Independent Banker - December 2019 - 72

CONNECTIONS
Bank of Labor's short film featured interviews with
lobster fishermen and union representatives.
Community Spirit
Powering an industry
sea change
With a single loan, Bank of Labor in Kansas City, Kan.,
changed the lives of a group of lobstermen in Maine,
more than 1,500 miles away. The community bank
even made an award-winning short film about it. By
Margaret Littman
t was clear something had to change. A group of lobstermen
were waking well before dawn and coping with storms
and other unpredictable conditions to trap lobsters, only to
get back to shore and have wholesalers determine the prices
they would pay for the lobsters the lobstermen had caught.
After years of debate, the lobstermen organized, and,
in 2013, they became a union. They began looking for
fi nancing to purchase a lobster wholesaler, including the
lobster pound and trucks. But bank after bank in New
68 Q ICBA Independent Banker Q December 2019
I
England declined to lend to the new lobster union.
" They did not want us in the game because we have proven
to be a game changer, " says Dave Sullivan, the Grand
Lodge representative for the Eastern Territory of the International
Association of Machinists and Aerospace Workers
(IAMAW) and the union rep who helped the IAMAW Maine
Lobstering Union-Local 207 (IMLU) reinvent its industry.
He estimates that 70% to 80% of income generated in the
state of Maine comes from the sea.
After the union's loan application had been turned down
by a number of banks, prospects didn't look good. Then,
while Sullivan was at a conference in Las Vegas, he heard a
presentation from $600 million-asset Bank of Labor in Kansas
City, Kan. Staff from the community bank didn't know
much about trapping and selling lobsters, but they did know

Independent Banker - December 2019

Table of Contents for the Digital Edition of Independent Banker - December 2019

Table of Contents
Independent Banker - December 2019 - Intro
Independent Banker - December 2019 - Cover1
Independent Banker - December 2019 - Cover2
Independent Banker - December 2019 - Table of Contents
Independent Banker - December 2019 - 2
Independent Banker - December 2019 - 3
Independent Banker - December 2019 - 4
Independent Banker - December 2019 - 5
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Independent Banker - December 2019 - Cover3
Independent Banker - December 2019 - Cover4
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