Steve Goodenow, Chairman of the Board, announced that Mary Kay Bates will become President and Chief Executive Officer of Bank Midwest effective December 21, 2017. Mary Kay has been with the bank since 1995 and worked in the financial services industry for over 30 years. In her tenure at Bank Midwest, she has served in multiple areas, including lending, marketing and human resources. In 2014, she was named Executive Vice President and Chief Operating Officer, and in 2016 was named President.
“Mary Kay has consistently demonstrated strong leadership throughout her career,” Goodenow commented, “Recently, Mary Kay led the Bank Midwest team through a planning process that has set our vision for the future with ambitious but attainable goals for the company over the next three years. I’m confident her leadership will drive the results we want to achieve.”
Bates takes on this new role at a critical time in the evolution of banking and financial services. In response to changing market demands, the bank has made finding new technological solutions to better serve customers a critical priority. She has also been instrumental in establishing an Employee Stock Ownership Plan (ESOP) through which employees own approximately 14% of the company. The plan encourages an ownership culture and retains high performing employees.
“I’m extremely honored to lead such a high caliber team,” Bates stated. “We are well positioned for the future, combining a legacy of integrity and strength with a personalized great experience, enhanced with secure digital solutions that simplify life for our customers.”
Bates is active in the financial industry as well as in her local community. She graduated with honors from the Graduate School of Banking in Colorado and currently serves on that institution’s Board of Trustees. She is also the Regional Vice Chair and a Legislative Committee member of the Iowa Bankers Association.
Bank Midwest is an employee-owned organization with 11 locations throughout Iowa, Minnesota and South Dakota. The financial institution has assets of $834 million, and is a full-service financial institution offering loans and traditional FDIC-insured accounts, as well as insurance, investment and trust services. (Investment and insurance services are not deposits, not FDIC insured, not guaranteed by the bank and may go down in value.)