Independent Banker - August 2019 - 60

Member
Milestones
W
hether it's the latest
digital innovation or
new regulations, rapid
change is the name of the
game in today's banking industry. But as
the 68 ICBA member banks hitting major
milestones this year show, relationship
banking remains alive and well. " These
Success stories motivate
at Fredonia Valley Bank
Since he started as a bank teller
right out of college in 1987, J. Brent
Bugg has worked for 125-year-old
Fredonia Valley Bank in Fredonia,
Ky. Just nine years after he joined
the $83 million-asset community
bank, he was named president.
" We are very proud of reaching
our quasquicentennial, " he says.
" One interesting fact is that we have
had only eight presidents since we
were founded in 1894. "
One secret to the bank's
longevity, he says, is in the
community-focused board of
directors. " We have been very
conservative over the years, and
that has worked toward keeping us
around, " Bugg says.
Another reason for the bank's
success is its community
involvement. " We are active in both
communities, sponsoring a Dave
Ramsey financial literacy class at
Lyon County Schools
in Eddyville and
sponsoring a yearly
scholarship for three
of our local county
schools, " he says. " We
support all the sports
teams, camps, Relay
For Life Cancer drives
and more. "
Fredonia Valley
Bank celebrated its
milestone with a free document
shred day in June, and the
community bank is planning an
even bigger event in the fall with
a concert on the outfield of the
Fredonia ballpark. The festivities
will include bands, craft booths,
a chili cook-off , games and food.
Donations will be accepted during
the night for Operation Overhaul,
a community drive to improve
the ballpark, playgrounds and
60 Q ICBA Independent Banker Q August 2019
Former Fredonia Valley
Bank presidents Virgil
Coleman and Leon Brasher
and cashier W.W. Gillihan
stand in a remodeled bank
branch in this 1959 photo.
facilities in Fredonia.
Bugg says he looks forward to
Fredonia Valley Bank remaining
independent for many more years.
" I have seen a lot of changes in
my 30 years, and many hurdles for
small community banks, but I have
also seen more local success stories
that we have helped, " he adds.
" These success stories will keep us
motivated to remain a vital part of
our community. "
are all legitimate 100-year-plus
banks, " says Loughlin Cleary, ICBA's
executive vice president of business
development. " They didn't just buy another bank and say
their bank is that old. They're often multigenerational,
family-owned and closely held banks. They've been a part
of their communities for multiple generations, and their
customers often represent multiple generations, too. "
The group of community banks, which are celebrating
their 100th, 125th or 150th anniversaries, have survived
and thrived through economic downturns, from the Great
Depression to the Great Recession. They've fended off
competition from megabanks, tax-advantaged
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Independent Banker - August 2019

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