Rod Jensen, Chairman of the Board, and Marcus Weber, President and CEO, with the Bank of Star Valley stepped into the SVI Radio studio to discuss serving Star Valley for 30 years and two upcoming celebrations.
(0:00) Weekday wake up on SVI Radio Swift 98 and the Spur celebrating 30 years is the Bank of Star Valley. (0:08) And they’re going to tell us about what what happened over 30 years serving the Star Valley (0:12) community. What’s up and coming and a big celebration in just a few months as well.
(0:16) Joining me in studio, chairman of the board with the Bank of Star Valley, (0:20) Rod Jensen, and also Marcus Weber, president and CEO of BOSV. (0:24) Gentlemen, thank you for joining me, Rod. Let’s start with you.
First off, (0:28) congratulations, 30 years how the times flown by, huh? (0:32) Thank you. I feel probably like Noah did, you know, at 30 years, you’re old, you’re bald, (0:37) you’ve been through it. No, we did.
We just really want to thank Star Valley for the support. (0:42) Kind of a little history lesson back in 93. There was one bank in Star Valley back in the dark ages, (0:48) it was Star Valley State Bank, which I was employed and truly a great bank.
(0:53) But it the family decided to sell it to First Security, which is now Wells Fargo. (0:58) And the local community didn’t take the merger too well. They wanted a local bank.
And so over (1:05) the next few years, we did the efforts, we raised the money, we applied for a state of Wyoming (1:11) charter application, we applied for Federal Reserve membership and for FDIC insurance. (1:18) And through rather a heated and contested fight with then First Security and First Bank, (1:24) we did eventually win even though we were under appeal to the Supreme Court that we shouldn’t (1:29) exist. But on March 27, 1996, we decided to open and we opened with seven employees.
(1:39) And think about this, we opened with no deposits, no loans, some capital, a lot of hope and (1:47) anticipation but losing money. And we realized if we didn’t do this right, and we didn’t serve (1:53) Star Valley well, we wouldn’t be here in the long run. And I thank Star Valley because they showed (1:58) up, they made a difference.
And here we are today. So going from zero deposits today, we’re a $400 (2:04) million bank. We are strong, we are five star rated by Bauer.
And we still have the same passion (2:14) and mission we had 30 years ago, which is to serve Star Valley. (2:18) It’s amazing the growth that the Bank of Star Valley has had in just the short 30 years and (2:25) for you to see it from beginning to where it currently is now. What has changed in the banking (2:30) world in 30 years? And how is the Bank of Star Valley adapted to that to continue to serve the (2:35) Star Valley area? (2:36) A lot has changed.
Basically, what we did 30 years ago, (2:41) would be impossible to do today due to regulation. (2:47) Basically, we’ve passed these of Dodd-Frank, US Patriot, banks have become so much more (2:54) sophisticated, complex regulation is so much more. And it takes so much of our time that it’s (3:01) actually sad what we did 30 years ago, you couldn’t do today.
At the same time, Star Valley (3:07) has grown. Around then there were probably 7-8,000 people. Today, we’re around 15,000.
(3:13) It’s been fun to watch Star Valley mature, grow, and build its foundation for what’s going to be (3:19) an extremely bright future. Part of the success of Bank of Star Valley is the success of Star (3:24) Valley. And it’s been fun to watch them go hand in hand as they march through time.
(3:29) Now, not just the growth of the bank at your original after location, (3:33) but you’ve since, of course, added the Thane and the Alpine branch. (3:36) What were those decisions like at the time that they were made for BOSV? (3:40) Well, they were exciting. I mean, basically, we are a young bank, you’re trying to do things right.
(3:46) We were the first financial institution, believe it or not, in Alpine by opening an ATM. (3:51) We weren’t the first with the branch. But you know, by the time we branched into Thane in (3:55) a grocery store, and then build our own office, then moving into Alpine, (3:59) it has been fun to reach out and better serve the people of Star Valley.
But what has really (4:05) changed in 30 years ago? Think 30 years ago, there wasn’t an Apple phone. Honestly, (4:11) internet was not truly in existence yet. I’m talking dark ages here.
