TRAVERSE CITY — “Out of triage and into strategic planning.”
That’s how Traverse City State Bank CEO Connie Deneweth and now former president described the bank’s move to name Ann M. Bollinger, 54, to be its new president on Wednesday.
“We’ve really graduated,” said Deneweth.
She referred to the bank’s struggles during the economic downturn that resulted in the FDIC implementing a consent order in 2010 that required the bank to take corrective actions after significant losses in 2008 and 2009. The order was lifted in 2012. Bollinger is credited for working with Deneweth and other bank officials to lead the organization back to profitability.
“In 2008, we lost $3,300,000,” Bollinger said. “In 2012, we made $1.5 million.
“So we’ve obviously improved that situation dramatically.”
Deneweth said bank customers who’ve improved their own financial situations factored in the turnaround.
“Our customers, by now, if they didn’t close, and they didn’t become more efficient and more profitable in 2009, 2010 and 2011, they shut down,” Deneweth said. “So the ones that have made it … now they’re in a growth mode.
“Our customer base is doing so much better. They have the ability now to repay the bank loans and any of the ones who couldn’t, we charged off. We took the hit and now we’re moving forward with a really strong customer base.”
Under the new structure, Bollinger will oversee day-to-day operations. That frees Deneweth to spend more time with customers and focus on expanding business opportunities and partnerships.
“As we expand and get bigger and take on more responsibilities and more loans and get more involved in the community, you have to divide and conquer,” said board chairman Raymond Weigel III. “Jobs get too big for one person.
“We look to bring the right people in, which I think we’ve done. And we look to grow.”
Bollinger has more than 30 years in banking and joined Traverse City State Bank in 2009. Her most recent role was as executive vice president and CFO; she will continue as CFO. Before coming to Traverse City, she was CFO at Main Street Bank in Northville. Prior to that, she was vice president of strategic planning for Michigan National Bank.
“She is a phenomenal finance person,” Weigel said. “Besides that, she is a great administrator and has proven to be such.”