Bespoke banking for family-owned businesses

Family-owned businesses — especially those crossing the mark of $10 million in annual revenue — often have unique banking needs. They have the freedom to make long-term investments, but they also face challenges associated with funding for growth, complex family dynamics and the need to manage liquidity events for family members, says Mikel Williamson, the newly appointed president and CEO of First Bank in the St. Louis area. On the ABA Banking Journal Podcast — sponsored by R&T Deposit Solutions — Williamson discusses how $6.7 billion-asset First Bank — itself a family-owned enterprise — supports this sector through its Center for Family-Owned Businesses and wealth planning options. He also discusses the bank's investment in core transformation and open digital banking architecture and his background in Texas banking before joining First Bank earlier this year.