The CEO of Springfield-based Guaranty Bank has his sights set on the deposit market share lead in the metropolitan statistical area.
CEO Monte McNew discussed the bank's goals during Springfield Business Journal's May 16 interview for the 12 People You Need to Know series. He was interviewed by SBJ Editorial Vice President Eric Olson before an audience at The Backlot, Alamo Drafthouse Springfield's restaurant and bar.
"We're going to be in the top two within three years. That's certainly our goal," McNew said of Guaranty accruing deposits in the Springfield MSA.
The Federal Deposit Insurance Corp. historically collects bank deposit data on June 30 and releases a market share report in September.
Last year, after Guaranty was acquired by Moline, Illinois-based QCR Holdings Inc. (Nasdaq: QCRH) and merged with Springfield First Community Bank, the company moved up one spot to No. 4 in the deposit market share report on the local MSA.
The report indicated Guaranty had $1.3 billion in deposits within the Springfield MSA, or 8.8% of the MSA market share, as of June 30, 2022.
Guaranty trailed No. 1 Great Southern Bank, with $1.8 billion, or 12% of the market share; No. 2 The Central Trust Bank, at $1.7 billion, or 10.9%; and No. 3 Commerce Bank, at $1.5 billion, or 10%.
McNew said yesterday that with the percentages already so close together, there's room for Guaranty to advance.
"We've got the team to do it. We've got the footprint to do it," he said, pointing to retail and wealth management services the company is working to grow. "We've just got to act quicker, smarter."
Guaranty Bank's systemwide deposits were $1.6 billion as of March 31, according to QCR Holdings' latest quarterly report. That was up from $556 million a year earlier, before the deal was completed.
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