Mary Fowler is CEO of Peoples Bank of Magnolia, which had 88 employees and $239.3 million in assets as of Dec. 31. Born in Waldo (Columbia County), she began working at Peoples Bank at age 10, the fourth generation to work there. She has been CEO since 2000.
Fowler earned a Bachelor of Business Administration degree from Southern Arkansas University in Magnolia. She graduated in 2005 from the Southwestern Graduate School of Banking at Southern Methodist University.
Your great-grandfather started the bank in 1910. What are the challenges of running a bank with such deep family roots?
There is a strong feeling of responsibility to keep the legacy alive and well, considering the sacrifices that were made through the previous three generations. Being family-owned is a blessing as well as a challenge, and we prioritize our relationships above differences of opinion.
Your assets grew more than 12% in 2022. Is that a good year for the bank? What drove that increase?
Yes, it was a very good year, and the growth was driven mostly by consumer loan demand.
What kinds of customers do you cater to? What drives the banking activity in your southwest Arkansas footprint?
We love to think that we cater to all of our customers! Proportionately, we probably serve a larger portion of low- to moderate-income families than most other banks. We are always in a search for deposits so that we can fund the loan demand of that niche. We hope people with money to invest will want to see those deposits plowed back into our community through loans.
How have you been able to find and retain good employees? What is working well?
Our mission is “People taking care of people,” and that applies first to our employees. We’ve had success in our efforts to build a reputation as an employer that offers a caring place for people to work. We are as flexible as possible with work requirements, and treat each person as the unique individual that they are. We are adding an employee stock ownership plan to our benefits this year, and have an incentive plan with a team pool component so that everyone benefits when the bank does well.
How have rising interest rates affected loan activity?
They’ve had a significant impact on the affordability of big-ticket items. People are scaling back on their vehicle and housing purchases because of the increase in monthly payments due to higher rates.
How do you think about overall growth? Would you like to add branches?
We added a branch last year, and now we are adjusting to our rapid growth over the last few years. We are the only bank that is dedicated exclusively to Columbia County, and we plan to stay that way for the next few years.
What is it about banking that you enjoy?
I love the feeling of accomplishment when we can find solutions to the various challenges facing customers and employees. There are always problems to solve and things to learn, so it stays interesting.
What has been a key leadership lesson for you, and how do you apply it?
“The more you know, the more you understand.” So many mistakes are made by making assumptions or jumping to conclusions. Gathering facts, asking questions and really listening to the whole story make decisions much easier.
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