2015 Outstanding Women in Banking: Edie Tholo

Bankers' Bank was just weeks old when Edie Tholo started as the Wisconsin bank's receptionist. Since then, as it has grown from a de novo to one of the premier bankers' banks in the Midwest, Tholo also has advanced. In January 2015 she became the bank's first female president and CEO..Tholo is one of six women honored by NorthWestern Financial Review as a 2015 Outstanding Woman in Banking..Like its peers, Bankers' Bank was founded by independent bankers who figured out a way to start their own wholesale bank rather than patronize one of the large nationwide banks..Contributing $400 each, about 100 bankers formed a company called "New Concepts in Banking," to raise awareness and capital for a new banker-owned wholesale bank..In 1981, the wholesale bank opened as Wisconsin Independent Bank, the third bankers' bank to open in the country, with $1.25 million in capital. In an ironic twist, the bankers who formed Wisconsin Independent Bank enlisted the help of the Wisconsin Bankers Association to change state law to allow banks to own stock in a wholesale bank. Many of the people who helped form the bank then started their own trade association called the Independent Community Bankers Association of Wisconsin. That group, which later changed its name to Community Bankers of Wisconsin, merged into the Wisconsin Bankers Association last February..Tholo was the fourth employee hired at Bankers' Bank. She bought into the mission from the start. "To be able to help the viability of community banks was a real draw. I also always felt that coming to work was a learning experience," Tholo said. "Our staff consisted of the president Helge Christensen, the cashier, the head of operations and myself. They really took the time to teach me. That was when I really started learning about the business of banking.".Developing a product that sticks.From early on Tholo played a central role in the bank's operations. "I remember going to the Federal Reserve Bank of Chicago to bring back our first fed wire machine," she said. "Back then you picked it up, carried it back to the bank and plugged it in.".The magic to Wisconsin Independent Bank's growth was its daily connection to community banks through products like cash management. The bank served as a conduit to overnight fed funds. It also would lend to banks if they needed to borrow funds to settle at the end of the day. "The product has a certain stickiness to it because we are involved in community banks' daily operation," Tholo said. "It was far easier and created operational efficiency for them to deal with a correspondent with greater customer service than with the Fed. Since they worked with us so closely it was natural to offer them other services as well.".As Tholo advanced to become senior account representative in 1983 and on to operations officer in 1986, community bankers' experience of the bank's services became Tholo's daily concern. She helped both to launch and to develop the bank's products..Wisconsin Independent Bank placed customers' overnight funds at the Fed in its name. Thus its ability to help with overnight investing was limited by its capital. That all changed when the bank launched the Agent Federal Funds Program in 1986. The program allowed Wisconsin Independent Bank to act as agent to place banks' overnight funds at other banks. Wisconsin Independent Bank then became a much larger conduit for overnight investing. In addition, community banks assumed less risk in working with Wisconsin Independent Bank because their investments where placed at various institutions. Wisconsin Independent Bank also was able to offer higher rates on overnight investing.."Edie was instrumental, along with our leadership, in getting that set up with our customers and the Federal Reserve. It really was win-win," said Wendy Stanford, senior vice president at Bankers' Bank who has worked with Tholo since 1985. "Edie has always pushed for us to be fair, flexible for customers and forward thinking. The Agent Federal Funds Program is an example of that forward thinking.".In 1986, Wisconsin Independent Bank was in rapid growth mode. The new Agent Federal Funds Program took the cap off of the bank's growth. In the early 1990s, Wisconsin Independent changed its name to Bankers' Bank of Wisconsin. When it expanded into Iowa in 1995, it simplified its name to Bankers' Bank..Ensuring SatisFAXion.In the 1980s, the fax machine was still a technological wonder. Many banks in those days did not have a fax machine, some refused to buy them. So, in 1985, Banker's Bank spent $319,000 to buy each of its customers a fax machine and launched the first facsimile communication network between a bankers' bank and it members. The service was called SatisFAXion.."Edie oversaw the distribution of the fax machines," said Carol Wanserski, chief accounting officer at Bankers' Bank who has worked with Tholo since 1981. "She played a central role in the brainstorming and launch of that product.".Today, the internet serves as bankers' communication network with Bankers' Bank. Tholo, who started overseeing technology in 2004, has led the bank through the numerous technology upgrades necessary to keep communication with banks on the leading edge..Yet, even after she began overseeing IT, she retained oversight of operations and she took on responsibility for human resources as well. "Edie was always very dedicated and loyal; she wasn't ever rushing out the door at 5 p.m.," Stanford said. "She has had her finger in adapting to changing technology and regulations since the beginning and she has always been about enhancing the level of customer service.."Edie taught me to never leave a customer hanging for more than 24 hours," Stanford continued. "We still maintain that culture. We make sure you get a person and never a voicemail when you call us. We are like a hospital – nothing can wait.".A regional bank.In addition to its headquarters, Bankers' Bank has offices in Des Moines, Springfield, Ill., and Indianapolis. It expanded to Illinois in 2005 and Indiana in 2009. Its 111 full-time staff members now serve 677 customer banks across 16 states with the majority in Wisconsin, Iowa, Illinois and Indiana..From its original six products, it has expanded to 62, including mortgage, leasing and investment services. The bank has average managed assets of nearly $1.5 billion. Customer bank securities amounts to another $20 billion in safe keeping at Bankers' Bank..When Bankers' Bank needed a new president/CEO in January, Tholo was the best choice to lead the bank she helped nurture into a premier bankers' bank. She was absolutely the right person for the job, said Randy Steig, who recently retired as executive vice president at Bankers' Bank and worked with Tholo since 1994. "As Bankers' Bank grew to an organization that managed well over $20 billion in assets, Edie's contribution of historical data and intelligence on a number of subjects is and was unequalled," he said. "[She] truly made a difference in the contribution Bankers' Bank has made to community banking.".In 1981, chance landed Tholo at Bankers' Bank's door. She happened to see an ad for a new bank that needed a receptionist. Her decision to serve community banks for the rest of her career, however, was not chance. "I passionately believe in this bank's mission," she said.Other 2015 Outstanding Women in Banking honorees include:Debbie Maw, HomeStar Bank & Financial Services, Manteno, Ill.Deb Otto, Beacon Bank, Duluth, Minn.Val Fick, Security State Bank, Fergus Falls, Minn.Kris Holoch, Cornerstone Bank, York, Neb.Kristina Schaefer, Fishback Financial Corp., Brookings, S.D.