2008 Rising Stars in Banking: Paul Hoffmann

In 1991, Paul Hoffmann was almost five years into his banking career ― and waist deep in a pile of Federal Reserve cash. The freshly hired Fed account manager was on an orientation tour of the old Fed building in Minneapolis when a transport stacked with bundles of currency tipped and nearly entombed the touring party. "We heard a guard saying 'raise your hands and wade out through the money' and I thought, is this really happening?".Hoffmann recounted the experience from his office in Monona, Wis., where he is now president and CEO of Monona State Bank. This NorthWestern Financial Review Rising Star for 2008 also laughingly recalled a time when "I swore I was never going to be a banker.".In early adolescence he spent Saturdays counting cash and helping with small tasks at First National Bank of Bangor, Wis., where his father Leonard was president. At 14, he took his first "real" job in the bank, as a teller who spent downtime sorting checks alphabetically by hand and putting statements together. But as Hoffmann headed for what today is St. Mary's University in Winona, Minn., he was ready to rebel against "the predetermination feel" of a future in the family business..At St. Mary's he pivoted toward a path in arts administration, taking a double major in business management and humanities. He planned someday to manage a large museum or regional theater. But soon after graduation he followed his eventual wife, Sharon, to Madison where she was attending the University of Wisconsin. Hoffmann took what he thought would be a temporary job at M&I Bank in 1987 and worked there until he moved on to the Minneapolis Fed. He then rounded out his corporate and Federal Reserve banking experiences by joining Park Bank, a Madison-based community bank, as a vice president of operations, in 1996. There he managed the bank's retail areas and got involved in its marketing and education initiatives. He also completed the University of Wisconsin-Madison Graduate School of Banking program. Last year he brought this broad base of banking experience to the president's office at Monona State Bank..The bank already had a great reputation among its customers, Hoffmann said, but "we hadn't done a lot in terms of branding or marketing beyond our core." After surveying customers and bank associates and conducting strategy and vision-alignment sessions, Hoffmann led a branding effort that included a new logo for the bank and fresh collateral and signs, as well as service training to help bank personnel deliver a consistent brand experience in the bank's three locations. An updated web site is scheduled to launch later this summer, and the bank's third branch and second Monona location is scheduled to open in August..Monona State Bank has roughly $325 million in total assets, which is up by almost $26 million since March 31. Rewarding as that momentum may be, Hoffmann is especially pleased by customer comments. "One client told me this morning, 'I don't know what you're doing with your people but just keep it up. It feels like Cheers when I come into the bank.' It makes him happy to bank with us," Hoffmann said..For his part, the college kid who swore he'd never be a banker is today an enthusiastic booster for the business. He likes to find "people who are thinking about banking, mentor them and bring them along." His old interest in the arts has been channeled into the bank's community relations, which have supported community theaters, summer reading initiatives and music programs at area schools..Reflecting on his father, who passed away in 2003, Hoffmann said he learned about the crucial role bankers play in their communities from watching his dad work with customers. One of those customers told Hoffman about a time when she was in danger of losing her house; Leonard Hoffmann helped her work it out and she went on to prosper..Today Paul Hoffmann is eager to pass on the lessons he learned: "Banking is a pretty small community, really, so it's rewarding to help people enjoy it as much as I have.".By Tony Telschow