2013 Outstanding Women in Banking: Emily Hofer

Emily Hofer of Merchants State Bank in Freeman, S.D., was chairman of the Independent Community Bankers of South Dakota in 2012-13, an important year of transition for the trade group. Her association work is one reason she is being recognized as a NorthWestern Financial Review 2013 Outstanding Woman in Banking..In 2011, Ginger Adams announced her retirement; she had been the association's executive director since 1994. As secretary-treasurer of the association, Hofer participated in the search for a new executive. In July 2011, ICBSD welcomed Geri Beck as its new executive at its annual meeting. Hofer became chair-elect at the same meeting..In June 2012, Beck announced her resignation. As a member of the executive committee, Hofer again led an executive search. By the end of July, the association hired Greg McCurry from Santel Communications where he directed marketing and public relations for five years..When Hofer took up the gavel in late July, she turned leaderships' attention back to its strategic plan. "With constant leadership transition, strategic planning can fall through the cracks," Hofer said. "I was clear with Greg; nothing was going to fall through the cracks. He and I had a call scheduled every week when I was chairman to track his progress.".As Hofer and the executive committee trained McCurry on banking issues, they also allowed him to shepherd the association's strategic goals. The fruit of this was ICBSD's first event for state legislators during the South Dakota legislative session. Called "Love Your Community Bank," the event was held on Valentine's Day. "This was the first year we held a separate outreach event from the South Dakota Bankers Association," Hofer said..Noting the dominance of senior level officers at ICBSD events, Hofer and McCurry decided something was needed for mid-career bankers. With board approval, Hofer set out to create a program for up-and-coming bankers. Called the Emerging Leaders program, the association will launch the initiative this year. The program will allow up-and-coming bankers to get involved, gain skills in industry advocacy, and learn about leadership, economic development and government relations..In her year as chairman, Hofer also moved the ball forward on a strategy initiated by fellow community banker Lynn Peterson of CorTrust Bank's Yankton, S.D., office. She urged the ICBSD board to pursue a resolution from the state legislature favoring equal taxation for credit unions and Farm Credit System institutions, a new tactic in banks' endeavor for tax equality..ICBSD gathered information on the uncollected taxes from credit unions and FCS institutions and presented it to elected officials. McCurry and bankers found legislators were interested in their message. Hofer is confident the association will find a sponsor for the resolution this year..A third generation banker, Hofer started in banking at age 10 filing checks for Merchants State Bank, the bank owned by her family. Hofer left South Dakota to get a Bachelor of Science degree in management and a Bachelor of Professional Accountancy degree from Tulane University, New Orleans. She passed the CPA exam in 2002 and worked as an auditor for PriceWaterhouseCoopers in New Orleans until 2005. She returned to the family bank that year. In 2006, she became the bank's CFO and joined the board..Since her grandfather purchased the bank in 1968, her family has grown the bank from a $2 million institution with one location to a $140 million bank with four locations. "I am proud of the business my family has built," Hofer said..And ICBSD is proud to have had such a leader. "Emily did an outstanding job leading the organization," McCurry said. "Even after her busy year as chairman Emily has stayed involved and continued the advocacy efforts she started during her time as chair."Other 2013 Outstanding Women in Banking honorees include:Kim Schroll, NebraskaLand National Bank, North Platte, Neb.Lori Allan, Beacon Bank, Duluth, Minn.Rose Wageman, First Eagle Bank, ChicagoDawn Zimmer, Bank Midwest, Spirit Lake, Iowa