2014 Outstanding Women in Banking: Annette Russell

In 2003, Annette Russell was executive vice president and chief financial officer of Security Federal Savings Bank, Logansport, Ind. She was part of the bank's succession plan, slated to become CEO eventually, but the arrangement had the air of a formality – no one expected it to be enacted for years..Everything was business as usual at the bank until fate threw her a curve ball. Security Federal's then-CEO was only 60 years old, and very active in the bank and the wider community. It was a shock to everyone when he had a heart attack and died in the spring of that year..After his death, Russell led the bank as temporary CEO for a six-month period while the board considered the best course of action. The move forced her to juggle additional responsibilities within the bank on top of other commitments.."At the time, I was 38, and I had a three-year-old son and we were building a house, so it was a little bit hectic, but I just took it day by day. I had a great team here, and things just moved along seamlessly," she said..Russell more than rose to the challenge, as the bank's board quickly agreed.."The board talked about what to do, whether to get someone from inside the bank, like Annette, or look for someone from the outside. The way Annette handled the bank, it was a unanimous decision to give her the job," said John Hillis, chairman of the bank's board at the time..Russell is one of five women honored by NorthWestern Financial Review as a 2014 Outstanding Woman in Banking..While Russell had a good handle on the day-to-day operations of the bank, managing and coordinating the staff forced her to reach outside her comfort zone.."Going from working with the CEO to being the CEO, and trying to manage other people and inspire them to work from a common vision was the greatest challenge at the time. I didn't have the leadership training from the previous CEO from a grooming and coaching standpoint," Russell said..Russell's abrupt path to the corner office has given her a drive to promote leadership skills throughout the bank.."It really prompted me to be more aggressive in developing our staff and making them more well-rounded and promoting leadership opportunities," Russell said. "I'm very passionate about continuing education.".Russell has pushed for extensive leadership preparation for her staff, whether it's done through the Indiana Bankers Association, the American Bankers Association or through the wider community..Finding the right people for her bank – and then equipping them with the right tools – has also become a priority.."It's the leadership and soft skills – you have to have the right people who fit into your culture. You can train people on the more technical aspects of the job, but you can't force people to fit into your culture," she said. "We make that extra effort to acknowledge people, giving them our attention when they're in the bank or elsewhere in the community, and not everyone has that commitment and drive.".Russell also is on track to become the first female chairperson of the IBA in 2017. The skills and leadership she acquired through her rapid rise to the CEO's office will serve her well in this role.."When she first came on the board, she was learning and listening. She has evolved from that, to having a very deep understanding of all the things the association does and is excellent at representing her bank and banks like hers on the board," said Joe DeHaven, IBA president and CEO. "People respect her thoughts and opinions, and generally, they end up agreeing with her. She has truly become a leader on that board."Other 2014 Outstanding Women in Banking honorees include:Jean Ann Honegger, Morton Community Bank, Morton, Ill.Trish Ellison, Cedar Rapids Bank and Trust, Cedar Rapids, IowaDebra Norstad, First Farmers & Merchants Bank, Cannon Falls, Minn.Sherry Lervik, State Bank of Bottineau, N.D.