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Michael Mattson, chief lending officer; Shaun Burke, president and CEO; and Robin Robeson, COO
Michael Mattson, chief lending officer; Shaun Burke, president and CEO; and Robin Robeson, COO

2014 Economic Impact Awards 30+ Years in Operation Finalist: Guaranty Bank

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As it celebrated its first century in banking, Springfield-based Guaranty Bank’s holding company nearly tripled its profits in 2013.

Founded in 1913, publicly traded Guaranty Federal Bancshares Inc. (Nasdaq: GFED) hit net income of $5.2 million during its centennial, up from $1.9 million in 2012.

Behind the scenes of those numbers are some 185 employees Guaranty Bank President and CEO Shaun Burke says are key to the longevity of the company.

“We’re here to increase the value of our shareholders’ interest in our company, but our staying power goes back to our people,” Burke says. “Financial services are, by nature, a commodity and highly regulated, therefore it’s very difficult for banks to create a competitive advantage. “It really does come down to your people.”

Burke says Guaranty manages more than 15,000 retail checking accounts and between 6,000 and 7,000 commercial customers.

Burke says Guaranty Bank promotes a culture of community engagement because the success of the Springfield-area economy is intrinsically tied to the operations of the bank.

The Guaranty Bank Service Corps is an internal program that identifies community needs and matches them with staff volunteers.

For his part, Burke has served on the board of the Springfield Area Chamber of Commerce, as well as leadership roles on the chamber’s economic development subsidiary, the Springfield Business Development Corp.

“That engagement leads to the staying power,” Burke says. “If you look throughout our organization, you’ll find many of our people on various community and civic boards.

“Community banks are always going to be reflective of the health of the communities that they serve. We think it’s just incredibly important to be engaged in the community.”

Guaranty also has been a prime lender in the revitalization of what could be called the cultural center of Springfield.

The bank has lent more than $30 million for a growing list of downtown renovation projects, including Brick City, College Station, Wilhoit Plaza and the Gillioz Theatre.

Guaranty also works with the city of Springfield and the Springfield Community Land Trust to provide affordable homes for those who can’t afford them.

As of March 31 – after increasing its first-quarter profits nearly 37 percent to $1.3 million – the company held assets of $639.1 million and deposits of $491.4 million.

Guaranty, which operates nine branches in Greene and Christian counties, also attempts to provide its employees with competitive wages and a suite of benefits. Named among Springfield Business Journal’s 2012 and 2013 classes of Choice Employers, the company offers more than 25 paid days off per year, pays 58 to 90 percent of health care premiums for eligible employees and covers up to 25 percent of premiums for dependents, according to SBJ archives.

“We’ve got to compete with the smallest banks all the way up to the biggest banks,” Burke says. “Customers will value the opinions and advice that our staff will give them.”[[In-content Ad]]

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