March 7, 2022

Each asterisk (*) represents an agreement for a specific endorsed product with that company. Not all products that these companies offer are endorsed by CBA. To see a detailed list and explanation of endorsements, visit CBA online at cbak.com.

Brad Yaeger is announcing his retirement as President/CEO effective March 2022, after 42 years in banking and serving three years as President at Legacy Bank (formerly State Bank of Colwich). Brad joined the family-owned Bank in 1988 and transitioned into the role of President when Frank Suellentrop retired in December 2018. Brad is turning over leadership of the 136 year-old Bank to Executive Vice President Steven F. Suellentrop. A fifth-generation banker, Suellentrop will become President of Legacy Bank effective March, 14, 2022.

The Federal Reserve’s signal that it will start raising interest rates in March 2022 generated a collective high-five throughout the banking industry. Bankers have been poised and waiting for interest rates to rise as they are counting on reaping the rewards of an asset-sensitive balance sheet. However, without proper planning, the joy may be short-lived. The Fed news should give bankers even more reason to consider their asset/liability management (ALM) and deposit management strategies, policies, and programs.

Community bankers are nothing if not predictable, and I mean that as a compliment. They are bright, enterprising, have a nose for the risk/reward dynamic and a sense of duty and loyalty to their customers and staff. They’re also deathly afraid of rising interest rates.

About five years ago, a new rule that impacted financial institution lending to members of the military went into effect. But this one could have been overlooked by financial institutions because it did not come from the traditional bank and thrift regulators. The Department of Defense issued the new rule to implement 2015 changes to the Military Lending Act (MLA), originally known in 2006 as the Talent Amendment.

Harvard University education professor Dr. Howard Gardner said, “Stories constitute the single most powerful weapon in a leader’s arsenal.” As community bankers, we recognize the truth in that statement, because our stories differentiate us, shape public perceptions and allow us to thrive in our roles as community caretakers.