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With the elevation of Mike Maddox to chairman, Kristin Tyson has been named president of the Kansas City market for CrossFirst Bank. Since its founding in 2007, CrossFirst has soared past the $5 billion asset level—the growth percentage among banks in the Kansas City region. Tyson has served as partner and Managing Director of Private and Relationship Banking there since 2016, and has 36 years of experience in commercial banking, private banking and retail banking.
Q&A:
Q: How do you see a Kristin Tyson presidency shaping up? Are there any significant changes ahead, or will this be more of a steady build on top of the foundation already set in place?
A: I’ll be focused on building on the great foundation that Mike handed over to me. It’s a fantastic team of experienced bankers. I’m really excited about helping them, and we’ve been good, but can always do better. So whatever assistance I can provide them, I will.
Q: With just the two current locations, CrossFirst has an unusual physical footprint in the Kansas City market. Can you tell us about that strategy?
A: It was interesting and eye-opening when I joined CrossFirst almost four years ago: How can a bank with such a small footprint have such rapid growth and be so successful? It sounds simple, but it comes back to relationships, those relationships you develop with customers that permeate this organization, where people we work with introduce us to other people we can help. I don’t know how else to describe it; it’s unlike any other organization I’ve been at.
Q: Any other success factors linked to that model?
A: With limited brick and mortar, you have to be able to hire some very talented people, then combine that with the best in technology that competes with every other banking organization in Kansas, delivering high-quality service. To a person who started her career with a family-owned bank in Topeka, learning this as a relationship and people industry, it’s reassuring to see that still exists today. But it does go back to relationships, how Kansas City was built, and replicating that in all other markets.
Q: What sets your client base apart from a lot of other banks?
A: Our corporate client base is broad-based; we do have individuals who have experience in certain industries, but overall organization, we have that breadth. We clearly continue to focus on building our C&I lines, as well as professional corporations, that is an area where we’ve really had opportunities to involved every facet of the bank. It’s always our goal to be a complete relationship-type bank, not just a landing transactions, for example, but serving the whole range of needs for a business—their employees, family, executive leadership.
Q: That aspect, getting past the purely transactional and into other levels of need is a bit of a different approach, isn’t it?
A: I think it’s our style, our culture. Our best client relationships value that approach. That’s where we see the best and the strongest results, and our customers appreciate that style of banking as much as we are committed to delivering that style.
Q: Going forward, does any of the anticipated growth strategy rely on acquisitions, or are you focused largely on organic growth?
A: We’ve grown to be the third-largest bank in Kansas City primarily organically. I think we’ll continue to grow in Kansas City by deepening the relationships in communities we serve. There are still a lot of opportunities for us here.
Q: Do you anticipate that Kansas City will continue to remain a highly competitive banking market? Any expectation that we’ll see additional consolidation, and if so, how much do you think is coming?
A: That competition has been the case for 30 years I’ve ben in Kansas City. I’ve worked for regional banks headquartered outside of Kansas City, and will say that I’ve seen that over the years as some of my peer markets, their competition was nothing like Kansas City. But with a low-interest-rate environment, coupled with the evolution of tech, it is improving profitability for larger institutions, but I feel there will always be a need for local community or regional banks focused on knowing customers and brining the type of business acumen that our banks bring to the relationships with customers in this market.
Q: In broad terms, which banks are going to have the hardest time thriving in a near-zero-rate environment, and which are best positioned to weather that if, as Jerome Powell suggests, we’re stuck at that level well into 2022?
A: We have to be disciplined to stand firm on our business model of relationship banking and not allow ourselves to get in the same competitive mindset that would distract us from being true to who we are. The regulatory burden placed on banks does make it more difficult for small banks to compete, but staying focused on relationship banking, using the technology we have vs. having multiple brick and mortar locations to serve clients. That has proven to be successful and we’re confident there are still clients that value that type of relationship banking and that will stay loyal and continue to place importance on that style of banking.
Q: Any other developments in the wind?
A: We’re excited about moving into our new space soon at 46th and Pennsylvania on The Plaza. We’re continuing to expand our brand there, even though we’re headquartered in Leawood, we have clients all over the metro area, and that will give us a visibility we haven’t had to introduce the broader Kansas City market to CrossFirst.
Q: How significant is it that one of the bigger banks has named a woman to this level of leadership?
A: I grew up in a family with all sisters, not even knowing that those sort of challenges even existed for women. I was thinking that there was not anything I couldn’t do if I put my mind to it. In the past several years, the realization that that is the norm has been highlighted. I am excited about being in a position where I can help propel other female leaders to step into those leadership roles, and five years from now, I hope we’re not having these same conversations.
