bo knows! – banking? — Counting On Currency

Athletic superstar of both the NFL and MLB Bo Jackson has decided that this is the perfect time to open a bank. Some of us on the inside might think he and his partners are crazy to try this at a time in history when US banks are as strained and constrained as they have ever been, but… it is still a question of timing.

Timing is everything in life, sports and business. Bo certainly knows about the timing needed to be a superstar baseball hitter, a superstar football player and a top-level pitch-man for Nike. Perhaps his keen sense of timing is also applicable for the future of the community bank. I for one think he may be on to something. Every day I talk with bankers from the largest to the smallest of institutions and it seems to me that the only one’s with a truly positive outlook (meaning they’re not just putting on a brave face) are the community bankers and credit unions.

The two constants I hear today from my peers and customers are – without the aggressive use of cutting edge technology you are doomed to be a dinosaur (and the ice age is approaching faster than we think) and; get back in touch with the core values of banking – meaning pay attention to the customer first and not just your bottom line. I can’t speak for what Bo knows about technology, but I can say after reading the following article and watching the companion interview, that Bo likely knows something about his customer. What are your thoughts? I would encourage you to use the comments function following each post to share your thoughts with your peers. Please note that these comments are moderated by myself and as such will need to pass a test of appropriateness. Many thanks in advance for your input!

April 22, 2009

‘Bo knows’ startup banking

(NECN/WBBM: Burr Ridge, Ill.) – Former all-everything professional athlete Bo Jackson is now a partner in a new bank in suburban Chicago. The Burr Ridge Bank and Trust officially opened its doors on Tuesday.

Jackson has lived in Burr Ridge since he played for the Chicago White Sox in the early 1990s. A longtime businessman, Jackson said that he is not afraid to enter into banking at such a terrible time for the industry.

“We have no type of debt, like all the other banks,” Jackson said. “We’re a small community bank and one thing we all decided, is that if we are going to do a bank in our community, it needs to be owned by the people who live in the community.”

Jackson is the only player to be named to the N-F-L Pro Bowl and major league baseball’s All-Star Game. He was the star in a series of “Bo Knows” commercials for Nike in the 1980s and 90s.

“I’m crushing golf balls now — when I hit it straight,” Jackson said. “I’m just, I’m just enjoying being an employer.”

Material courtesy of WBBM.

watch the interview here

Tagged as: Economy