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US Bank’s Mike Richardson Shows Healthy Interest in Rising Rates

3 min read

A Fulton County native, Richardson started at U.S. Bank in Mountain Home. He became district manager for the Little Rock area nine years ago before moving to Columbia, Missouri, to be a regional president. Last year, Richardson returned to lead the Arkansas Region after the retirement of Michael Shelley, U.S. Bank’s previous regional president for Arkansas.

He’s a University of Central Arkansas graduate and attended the Graduate School of Banking at LSU. He and his wife, Sherry, have three children: Brittney, who played basketball for the Lady Razorbacks; Dane, a senior at the University of Arkansas; and Taylor, a pupil at Chenal Elementary.

U.S. Bank may be thought of as a central Arkansas business, but how many households does the company work with in the state?

We have 40 branch locations in the state, with about half in the central Arkansas area. We serve more than 256,000 consumer customers in Arkansas, more than 13,100 businesses, and have close to 350 employees. U.S. Bank is the fifth-largest commercial bank in the United States and has a rich heritage of serving consumers and businesses in Arkansas.

What loans do you see moving and what does that tell us about Arkansas’ economy?

We have observed an increase in our business banking applications and production since the beginning of 2017. Our balance growth is one of the strongest throughout the company for equipment lending. We’ve worked with businesses to upgrade their technology or to finance specialized equipment that’s sometimes difficult to finance with normal channels.

Commercial real estate lending has been strength for us. It is still early in the year, but we hope to see growth in businesses investing in technology and equipment upgrades.

Do you worry that rising interest rates will stifle the economy or are they a good sign?

Rising rates reflect a healthy economy. Rates need to get back to normal at some point. Increases in the Fed Funds rate will signal that our economy is heading in a positive direction. The frequency of adjustments will be something to watch closely. Consumer confidence is at a 15-year year high.

With a lot of banking done online, what does the future hold for bank branches?

Technology plays a large role how customers are interacting with money. They have instant access to their accounts and the ability to conduct business anytime, anywhere. It’s an exciting period in payments history, and U.S. Bank is a leader in the field with P2P payments (person to person). We’ve been at the forefront of launching Apple Pay, Samsung Pay and Android Pay.

Banking is a relationship business. The key to the future is to be able to provide the latest technology to enhance the banking experience, at the same time capturing the fact the interaction with the branch staff remains pivotal. It’s the function of the branch teams to lead the customers through change.

What banking trends are you focused on now?

U.S. Bank’s dedication to doing the right thing has made it one of the most stable, reputable banks in the industry. U.S. Bank has been honored as one of the “World’s Most Ethical Companies” by Ethisphere, an independent organization, for three straight years. That reflects the way business is conducted, fostering a culture of ethics and transparency at every level. We have also been named one of the World’s Most Admired Companies by Fortune.

I hope to attract, retain and develop bankers for the future. Last year, we moved a new team to Arkansas that supports areas for the rest of our footprint. For this market, my family and I just moved back to Arkansas, because it’s home and because of the opportunity I see for growth. We want to grow in all areas.

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