Q&A with Paul Thompson

December 7, 2023

Q:  What do you consider your organization’s most significant achievement or highlight over the past year?

A: During the nearly 40 years since my late father, Byron Thompson, purchased Country Club Bank, the bank has grown from $45 million to $2.2 billion. In addition to the bank itself, Country Club Trust Company administers nearly $3 billion in assets and we’ve added a mergers and acquisitions division and a capital markets group. Throughout that growth, we’ve strived to remain a hometown bank serving local residents and businesses. We’ve stayed true to our core values of integrity, achievement, compassion, teamwork and enthusiasm. And, we’ve been blessed by very low turnover among associates. Some of our associates have been with us for more than 40 years.

Although we enjoy a very stable workforce, we have seen some key retirements during the past couple of years. It’s hard to fill the shoes of people who have such long-term institutional knowledge and who exemplify our culture and our values to both customers and associates. One of our most significant accomplishments in the past year has been implementing a succession plan that brings the third generation of Thompsons who have earned positions of leadership into key executive roles as well as other highly qualified people who are committed to the Kansas City community and the bank’s values.

Q: What do you see as the odds of a recession between now and the end of 2024?

A: I believe the chance of a recession between now and the end of 2024 is less than 50%; however, that’s still higher than I would have predicted a year ago for a recession by the end of 2023. The continuing higher interest rate environment impacts the underlying value of assets, particularly real estate. Because of that higher rate environment, some investments that might have been made are now not as probable and that will have a negative ripple effect throughout the economy, which could cause a recession by the end of 2024.

Q: We have the new KCI up and running; what do you believe is the Next Big Thing we should pursue in the Kansas City region?

A: We already have the Next Big Thing right in front of us—it’s the World Cup. Kansas City will have the biggest beam of light we’ve ever had shining on us. We’ll be on the world stage, and we need to show well. That stage is a large plate, filled with a huge entrée–the World Cup, and we need to consume every morsel, or leverage every opportunity it offers. If we can execute well, more opportunities will follow.

Q: Speaking of KCI: Have you used it yet? If so, what are your early impressions?

A: Yes, I have used the new terminal and have been impressed with it. It’s beautiful and welcoming, and the mix of local artists, retailers and restaurants showcases Kansas City to residents and visitors traveling in and out of the metro.

I had the opportunity to tour the terminal before it opened to the public, and I did so mindful of some of the concerns that had been voiced, for example, long walks from the curbs to the gates and the drop-off/pickup situation. Now that the terminal has been open for several months, I give those areas high marks.

Q: Did you have a key mentor on your way to leadership? If so, who was it, and what was the most important thing you learned from him or her?

A: My father was my mentor. He imparted a great deal of wisdom to me and my siblings throughout our lives. He also modeled the attitude necessary for achievement, approaching each day with energy and enthusiasm and bringing passion to any project, large or small. Above all, he taught us that the quest for success did not mean compromising our values and should not come at the expense of others. On the contrary, success is a team effort, one that lifts others up and brings out the best in everyone, including the community in which we live.

Q: What’s first on your reading list each morning?

A: The first thing I read each morning is a motivational text from the Church of the Nativity, which is my parish church. The message is usually short, but it always puts me in a positive frame of mind to start the day.

Q: What is the most essential skill you look for in leadership-level hires?

A: If you can imagine a quadrant formed by an “x” and “y” axis, with the y-axis representing aptitude and x-axis representing attitude, I’d look for someone in the upper right quadrant where both are high or someone with high EQ that we can move to the upper right quadrant. People who are highly skilled but lack EQ tend to bring the whole team down.

Q: If you could start a charity, what would the mission be?

A: I don’t necessarily think starting a new charity should be the focus. Numerous charities already exist, and we need to work to create greater awareness of them and encourage collaboration so there’s not a duplication of services that puts a strain on resources. With that said, I would tend to support services for single mothers that help them with job skills, or daycare, or a path out of negative domestic situations so they can provide a strong foundation for their children. These types of services create generational change and transform lives.

Q: What’s your current employee headcount?

A: 450

Q: Over the coming year, do you plan to add/reduce staff or hold at current levels?

A: We are a privately-held company, so we focus more on the long view than a quarter-by-quarter approach. Because we can look further down the road and evaluate opportunities as well as challenges, we can proactively move, or reallocate, people to other areas when the need arises, minimizing the possibility of staff reductions. For instance, we didn’t lay off any employees during the pandemic or the recent tumultuous banking environment. Interestingly, we’ve found that taking that long-term approach has delivered consistent short-term results: Our bank has reported consecutive earnings in every quarter since 1985.