Sinek began his talk by asking three questions that seem broadly relevant, but at this nascent stage of my VACB tenure, perhaps more so to Virginia’s community banks: 1. Why are some people and organizations more innovative, more influential and more profitable than others? 2. Why do some command greater loyalty from customers and employees alike? 3. Even among the successful, why are so few able to repeat their success over and over? Citing the successful examples of Apple Inc., Martin Luther King Jr. and the Wright brothers, Sinek explores how each connected with their respective audiences and found a common thread. On a plain white surface, he proceeded to draw three concentric circles and, from inside to out, wrote the words “why,” “how” and “what.” Sinek hypothesized that this “golden circle” is why some organizations and leaders inspire where others cannot. By reversing the order in which they communicated the value of what they had to offer, starting with why, innovators tap into the part of the consumer’s brain that controls gut instinct — in common day parlance, catching people “in their feels.” Boiling it all down, Sinek repeated his central thesis throughout the remainder of his talk: “People don’t buy what you do. They buy why you do it.” In recent years, the number of detractors claiming that banking is a commodity has grown. Citing market research, we are to understand that consumers view all financial services providers in one big bucket, offering features and benefits that are completely interchangeable. Thus, the theory goes that there is no difference between banking at a large bank, a community bank, a credit union or even a non-bank that provides such services. I vehemently disagree with that premise. I disagree with it as it relates to you. I disagree with it when it comes to VACB. I believe we can all benefit from starting with why. Borrowing a suggestion from Mr. Richter, I asked ChatGPT to become Simon Sinek and, using the principles found in “Start With Why,” to craft a mission statement for the Virginia Association of Community Banks. The response: “VACB believes that strong, resilient communities are the foundation of a prosperous Virginia. By empowering Virginia’s community banks, we ensure they continue to provide tailored banking solutions to our neighbors and small businesses alike — strengthening the trust and relationships that sustain local economies. Together, we build a Virginia where every individual and community has the financial tools needed to flourish for generations to come.” You will find that at the bottom of every email message I send out. You are likely to hear or read variations of that in our messaging moving forward. We (both you and VACB) are unique and provide inherent value to our customers. We are not a commodity. We are a mission-driven, member-centric organization that lifts Virginia’s communities by strengthening Virginia’s community banks. We are VACB. 7 The CommunityBanker
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