William A. Daily, Jr. bio:
Mr. William A. Daily, Jr., is the founder and CEO of Riverside Bank of Dublin (RSB). Despite a global pandemic, the organizers of RSB raised $25 million from local investors to capitalize the bank. RSB opened for business in February of 2021. RSB is ahead of budget in most key banking metrics (see below).
With 30 + years of banking experience, Mr. Daily has the necessary education, leadership, organizational skills, and banking experience to serve as CEO, to successfully launch and operate Riverside Bank.
During his 30+ years in banking, Mr. Daily has held the executive positions of chief lending officer, chief credit officer, regional executive and head of commercial banking. Mr. Daily has experience in budgeting, revenue, cost control and reduction and enhancing the bottom line. He has experience formulating policies and procedures, budgeting, managing personnel, strategic planning, compliance, risk management, ALLL analysis, ALCO deliberations and policies, and contributing to funding strategies and related balance sheet structuring decisions.
Mr. Daily's educational background includes a Bachelor of Arts degree in economics from Indiana University, a Masters of Business Administration (MBA) degree from Webster University and is a graduate of the Graduate School of Banking (GSB) at the University of Wisconsin and a graduate of the Midwest Agricultural Banking School at Purdue University as well as completing numerous industry-sponsored courses. Mr. Daily completed a challenging three-year credit training program while at First Chicago/NBD. During his time as a commercial credit analyst, he completed rotations in various lending specialty groups, including a rotation in corporate lending and two rotations in commercial real estate (CRE). Mr. Daily ended his time as a credit analyst as senior real estate analyst and commercial real estate secretary for the State of Indiana.
Since focusing on the organization of Riverside Bank, Mr. Daily has assembled a management team and board of directors specifically targeted to bringing an experienced and deeply connected group of leaders with top reputations within their respective fields who can collectively help fill the increasing void left by the exodus of quality community commercial banks in the Columbus market. His leadership and reputation have been critical in creating the team, strategy and ultimate execution of Riverside Bank. Since the pre-filing, Mr. Daily has met with local businesspeople within the community and customers and has received unanimous positive feedback. Business owners have responded enthusiastically and look forward to the opportunity to become customers of Riverside Bank when it opens, being frustrated with their current banking relationships. This overwhelmingly positive feedback received from the community he seeks to serve demonstrates the acceptance of and desire for Riverside Bank and its leadership, specifically Mr. Daily as CEO.
Mr. Daily has extensive experience with both short- and long-term strategic planning, having been a member of the executive committees at Champaign Bank, Ohio State Bank and Heartland Bank. The strategic direction of these banks and most major bank decisions were formulated, debated, and approved by the executive management committee.
As head of commercial banking at Heartland Bank, Mr. Daily set budgets and implemented strategies and tactics that exceeded all team performance targets and goals for five straight years. Mr. Daily has had bottom line responsibility for the commercial division, which was the largest revenue producing area of the bank and comprised approximately 88.0 percent of total revenues. He directly managed the lending team and sales support teams as well as being a member of the Senior Loan, ALCO, Risk Management, Compliance and Marketing Committees.
Some examples of the successful strategies that were implemented are as follows:
Mr. Daily successfully started an agricultural lending department at Heartland Bank which diversified the loan portfolio and generated significant servicing fee income. He set up programs to mitigate agricultural risk by utilizing Farmer Mac programs and FSA guarantees. FSA guarantees were routinely sold to generate fee income.
Mr. Daily built a network of partner community banks to purchase and sell participation loans. A record number of participation loans were both purchased and sold during his tenure. These loans allowed Heartland to be involved in larger lending transactions and to mitigate risk. Participation loans sold to partner banks generated servicing income for Heartland.
Mr. Daily built Heartland Bank into one of the top SBA lenders in the region. Heartland was recognized by the SBA as one of the top lenders in the region each year of his tenure. Heartland was recognized twice by Ohio Statewide Development Corp ( OSDC) as Community Bank of the Year and recognized twice by Community Capital Development Corp ( CCDC) as Economic Development Bank of the Year. SBA guarantees were routinely sold to generate fee income.
Mr. Daily has extensive experience with board management and reporting. As a member of the executive management teams, he attended all meetings of the Board of Directors at Hometown National Bank, the Ohio State Bank and Heartland Bank. He presented all commercial loans above designated approval limits requiring board approval or ratification. He prepared and ensured the accuracy of loan information for board packets. Mr. Daily routinely participated in board discussions on a wide range of topics.
Mr. Daily was a voting member of senior loan committees at Hometown Bank (committee chairman), Champaign Bank, Ohio State Bank (committee chairman) and Heartland Bank. Mr. Daily has routinely reviewed credits prior to loan committee and assisted loan officers with structure, pricing, and proper loan documentation before closing. Mr. Daily was the point person and worked closely with auditing, loan review and regulatory exam personnel.
Throughout his career, Mr. Daily has managed high value relationships and handled complex credit opportunities for more sophisticated customers. He has extensive experience with retail and commercial lending, attorneys, bank loan documentation, credit and portfolio management and working with closing personnel to ensure loan terms and the related documentation on these credits remained within the boundaries of the approval processes, then-in-place bank policies and applicable law.
Mr. Daily was a member of the ALCO Committee for both the Ohio State Bank and Heartland Bank. Mr. Daily recommended loan policy changes, as necessary and appropriate, in terms of managing the banks' exposure to interest rate risks in the context of the marketplace for loans. Mr. Daily worked with other executives to strategize on ways to increase core deposits and match fund opportunities for certain credits.
Having held the positions of chief lending officer and chief credit officer, Mr. Daily is familiar with ALLL methodology (FAS 5 and FAS 114) and the upcoming CECL and loan impairment analysis. Mr. Daily understands the importance of establishing loan loss reserves that are appropriately reflective of the risk in the portfolio, historical losses in the portfolio, market trends and expected market conditions while also carefully balancing the accounting rules and financial impact to a bank's balance sheet and income statement. Mr. Daily has been responsible for the identification of impaired loans, maintaining the troubled credit watch list and calculation of the FAS 114 portion of the ALLL. Mr. Daily actively monitored and managed concentrations within the Bank's loan portfolio. At various times, loan production efforts and incentive plans were adjusted to shift focus and desirability based on concentration limits.
Mr. Daily' s progressive experience in local community banks has given him prominence in the local business community. This background and experience perfectly position him to be the CEO of Riverside Bank as demonstrated by his success in assembling the proposed board of directors, management team, and the initial capital commitments for the de novo organizational process. Riverside Bank is confident it will be able to raise the required capital.
Below are some of the metrics where the Bank has excelled when compared to the original Business Plan through March 31, 2022:
1. Total Assets are $84,672,437 compared with the original projection of $45,277,000.
2. Total Loans are $53,875,107 compared with the original projection of $30,064,000.
3. Total Deposits are $62,136,905 compared with the original projection of $21,860,000.
4. Total Net Income (Loss) for the First Quarter of 2022 was ($100,717) compared with the original projection of ($185,300).
The Bank expects to be profitable by the fourth quarter of this year, which is 6 months ahead of original projections.
Riverside Bank Website: https://www.riverside.bank/
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