6 minute read
Simply the Best
Last February, officers of Citizens National Bank met with the team. From left are team advisor Dr. Matthew Whitledge, team members Jake Mlsna and Liam Benson, CEO Archie McDonnell, team members Kirk Wright and Juan Benavides, CFO Jeremy Stringer and team member Byron McClendon. Photo courtesy of Matthew Whitledge.
By Kirsten Shaw
The Bulldogs brought home a national title last spring. “When they announced third place and then second place, I was thinking that we had probably gotten fourth or fifth,” recalls team member Juan Benavides. “Then they announced that we had won, and I was ecstatic. I was at my new job and flipped out!”
The contest was the national Conference of State Bank Supervisors’ (CSBS) Community Bank Case Study Competition. The winners were five MSU finance students – Benavides, Liam Benson, Byron McClendon, Jake Mlsna and Kirk Wright.
“This shows that Mississippi State University students can compete with any student nationally,” states Dr. Matthew Whitledge, Assistant Clinical Professor of Finance and team advisor. “Our good quality, intelligent, hard-working students are exactly what leading employers are looking for. This team represented MSU very well!”
“I feel honored and grateful to have won this for MSU,” Benavides says. “The aftermath was super exciting, especially getting recognized by the governor and many other prominent leaders and business executives.”
The competition is a component of the Community Banking in the 21st Century Research and Policy Conference. This invitation-only annual summit is sponsored by the Federal Reserve, the CSBS and the Federal Deposit Insurance Corporation (FDIC). As the nation’s premier conference for community banking-related research, it gathers regulators, bankers, academics and policymakers and features speakers like the Federal Reserve and FDIC chairs.
The conference’s first collegiate case study competition was held in 2015 among four teams. This year, 37 teams competed, representing 33 schools across 18 states. The focus was the impact of the Bank Secrecy Act and Anti-Money Laundering requirements on community banks.
“The competition is a way for students to look at a real world problem and engage local community leaders to address the proposed question,” says Whitledge. “The topics are typically ones that impact community banks differently than larger banks.”
Whitledge is no stranger to the conference. He was invited to attend in 2015 as an Emerging Scholar, a program established that year to support PhD students whose dissertations focus on a banking-related topic. The following year, he presented a paper at the meeting, along with a fellow PhD candidate and a faculty advisor.
Community banks are a part of the fabric of Mississippi and its economy. There are 65, representing 92 percent of the total number of banks.
“Community banks are more easily identified than described,” shares Whitledge. “But they develop relationships with their customers, whereas larger banks are more transaction based. [Community banks] are based in the communities where they make loans and understand the challenges of living there. In Mississippi, it means they have to understand its people and its economy, which includes tourism, agriculture and education.”
To join MSU’s team for the competition, students submitted applications, and Whitledge selected them based on GPA, previous coursework, interest in banking and faculty recommendation. Team sizes are limited to five, all undergraduates.
Each team composes a paper that assesses the financial performance of a particular bank, addresses the topic question and makes policy recommendations. (An accompanying video presentation requirement was waived this year due to COVID-19.) Entries progress through several rounds of judging by regulators, bankers and academics, who use a published rubric.
The Bulldog team’s study focused on Meridian-based Citizens National Bank (CNB), whom they found to be an enthusiastic partner. In February, the students were invited to headquarters to meet with CEO Archie McDonnell, CFO Jeremy Stringer – a 2007 MSU banking and finance graduate – and Kelly Menard, Vice President/Compliance Manager.
“The bank was wonderful – accommodating and helpful at every level,” notes Whitledge. “The top officers spent over an hour talking with the team. Bankers who are early in their careers don’t typically have that kind of access to leadership.”
Benavides and Wright at CNB’s Meridian headquarters in February
Photo courtesy of Juan Benavides
“What stood out most to me was the professionalism of these young men,” comments Stringer. “I was extremely impressed with their dedication to turning in a top level project and making themselves and their University proud. They were given a very complex and difficult banking subject, and they were able to figure it out and produce a quality paper that will be useful to people in the industry. It was an honor to work with them. And I always like to see my school win!”
The CNB Board of Directors conferred special recognition on the team, honoring them with an official resolution in July.
The students met weekly during the spring semester, going virtual when campus closed after spring break. Working remotely was a challenge at which they excelled, coordinating efforts from three cities in two time zones. They were committed to the project, keeping at it even after the semester ended and several had graduated.
“All of my teammates were great to work with,” says Jake Mlsna. “I didn’t know any of them prior to this, and I wasn’t sure what to expect from the whole experience. All the guys are very hard workers, and I never felt like someone wasn’t doing their part.”
“This experience helped us gain valuable knowledge on how to interact with the ‘higher ups’ in an organization,” adds Benson. “It also was a great way to gain experience with professional writing and research.”
As the 2020 winners, each student and their advisor received a $1,000 scholarship. The team was invited to present their findings at the conference, along with a representative from CNB. Usually held at the Federal Reserve in St. Louis, this year the event convened online in late September. Their paper is also being published in the 2020 CSBS Journal of Community Bank Case Studies.
Simply participating in the competition is a plus for the résumé, but the ability to claim being best in the country is a tremendous advantage.
“I’ve witnessed winning students receive multiple job offers on the spot after they presented at the conference,” observes Whitledge.
“This has been a great experience for me and my career,” Mlsna remarks. “In March, I applied for the Swayze Award [presented by the Mississippi Young Bankers to the state’s top banking student], and I think that the CSBS competition is a very large factor in my winning it. I also feel like working in the competition helped me get my current job at Renasant.”
Mlsna is a Tupelo-based Enterprise Risk Management Analyst for Renasant Bank. Most of his teammates likewise have launched their careers. Benavides is a Credit Analyst at Planters Bank in Indianola, MS. Benson is now in Auburn, ME, working as the Secondary Market Coordinator in the mortgage department of Androscoggin Bank. McClendon is with the Mississippi Division of Banking and Finance, training to become a bank examiner. Kirk Wright is in his final semester as an undergraduate. He served over the summer as an internal audit intern at Blue Cross & Blue Shield of Mississippi.
The team’s success can be credited to exceptional individual skills, as well as respect for one another’s talents and appreciation of the resources backing them up.
“Our team was filled with some of the best students in the Finance Department,” states Benavides. “These guys are intelligent, competitive, passionate and hard-working. Dr. Whitledge showed support and gave incredible advice throughout the whole process. Our professors were there when we had questions and were very supportive.
“The win could not have happened without the substantial professors, exceptional resources and the quality of education that is given through the College of Business.”
