2013 Outstanding Women in Banking: Rose Wageman

In 1991, First Eagle Bank had $28 million in assets after having been purchased and recapitalized by Joel Salk and Andy Salk. Today, the bank has $410 million in assets and ranks in the top 10 banks in the Chicago area for pretax return on assets. The Salks point to Rose Wageman as a key reason their bank has thrived as a commercial real estate lender..Wageman, who is one of NorthWestern Financial Review's 2013 Outstanding Women in Banking, was recognized as an impactful person even before she came to First Eagle Bank..Growing up in Calumet City, a southern suburb of Chicago, Wageman demonstrated an aptitude for math. She graduated from Northern Illinois University, DeKalb, Ill., in 1984 with a Bachelor of Science degree in finance. The job market was poor at the time, so Wageman decided to go in person from bank to bank to deliver her resume. A bank owned by Joel Salk — River Oaks Bank and Trust in Calumet — hired her as a management trainee. Her first task was to run the proofing machine. After six months she became a lender. By 1989, she had been promoted to assistant vice president..Then, in 1991, the Salks bought the bank that became First Eagle Bank. "We brought Rose in right away," said Andy Salk, president of the bank, noting she was one of the first two lenders they employed. That year, Wageman became vice president at the age of 27..Wageman quickly proved she was worthy of the Salks' recognition. In 1992, a customer entered the bank for a construction loan. "The loan Rose completed for him was the first construction loan the bank ever made," Andy Salk recalled. That loan was for $180,000. Today, the same customer is one of the most successful home builders in Chicago. Now when he builds, the bank lends $2 million to $3 million for a home that fetches $5 million..When asked if she felt daunted making the first loan of its kind in the bank, Wageman just said she loves challenges. "They make my job interesting," she added..There are many firsts with Wageman. She also originated the bank's first loan guaranteed by the U.S. Small Business Administration. Today, the bank has close to $9 million in loans guaranteed by SBA. "Rose knows the loan department from top to bottom," Salk said. "She knows the nuts and bolts, she knows the big picture and she can really run it well.".Wageman became the bank's chief lending officer in 2012. "And, unlike many CLOs she not only runs the lending department, she runs the largest portfolio of any lender in the bank as well," Salk said. With nearly 22 years building relationships, Wageman's loan portfolio has grown to $60 million from $2 million..Like many banks that focus on commercial real estate, First Eagle Bank had its loan workout situations during the financial crisis of the past five years. Many of the 42 banks that failed in Illinois since 2008 were commercial real estate lenders. First Eagle Bank avoided the lethal issues created at other banks. Part of this is due to the lending standards maintained by Wageman..At First Eagle Bank, no loans are approved by loan committee; all loans are approved by Andy Salk or by Wageman. Prior to the crisis Wageman could have taken deals where the customer wanted 100 percent loan to value. "I lost customers to banks doing 100 percent of cost on a deal," she said. "We never did that.".Today, the bank has a team of nine lenders. Wageman, who also is the bank's loan compliance officer and a board member, trains each new lender for at least two months before they go out on their own. Somehow Wageman finds the time. "We need a culture where lenders establish long term relationships with their customers," she said. "That's how we can be very competitive for every deal."Other 2013 Outstanding Women in Banking honorees include:Kim Schroll, NebraskaLand National Bank, North Platte, Neb.Lori Allan, Beacon Bank, Duluth, Minn.Emily Hofer, Merchants State Bank, Freeman, S.D.Dawn Zimmer, Bank Midwest, Spirit Lake, Iowa