2011 Rising Stars in Banking: Dan Fagan

Dan Fagan's original plan to become a financial planner was sidetracked when he took a job as a bank examiner at the Federal Deposit Insurance Corporation after graduating with a finance degree from Northern Illinois University in 1993. But he has no regrets on that decision. As President and CEO of Tradition Capital Bank in Edina, Minn., he's helping business owners and private banking individuals with all kinds of financial advice, and is acutely aware of the impact of his decisions.."It's all about the people and that's the most important thing," says Fagan, a 2011 Rising Star selection by NorthWestern Financial Review magazine. "It's serving our customers, our employees, our shareholders and the community.".Fagan enjoys the competition, analyzing business financials and trying to create solutions that help businesses grow and be successful. But his greatest satisfaction comes from the relationships established with customers and the level of trust that is involved.."You really get to know our customers and learn everything about their business. They entrust their business and money with us, and that means a lot to me," Fagan said. "Many people may take for granted just how integral banks are to our society – they are paramount in helping our businesses, economy and communities function and thrive.".Fagan grew up in Chicago and spent four years in the FDIC's Chicago North field office before transferring to Minneapolis in 1997. He made several connections in the banking industry through the FDIC, and in 1998 joined Western Bank of St. Paul, Minn., to help start up its Edina branch. Working with small businesses and commercial real estate clients secured his interest in banking even more, and after six years at Western, he was asked to join the team that formed Tradition Capital Bank in 2004. He worked with Reid Evenson, who was President and CEO until 2010, when Fagan was announced the successor..Throughout his career, Fagan says he was greatly influenced by many people. He learned a lot about banking from Bill Sands, Steve Erdall and Mark Luhmann at Western. Robert "Tip" Enebak, chairman of Tradition Capital Bank and Tradition Companies, and Dennis Doyle, chairman of Welsh Companies, taught him about the keys to operating a successful business. And Jeff Siemon and Bjarne Pedersen of Search Ministries have taught him how his faith can guide his conduct as a businessman. Through his involvement with Search, Fagan soon realized that it wasn't all about him, but about others.."I must say my original primary influence was the American dream, to own part of a company and to be successful, without really understanding what 'success' means. After being married and having kids, my emphasis changed to providing my family a good life and leaving some kind of legacy behind for my children," he says. "But now I realize the significant responsibilities that all stakeholders have of the bank. I, along with many others, have been blessed with a great opportunity for our bank to impact the lives of many, and I want to be the best steward of what I've been given.".Besides his customers, Fagan puts an equally high value on his employees. "It is our employees' teamwork, board members and shareholders that truly have driven our successes to date," he notes..Tradition Capital Bank was break-even after only nine months into operations. It now employs 26 people at two locations in Edina and Minnetonka, has $175 million in assets, and has a goal to grow to $250 million to $300 million within the next three years.."We're not just about providing shareholders with an above-average return but letting them know that their investment is making a difference in the lives of the people we connect with," Fagan said..Tradition Capital Bank has a Keystone Foundation through which its goal is to contribute 5 percent of profits in the form of volunteer service and financial donations back to the community..Fagan lives with his wife of 15 years and three sons in Chanhassen, Minn., where he coaches youth sports. He is also a member of the finance committee at Hazeltine National Golf Club and serves on the advisory council for Search Ministries.Other 2011 Rising Stars in Banking honorees include:Jackie Herman, Flagship Bank, Wayzata, Minn.Doug Truex, Iowa Falls State Bank, Iowa Falls, IowaDavid Hanson, American State Bank and Trust Company, Williston, N.D.Michelle Gross, State Bank of Bement, Ill.Lori Heath, The Farmers State Bank, Brookston, Ind.Keith Willcut, Peoples Community Bank, Greenville, Mo.