2017 Rising Stars in Banking: Dan Maddox

Dan Maddox fully expected to end up as the fourth generation of his family to work at a community bank and the third to work at Citizens State Bank of New Castle, Ind. He just wanted to do something else before that conclusion. Looking to follow a passion, Maddox's interlude forayed into music instruction and performance..Following graduation from the University of Vermont with a Bachelor of Arts degree in history, Maddox spent four years strumming the guitar, leading bands and teaching others. All along, he knew how his music career would likely end.."I grew up working in our [bank], and I really enjoyed it from an early age," Maddox said. "I went off to college, and I've always had a love for music, putting off the inevitable career change I knew was coming for another couple of years. It was a great experience.."I felt the desire to get back into the banking side of things. [Music] was a nice diversion and a nice transition into the real world post-college.".In 2007, Maddox made that inevitability a reality, joining his father and uncle in a holding company — Town Financial Corporation — looking after two banks. In 2013, the sister banks of Pacesetter Bank and Citizens State Bank merged to create the $503.3 million operation now headed by Maddox as president and CEO..NorthWestern Financial Review is honoring Maddox as a Rising Star in Banking for 2017, along with five other bankers..As far as mergers go, joining two banks already under one umbrella is easier than bringing together two unrelated entities. Pacesetter and Citizens already shared human resources departments, holding company oversight and even Maddox, who at the time was leading the retail banking and marketing of both banks..There were still stresses, though, many of which are familiar to anyone who has ever considered a merger. How would redundancies be turned into efficiencies? Would layoffs accompany the consolidation? Who would be the sole voice for the holding company?.Leading the merger committee and then taking on the duties of chief operating officer at the merged bank, much of that landed on Maddox, a then-recent graduate of the Graduate School of Banking at the University of Wisconsin-Madison. Watching from afar, Maddox seemed the perfect choice for that unenviable duty in the eyes of Laura Wilson, vice president of communications for the Indiana Bankers Association.."[Maddox] is extremely dedicated to the family business of banking," Wilson said. "He has that kind of dignity. I've noticed in legacy banking families, it tends to go one way or another. The ones who don't measure up to the prior generations literally don't last … but the banks that carry on the transition through generations, there's a sense of duty infused in those families. Children are brought up understanding they have a responsibility to the community.."That really resonates with Dan. You get the feeling when you interact with him, talk with him, he understands fully his position effects not only him and his own family, but it effects all of his employees and, more than that, the community at large.".Using "Eagle Grams" to communicate with staff in a clear and organized manner, Maddox assuaged concerns: There would be no layoffs, only natural attrition over time. The merger would not only be a chance to combine, but its benefits could also be turned into a chance for expansion.."We felt it was a great opportunity to crank up some growth initiatives, and that's when we really started to work over into the Indianapolis metro," Maddox said. "That has gone really well. We were kind of able to grow into our footing, if you will.".Since the merger, Citizens State Bank has opened a branch in each of Carmel and Fishers, Ind., both in the greater Indianapolis area. Moving its focus to that larger market remains the organization's long term goal.."We're continuing to focus on organic growth opportunities, certainly with a focus on the Indianapolis metro and building our commercial team there," Maddox said. "Focusing on business opportunities, primarily, with a secondary focus on retail in those markets.".That kind of forward-thinking encourages Wilson, and presumably the previous Maddox generations, considering they have entrusted the operation to the 36-year-old.."He's what people at my stage of the career — having done this for 30 years — he's what makes us excited about banking," Wilson said. "You have to have a future. When I look at people like Dan, I think there's a real good future to banking when there are people like him at his age."Other 2017 Rising Star in Banking Honorees:Bob Southworth, HomeTown Bank, St. Peter, Minn.Lori Keigher, HomeStar Bank, Manteno, Ill.Tony Gudajtes, Choice Financial, Grafton, N.D.Jon King, Fidelity Bank & Trust, Oelwein, IowaBecky Miller, First Bank Financial Centre, Oconomowoc, Wis.