2008 Rising Stars in Banking: Michael Solberg

He says his 15 minutes of fame is winding down, but Michael Solberg will likely never be far from the limelight..As the chief operating officer of State Bank & Trust, headquartered in Fargo, N.D., Solberg has appeared on the CBS Evening News and ABC's Good Morning America. He's been interviewed by reporters from the BBC and USA Today, as well as dozens of radio show hosts from across the country.It all started after last year's company Christmas party, when the bank gave each of its 500 employees a sizeable sum ($1,000 for full-time staff, $500 for part-time), a video camera and six months to "pay it forward" – that is, to give the money to another individual, family or organization. This year's holiday party will highlight those contributions through a compilation of the staff videos.."We thought we'd generate some excitement locally among our clients and some of the nonprofits in the area, but we had no clue that it would generate the kind of attention it got," Solberg said. "It was exciting and it was a fun thing to be a part of," he continued. But being on live television in front of millions of people was "definitely a bit of a stretch out of my comfort zone," he said..The third-generation banker and 2008 NorthWestern Financial Review Rising Star is carrying on a tradition of community giving that began decades ago. Growing up, his grandfather, Charlie, and father, Richard, were bankers in Finley, N.D. In 1982 – when Michael was still in grade school – the family purchased ownership in what was then State Bank of Fargo.."I always knew I wanted to be a banker," he said. "I've always looked up to my dad and he's been my hero. I never considered doing anything else.".He worked at the bank as a teller during summers in high school and college. After graduating from Concordia College in Moorhead, Minn., he went on to earn a law degree at William Mitchell College of Law in St. Paul. He returned home to work at the bank for two years before taking a job at Northern Capital Trust Co. in Fargo..In 2004, when Northern Capital merged with State Bank & Trust, Solberg stayed on the trust side for a year to help manage the transition, then became the bank's COO. He's responsible for the day-to-day operations of the bank's retail and commercial banking lines, trust and investments. He oversees the bank's sister companies, Discovery Benefits, Inc., in Fargo and Twin Cities-based Lighthouse1..Solberg also manages a division called HealthcareBank, which provides benefits administrators with depository and other financial services. "What we're trying to do is fund a lot of future loan growth with health savings accounts from around the country," he said..State Bank & Trust has 14 locations in eastern North Dakota and western Minnesota, a loan production office in Sioux Falls, S.D., and trust offices in Bismarck, N.D., and Boise, Idaho. It has grown from $711 million in assets in 2001 to $1.8 billion today to become the largest privately owned bank in the region, doing business in all 50 states. His father continues to serve as president & CEO.."I'm very proud of the fact that we're a progressive company in many ways, not just from a business standpoint but also from a culture-building standpoint," he said. "I think we're unique in the financial services industry in the sense that we're not real quantitatively driven – we're very people-centric. Our mission statement is very simple and it doesn't talk about shareholders or any financial matrix. It's 'Happy employees, happy customers.' ".Having completed the Graduate School of Banking program at the University of Wisconsin-Madison, Solberg is a strong proponent of hiring people based on their skills and training them on the banking side. To remain competitive into the future, he said, banks are going to have to look to other industries and professions – such as attorneys or academics – to recruit talented employees..At age 35, Solberg said that he is a mentor to others at his bank "on some levels, but I'm also learning every day. I've been blessed to have a lot of great influences and mentors.".Already becoming an industry leader, he serves on the board of the North Dakota Bankers Association and on the banker advisory board for the Conference of State Bank Supervisors. In the community, he is vice chair of the Fargo-Moorhead United Way campaign and serves on the boards of the Trollwood Performing Arts School, Meritcare Foundation and Prairie Heights Community Church..He and his wife, Char, have a 5-year-old daughter, Grace, and a 2-year-old son, Charlie. The youngest Solberg is named for his great-grandfather, who passed away in 1998..Like his father and grandfather, Michael Solberg is dedicated toward instilling in his children a sense of stewardship to the community.."My goal is that we could keep our bank a community bank, a privately-held company and a progressive place for people to work so that maybe someday my kids will want to take the opportunity to continue it," he said.Other 2008 Rising Stars in Banking include:Bruce Kout, Farmers & Merchants Savings Bank, Iowa City, IowaLynn Olson, Great Northern Bank, St. Michael, Minn.Jon Schmaderer, The Tri-County Bank, Stuart, Neb.Mark Demske, Community State Bank, Avilla, Ind.Dale Boyer, Citizens National Bank, Paris, Ill.