By Mike Scott
He has come a long way since the days he and his brother, Brian, started in the business by cleaning the bank in Wyaconda.
David Alderton, president of Peoples Bank of Wyaconda, was selected as the new president of the Missouri Independent Bankers Association at their 40th annual meeting, held at the Lake of the Ozarks, September 11-13.
Alderton has been active in MIBA for about ten years, working his way up through the various positions. His father, David Alderton, Sr., was involved for many years before that.
“It’s a top-notch organization,” Alderton said, “And I’m here to help our members any way I can.”
As MIBA’s president, Alderton’s role will be to represent the organization of 175 community banks in Missouri.
“We’re here to assist our member banks, legislatively and educationally. Did you know banking is the second most regulated industry in the country?”
Community banks face considerable challenges meeting all the new regulations, many of which are a result of the financial collapse of 2008. However, community banks were not the cause of the meltdown.
“The cost of compliance has tripled in the past five years,” Alderton said. “It’s a real challenge for independent banks.”
Many independent banks, including Peoples Bank of Wyaconda, have been forced to add staffing to keep up with the avalanche of regulations. The need for new staffing played a role in the bank’s recent expansion at its Kahoka location.
Education is a key component of MIBA’s mission. In addition to providing ongoing educational classes on a variety of compliance topics, they have a network of experts to offer their advice.
“If I have a question, I pick up the phone and I get an answer, not a guess,” Alderton said.
The other part of Alderton’s responsibility will be to meet with officials and legislators to discuss community banking. It’s not exactly a new role for him.
“Last year, I had the honor of being one of two bankers from Missouri, and one of only eight from a six state region to meet with FDIC Commissioner Martin Gruenberg,” said Alderton.
He has also met with the acting Missouri Division of Finance Commissioner, Lee Keith.
“He’s a strong, pro-community bank commissioner, who actually has a background in community banking,” Alderton added.
In the coming year, Alderton will take part in at least one legislative trip to Washington, D.C., to represent Missouri banks. He will also lead several meetings in Jefferson City and around the state.
“I’ve been in banking for 28 or 29 years, and I’m happy to help other banks. Competition makes us better. It makes us innovate and streamline our operations. And it’s better for our customers and our communities,” he said.