Joe Framptom, CEO of $503 million-asset Paducah Bank, believes that having a great team of people contributes significantly to efficiency. “All of our employees have a stake in the bank. They make decisions on a daily basis that have a positive long-term impact,” Framptom says. “Our efficiency is a combination of many people consistently doing many small things well over a period of time.” Paducah Bank has five locations and 139 employees. “We concentrate on taking care of people,” Framptom adds. “And that translates into financial results.”
But more importantly, says Joe, “It translates into great customer service.”
The ICBA ranks top performing banks around the country in a number of categories each year. Paducah Bank ranked in the top 20 among its peers in two standard banking industry efficiency measures. Among Subchapter S banks in the $250-$500 million asset group, Paducah Bank ranked 13th in Return on Assets and 9th in Return on Equity. Paducah Bank was the only Kentucky bank in its asset size in the rankings!
“We are very happy to have earned this distinguished national recognition, especially during 2009, which was a very challenging year for community banks,” Joe added. “We take tremendous pride in this achievement which we see as a result of all of us working together every day, in every way, in order to assure that our customers receive the highest level of customer service we can provide.” Joe was also quoted in the Independent Banker magazine article crediting the bank’s empowerment of its staff to be proactive in their daily responsibilities.
“We want people to think and make decisions,” he commented. “Efficiency takes daily acts of awareness and evaluation. You never know when an opportunity for savings will present itself,” Framptom says. “Many of these decisions are made at the department level where employees regularly analyze costs and expenses. Our customers need to know that every person at Paducah Bank is conscientious about how we operate on behalf of our customers’ trust.”