Tyler Bender, president of Midwest Regional Bank, graduated in 2006 from Saint Louis University with a bachelor’s degree. He earned a double major: business administration with a concentration in economics and history. He studied Regency England (1811-1820), which occurred when George III was too sick to rule, and his son (later King George IV) ruled instead. Coincidentally, Tyler graduated about the time the Great Recession started and began looking at the available opportunities. “Lots of interesting things were going on in the banking world,” said Tyler.
In 2007, the Bank of Otterville was being acquired by and rebranded as Midwest Regional Bank. The Bank of Otterville was a very small community bank in a very small town. (Only 375 people lived there in 2019.) If you aren’t familiar with the town, Otterville is east of Sedalia, Missouri. Sedalia, with a 2019 population of 21,633, is where the state fair is held. Michael Bender, Tyler’s father and the current chair and CEO of Midwest Regional Bank, was involved in acquiring the Bank of Otterville.
Michael had experience with large, commercially focused banks. He knew the bank should increase its focus on commercial banking. Michael needed an underwriter, and he also needed analysis on potential new clients — the exact roles Tyler was looking for after his graduation. “Quite frankly, we were two needs meeting each other,” said Tyler. “I was in the right place at the right time.” Tyler started helping his father, and his involvement snowballed from there. Soon he was the first commercial analyst, but he had to wear other hats, too: work also involved documentation, closings and generating new deals. “It taught me a lot,” said Tyler.
“My father has had a huge impact on me,” said Tyler. “He has mentored me and pushed me to learn everything and make myself better. He doesn’t let me coast at all. He is a lot of fun to work with and is generous with his time. It’s been a privilege and a great experience to work with him the last 14 years.”
Tyler went back to school at the University of Texas in 2012 to earn an MBA. The program lasted two years and meant he had to travel between Texas and St. Louis on weekends while holding his regular job during the week. Life consisted of working, studying and traveling until his graduation in 2014.
The most rewarding part of Tyler’s career is working with small business clients. He enjoys helping a “ma and pa” business expand and helping small platforms grow. Some businesses have grown to the point where they are now working in multiple states. Tyler enjoys being involved with their financial needs.
The pandemic challenged Midwest Regional Bank the same way it challenged everyone. However, Midwest Regional Bank maintained the bottom line and kept everyone on board and in their positions. The bank followed CDC recommendations about cleaning and spacing. Some departments went remote temporarily, and the bank used scheduling tricks to make sure there weren’t too many people in the bank’s buildings at the same time. There were a few one-off cases from outside contacts, but the bank avoided any major infections.
The pandemic may not be over, but it is shifting into a new phase. Tyler thinks banks will have an important role to play in the future. “Banks that plan properly can be set up to do a lot of good,” he said. “It’s going to be tough, but we have a lot to gain in the next couple of years.” He sees it as a time for bankers to find new deals and jump at new opportunities, but he also sees staffing as a problem. “I foresee a lot of issues with the new normal. Finding good, quality people can be difficult, especially since many people are switching industries. The positions people want may not be the positions they can get. It will work out, but we will need patience. We will have to become more efficient, operate on a leaner staff, and fill in the gap with technology. Banks that innovate will do well,” he said. “You have to accept technology and modernize.”
The bank initially had $19 million in assets; it currently has $900 million and several in-state locations. In addition to Missouri, Midwest Regional Bank conducts business in four other states.
Tyler is happy with the bank’s slow, measured growth and an emphasis on small business. In St. Louis, for example, there are lots of small businesses and a great network for getting referrals. “There’s a natural market; someone’s uncle, brother or cousin always works in the small big city that is St. Louis,” said Tyler. Although opportunities are there for large commercial businesses, focusing on the small business community works well with the bank’s structure and lenders.
MIBA membership is valuable to Tyler because the association provides connections. “Especially nowadays,” said Tyler, “bankers generally wear a lot of hats. They have different roles and spend their evenings in the community and with family. They don’t have time to explore on their own or meet vendors several times over. But MIBA makes those connections for you. If you need contacts or connections, seminars or conventions, they can help you with that.”
Tyler strongly recommends attending the MIBA-sponsored seminars and conventions. “MIBA has great educational material and connections,” he said. “I go to as many events as I can. There’s a real feeling of camaraderie, and you have the opportunity to network with people. The human capital you take back is invaluable. Since you never know when you will need something, you build out that network, and that group of people, who can help you and your business. Later on, you may realize that you’ve been introduced to the wonderful tools and resources you need.”
Tyler’s favorite quote is from a wartime speech Winston Churchill gave Aug. 20, 1940: “Never … was so much owed to so many by so few.” Tyler relates to the quote because it reminds him that “I am blessed where I am at. Everything we have as a country came with the sacrifice of others before us. I think you have to remember where you came from, be grateful to the generations before, and look out for the following generations.”
Tyler enjoys golfing, gardening, drinking and collecting wine, and being outside. “I love to be outside,” he said. Tyler has a wife, Kelly, and an 18-month-old daughter named Elizabeth. He spends most of his free time with them, but he and Kelly like traveling and just got back from a Napa Valley vacation; now that he and Kelly are vaccinated, this was the first vacation they’ve been able to take since the pandemic began. His parents and in-laws took care of Elizabeth for them while they were gone. “Elizabeth has a lot of energy,” said Tyler. “We rested and caught up on sleep.”
