Finding qualified candidates is the #1 problem facing many community banks today. As leaders of the industry are retiring, they need to be effectively replaced. FinPro's management succession service assists the bank in preparing for its future.

Many Organizations Lack A Proper Succession Plan

Our consultants will assist your institution in defining a clear succession plan.

A well-defined management succession plan should:

Ensure the continuity of the bank by establishing a chain of command in the event of unforeseen circumstances.

Make the transition relatively seamless, reducing the impact on productivity and efficiency during the transition process.

Allow the board and management to reflect on the bank’s current management in relation to the strategic direction of the bank.

Identify internal candidates that may need to be “groomed” for executive management positions.

Identify growth areas for the current staff and from them for the next level.

Establish a training program to address weaknesses of the current staff.

Working Together and Managing The Process

The management succession plan is developed through an interactive process between FinPro, the board of directors, and management. FinPro will help to provide an honest, independent view, void of bias. As part of managing the process, FinPro will assist the institution with:

Identifying the lifecycle phase of the institution.

Establishing programs to address strengths and weaknesses of the current staff.

Creating an incentive based compensation package.

Ensuring a seamless transition.

Services - Board Succession

Management succession should not be the bank’s only concern. Who will be replacing the directors? Having a well connected and intelligent board of directors is key to an institution’s success.

Can the Board you currently have get you to your strategic vision?

Dependent upon where the bank is in its lifecycle and what the strategic vision is, changes may need to be made to the board of directors.

Important attributes for board members are:

Ability to generate loan and deposit business

Access to capital or the ability to generate capital

Availability of time

Contacts in target business and customer segments

Knowledge of markets

Prior experience in banking

Audit/financial background

Unparalleled Industry Knowledge

FinPro will help you institution determine what attributes are most important based upon analysis of the company's strategic objectives and point in the lifecycle.

FinPro has decades of combined experience working with large and small banks. Our in-depth knowledge of the marketplace will provide vital insight during the succession process.