Theory 27 Contingency Theory 30 Situational Leadership Theory 31 Path/Goal Leadership Theory 34 vi Transactional Leadership Theory 35 Transformational Leadership Theory 37 Conclusion 39 CHAPTER METHODOLOGY Purpose 41 Research Questions 41 Conceptual Framework 43 Qualitative Research Methodology 44 Support Systems 45 Case Study 46 Phenomenological Approach 47 Setting 50 Data Collection 51 Data Descriptions 55 Pilot Study 58 Ethical Issues 59 CHAPTER DATA COLLECTION Introduction 61 Research Process 61 President Profiles 62 Organizational Vision and Core Values 63 Background of Bank Development Company 64 Leadership Styles and Self-Assessment 64 vii Research Questions 65 Interview Questions 66 Background and Preparedness 67 Sustaining and Improving the Model 74 Leadership Skills 77 The Learning Process 83 Changes in Community Banks 86 Regulatory Interaction 88 Overcoming Challenges 89 Influences on Leadership Style 90 Qualitative Analysis 92 Clusters and Patterns 94 Mapping Themes 114 Summary of Data 132 CHAPTER ANALYSIS Introduction 134 Emerging Themes 137 Leadership Theory Discussions 154 Summary 158 Conclusions 162 Limitations of the 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US Banker, 105(2), 24-32 Note: Go to the end to obtain a key report for the column selections Go to Key Number of institutions reporting All Commercial Banks - National 6/30/2007 $ in 000's Total (Sum) All Commercial Banks – Assets less than $100M National 6/30/2007 $ in 000's Total (Sum) 7350 3197 All Commercial All Commercial Banks - Assets Banks - Assets $100M to $1B - more than $1B National National 6/30/2007 6/30/2007 $ in 000's $ in 000's Total (Sum) Total (Sum) 3649 504 Assets and Liabilities Total employees (full1,950,837 60,013 300,226 1,590,598 time equivalent) Total assets 10,410,995,044 169,941,687 1,046,260,457 9,194,792,900 Cash and due from 457,513,924 7,844,429 34,285,113 415,384,382 depository institutions 205,064,407 2,595,330 6,829,377 195,639,700 Interest-bearing balances 1,633,457,184 37,962,415 193,930,510 1,401,564,259 Securities Federal funds sold & 546,524,176 10,173,176 31,610,851 504,740,149 reverse repurchase agreements 6,089,311,082 105,393,092 725,504,317 5,258,413,673 Net loans & leases Loan loss allowance 72,078,161 1,456,021 9,076,088 61,546,052 10 Trading account 724,365,875 44,679 1,304,927 723,016,269 assets 100,742,856 3,396,307 20,748,774 76,597,775 11 Bank premises and fixed assets 6,762,345 256,791 1,493,823 5,011,731 12 Other real estate owned 379,240,606 713,639 8,928,057 369,598,910 13 Goodwill and other intangibles 473,076,996 4,157,159 28,454,085 440,465,752 14 All other assets 15 Life insurance 97,948,047 999,681 8,366,541 88,581,825 181 assets 16 Total liabilities and 17 capital Total liabilities 18 19 Total deposits Interest-bearing deposits 20 Deposits held in domestic offices 21 % insured (estimated) 22 Federal funds purchased & repurchase agreements 23 Trading liabilities 24 Other borrowed funds 25 Subordinated debt 26 All other liabilities 27 Equity capital 28 Perpetual preferred stock 29 Common stock 30 Surplus 31 Undivided profits 10,410,995,034 169,941,680 9,361,274,080 147,632,351 1,046,260,451 9,194,792,903 938,540,204 8,275,101,525 6,865,316,041 5,681,683,577 139,793,378 116,757,349 853,023,384 725,883,386 5,872,499,279 4,839,042,842 5,522,309,488 139,777,514 851,493,538 4,531,038,436 60.07% 78.86% 70.83% 57.47% 771,363,612 1,590,492 24,949,677 744,823,443 293,629,753 948,864,593 161,302,554 320,797,527 1,049,720,954 118 4,869,899 7,275 1,371,189 22,309,329 38,930 50,200,293 678,845 9,649,075 107,720,247 293,590,705 893,794,401 160,616,434 309,777,263 919,691,378 5,099,482 29,278 136,293 4,933,911 35,917,841 642,199,373 366,504,258 3,915,789 9,949,004 8,415,258 10,249,799 46,818,024 50,516,131 21,752,253 585,432,345 307,572,869 53,352,301 1,101,009 6,567,839 45,683,453 57,299,889 1,525,573 6,958,431 48,815,885 9,031,822,004 2,416,640,450 156,168,692 24,912,620 959,179,337 179,014,143 7,916,473,975 2,212,713,687 10,175,623,160 10,269,376,115 167,223,458 168,764,213 1,029,398,378 1,038,577,617 8,979,001,324 9,062,034,286 3,653,727,647 37,066,804 353,989,045 258,228,314 29,891,048 2,853,066 4,603,055 241,380 218,165,216 15,541,268 47,582,636 