14 JANUARY / FEBRUARY 2020 “So he became a lawyer. Then, during the Depression, the local attorneys were the ones that helped close down the banks that failed. My great-grandfather closed down a number of banks and figured out that banking is not that complicated – you just can’t make bad loans. “He started buying bank stock and got control of The Fountain Trust Company. The family has been in control of the bank ever since.” What are the pros and cons of being in a family business? “The pro is you get to work with family. The con is you get to work with family. “With family, one advantage is that you can have frank discussions. You can voice your opinion a little more strongly and bluntly, without too much concern for being fired. “If it’s not a family business, you can’t always tell the chairman what you’re really thinking. In our case, Campbell and I can tell Dad our honest opinions and have open discussions. “Also, when your family owns more than half the stock, business priorities are different. Our family wants to be profitable, but we don’t want to risk the bank. If you have mostly outside shareholders who are Lucas White and his brother attended banking events throughout childhood. Shown from left in this undated photo are Campbell, Jayne, Lucas and Kip White, meeting with horse racing representatives at a convention. simply looking for the best return, things can go sideways. “The downside of working with family is that it never stops. We talk business constantly. At my son’s first birthday party, business came up. At Thanksgiving, it came up again. “That’s the disadvantage. You lose some of the family focus, as the business relationship comes into play.” What was your first job at The Fountain Trust Company? “I started as a teller in the drive-up at the age of 14, working every day after school. School got out at 3:15, then I’d come to the drive-up and work until it closed. “It closed at six o’clock most days, and on Thursdays and Fridays it closed at seven. On Saturdays we were open from about 8 a.m. to noon. “Then someone would have to come pick me up, because I couldn’t drive. We lived six miles outside of town. “I earned minimum wage – I think it was $4.25 an hour – for the first three years. If I remember right, minimum wage went up a quarter every year, and I would get a raise of a quarter about a month before minimum wage went up. The raises happened to coincide with minimum wage.” What is your first IBA memory? “As kids, Campbell and I always went to the conventions with our parents, though I honestly can’t say whether they were IBA or ICBA events. I remember going as a little kid, and Dad would introduce me to people. “I have no idea where it was, but I remember being on a bus, and Dad introduced me to a banker from Lowell, Indiana. I don’t remember the banker’s name, but that’s my first memory. I was about six. “My more recent ‘first’ memory is working at the silent auction at French Lick the first year that I went to the IBA Annual Convention as an actual banker, not just a kid tagging along. That was probably in 2009.” You are both a lawyer and a banker. How do those disciplines support each other? “A lot of the law practice that I’ve done has been in the courtroom, speaking in court. That has helped me with public speaking and being able to put together a coherent sentence. “It’s helpful not only when dealing with customers, but also for activities with the Association and going to D.C. It helps to be able to speak concisely and coherently. “For about eight years I was a public
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