Community Advocate Spotlight: Independence State Bank President and CEO Thomas L. Jensen

The following is a brief interview between WBA President and CEO Rose Oswald Poels and Independence State Bank President and CEO Thomas L. Jensen.

Rose: How did you first get into the banking industry?
Tom: As college graduation approached at Beloit College, I began a search for a career in the finance industry. I approached John Eldred (president/CEO) for an interview about entry level positions at the 1st National Bank of Beloit. Dennis Staaland (EVP) was also asked to join the “interview.” I soon learned that there were no positions available, but Dennis pulled me aside and explained that a solid foundation in financial services could be as a National Bank Examiner with the Comptroller of the Currency (as he had done). He provided me with employment brochures, names, and phone numbers of previous colleagues and encouraged me to apply. Later that summer (1986), I was assigned to a training crew in Milwaukee, Wis. and started my banking career with the OCC.

What is your favorite aspect of your role at the bank?
I am surrounded by an exceptional team and Board of Directors at the bank. My trust in the team affords me the flexibility to serve my community in ways that don’t necessarily require me to be at the bank. I have been a volunteer firefighter for over 30 years, and our team understands that there may be times that the pager goes off and I have to respond. The same is true for community events (Lions Club, Water and Sewer Commission, church events, etc.). There is nothing more satisfying than actively serving your community and making a difference.

What do you wish the general public understood about the banking industry?
I wish the general public understood how heavily regulated the banking industry is. I learned early in my career of the sheer magnitude of rules, regulations, and guidance that bankers are expected to understand and comply with. This can be a daunting task and can sometimes be perceived by the public as being difficult to work with. Banking is not the same as it was 60 years ago. This is especially true for smaller community banks who are generally expected to comply with the same regulations as the largest banks in the country.

Where do you believe the industry’s greatest challenges are in the next three to five years?
Artificial intelligence (AI). The cyber risk associated with AI is obvious. However, while predictive modeling, automated loan approval, and optimal deposit gathering could all benefit from AI, I believe consumers will still demand meaningful business relationships and human interaction well into the future. Automated processes are great in a perfect world; unfortunately we don’t live in a perfect world. AI can’t make judgment calls, and humans are able to identify specific situations and critical calls that AI may not be able to. It might be difficult to explain cost over-runs, a death in the family, or strategic direction of a family-owned business to an AI Bot.

Please describe your current role at your bank and share with us one of your more rewarding experiences.
My current role at the bank is president/CEO. We pride ourselves in being a community bank. This may sound corny, but each and every day in a community bank is rewarding. We hope to be worthy stewards of our customers’ financial assets, providing quality products and services in a thoughtful and protective manner. I frequently remind our team that it isn’t so much what we have to offer, it’s what we give back to the community that is most important.