Scottsdale-based Gainey Business Bank has selected Joe Stewart as president and CEO, bringing over 35 years banking experience, primarily in the local market, including eight years at the helm of JP Morgan Chase, Arizona.
“I’m very excited to lead the Gainey Business Bank,” Mr. Stewart said in a prepared statement. “I’ve always been a builder in the organizations which I have worked and building a successful business from the start is something I have wanted to do my entire career. This was the perfect opportunity.”
In addition to hiring a team, Mr. Stewart’s initial responsibilities will include raising capital and obtaining regulatory approvals, according to a press release.
“Joe is exactly the type of CEO we sought; extensive local market knowledge, a successful track record as a results-oriented business executive, a successful organization leader and a strong commitment to the success of Gainey Business Bank,” Jim Unruh, chairman of Gainey Business Bank, said in a prepared statement.
Mr. Unruh became chairman 18 months ago. He is the founding principal of Alerion Capital Group; has previously served as chairman and CEO of a fortune 500 company and sat on the boards of Prudential Financial, Tenet Healthcare and CenturyLink.
“As a small business owner, I have experienced disappointment due to the impersonal nature of the relationship with my large bank,” Mr. Unruh said. “That’s when I decided a community bank that would provide a high personal level of service for the smaller business owner was needed.”
Mr. Unruh said this would differentiate Gainey Business Bank from the competition especially larger banks.
“Exceptional customer service will be our mantra,” he said.
In 2008 there were 32 community banks in the Valley; there are currently 4. State wide there were 53 community banks in Arizona in 2008 compared to 13 today.
“Small businesses have been negatively impacted by this void in the marketplace of community banks serving them,” Mr. Stewart said. “This provides us with an excellent opportunity to create strong relationships with smaller businesses who have limited options. All local decision making and the ability to turn requests around quickly is a key differentiating factor we have over large banks.”
Gainey Business Bank will focus on the small to medium size business market. This will include commercial real estate relationships, especially owner occupied, a release states.
“Community banks are a vital part of our economy with the vast majority of businesses in Arizona being small businesses,” Paul Hickman, CEO of Arizona Bank Association, said in a prepared statement. “There is a great need for additional community banks and the timing could not be better for Gainey Business Bank.”
One of the key target markets for the bank will be Hispanic Business Enterprises, a rapidly growing market segment.
“Greater Phoenix is increasingly becoming more diverse and HBE’s represent one of the fastest growing segments of the small business market,” Gonzalo de la Melena said in a prepared statement.
Mr. De la Melena is the former president of the Hispanic Chamber of Commerce and founder and CEO of Emerging Airport Ventures, LLC. He is also a member of the board of Gainey Business Bank.
The Gainey Business Bank (in-organization) is in the process of raising $15 million to $20 million in capital from the local community. The bank is slated to open in late 2020 or the first quarter of 2021 and will headquarter in the Gainey Ranch area.
Under Mr. Unruh’s leadership, a board and advisory board, comprised of successful business leaders, has been selected with recognition of the significant value that comes from diversity in all aspects.