Community Advocate Spotlight: Bank of Mauston President and CEO Molly Scully

The following is a brief interview between WBA President and CEO Rose Oswald Poels and Bank of Mauston President and CEO Molly Scully.

Rose: How did you first get into the banking industry?
Molly: My stepfather was a banker his entire life and from an early age, I was inspired by his work ethic and commitment to our community. He was dedicated to providing excellent service to his customers and to strengthening the community we lived in. He believed in giving back and set a remarkable example of how a community bank should actively engage with and support the community. I started working for him at Bank of Mauston when I was in college. I did everything from receptionist and teller work to filing and shredding documents.

What is your favorite aspect of your role at the bank?
My favorite aspect of my role is seeing the impact that our bank has on our community through donations, sponsorships, and employee giving. I am proud of how our bank and our employees partner with the communities we serve.

In addition, whether it’s supporting local businesses with different lending options, helping families buy their first home, or continuing to provide the most efficient products and services to our customers, I love that banking is more than just numbers, it truly is about building relationships.

What do you wish the general public understood about the banking industry?
I wish the public understood just how heavily regulated the banking industry is, and while the regulations can at times feel like a burden, they exist to protect customers and maintain trust in the financial system. Also, customers are often confused about interest rate changes from the Fed and how it relates to their accounts. It would be helpful if the general public understood the interest rate risk that banks need to manage.

Where do you believe the industry’s greatest challenges are in the next three to five years?
First, I think navigating the evolving regulatory environment is always a challenge. Second, although banks have made great advancements in cybersecurity monitoring technology, I also think that prioritizing the added expense for cybersecurity tools, employee training, and threat detection systems will continue to be challenging. Third, I think since interest rates surged in 2022 the impact of interest rates will remain a challenge. Despite the fact that rates have stabilized a bit, the economic environment remains volatile. Regardless of the challenges facing community banks, I do feel that banks will have great opportunities to leverage AI for enhancing fraud detection and risk management. It has been exciting to explore how these technologies can drive efficiency and detect fraud in real-time to limit financial losses.

Please describe your current role at your bank and share with us one of your more rewarding experiences (e.g., A time you had to go above and beyond to help a customer, a memorable customer interaction, stepping in to help the local community after a disaster, or something more personal, etc.).
My current role at Bank of Mauston is President and CEO. One of the most rewarding aspects of my career has been the opportunity to hire and develop our staff. Banking is a people-driven industry, and I firmly believe that our bank’s greatest asset is the talent and commitment of our team. I am
truly blessed to work with the amazing people at the Bank of Mauston. I am also very proud of how we partner with our community. Most notably, my stepfather started a food drive over 41 years ago to support our local food pantry that continues today. Every November the bank hosts a food drive
and matches donations that are raised. In addition, the Bank also partners with the Mauston High School Key Club. Their fundraising efforts have taken our community food drive to new levels and have impressively set records in our state for money raised and food collected. Over the past 41 years, together as a community, we have raised over half a million dollars.

Do you know a banker who should be recognized as a Community Advocate for the work that they do? Nominate them today by emailing Rose at ropoels@wisbank.com!