At least someone benefited from the terrible economy.
Luke Longhofer, a loan review officer at First Financial Bankshares Inc. of Abilene, Texas, recently won a $2,500 scholarship from the Southwestern Graduate School of Banking. He was also named the 2011 valedictorian of the school, which is part of Southern Methodist University.
He credited his success to the insider's view of the banking world that he gained as an employee of the Federal Deposit Insurance Corp. His eight-year stint overlapped with the financial crisis.
"I was seeing banking at all levels," said Longhofer, who served as an examiner and a senior financial analyst. "And since we were in one of the worst conditions for banks in history, I was able to see things that some bankers maybe have never seen. This gave me a leg up."
The James B. Gardner Commerce Street Capital Scholarship is awarded to second- and third-year students who demonstrate academic excellence and leadership. First Financial received the grant since it paid his tuition and will use the funds for future scholarships for employees, Longhofer said. The bank gave him a portion of the money; he declined to disclose the amount.
Longhofer's work experience was a drawback at times. He learned something about many aspects of banking but lacked detailed knowledge of them, he said. Graduate work afforded a chance to deepen his understanding of lending and other business lines.
Longhofer plans to continue working in his current job. His department at First Financial reviews all of the bank's loan portfolios and evaluates complex and larger loans in detail. He started there nearly a year ago, and his co-workers welcomed him warmly, he said.
"Everyone is like family here," he said. "They are not unwilling to point out bad things but they also spend more time pointing out the good things."
