CANDO, N.D. -- Terry J. Jorde doesn't worry about beating the competition as much as working with it.
"We have to be all things to all people in a rural area," said Ms. Jorde, president and chief executive officer of Cando-based Towner County State Bank. "That is hard to do with 12 employees. The solution is working with other community banks through loan partnerships and other state programs to provide service to the community effectively."
There are three banks in Cando (pronounced Can-doo), which has a population of 1,600. Within a 35-mile radius of Towner County State Bank are eight other independent community banks. With $23 million of assets, Towner County isn't the biggest, but Ms. Jorde wants to make it the most responsive.
Aiming for Diversification
"We are working with the community to diversify our economic base," said the 35-year-old Ms. Jorde. "The real challenge is where we want to be in the future while working with what we have now. Our bank works very economically with the competition on projects to benefit the Cando community."
One example: Ms. Jorde was instrumental in a deal that brought together banks, business establishments, and community organizations in a successful bid to buy the local hospital. Ms. Jorde now sits on the board of the now publicly owned and renamed Towner County Medical Center.
"Community banking is built on pride and providing quality service," said Ms. Jorde. "Reinvestment in the community is the independent bank's first priority. Our growth rate is stable, and we're a strong bank."
Mom-and-PoP Portfolio
Towner County State Bank's loan portfolio is made up of entirely of mom-pop business loans and, since Cando is primarily a farming community, agricultural loans.
However, the bank offers a surprising range of financial services, including credit cards, investment/brokerage products, and insurance products, all of them provided by the staff of 12.
Ms. Jorde said her priorities are enhancing the bank's involvement in the local economic development corporation, employees' self-fulfillment in customer service to the bank and community, and helping to improve the quality of life for the people in the area.
Cando was a one-bank town until Towner County State Bank was established on Nov. 13, 1967. The bank was formed "to provide better service at a competitive price and be responsive to the needs of the community," Ms. Jorde said. "The community felt a need for a locally owned bank in Cando."
Spirited Settlers
The town got its name 100 years ago when some settlers conducted a contest using the slogan "You can do better," from which came Cando.
"The Cando community has a strong leadership with an aggressive professional group," said Ms. Jorde. "Many of our customers are retirees who help support the community."
Ms. Jorde has been in banking for 14 years, all of them at Towner County State. She started as a teller in 1979 and rose through the ranks to president.
Local Industry Leader
She recently completed her term as the first woman president of the Independent Community Bankers of North Dakota, a 96-member organization.
Ms. Jorde is a director of the Independent Bankers Association of America and serve as vice chairman of its bank operations committee. She's also a member of the North Dakota State Banking Board.
"I think more women should become involved in state and national banking organizations" and not focus too much on their local association, Ms. Jorde said. "A lot can be accomplished when we all work together."County State BankAt a GlanceHeadquarters Cando, N.D.Established 1967Assets (*) $23 millionROA (*) 0.98%ROE (*) 11.28%(*) As of June 30
