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Shared Vision, Not Group-Think: Will Chase

Will Chase's Story: Memphis banks, like so many other businesses there and elsewhere, have lost their identities as one after another are bought up by interests far from the community they serve. There’s a lot lost in consolidation, and it chafed career banker Will Chase.

Preserving the idea and reality of a truly local bank, one that knows its customers by name and needs, presented an increasingly open niche, and Chase decided to refill it.

That was the goal for Triumph Bank, but setting it up required finding like-minded people with individual skills and connections. “The old days of somebody just starting a bank are over,” Chase says. “You can’t do it alone. It’s regulated, complex and capital intensive. You need a wide range of influential people connected to your community.”

Finding the Players for a Skin Game

So in April 2005, Chase, COO Michael J. McCarver and chairman B. Lane Carrick set about assembling a board of directors who shared the same vision. When they were done, the startup bank had a 13-member board. “Every one of our directors – or the companies they came from – was known by name in the Memphis area,” Chase says. “And they all put a lot of skin in the game.”

The directors contributed $5.5 million of the more than $20 million needed for initial capitalization. The bank opened for business on June 5, and in the first six months issued 120 notes to borrowers. Today, according to Chase, it has more than $25 million in loans on the books.

While some bigger banks use computers and automated systems to evaluate borrowers, Triumph's directors personally review its potential customers. “We believe a decision is as much about integrity and character and experience as it is about the collateral,” Chase explains. “We don’t have a machine that spits out a decision based on someone’s credit score, and we have no interest in getting one. We want to know the people who bank with us.”

He adds that Triumph does, however, augment that process with analytical tools: “We do our homework and know our numbers. Our four top managers have over 125 years combined experience.”

Memphis is in Shelby County – a $25 billion market – and Triumph targets its family-owned businesses, family builders, real estate developers and professionals. “We’re a great retail bank, too,” Chase adds. “But we don’t advertise because we know we can’t compete day-to-day with the giants like First Tennessee Bank. We compete on service.”

Triumph’s business plan provides for just four branches within the next three to four years. “It takes a few million dollars to build a branch and $400,000 in operating expenses,” Chase explains. “We don’t have the dollars to do that. Instead we use technology to attract customers.”

The bank’s tech platform covers a range of services from telephone banking to real-time transactions (soon to include text messaging) – as well as Remote Deposit Capture, which allows a customer to make deposits by scanning checks and electronically sending them to the bank.

“We’re able to offer technology that people over a wide spectrum are comfortable with. And,” Chase adds with a chuckle, “we’re able to offer the best personal service in town. People just have to pass 19 bigger banks to get to us.”

Chase’s Key Move: Buy into the Vision, but Speak Your Mind

Triumph’s customer service hinges on employees with an ownership stake – almost all of them have bought shares or options in the bank – and a voice in steering the company. “At the end of the day, Mike and I are in charge,” Chase says. “But we don’t necessarily tell our employees how to do things. We solicit their input in the decision-making process.”

As an example, Chase describes trying to configure a particular type of account. He asked for input from his operations and retail staffs, and those with expertise in private banking. “They came up with a cool idea,” he says. “With my knowledge alone, it wouldn’t have worked.”

Employees wear many hats at Triumph, from working on the Web site to designing and printing brochures. “People are doing different things every day,” Chase says. “They know we can’t afford to farm everything out, so they pitch in.” Evidently, they enjoy it. In the fall of 2006, Triumph Bank was cited as a finalist in the Memphis Business Journal’s Best Places to Work competition.

“My job is to be the environmental engineer, to build an environment where people can be allowed to succeed and grow professionally with a very high level of accountability,” Chase says.

“A lot of people would like to work here. We tell our people if you don’t want to wake up early and get out of bed and come to work at this place, then you don’t want to be a banker because there’s no place better. It all comes down to getting the right people on the bus.”

Triumph Bank is here for the long haul, Chase says. “Our first shareholder letter said we wanted to be the bank for generations to come. This is definitely not a build-and-flip business model. We’re training the next generation of successful bankers.”

Chase’s Bonus Insight

As Triumph Bank christened its new headquarters in the heart of Memphis in early 2007, Chase stayed focused on serving its mission of running a family-oriented bank where people want to work and do business. What that takes isn’t always momentous.

“Today is Friday,” Will Chase says. “That means donut day – and it’s my turn to bring the donuts.”