2010 Rising Stars in Banking: Annette Russell

At the beginning of 2003 Annette Russell had been in the succession plan at Security Federal Savings Bank, Logansport, Ind., for several years. She was an executive vice president poised to succeed the bank's CEO, who was just 60 years old at the time, very active in the bank and apparently not near retirement. The succession plan satisfied regulatory requirements and set the executive committee's mind at ease, but it seemed somewhat remote and pro forma..Until it wasn't..Security Federal's CEO passed away suddenly that spring, and Russell, as per the plan, took over as interim CEO. A few months later she was offered the job on a permanent basis. It was a whirlwind transition, which capped a rapid rise for the 38-year-old Russell.."I really, officially, did not have any formal grooming to take this role. So I had a lot of learning to do," Russell said..Russell joined Security Federal in 1991 as the bank's controller; she became an officer less than a year later. She had started her career in a public accounting firm but took the bank job because it offered health insurance when the CPA firm didn't. After joining the bank she continued her education, completing CPA certification and graduating with distinction from ABA's Stonier Graduate School of Banking. She then became the bank's CFO before becoming executive vice president..But as events spurred the bank's succession plan into effect, Russell commenced the most intense learning experience of her life..First, she drew heavily on the team around her, particularly her colleagues in compliance, lending and operations, as well as in the bank's IT and trust departments.."Those department heads, fortunately, had been here as long as I had or longer, so they were well seasoned in their areas," Russell said..Her personal learning path signaled her approach to bank management more generally: highly collaborative and committed to continuous learning.."The philosophy I brought to the organization was to make it more of a team environment," Russell said. "Over the last few years we have educated the entire staff, so they know what the bank's goals are and how they fit into attaining those goals.".It took a couple of years to put all "the right people in the right places," Russell said. The change in culture coincided with the larger industry change "toward a sales culture," and "a lot of people who had been bankers here for years were not hired to be sales people," so there was a period of adjustment..But today all employees have personal development plans, and their supervisors serve as coaches or mentors. The bank coordinates with the Indiana Bankers Association, the ABA and other resources to get employees the training they need to proceed in their plans..Last year the bank introduced an 11-month management training program at the main office in Logansport. The bank employs 65 people in four locations, and about half of them participate in the program.."We are extremely proactive when it comes to ongoing education," Russell said. "Last year we started a huge effort to improve efficiency and realized that the better educated our staff was the more it would improve our efficiency.".The surge of educational activity coincided with the bank's 75th anniversary and augured a period of renewed vitality.."The first five years were sort of a blur. But then you sit down, take a breath and figure out what you're going to do next," Russell said..Besides banking, Russell has chaired the local economic development organization and is active in the United Way and the Chamber of Commerce. She is on the advisory board for Indiana University's School of Public and Environmental Affairs, and active in Logan's Landing, Logansport's main street organization, as well as Reading Railroad, a literacy initiative for kindergartners and first graders. She also helped raise capital for a new Ivy Tech community college campus in Logansport..Russell also is active in the IBA, where she started by serving on the preferred service providers board. She has served on the director's committee for the annual Mega Conference and gone with her colleagues to lobby lawmakers in the U.S. Congress. Russell is currently serving as the northwest regional director on IBA's board.Other 2010 Rising Stars in Banking include:Todd Means, MidWestOne Bank, Iowa City, IowaAndrew Sexton, Readlyn Savings Bank, Readlyn, IowaPatrick Artz, State Bank of Bottineau, N.D.Lesly Couper, Alpine Bank, Rockford, Ill.Daniel Padilla, First National Bank of Omaha, Neb.Bryan Bruns, Annandale State Bank, Annandale, Minn.