Adrian Breen CEO/ President, Te Bank of Missouri, Perryville
How did COVID-19 affect the bank? As attention focused on the COVID-19 pandemic in early 2020, Te Bank of Missouri employees recalled this was similar to the Russian flu outbreak when the bank (then Te Bank of Perryville) first opened its doors in 1891. With both outbreaks, Breen said there was “disruption with fear of the unknown.”
Te bank’s business continuity planning group — in place for years for emergency planning — never could have predicted a pandemic. Te group met daily with the bank’s executive team via phone for months and was critical in communicating to the bank’s 525 employees throughout 25 communities and establishing protocols to keep employees safe and businesses open. Interacting with other bank CEOs and their teams allowed best practice information to be shared among competitors.
Te culture among employees at the banks embodied “our community first spirit,” Breen said as employees did what they could to “bring calm to this unprecedented experience.”
What lessons did you learn? Communication with the board was essential as approval was needed to change policy and procedures in responding to business operations regarding the pandemic. Te bank communicated frequently with employees before the pandemic and increased its communications for employee morale. Team members drew strength from one another through the daily email blasts through the employee intranet. As bankers worked tirelessly 24/7 to process Paycheck Protection Program loan applications, the bank tracked the number of paychecks for businesses saved and shared that data with employees. More than 19,000 paychecks saved with the bank’s PPP efforts rallied bank employees to push forward for the men and women receiving those checks. “We were at our very best when our customers needed us the most,” Breen said.
What challenges did you overcome? Te need for IT accelerated quickly. Te bank mobilized more than 100 staff who had never worked remotely and set up virtual private access at bankers’ homes. Te bank’s interactive teller machines, which replicated the in-person experience for customers, and mobile app enabled the bank to extend its hours and alleviate pressure from drive-thru lanes when lobbies where closed.
Te merger with the Bank of Bolivar in July 2020 proceeded with mostly virtual business meetings. Training on operating systems also was virtual for new employees, and “their successful completion was a reflection of the staff.”
What changes do you foresee moving forward? People used to services offered through digital banking may not come back to the branches. Bankers need to figure out the right combination of branches and digital banking. Technology won’t replace banks but will enhance the services offered. It’s incumbent to bite the bullet and invest in digital offerings for your customers.
What will bankers remember 10 years from now? Our people. Our culture helped the bank and its customers get through the pandemic more than a strategic plan or business continuity plan. Each branch had a budget to use as they deemed appropriate for random acts of kindness. Employees assisted longtime loyal customers who had been furloughed or endured hardships. Our people were at their best when our customers needed us the most.
J. R.
Buckner II President and CEO, First Federal Bank of Kansas City
How did COVID-19 affect the bank? Ironically, First Federal Bank of Kansas City planned to implement remote work for employees in 2020 as part of its organizational strategy before the COVID-19 pandemic forced most businesses and employees to instantly work from home. Te bank closed its lobbies March 17, and they remain closed today. Of the
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