Taking Place April 13 • Electrification Education Grants • Jobs in Santa Cruz County Q&A With New President/CEO Krista Snelling: First Woman to Lead

COMMUNITY NEWS Q&A With New President/CEO Krista Snelling

First Woman to Lead Locally Owned Santa Cruz County Bank

Krista Snelling, the new president and CEO at Santa Cruz County Bank, describes herself as a math geek and an extrovert.

She double-majored in math and economics in college and went to graduate school at UC Davis to get a doctorate in economics. A year in, she realized she should pivot out of academics. She got her master’s degree, bypassed accounting, and took a job in the audit division at Arthur Andersen.

She enjoyed the work. Her next move was the KPMG audit division.

Her experience working with a client company seeking to go public with an initial public offering led to a job at a bank seeking to go public. The bank then grew through three acquisitions.

She left Sacramento, with her husband and two teenagers to join her in the summer, recruited to become the first woman president at the locally owned Santa Cruz County Bank, succeeding David Heald on March 1.

“I’ve been a math person, I loved numbers — banking is a great place to be,” she said with a smile, holding up her calculator.

Founded in 2004, Santa Cruz County Bank has achieved 10 years of record earnings, top ratings statewide and nationally, grown to $1.4 billion in assets, acquiring local competitor Lighthouse Bank and most recently expanding into Monterey.

Snelling talked with Times editor Jondi Gumz about the impacts from the pandemic and the future for women in banking. Krista Snelling

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Competing with three major national banks, Santa Cruz County ranks fourth in the county with 14% of deposits. What’s your strategy to grow deposits?

It absolutely is a priority. What we’re going to do, the same as always, is build relationships… Not just making loans, but understanding the needs of the business rather than having it be transactional. Competing is easier to do now. One of the initiatives we have is the future of online banking and mobile banking — making sure we’re right there relative to the majors. Use technology to level the playing field, we have the community focus, you get the whole package.

A Harvard analysis found community banks issued almost two million forgivable Payroll Protection Program loans worth nearly $200 billion in three months, representing 45% of the total number and 41% of the dollar value, while controlling only 12% of banking assets. Can you talk about PPP and community banks?

Everything I’ve heard is that community banks crunched above their weight on PPP. The feedback from customers was working with community banks was a lot easier because of having access to decisionmakers and speed to serve.

The PPP loan is a perfect example of the value community banks bring. Customers who had relationships saw the value of having those relationships. At larger banks, the decision-makers are elsewhere, where you are in the queue is harder to get your hands on than at a bank where you have a relationship. I know who to call and can get back to them real quick.

What changes from the pandemic do you think will be permanent? Any idea when employment might recover locally?

There’s a lot of flexibility in where and how people work. People have gotten used to using technology. That entire landscape has changed. People at tech companies are leaving California, going to cheaper areas to live. People have seen they’re just as effective as they were before. It’s going to change the commercial landscape.

I am so happy to see the Santa Cruz numbers improving week by week. I feel there’s a lot of pent-up demand for tourism in this area … People stuck at home for a year want to get out. When will it happen? I’m not sure. I’m happy because I live here now.

What advice do you have for local business owners?

Be flexible, adaptable, willing to pivot. The companies and people who’ve made it are people who did that … I think a lot of that is going to continue. I heard a story on NPR about restaurants with outdoor dining. Now people can eat inside, but they’re saying we want to keep these outdoor spaces.

“Snelling” page 24

Singleton Leaves Business Council

The Santa Cruz County Business During Singleton’s tenure, the Business Council is seeking a new Council worked with its member executive director with the companies and partner organideparture of Robert Singleton zations to advocate on behalf after four years for a senior gov- of many new housing developernment partnerships position ments, ballot initiatives–including at Bird Scooters for the Rockies/ Measures D, H, L, M (oppose) R, Pacific Northwest region. Y, and Z; larger land use plans

Singleton was the Business like the Downtown Plan and SusCouncil’s policy analyst before tainable Santa Cruz County Plan, being promoted in 2017 following the departure of then-CEO Casey Robert Singleton Student Housing West at UCSC and the in-concept approval of Beyer to run the Santa Cruz Chamber of the downtown mixed use library/housing/ Commerce. parking development.

The Santa Cruz County Business “He will be deeply missed,” said Stacy Council is a 501c(6) advocacy organization Nagel, 2021 board chair. n that represents the largest employers in Santa ••• Cruz County, with a focus on housing devel- A hiring committee of members will opment, transportation, homelessness and oversee recruitment. Those interested can email water infrastructure. a resume and cover letter to robert.singleton@