South Dakota banker makes her life her work

Northwestern Financial Review, Nov 15-Nov 30, 2003 by Dullum, Justin

There are people who go to work and then there are people who become their work. Carol McCollam, First Western Bank, Rapid City, S.D., is of the latter stripe.

"She's head and shoulders above," said bank President Bruce Rampelberg. "She has the largest portfolio at the bank. She's extremely well respected throughout the community and throughout our customer base." And she is a 2003 selection for North * Western Financial Review's Outstanding Women in Banking honors.

Next year, McCollam will celebrate 30 years with First Western Bank which, until 2002, was known as American State Bank. McCollam got her first taste of banking in Denver in the early 1960s. After graduating from high school, she and two friends left the small town comforts of Igloo, S.D., in search of work. The friends found jobs at a bank. McCollam worked in a credit department. "I liked the work, but imagine 40-plus years ago, a very unworldly kid going to the big city," McCollam said.

She never grew accustomed to big city life and when her boyfriend asked her to marry, she readily moved back to be with him in South Dakota. After marrying in 1963, McCollam worked while her husband attended college. "We both wanted to go to college, but in those days the man was the breadwinner, so we decided he would go first," McCollam said.

McCollam landed a job in hot Springs as a teller, earning $50 a week. She eventually left the job to pursue a degree of her own. She got two years of college under her belt before giving birth to her daughter in 1971. Two years later, Robert Bock, one of American State Bank's founders, began calling McCollam, persistently asking her if she was ready to begin working again. The persistence paid off.

She took a job there as a teller nine months after the bank opened in 1974. Soon after, she moved into the loan department as a fulltime assistant. In 1978, she was elected assistant cashier and loan officer. Every time the bank gained another million dollars in deposits, the staff held a small celebration. "It was teamwork at its best," McCollam said.

Eventually, McCollam became the bank's vice president, the position she currently holds. She also manages a $40 million loan portfolio. "Working for a small bank afforded me many opportunities," McCollam said. "My greatest reward has been the excellent customer base that I have had the honor to work with and get to know over the years. It's so exciting to see people succeed - to be a part of that. Our customers become friends. It's fun to see their net worth grow. I love that part."

When she's not at the bank, McCollam is contributing to a number of civic organizations in Rapid City. Her community service record is too long to fully list here, but she has chaired the Black Hills Girl Scouts Council, is a board member of the Entrepreneur Network for Women, volunteers for the United Way, serves as bank representative to the chamber of commerce and has taught Sunday school at church.

"Rapid City is a wonderful town," McCollam said. "Because of the size and the work we do, we get to know almost everybody and so the rewards of helping out and giving back are very real," said McCollam, who is also an avid runner.

Her contributions and talents don't go unnoticed by her fellow bankers. "As bank president, I'm involved in a lot of things, but I can't make all of the decisions," said Rampelberg. "It's nice to know you've got a worthy representative of the bank in Carol. You know that wherever she goes, she'll be a top professional and represent us well. It's a real comfort."

Although McCollam has logged enough years in her profession to consider retirement, taking a break isn't likely to happen soon. "My 10-month-old grandson Rex is probably the only thing that could make me think seriously about retirement," said McCollam. "But I don't see that happening for several years. Maybe when Rex is in sports and I'm missing too many games I'll consider retirement."