Knowledge Center

The Bottom Line – On Values

On Values


Not just getting things done – getting them done well

Rules and regulations provide the guardrails of governance for financial institutions and capital markets, and these statutes are critically important to be sure.

But it’s credibility, conscientiousness, and competency that drive real compliance – and excellence – in any financial institution. It’s about keeping promises, being meticulous about details and being the best at what you do.

As our late Chairman Byron Thompson was fond of saying, “There’s a huge difference between getting something done – and doing it well.”

That’s a sentiment we live by every day at Country Club Bank. And we strive to do things well by observing a specific set of core values. Not only do these values point us in the right direction, but they also guide us on how we should treat our colleagues, our clients and other stakeholders in all dealings and decision-making.

From hiring, to relationship-building, to community support, these core beliefs remind us not just where we want to go but how our actions impact the journey along the way.

Our core values are:

Integrity – we’re trustworthy and true to our word.

Achievement – we pursue excellence in our work.

Compassion – we care about people and what matters most to them.

Enthusiasm – we’re eager and intentional about what we’re doing.

Teamwork – we learn, share and work together efficiently and courteously. 

But why is it important to articulate core values? 

Because when you talk about them, you’re more likely to live by them. And that makes a difference in how we conduct business and support Kansas City and its surrounding communities. These values define us and lead us on the path to continued stability, growth, community involvement and giving back.

They remind us that we must continue to get things done and get them done well.

— Joe Close, President 

 


Economic Insights


Inflation and interest rates have gotten all the press, but what about employment? Early indicators are emerging.

Interest rates and inflation have been the main show for some time now since they are such visible and influential indicators, but the employment picture is now showing some signs of shifting as well.

In case you missed it, the Fed raised interest rates by 25 basis points during its meeting on March 21st, to bring the Fed Funds Rate to 4.75% - 5.00%. Inflation in February also dropped to 6.0%, down from 6.4% in January, positive but still not enough to ease concerns.

Now employment is starting to show early signs of movement, particularly with construction job openings. Open construction jobs in December of 488,000 dropped to 248,000 in January, according to the latest data from the Bureau of Labor Statistics.

The ripple effect of higher interest rates appears to be starting to impact employment. Higher interest rates reduce building permits and housing starts. Fewer permits cause construction job listings to decline, and construction jobs lead employment in the broader economy.

All of which means we’re likely to see a continuing uptick in the coming months in the overall unemployment rate currently at 3.6% as reported for February. That’s up from 3.4% in January and vs the Federal Reserve’s guidance of 4.5% by year-end.


Marcus Scott photoBottom line: Though the Fed raised rates by only a quarter of a point in March, look for rates to continue to go up (or at least remain at elevated levels) until there is clear evidence that inflation is under control. And expect unemployment rates to edge higher, too, as leading indicators are starting to point to a softer job market.

 

 

— Marcus Scott, CFA®, CFP®, Chief Investment Officer (CIO) for The Country Club Trust Company

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

Certified Financial Planner Board of Standards Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design), and CFP® (with flame design) in the U.S., which it authorizes use of by individuals who successfully complete CFP Board's initial and ongoing certification requirements. The opinions and views expressed herein are those of the author and do not necessarily reflect those of Country Club Trust Company, a division of Country Club Bank, or any affiliate thereof. Information provided is for illustrative and discussion purposes only; should not be considered a recommendation; and is subject to change. Some information provided above may be obtained from outside sources believed to be reliable, but no representation is made as to its accuracy or completeness. Please note that investments involve risk, and that past performance does not guarantee future results.

 


Treasury Management Center


New Dual Pricing cash or card option empowers consumer choice, reduces card processing fees

Looking to reduce your processing fees by offering your customers a choice of payment method?

Now you can with our cash or card Dual Pricing program. Dual Pricing enables the option of offering the cash price or card price on a terminal, virtual terminal, mobile app or an electronic invoice.