4,904,080 3,405,671,383 18,672,470 301,803,354 253,082,854 6,952,543,159 39,393,325 336,428,941 6,576,720,893 776,945,731 8,106,541,169 21,950,946 116,703,814 101,112,751 792,494,898 653,882,034 7,197,342,457 Memoranda: 32 Noncurrent loans and leases 33 Income earned, not collected on loans 34 Earning assets 35 Long-term assets (5+ years) 36 Average Assets, 37 Average Assets, quarterly 38 Volatile liabilities 39 Insider loans 40 FHLB advances 41 Loans and leases held for sale 42 Unused loan commitments 43 Tier (core) capital 44 Total risk weighted assets 182 45 Total unused commitments 46 Restructured Loans and leases 47 Quarterly mutual fund sales 48 Derivatives Total assets and liabilities in foreign offices Past due and nonaccrual assets Fiduciary and related services 6,954,889,648 39,393,325 336,428,941 6,579,067,382 953,459 85,486 323,002 544,971 0 0 153,810,997,348 117,332 16,552,352 153,794,327,664 Key for Column Selections: Column Selections Standard Peer Group: All Commercial Banks - National as of 6/30/2007 Column Selections Standard Peer Group: All Commercial Banks - Assets less than $100M - National as of 6/30/2007 Column Selections Standard Peer Group: All Commercial Banks - Assets $100M to $1B - National as of 6/30/2007 Column Selections Standard Peer Group: All Commercial Banks - Assets more than $1B - National as of 6/30/2007 183 APPENDIX B INTERVIEW PROTOCOL Primary Questions a) Tell me about your background and how you became involved with banking b) Was your banking career planned? Tell me about your greatest achievements in banking What contributed to these successes? Tell me about your most difficult decisions in your banking career When the opportunity to lead a community bank was presented, did you feel you were prepared to meet the challenge? What were the circumstances that allowed you to transition to this community bank presidential leadership position? Do you consider yourself a good leader? Why, or why not? What traits, skills, and characteristics you possess that allow you to excel as a community bank presidential leader? Do you believe these characteristics and capabilities in you were learned? Which of these traits, skills, and characteristics are most important in your position as community bank president? 10 What skills would you like to improve on in the future? How would this help your performance? What tools or techniques might the bank provide to help you achieve this objective? 11 Has a formal education assisted your career progression? 12 What are the most difficult challenges you see in achieving and exceeding your community bank's expectations and objectives? 13 How you overcome obstacles that may prevent you from reaching your goals? 14 What advice you have for other community bank presidents who hope to achieve the highest levels of performance measures? 15 If you could your career all over again, what might you change and why? 16 How you see the role of community bank presidents changing in the future? Additional Optional Probing Questions: Dynamic Environment 17 How have regulatory changes affected your approach to banking? 18 How has the organizational growth affected you or your position? 19 What are your greatest challenges? 184 Influences 20 Who are your mentors and greatest influences? Why? What characteristics did they possess that attracted you to their style? 21 How did they affect your leadership style? 22 What other factors have influenced you? 185 APPENDIX C DEVELOPMENTAL CHARACTERISTICS AND RESULTING APPLICATIONS Factors discussed during interviews Decisiveness Application big picture What decisions are necessary to face change? How will the decision affect the overall objective? problem solving get past obstacles strategy focus determining the impact of a decision what solutions are available? which decision is most effective? Is this consistent with other decisions? adapt Community Involvement people interaction mission Team Building believe in someone communication people skills delegate breaking down barriers personable mentor/coach motivation discipline get people to follow loyalty perception within our community? Is this consistent with the community desires? Getting favorable contributions to the team ensuring