Most of the banking (4:17) today is actually done online at www.bosv.com and other internet sites. It is just the world (4:24) has changed so dramatically in the last 30 years. Rod Jensen celebrating 30 years with (4:28) Bank of Star Valley current president and CEO Marcus Weber in studio as well.
So Marcus, (4:33) Rod said, seven employees 30 years ago, where does the Bank of Star Valley sit now, (4:39) with the growth that’s taken place? Yeah, as Rod stated, we’ve grown from (4:43) that $2 million to $400 million. And today we have 36 employees who are doing the exact same (4:50) things adhering to the same regulations that every other huge mega bank adheres to. Almost every day (4:56) they’re creating miracles in being able to not only take care of our customers, but also satisfy (5:02) all the regulatory requirements that are placed upon banks.
(5:06) You know, when you reflect at 1996, and when the Bank of Star Valley was founded, (5:12) and Rod talked about the commitment to serving the residents of Star Valley, (5:16) what is the Bank of Star Valley doing today to keep that mission intact and moving forward? (5:21) Yeah, Duke, we think about 1996, we were in elementary school together, weren’t we? (5:24) Yes, we were. (5:26) So a lot has changed. But the Bank of Star Valley has blessed my life in that time.
(5:31) I know my family has banked with the bank since 1996. That’s where my dad was. That’s where I (5:37) opened my first account when I got my first savings account back in the day.
And that’s (5:42) where I’m lucky to have accounts now. I want to highlight something that Rod said earlier. (5:47) He said the Bank of Star Valley is focused on Star Valley and the success of Star Valley.
(5:52) I’ve been with the bank for 15 years. And over that time, (5:55) there have been proposals and we’ve looked at options outside of Star Valley. (6:00) Should we expand? Should we grow and serve other communities? (6:04) But the board has always come back to no, we’re here to serve Star Valley.
(6:08) The success of Star Valley is going to dictate the success of the Bank of Star Valley. (6:13) So Marcus, as now the president of the Bank of Star Valley, (6:17) what are the next 30 years look like for BOSV? (6:20) Man, I hope to have more hair in 30 years than Rod does right now. (6:25) But we hope to continue to see success in Star Valley.
We want to help people build their homes, (6:30) see their dreams come to fruition with new businesses. (6:33) We want to see Star Valley thrive. And we want to thrive right along with Star Valley.
(6:38) Now, of course, Rod mentioned thanking the Star Valley community. (6:42) And you guys are doing that right now. But I understand you’re going to throw (6:45) a party later on this summer to do that also, right? (6:47) Absolutely.
The end of June, we’re going to throw a party right behind SVI. (6:51) We’re going to have some bouncy houses, some fun, some treats, some prizes. (6:55) So we’d invite everyone to come and help celebrate with us.
(6:58) Perfect. We’ll move a vehicle or two out of the way for you. (7:00) Hey, Duke, if I could throw in too, that’s the big party on March 27th, (7:05) which is the day before the actual anniversary, but it’s a Friday.
(7:09) We are going to have refreshments in all the branches. (7:13) We’re going to have 30 drawings for $30. (7:17) And we’re going to give away some free samples.
(7:19) So we’d love to have everybody stop by and just say hi if they’d be willing to. (7:24) Perfect. So that’s happening on March 27th.
(7:26) And then June 25th, the free big barbecue party outdoors. (7:31) Again, that’s in studio this morning. Rod Jensen, (7:34) chairman of the Bank of Star Valley, Marcus Weber, president and CEO.
(7:37) Congratulations, you guys. Anything else we missed that you’d like to mention today? (7:40) No, we sure appreciate your support. (7:42) SVI, you’ve helped us over that whole term in different advertising.
(7:46) It used to be advertising primarily through the newspaper, through the Star Valley Independent. (7:51) And now we get to sponsor Star Valley Sport Games together. (7:55) And we get to participate online through some of the other exciting stuff you guys have going on.
(7:59) So thank you for your support as well. (8:01) Absolutely. Happy to be part of the ride for sure.
(8:04) In studio again this morning, Rod Jensen, Marcus Weber. (8:06) It’s all part of the weekday wake up on SVI radio.
