W W. Elaine Furnish SENIOR VICE PRESIDENT & TREASURER – FIRST FARMERS BANK & TRUST CO., CONVERSE BANKER PROFILE What was your first job, and what did you learn from it? My first 20+ years in banking was at Exchange Bank in Warren, Indiana. I worked in various areas, including retail-teller line, loan support and the accounting/finance department. Preparing the functional cost analysis and budgets helped me understand the costs associated with running the bank and to think strategically about the mix needed to grow the bank. I had a great mentor who encouraged me to gain a strong foundation in banking and not be afraid to think outside of the box. What drew you to banking? I was pursuing a degree in accounting and knew a number of people who worked at the local bank. I thought that would be a good opportunity to use my accounting degree. The experiences from the first bank I worked at gave me valuable insight into how all areas of the bank function and work together. What recent professional challenge taught you an important lesson, and how did you overcome it? After a lot of prayer and soul searching, I took a job with a bank that was struggling during the financial crisis. The executive team brought me in to manage their liquidity position as they worked to raise capital. This was a two-year adventure that taught me a lot and ended with the FDIC taking control of the institution. We maintained our liquidity position through the ordeal. The biggest lessons learned: capital is king, maintaining liquidity is extremely important, and credit issues and loan workouts often take too long and can destroy an institution. Elaine, her husband, Rick, and their grandchildren on a trip in Gatlinburg, Tenn. What advice would you give to someone just starting their career in banking? Shadow someone in all areas of the institution to gain an understanding of how every department of the bank operates and fits together. I recommend they attend an ALCO meeting to gain a better understanding of the importance of managing the balance sheet, monitoring your risk profile and determining how best to generate income to grow in a responsible manner. 50 HOOSIERBANKER
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