Annual Report 2022
Legacy Meets Innovation
Our Year in Review: The CEO’s Perspective
Our Year in Review:
The CEO’s Perspective
We’re proud to launch our first 100% digital annual report this year.
This format allows us to share information and stories more engagingly with our shareholders and the public. As you scroll, you can learn more about the latest digital enhancements, the customer-focused company culture we’ve cultivated, community service efforts, and financial performance.
Luanne Cundiff, President and CEO, connecting with staff in a virtual meeting.
In this edition, we invite you to dive into the consultative approach
we take with our customers. By tailoring financial products to fit their needs,
we can position customers for long-term success.
In this edition, we invite you to dive into the consultative approach we take with our customers. By tailoring financial products to fit their needs, we can position customers for long-term success.
All my best,
Service Excellence
In 2022, First State Bank continued to exceed customer
expectations, launching an all-new suite of digital banking tools
to enhance the personalized service we’re known for.
In 2022, First State Bank continued to exceed customer expectations, launching an all-new suite of digital banking tools to enhance the personalized service we’re known for.
Enhancing Our Digital Branch
Fully upgrading our digital banking platform was our top priority in 2022, as more people manage their finances online. Our IT and Customer Care teams understood this would be a major undertaking and would require all-hands-on-deck during the enrollment process. Customer Care fielded 6,887 calls from implementation to 90 days post-launch. The effort would be well worth it. Since the launch, our newly enhanced banking tools have increased our total of digital banking users by an impressive 10%!
Although we are a small business, we want to offer the big bank benefits that customers have grown to expect. We satisfy our current customers and attract new ones by supplying premium services and features. August 2022, we completely relaunched our digital banking experience with a modern mobile app, the ability to transfer money to and from accounts at other financial institutions, set up transaction alerts and reminders, and schedule bill payments. Additionally, we premiered a new service, My Credit Score, allowing customers to monitor their credit scores, access resources, and track disputes.
Like any transition, customers reached out to Customer Care for assistance and to offer suggestions that might improve the digital experience. To streamline customer communication, we deployed Glia, our new live chat feature, as well as the new secure messaging center in digital banking. This allows us to assist them more efficiently throughout their digital banking experience. As First State Bank’s services evolve, we will continue to put the customer’s experience at the forefront.
First State Bank’s All-New Digital Banking Experience
“Online banking is hassle-free since it uses technology on par with all the major banks.”
– Aaron D.
Jill Scott, Business Development Officer and Manager of Fifth Street banking center with Bernadette C., customer and owner of S2C Roofing Company, LLC.
Relationships Matter
For well over a century, First State Bank has understood that our key differentiator lies in the relationships we have built with our customers. Although we recently expanded our digital services to meet today’s expectations, what has not changed and what continues to set us apart is our dedication to delivering an extraordinary in-person customer experience.
In a competitive market and a challenging economic climate, banks must work hard to attract and retain customers’ loyalty. They seek more compelling reasons, beyond interest rates and app design, to entrust us with their hard-earned money. What is this intangible factor? Relationships. Customers must be positively engaged in every interaction, building up relationship equity that results in long-term loyalty.
It all starts with our customer-centric culture and hiring standards. Each First State Bank employee understands that every interaction is an opportunity to meet our customers’ needs by offering a warm and highly personal experience. We often receive customer referrals, which are vital to our success. Branch Manager/Business Development Officer Brett Uhlmeyer agrees, saying, “We build relationships with our customers to ensure that going to our bank is a wonderful experience. We want to make their trip to the bank a pleasant part of the day, not just another errand to run.”
Customer care continues behind the scenes. Every day, the banking center teams meet to review duties, key tasks to complete, and communicate customer needs. Each month, the entire retail banking division meets for high-level strategic discussions that provide education on protocols, procedures, and operational goals to keep the entire team in sync. One month’s discussion may focus on methods to streamline a small business owner’s daily financial operations, while another may focus on strategies to monitor accounts for fraud or irregularities that may signal a customer being impacted by dementia or Alzheimer’s disease. Consistent and proactive communication gives us the tools to help customers in a variety of situations.
Customer advocacy is the heart of everything we do. One of our customers says it best, “First State Bank offers a personalized approach to banking. They understand and care about the needs of their clients. After coming from a big bank where it was difficult to get someone on the phone, I have never been let down by First State Bank’s customer service. The effort and attention I get is unmatched.”
Brett Uhlmeyer, Business Development Officer and Manager, with the tellers of the O’Fallon banking center, during their daily team meeting.
“The service for the last 15 years has been exceptional. We have recommended First State Bank to several friends and our Homeowners Association! All are happy with the results.”
– First State Bank Customer
Outreach
Investment in our communities doesn’t stop
at providing capital. As an organization, we provide
item donations, monetary gifts, and in-person volunteering.
Investment in our
communities doesn’t stop
at providing capital.
As an organization,
we provide item donations,
monetary gifts, and
in-person volunteering.
Committed to Community
Upgrading our digital systems extended beyond the customer experience to improve our operational processes. In years past, our team has worked hard to manually track our outreach activities, donations, and Community Reinvest Act (CRA) initiatives to share this valuable information with customers and shareholders. In 2022, our team temporarily shifted focus from monetary donations to the implementation and launch of a new system to streamline the tracking process, allowing community outreach to focus more on volunteering, donating, and developing community relationships.
Although organization and operational strategy were at the forefront, the First State Bank team emphasized volunteering, totaling 1,797 hours across 38 organizations. Employees also donated supplies and monetary gifts to 12 local organizations.
In 2022, our organization continued our philanthropic partnerships with organizations like the Child Advocacy Center of Northeast Missouri , The Alzheimer’s Walk , Feeding America , O.A.S.I.S. Food Pantry , Community Living , ITN Gateway , and others local and nationwide. First State Bank donations totaled $55,740.35 to 56 organizations.
Heidi Stobart, Communications Coordinator for the Child Advocacy Center of Northeast Missouri, attests to our level of commitment, “First State Bank has faithfully supported the Child Advocacy Center’s mission by sponsoring various fundraisers. We are so grateful to First State Bank for giving back to the most vulnerable in their community.”
Lisa Dunham, Community Relations Officer, helping load donations en route to O.A.S.I.S. Food Pantry in St. Charles. MO.
“I see First State Bank of St. Charles as part of our family.”
-Trayvond Jacobs, Executive Director of ITN Gateway
Financials
First State Bancshares, Inc. and Subsidiary
Consolidated Balance Sheet
December 31, 2022 (Audited)
First State Bank is proud to be twice as capitalized as federal regulations require, giving us a strong foundation and strengthening our position as the community bank you can trust.
First State Bank is proud
to be twice as capitalized
as federal regulations require,
giving us a strong foundation
and strengthening our
position as the community
bank you can trust.
Strong Capital Position
Consolidated Statement of Income
December 31, 2022 (Audited)
Our Mission
To serve as a locally-owned, independent bank providing superior financial services to our community at a competitive return to our stockholders.
Our Board of Directors
CHAIRMAN
David P. Strautz
Retired CEO
First State Bank of St. Charles
VICE CHAIRMAN
Jim Droste
Retired President
Al Droste & Sons Construction
Luanne Cundiff
President & CEO
First State Bank of St. Charles
Chris Goellner
President
Goellner Printing
Jennifer Bouquet
President
J&J Boring, Inc.
Jill Kluesner
President & CEO
LHB Industries
Ray Bayer
Retired President & CEO
MOHELA
Michael Eagan
Retired Senior Vice President
Advanced Technologies Group
John W. McClure
Retired Bank Executive
Mercantile Bancorporation