Consumers gain a clear choice of payment method, and businesses can reduce or eliminate out-of-pocket costs for card processing.

Program benefits include:

  • Eliminate or lower out-of-pocket processing costs.
  • Low-cost ability to accept ACH transactions with virtual terminals.
  • Back-office reporting provides details for reconciliation.
  • Available for Invoicing, Terminal, Mobile4 and Virtual Terminal transactions.

Click here to find out more about Dual Pricing and other Merchant Services to help your business process payments and improve cash flow.

 


Client Success


Jack Stack Barbecue Continues to Grow With the Highest-Quality Foods, Systems – And Capital from Country Club Bank

When Case Dorman was 16 and took his first job at Jack Stack Barbecue, little did he know it was the beginning of a journey that would eventually lead him to buying and becoming CEO of one of the area’s best-known barbecue brands. Since then, he’s created one of the most successful multi-faceted food companies in the Midwest that includes six restaurants, an event center and its own line of Jack Stack rubs, sauces and prepared foods sold nationwide.

Like many great entrepreneurs, Case Dorman started humbly and modestly at the company that would eventually become his life’s work.

For Dorman’s first day on the job at Jack Stack Barbecue – Mother’s Day – he was assigned to serve beans on the buffet line.

After nearly being fired that day by the original owner Jack Fiorella for serving cold beans, Dorman went on to marry Jennifer Fiorella (Jack’s daughter), rise through the ranks and purchase the bustling Martin City location along with other company assets in 2009.

“Jennifer and I always loved the business, the food, the loyal following and the potential for new growth,” Dorman said. “And we had a vision for new locations, products, events and catering and other ways of diversifying.”

Their vision has been realized and continues to expand. With six Jack Stack restaurant locations spread across the Kansas City area, Fiorella’s Event Center, a full line of rubs and sauces and its own meat processing facility, the company has grown to more than 900 employees.

This expansion and growth have required significant capital over the years. For his real estate, equipment, inventory and credit line financing, Dorman relies on Country Club Bank.

“After we bought the company in 2009, we knew we wanted to work with Country Club Bank,” Dorman said. “Their family values, solid fundamentals and emphasis on relationships have made them the best locally owned bank in Kansas City.”

Dorman said the attention to detail, steady leadership and deep commitment to Kansas City are other reasons he continues to collaborate with the Bank.

“They’re local, we’re local, and we’re both heavily involved in making our communities better with new ideas, new investments and new jobs,” Dorman said. “That kind of common ground means a lot to us and that’s why we work with Country Club Bank.”

Smart Supply Chain Strategies That Ensure Availability and Cost Control

When the pandemic hit, Dorman and his meat buyers were prepared. With its own meat processing facility, and long-term buying contracts with the country's biggest meat packers, Jack Stack was able to keep restaurants stocked and prices in check.

“Everybody has seen the problems with supply chains and we’ve had our challenges in certain areas like everyone else,” Dorman said. “But our dedicated protein buyers have done an amazing job of connecting with the best suppliers and creating long-term futures agreements that allow us to lock in prices and guarantee supply.”

The stability in its protein supply has also allowed the company to expand into more pre-packed and prepared foods for grocery and online sales.

“Our packaged foods and partnerships with grocery stores have grown nicely with our steady supply, new channels and new products,” Dorman said. “And it all takes capital from a good partner like Country Club Bank.”

Consistent with his supply chain strategy, Dorman and his team, which now includes his two adult sons, Taylor and Keaton, are always thinking ahead and looking to expand.

Fiorella's event and catering facility not only provides an excellent option for weddings, meetings and corporate events, but also creates a valuable food, beverage and service innovation lab for the rest of the organization.

Restaurant locations are always under discussion, and new extensions of the Jack Stack brand into packaged and prepared foods are in the works as well. All of it requires growth capital.

“We’ve got big plans ahead and Country Club Bank is a vital growth capital partner,” Dorman said. “They’re smart and engaged, they’re a pleasure to work with and they care about our success.”

 

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