2009 Rising Stars in Banking: David Wittenberg

David Wittenberg perceived a need. The Mankato, Minn., banker was determined to launch a banking experience targeted specifically to entrepreneurs and professionals such as doctors, lawyers, engineers and accountants. His original plan was to charter a new bank, but in time he joined forces with United Prairie Bank of Mankato, where the 35-year-old Wittenberg has been given rein to enact his ideas in a new private banking initiative..Wittenberg gets to harness the resources of a $510-million bank, and United Prairie gets an energetic executive who has been conspicuous in the market; Wittenberg has a record of achievement in commercial lending and new business development (he had been a regional manager overseeing a portion of Wells Fargo's commercial lending portfolio in southern Minnesota). Now the bank and the banker are executing a shared vision of a bank-centered support system for entrepreneurs.."Whether it's a new entrepreneur starting out or an existing entrepreneur that's looking for a new acquisition or to scale existing business, I really enjoy working with that clientele," Wittenberg said..The initiative has only been in the works for about three months but it is intensifying apace. Wittenberg is pulling together resources within the bank, from insurance, trust and investment expertise to cash management and plain old entrepreneurial empathy..Wittenberg said that many entrepreneurs want more than mere access to bank products and services. They want "the team, the talent, the environment—really a culture that says: we understand that things cycle, you're going to go through different phases, and we can be there and be proactive.".They "also want to be able to draw on resources that we might have assembled in the portfolio," he said. A client who has hit a plateau or is working through a business issue could learn from other business owners served by the private banking group.."You have to have a primary person who's overseeing the entire relationship, who's also in a position to understand the client," he said. "Then you can assemble the different pieces that need to be involved from the relationship team standpoint, whether that's bringing in investment management specialists or working closely with the client's legal advisers on a trust component or looking at insurance and ensuring that their assets are protected.".The nascent approach is starting to make performance marks, Wittenberg said.."We're growing. We've had tremendous success in the Mankato market in the last 30 days, and I would say that by the end of this year we will see a marked difference from a portfolio profitability standpoint," he said. "We're gaining market share just from existing relationships.".Wittenberg also noted an uptick in acquisition activity, some of which United Prairie Bank is funding. The activity is "predominantly on the commercial side," which Wittenberg said could in time help balance the bank's dominant agriculture portfolio. The fact that the bank is involved in the financing may augur well for the private banking initiative as well.."When you start becoming an institution that people in an acquisition stage look at, I think that's a great sign," he said..Outside the bank, Wittenberg is a founding director of the Greater Mankato Early Learning Initiative, which focuses on preparing children for kindergarten.."Fifty-one percent of incoming kindergartners are not prepared for school," he said. "What makes this exciting and I think very appealing work from a business perspective is this is no longer just a family issue; it's really a workforce development issue.".Wittenberg is also the board chair for the Mankato family YMCA; a member of the president's advisory council at Bethany Lutheran College; a member of the Greater Mankato Business Accelerator; and a director of the Greater Mankato Area United Way.Other 2009 Rising Stars in Banking include:Brad Koehn, F&M Bank, West Point, Neb.Amy Thiede, Prairie Community Bank, Marengo, Ill.Mike Stratton, Better Banks, Bartonville, Ill.Greg Vetter, American Bank Center, Bismarck, N.D.Lisa Artz, Choice Financial Group, West Fargo, N.D.Barbara Finney, MidWestOne Bank, Oskaloosa, IowaAnthony Gambaiani, Jackson County Bank, Seymour, Ind.