2012 Outstanding Women in Banking: Nancy Skophammer

In 2001, Farmers State Bank lost its leadership team when its chairman died and its president was killed in an accident a short time later. Nancy Skophammer lost a father and a friend. But rather than let the bank go leaderless, Skophammer brought her family's bank through the challenging time and even grew the bank into a new market..The story begins in 1929, when Skophammer's father Joseph got a job as a cashier at the Farmers State Bank of Hartland, Minn. Over the next 58 years, he bought out the other shareholders of the bank until he gained control in 1987..When Skophammer was young, she and her two sisters were required by their father to count and roll coins, "which is probably the worst thing to do if you want to inspire children to become bankers," she said..Skophammer and her sisters moved away from the bank and their home in Albert Lea, Minn., when they graduated from high school..Skophammer, who was well into a career as a psychologist, joined the bank's board in 1984. In addition to her childhood experience, she brought to the board her experience with Marquette Bank in Minneapolis, where she had been a personal banker..But in 1994 she made a change. Her father was chairman of the bank and he was 89 years old. After an exam a regulator approached her about succession at the bank. "He suggested to me that I needed to help my father let go and sell the bank, or have a family member come on," Skophammer explained. The problem was that Skophammer's sisters were pursuing careers elsewhere and her father didn't want her to give up her life in the Twin Cities..Fortunately, Skophammer had been on the board for 10 years and wanted to move on from her career as a psychologist. "I was ready to make a change," she said..She began working fulltime at the bank in 1994. She worked as a teller and became involved with marketing and human resources, oversaw an addition to the Hartland office in 1996, and the purchase of a branch in Freeborn, Minn., in 1999. While she never had any lending responsibilities, she completed the Graduate School of Banking in Madison, Wis., in 1997 and continued her responsibilities as a director..Then, in 2000, her father — chairman of the bank at age 94 — passed away. Skophammer became chief executive officer joining Gary Hansen who had been president and head of lending since 2000. Then three months later, Hansen was killed in a snowmobile accident. In just 90 days, the bank lost two of five directors, leaving only those who were not lenders to guide the bank. Two weeks later, the regulators came for an exam. "They were pretty worried," Skophammer said. "But they never did anything formal. They were seasoned regulators who were great to work with and were encouraging and supportive.".Skophammer, already a banker by default, had to become one in deed. "I started going to as many industry association meetings as I could. I was daunted when I realized I was going to have to run the bank, but sometimes you just have to keep putting one foot in front of another. You just start putting a team together and start delegating," she said..Skophammer worked nearly around-the-clock for months. "It was a very challenging time. I leaned heavily on partners and mentors, especially Linda Koerselman at Eide Bailly. They really helped me get through that first year.".Since 2001, Farmers State Bank has nearly tripled in size to $93 million. A branch in Albert Lea, acquired in 2004, has exceeded the bank's expectations in both loan and deposit growth. "That song from Saturday Night Fever keeps playing in my head," Skophammer said. "Staying alive, staying alive.".In 2012, Skophammer completed her term as the first female chair of the Independent Community Bankers of Minnesota and has brought her family bank to its 100th anniversary. "For Dad, banking was a very rewarding career. It is as simple as providing the resources a community needs to grow. The tragedy forced me into uncharted territory but I have found success."Other 2012 Outstanding Women in Banking include:Doris Loen, First Security Bank/Amundson Group, Benson, Minn.Mary Sulser, Buena Vista National Bank, Chester, Ill.Julie Causey, Western Bank, St. Paul, Minn.Jennifer Sobotta, Forward Financial Bank, Marshfield, Wis.