2009 Outstanding Women in Banking: Margaret Howard

When Margaret Howard joined the Bank of Wolcott, Ind., in 1967 she was the sixth staff member in a one-location bank. A couple of weeks after she started one colleague retired; about a year later another passed away. Howard, who "came in cold and knew nothing about banking," was part of a dwindling team and had to learn banking roles that were new to her—in a hurry.."We're an independent bank. We don't have the big father standing up there passing things down to us," Howard said. The only thing to do was what had to be done.She started taking American Institute of Banking courses, and seminars offered by the state's banking associations. Later she attended the Graduate School of Banking in Madison, Wis., and an ag lending course at Purdue University.."When you go to all these seminars you're supposed to set goals for yourself. I told our president that I wanted his job someday," Howard said..In 1993, Howard met that goal, becoming the first female president in Bank of Wolcott history. It took several years working as the president's "right-hand man," she said with a trace of irony. It also took more than one try. The first time she interviewed for the presidency, an outside candidate landed the job. But "he didn't work out." So Howard interviewed again..By then, she had worked at the bank for 25 years. It had grown from $7 million to about $35 million in assets.."I had been at the bank and gone through a lot, and apparently they thought that I was the best choice," Howard said. Experience was important, but there was another—a decisive—factor in her favor: "It also took my ambition to do it," she said.."I was brought up as a farm girl. My dad had three daughters. He was very supportive, and he always told me that anything I wanted to do, if I made up my mind and put in enough effort, I could do it," Howard said. "If I was going to work I was going to make something of myself.".Wolcott is a town of about 900 people located 15 miles west of Monticello, Ind., the county seat of White County. A key to Howard's legacy—and with her retirement from day-to-day management coming next month, it is fitting to talk of legacies—is the bank's 10-year-old branch in Monticello. Howard said building that branch "tremendously helped our growth." Monticello is larger and has a stronger base of commercial business than Wolcott..Before she became president, Howard had served as secretary of the bank's board and had heard directors talk "for years" about establishing a branch. When she took over as president she was eager to act.."They had discussed it and discussed it. Finally, I said either we're going to do it or we're going to quit talking about it," Howard said. "I'm very proud of [the branch] as an accomplishment," she said..Howard also led the bank through major technology upgrades and renovations on the Wolcott location, which was expanded four years ago.."When I came in as president 16 years ago we were really lagging behind in technology. Since then we have implemented ATMs and teller machines, and we transmit data electronically. We are up to date on our technology now," she said..The staff of six grew to 28 employees, and the $7 million bank at which Howard began her career has grown to $87 million since then..Beside her work at the bank, Howard has served as treasurer of Wolcott's historical society and as a founding board member of the Wolcott Community Foundation. She has also served on the boards of the Community Bankers Association of Indiana and the Indiana Bankers Association..Howard plans to retire as president on Dec. 31, but will work with the bank in an advisory role for the next year and will continue to serve on the board of directors.Other 2009 Outstanding Women in Banking honorees include: Lois Bednar, Bank Forward, Grand Forks, NDMarcia Malzahn, Tradition Capital Bank, Edina, Minn.Stefanie Kramer, Shelby County State Bank, Harlan, Iowa