2011 Rising Stars in Banking: Doug Truex

Doug Truex' first job as a stock broker at a "sweatshop" firm was not what he had in mind after earning a bachelor of arts degree in finance/banking from Buena Vista University in Storm Lake, Iowa, in 1994. Encouraged by his academic advisor, he pursued a job as a bank examiner at the Iowa Division of Banking, and a whole new world of opportunity opened up to him. Today, as president of Iowa Falls State Bank, he reflects back on those years under the mentorship of others and hopes to now offer that same gift to his employees.."I was able to learn from the successes, challenges, and failures of experienced bankers…in a way I had a whole regional industry of mentors and trainers to help me and my career develop," Truex said..Truex is a 2011 selection for Rising Star honors by NorthWestern Financial Review magazine..Truex credits most of his successful banking career to Howard Wenger, the man who trained him as a bank examiner for two years and then recruited him to the Iowa Falls State Bank where Wenger served as president. Truex succeeded him as president in 2010 after working under him for 13 years.."He believed in me. He mentored me. I owe all my success to him twice," Truex said..Truex set a firm course toward the banking industry during his college years after starting out in business. He was always drawn to finance, noting that he's been working virtually full time since he was 14, and said it's where he developed a sense of self esteem.."I was not a sports guy; I was more of a working guy. That was my social network," Truex said. "I enjoyed seeing the fruits of my labor, the camaraderie of working on a team and having a little bit of cash, too.".The banking industry, he discovered, is not without its pitfalls. Before finding a suitable home with Iowa Falls State Bank, he worked as a Senior Internal Auditor with Homeland Bank group in Waterloo, Iowa. Within months of joining the bank, moving his family and buying a home, the bank was sold, his department functions were centralized and positions were eliminated. Truex said the experience had a positive side. He learned more about the audit and controls division of banking, and he learned about the perils of working in a sector of the industry that is constantly expanding and consolidating. He also learned the functions of a larger bank and discovered that it was not a particular business model of banking that fit his personality. Community banking, where you can get your fingers into many functions of banking, get to know your customers and directly see the results of how you help them reach their dreams, is the part of banking that he likes best.."It's about a relationship, not a transaction, and I know that every community bank will say that, but it really does ring true. We care and we take it personally," Truex said..Iowa Falls State Bank was the first bank in town to reopen in 1933 after the Great Depression and has been owned by the Barlow family since 1952. John Barlow is chairman and CEO of the $106 million bank today, which serves the Iowa Falls community of just over 5,000 people. While not a member of the Barlow family, Truex appreciates that employees are treated like family and feels fortunate that he was given the opportunity to grow and develop his banking career.."Right now I'm focusing on team building and mentoring employees myself," Truex said "It's been fun to step back and let people do their job without micromanaging them. That's how I was mentored and I hope I get better and better at it.".Truex participates in the Iowa Banker's Association and graduated from its Leadership Institute in 2002. He also graduated from the Graduate School of Banking in Madison, Wis., in 2007. He serves on the Ellsworth College Board of Trustees and has held several offices with the local Lion's Club, the local Chamber of Commerce, and has been treasurer of the Iowa Falls Community Chest for 13 years. He hopes to retire in Iowa Falls where he resides with his wife, who is a teacher, and their 11-year-old son and 9-year-old daughter.Other 2011 Rising Stars in Banking include:Jackie Herman, Flagship Bank, Wayzata, Minn.David Hanson, American State Bank and Trust Company, Williston, N.D.Dan Fagan, Tradition Capital Bank, Edina, Minn.Michelle Gross, State Bank of Bement, Ill.Lori Heath, The Farmers State Bank, Brookston, Ind.Keith Willcut, Peoples Community Bank, Greenville, Mo.