HoldCo Builders How I Built Two Banks to $1 Billion in Total Assets | Andy Schornack Interview
Dec 5, 2023
In this engaging conversation, Andy Schornack, CEO of Flagship Bank and President of Security Bank and Trust Company, shares his journey from aspiring entrepreneur to banking leader. He reveals the secrets behind building two banks to a billion-dollar total in assets. They discuss the real reasons behind people's distrust of bankers and the importance of transparency in community banking. Andy also dives into the challenges small business owners face when seeking loans, and why traditional banks still hold an edge over fintech. His insights on building relationships and the future of banking are both refreshing and thought-provoking.
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Andy’s Banking Origin Story
- Andy Schornack shares his journey from university to banking through the great financial crisis.
- His first bank failed but taught him invaluable lessons on banking and regulatory processes.
Bankers Care Despite Bad Perception
- Negative public perception of bankers stems largely from the 2008 financial crisis and bad actors.
- Community bankers genuinely care about long-term client success and not just loan issuance.
Fintech Must Be Profitable
- Fintech improves client experience mainly through faster, safer online banking and fraud protection.
- Profitability separates successful banks and fintechs from many unprofitable fintech ventures chasing growth.