the team is on the same page opportunities to strengthen the team best candidate to assume responsibility? minimizing conflict within the team establishing the tone of the team gaining skills and useful qualities keeping the team challenged keeping the team focused finding acceptable methods generating a following 186 Leadership Theory Trait Theory (Zaccaro, 2007) Situational Leadership (Hersey & Blanchard, 1969) Contingency Leadership (Fiedler, 1967) Transformational Leadership (Bass, 1985) Situational Leadership (Hersey & Blanchard, 1969) Y Theory (McGregor, 1960) Goal/Path Theory (House & Dressler, 1974) Contingency Leadership (Fiedler, 1967) Family training someone believed in me ambition helping teaching Values meet deadlines character learning how and why finding strength proceeding within parameters sharing knowledge setting personal standards establishing self commitment consistency what ever is necessary unwavering respect trust have fun pride given and accepted earned time for relaxing job well done Listening feedback being interested provide/accept empathizing ask questions showing you care Relationship Management innovative goals building relationships results what can you for them? measurable and attainable long term objectives maintaining relationships Work Ethic love of a challenge inspired not looking for the easy way seeking alternatives hard work unwilling to fail putting forth the effort importance of self 187 Situational Leadership (Hersey & Blanchard, 1969) Trait Theory (Zaccaro, 2007) Y Theory (McGregor, 1960) Transformational Leadership (Bass, 1985) Trait Theory (Zaccaro, 2007) Trait Theory (Zaccaro, 2007) Situational Leadership (Hersey & Blanchard, 1969) Servant Leadership (Greenleaf, 1977) Goal/Path Theory (House & Dressler, 1974) Situational Leadership (Hersey & Blanchard, 1969) Trait Theory (Zaccaro, 2007) Situational Leadership (Hersey & Blanchard, 1969) APPENDIX D INTERVIEW CODE FREQUENCIES Level Three (Theme) decisiveness (27) Level Two curiosity (10) Level One adapt (10) big picture (7) industry (2) problem solving (6) drive (13) get past obstacles (4) strategy (5) focus (4) community involvement (34) board involvement (14) mission (4) people interaction (11) team building (36) communication (16) believe in someone (3) competitive (8) breaking down barriers (5) people skills (18) personable (10) Delegate (14) motivation (15) mentor/coach (5) discipline (9) get people to follow (3) team (20) loyalty (6) family (25) confidence (9) training (7) someone believed in me (6) ambition (5) teaching (4) 188 Level Three (Theme) values (26) Level Two Level One change management (10) meet deadlines (4) compassion (13) character (4) trust (15) commitment (6) consistency (4) respect (15) have fun (7) pride (3) listening (22) learning/improving (40) feedback (7) being interested (1) ask questions (1) vision (12) relationship management (27) innovative (3) rain maker (8) building relationships (4) reputation with regulators (9) work ethic (34) goals (18) results (2) hard work (11) love of challenge (3) love what I (11) efficient (5) understanding banking (24) inspired (5) Unwilling to fail (17) 189 APPENDIX E UNDOCUMENTED CHARACTERISTICS Aggressive Brainstorming Networking Resilience Involved Control Not smarts Responsibility Tenacity Creativity Observing Superior Product Available Enthusiasm Overachiever Tactical Ego Dependable Passion Grow Flexibility Desire Getting info High expectations Focus Detailed Distinguish from competition Marketing Logical Fundamentals Diversity Mechanics Follow-up Genuine Dynamic Make a difference Negotiating Recognition Intuitive Time management 190 ... role of the bank president Nakamura (199 3a, 1993b), suggested that small banks had an advantage over large banks The flatter organizational structures allows the bank to be better information... et al., 2004) After bank run-ons in the early 1930s, it was the aim of the New Deal to make banking appear to be a safe haven, initially through the creation of a Bank Holiday and then the banking... may also be perceived as a limitation Finally, it was assumed that data collected and analyzed through affiliate bank presidents lacked personal agendas and contained honest responses, and that