Lincoln Savings Bank (LSB), Reinbeck, Iowa, recently welcomed Sean Willet as its new Chief Executive Officer, leveraging professional insight and connections Travillian supplied. With Willet’s recent hiring, the bank is poised for a significant transformation.
Willet’s Extensive Financial Services Background
Willet’s career in financial services has spanned various prominent institutions. “I’ve been in financial services my entire career,” Willet says. “Specifically, I started at JP Morgan, then moved to Morgan Stanley. So, not a traditional community banker or a retail banker.”
Six and a half years ago, Willet had the opportunity to return to his native Western New York. He joined Five Star Bank, where he held several roles, culminating in the Chief Administrative Officer position. In this capacity, he was responsible for the bank’s infrastructure and key lines of business, including banking-as-a-service (BaaS).
LSB Chairwoman and Advocate Sally Hollis
As chairwoman of the LSB board, Sally Hollis was an early supporter of Willet’s. Her career path has been a nontraditional one for someone in the financial services industry.
“My background is in mechanical engineering,” she explains. Atop her formal education, she may have inherited some financial savviness: Her father was a banker.
Hollis spent the first 15 years of her career in various roles at John Deere, particularly in the Power Systems and Ag division. Later, she returned to work on her family farm, where she worked alongside her husband. For the past decade, they have raised commercial and organic crops, seedecorn, and hogs.
Hollis joined the bank board in 2017 and became the chairwoman two years ago.
Strategic Board Planning at Lincoln Savings Bank
LSB has been proactive in maintaining a robust and diverse board. Hollis explained the organization’s strategy: “We have 10 members on our board. And in our bylaws, we have a maximum age for board service, which is the annual meeting after your 72nd birthday.”
Four or five years ago, the governance committee began planning for board members nearing retirement. Committee members identified the skills needed for the future, particularly in legal and audit/finance areas. They sought recommendations from employees and conducted interviews, eventually selecting two additional directors who have been with the board since 2021.
Travillian’s Expertise Helps LSB Find Ideal CEO
In the search for a new CEO, LSB turned to Travillian. Its staff expertise was instrumental in finding a leader who not only possessed the required experience but also fit well with the bank’s culture and values. The meticulous screening process ensured that candidates were thoroughly vetted and matched with the bank’s strategic vision and operational needs.
Key Qualities LSB Looked for in a New CEO
Hollis outlined the process of selecting a new CEO: “The question that the board asked was: Who is Lincoln Savings Bank and what type of leader does it need?” Board members then identified key qualities:
- Strong community focus
- Commitment to investing in communities
- BaaS/digital banking experience
- Proven track record of improving profitability
- Strategic planning skills
- Fostering superior talent
Willet stood out because of his relevant experience and alignment with these qualities. “He showed an admirable ability to collaborate and think strategically,” Hollis notes. “But we also heard several times about what a good guy he is, a professional with really high integrity. It’s been an awesome fit.”
CEO Willet’s Onboarding at LSB: Integrating Leadership and Community
“It’s been great from the standpoint of welcoming me not only into the bank but the community,” Willet remarks. He appreciated the similarities between Western New York and Northeastern Iowa, describing Buffalo as akin to Des Moines, with both areas being community-focused and agriculturally significant.
Willet emphasized his collaborative, servant-leader approach and the importance of understanding the bank’s core strengths and future opportunities. He characterized LSB as being a “… strong, deeply rooted community bank, of the right size, and then LSBX, which meant that one of the original BaaS banks and the opportunity to put the two great franchises together in a very complimentary way.”
Defining Lincoln Savings Bank’s Core Focus
Hollis describes Lincoln Savings Bank’s focus on its core identity: “For us, then, back to basics was: Who are we? How do we make sure that we’re doing that the best? Who are our core customers? What do they need? Are we providing it for them?”
The focus was on simplifying processes, ensuring efficiency and effectiveness, and maintaining a strong culture of compliance. The goal was to strategically grow while adhering to their core values and providing exceptional service to their customers.
LSB’s Comprehensive CEO Integration Approach
The integration of Willet as the new CEO was a well-structured process. Hollis details the approach: “We started off really with an internal focus. We wanted all our employees to get to meet him as soon as possible. So we did 20-plus meet and greets.”
These initial interactions allowed Willet to familiarize himself with the team and the bank’s operations. Business-unit overviews and deep dives with each functional area provided him with a comprehensive understanding of the bank’s goals and areas for improvement.
LSB’s Pioneering Role in BaaS: Strategic Focus and Future Opportunities
LSB has been a pioneer in the BaaS model since 2016. Hollis highlights the institution’s strategic focus, saying: “As we move forward, we’re looking for those strong, value-driven opportunities, maintaining strong risk management and compliance practices and really focusing on the customer.”
Willet echoed this sentiment, emphasizing the importance of regulatory compliance and strategic partnerships. “What is core for us is risk and compliance: Looking at what’s happening in the landscape and learning from it.”
Strategic Succession Planning Insights from LSB’s Leadership
Hollis shared insights on succession planning: “The first thing that comes to mind is to make sure that you have a number of discussions with the full board, the management team, and key stakeholders. Understand where the bank is, what the strategic plan is, what the vision is, who the right leader is, and what skill set do you need.”
Willet added the importance of planning and alignment among stakeholders. He also advocated for maintaining a wide point of view in terms of potential hires. “Don’t fall into the trap of cookie-cutter [candidates],” he advises. “A lot of banks and smaller financial institutions do that. And they miss out on great talent opportunities as a result.”
Lincoln Savings Bank: Embracing Innovation and Strategic Growth
With its C-suite now intact, LSB is poised for a future that honors its past while embracing innovation and strategic growth in the banking industry. The combined expertise and shared vision of the leadership team promise to guide the bank through the evolving landscape of community banking and financial services.
A video version of this complete interview between Lincoln Savings Bank leadership and Travillian is available on the Travillian website.
