Saturday, December 26, 2015

The Tipping Point ?

Assume that many of you may find the
following observation a bit too subtle, but sometimes it's that way with a "sea change" in life....

Mr. Roger Dick is a long-term, experienced, successful, community banker in North Carolina, highly regarded by all in the financial industry.  He is currently the CEO of Uwharrie Capital Corp. which is the holding company for several local N.C. banks, including Cabarrus Bank&Trust, Anson Bank&Trust and Bank of Stanly which are in the greater Charlotte area.

Roger Dick was interviewed not too long ago by The Charlotte Business Journal  about community banks, TARP, and the economy in general.  His bank had decided to issue stock to local, individual stockholders to repay its TARP obligation. When asked why this more difficult, perhaps more expensive, method of repayment was chosen; Mr. Dick said the following:

"The best answer is that part of our history is to be a very populist bank.  From the inception, we sold our stock a little bit to everyone. In the beginning of our organization, we limited ownership so that no one had more than 1% of shares outstanding. And today, after 29 years our largest shareholders are no more than 2%."

"We're a little bit like a for-profit credit union. We're very serious about the community bank philosophy.... It's just part of our corporate culture to do it this way."

After decades of hearing credit unions described as: "they're like a not-for-profit bank"; can't quite tell you how amazingly wonderful it was to read a bank described as...

"We're a little bit like a for-profit credit union."

One of the best Christmas gifts ever !!

1 comment:

Anonymous said...

Mr. Dick is a man of wisdom and common sense. Be it the season or for whatever reason he is a banker who acknowledges what has been for decades. Hopefully more will now see the light and accept the inevitable-they all want to be like Mike. ( For those of you still groggy from the eggnog, Mike is the synonym for credit union ).