or 'The liquidity crisis in 2008 was very scary because the whole system was at risk'

Q: How do you describe your business?

A: We are a community bank in the true sense of the term. Founded in 1948, we are locally based, know our customers and work hard to serve our local communities. We have branches in Itasca and Roselle and offer a full range of deposit and lending products for both businesses and consumers. We serve 17 local taxing bodies from five towns.

Q: What is the biggest obstacle you have faced?

A: The local economy over the last 8 years has been very tough on everyone, especially banks. The liquidity crisis in 2008 was very scary because the whole system was at risk. As the economy sank many of our customers struggled and needed help. We worked with our customers as much as we could but many did not make it. It was very painful for all involved. Congress and the banking regulators wrote many new laws and regulations that made it more difficult to do business the way we were used to doing it. We are better for having survived it, but it was a difficult, uncertain and uncomfortable time.

Q: If you could put your company name on any sports venue which one would you choose?

A: This was a hard one. Itasca Bank & Trust Co. is not a regional or national bank and our market is more local than even the big stadiums downtown. Jack and I and all our children graduated from Lake Park High School and the school district includes all or parts of seven suburbs that are in the bank's market area. Naming the stadium there would make the most sense.

Q: Who has had the most influence in your life?

A: At this point in my life, I would have to say my older brother Jack who is our CEO and chairman. We are the fourth generation of our family to run the Bank. He has taught me that you need a strong moral compass and that you have to live and run your business with basic guiding principles. I think we both got it from our parents.

Q: What was your first paying job?

A: I washed pots and pans and did general chores like sweeping, mowing and picking up garbage at a summer resort in Michigan. I worked seven days a week for the entire summer which taught me a good work ethic. I still did manage to have fun while spending my summers at the dunes.

Q: What is one important tip you would give someone just starting a business today?

A: Start with and develop strong relationships with your professionals. Your attorney, accountant and banker are very important. They can guide and teach you what you need to do to be successful.

Q: How has business been this past year?

A: 2015 has been a much better year. We have seen consistent loan demand and been able to grow deposits. We see our customers doing better and gradually making the decision to expand their businesses. The low interest rate environment has been challenging, but because it has persisted for so long, we have been able to adjust our strategy. Banking has become fun again.

Q: What is the key to your company's success?

A: Quality service - by knowing our customers and being locally based, we are able to work through many issues that larger banks cannot. Because our management team is in our lobby, we can make decisions much quicker than larger institutions. Our business customers are always amazed how quickly we can close loans. We look to build mutually beneficial relationships with all our customers. Because of the strong relationships we have with our customers, referrals are our best source of new business.

Q: What do you enjoy doing in your free time?

A: We are an outdoors family with a taste for excitement. Water skiing is our first passion but we also enjoy snow skiing, hiking and roller coaster riding.

Q: What are people in your industry talking about?

A: Cybersecurity and consolidation. Keeping customer's money and information safe is serious business these days and banks have a big bull's-eye on their backs. The banking industry is consolidating and the number of independent banks is shrinking quickly. Between the economy, increased regulatory requirements and lack of management succession plans, banks are choosing to sell with the future so uncertain. Banks that are looking to grow are finding it easier to acquire then grow organically. Traditional banking is surrounded by new technologies and companies looking to disrupt the model.

Q: What book is on your nightstand?

A: The newly revised Federal Financial Institutions Examination Council Information Technology Examination Handbook. It is extremely efficient nightstand reading.

- Kim Mikus