Dale Cole grew up in Garland, Texas, and graduated with a business administration degree from the University of Texas in 1970. He worked as a commercial loan officer at Texas Bank & Trust in Dallas in 1974-79. Cole became senior vice president at McKinney First National Bank in Marshall, Texas, and in 1983-88 served as president and chief operating officer at Banc Texas McKinney.
In 1988-96, he served as chairman, president and CEO of Worthen National Bank in Batesville and Newark. In 1997, he organized First Community Bank.
First Community Bank of Batesville is a $1.1 billion-asset lender with 18 branches in northeast Arkansas and southwest Missouri.
First Community Bank celebrates its 20th anniversary in August. What’s your vision for the next 20 years?
When we started the bank on Aug. 4, 1997, we never dreamed we’d be $1 billion in assets. We passed this milestone on July 31, 2015, and finished 2016 at $1,200,995,004. The regulators have told me I need to prepare for the $2 billion size quickly. Now we can see this next milestone within five to seven years. The next 20 years First Community Bank will continue to focus on relationship banking, and we see our company having probably 50 locations throughout Arkansas, Missouri and probably Texas and Tennessee.
What drew you to a career in banking?
My banking career started in 1974 with the idea that banking would be a great business to be involved in for my family. We had two young children at the time. One of my uncles had been a successful banker, and my dad has served on a bank board of directors.
What are your front-burner issues for the banking industry?
The most pressing issues for the banking industry and First Community Bank are regulatory. The regulatory landscape is changing dramatically, and helping people is more difficult today than ever. The regulators have included the smaller banks in the requirements to mitigate the risks of the mega banks and the Wall Street investment banks. These regulations actually cost the consumers more even though the regulations have been put in place to protect the consumers. Some of these regulations are nonsensical.
Who are your mentors, people who have made a difference in your life?
My parents gave me the foundation of a strong work ethic and the education to carry me to where I am today.
Two CEOs I would recognize who helped my banking career are Grant Hollingsworth at FNB of Marshall, Texas, and Chairman James Stewart at Bank Texas McKinney, who showed me what relationship banking was all about, which is helping people.
Then I watched Wallace Fowler for probably 15 years and learned from the master. Wallace was always willing to talk and guide me when needed.
What has been the most significant change in banking during your career?
The most significant change in banking has been automation of the operations of the bank through electronic banking. I still believe people believe in relationships, and First Community Bank’s success is built on providing a high level of customer service with a personal touch. We have two officers assigned to every customer to provide quality service.
What was your biggest challenge in banking?
One of my biggest was starting First Community Bank. This leap of faith was encouraged by three individuals in Batesville — Howard House, Royce Wilson and John Belew. They all said Batesville needed a community bank. We started with 14 employees, and today we have over 325. We started with $3,452,300 in capital, and today we have over $97 million in capital and assets of $1,200,995,004.