2015 Outstanding Women in Banking: Deb Otto

As the Duluth, Minn., market president for Beacon Bank, Deb Otto has made it her mission to mentor younger bankers the way she was mentored..Otto is one of six women honored by NorthWestern Financial Review as a 2015 Outstanding Woman in Banking..Along with her own hard work and initiative, Otto credits her mentors and coaches for pushing her along in her career, inspiring her to be a motivated self-starter who didn't wait to be told what to do. "All along through my career I have been so supported by role models," she said. "At the top of the list would be my father who told me I could do anything I wanted to.".Early on, she hadn't aimed for a career in banking, but found that once she started working at Pioneer Bank in Duluth, she was hooked. Otto threw herself into the work, arranging meetings with the bank's president John Peyton. "I took opportunities to meet with John and say 'What can I do next?' I'd really learned a lot about the area that I worked in and I wanted to challenge myself and do something else.".Peyton helped steer Otto into business lending, an area where her natural people skills were an obvious asset. Otto has been a business lender ever since, first at Pioneer and then at a credit union before joining the $352 million Beacon in 2011..Otto wants to pass the favor that Peyton and others gave to her along to the next generation. "I look forward to being a coach and mentor to some of my team members," Otto said. "I keep in my mind how I want to help my team members grow and keep them challenged and encourage them to explore new opportunities.".Invited to speak on a recent panel about leadership for the Duluth Chamber of Commerce, Otto echoed the other presenters in urging attendees to be proactive with their careers. "It takes courage to move yourself ahead in your career," Otto said. "It takes those moments of opportunity to go and say 'What can I do next' or 'I'd really like to continue my on the job training or learning.' You have to be your own best advocate and look for those options.".Her path hasn't been without bumps, but Otto hasn't let them stop her. One acquaintance called to congratulate her on her promotion – and assured her it was because she was good-looking. "I was astounded. I said that is absolutely not the reason. The reason I got the position is because I'm a smart, talented well-qualified woman who is a good candidate for the position," Otto said..Her superiors agree with that assessment. She was encouraged to apply for the market president position within the organization, and Bob Weiss, Beacon Bank president and CEO, enthusiastically praised her qualifications and her handling of the job since taking over from Tim Meininger last year.."She's dynamic. She's a very strong leader. She's a consensus-builder. She's affable. And she's extremely well-connected to the Duluth market," Weiss said. "Tim was a well-known community leader in that market and she made the transition flawlessly. She's doing a phenomenal job.".As the public face of Beacon Bank in Duluth, Otto has ramped up her volunteer commitments in the community. She is currently serving on the board of the Duluth Chamber of Commerce, and beginning in October, on the Chamber's executive committee. She has served as president of the board for the Duluth office, and on the grant and loan committee, for the Local Initiatives Support Corporation, a nonprofit working in low-to-moderate income areas. She also sits on the technical advisory board for the Northland Foundation, a nonprofit with a similar mission which provides gap funding for community improvement projects..Her desire to mentor young people stretches beyond the bank as well. She recently brought bankers together to hear about a project of Lutheran Social Services: a center for homeless youth which would help them get back on track, finish their education and give them tools to get out into the real world and change their lives.Other 2015 Outstanding Women in Banking honorees include:Edie Tholo, Bankers' Bank, Madison, Wis.Debbie Maw, HomeStar Bank & Financial Services, Manteno, Ill.Val Fick, Security State Bank, Fergus Falls, Minn.Kris Holoch, Cornerstone Bank, York, Neb.Kristina Schaefer, Fishback Financial Corp., Brookings, S.D.