Living Our Values

2017 Annual Report

Year in Review

Letter from the President

Ken Karels

Ken Karels

Chairman, President & Chief Executive Officer

Sticking to our Core Principles

As we look back at fiscal year 2017, I am once again very proud of the stability of our Company and its results. We live through a daily news cycle full of doom and hysteria, and it’s sometimes easy to lose sight of the fact that most of our markets remain strong and growing. We don’t get caught up in much of the negative sentiment, but I do believe it is a good reminder of how important it is to stick to our most important core principles: putting our customers’ needs first, managing costs, underwriting loan relationships conservatively and compensating our people fairly for a job well done. I believe we achieved each of these over the last twelve months.

From a financial perspective, we continued our track record with another year of net income and earnings per share growth. Net income increased 19.4% to $144.8 million and diluted earnings per share of $2.45 was 14.5% higher than the previous year, contributing to a compound annual diluted earnings per share growth rate of 10.2% since fiscal year 2013, the year preceding our Initial Public Offering. We also grew our tangible book value per common share by 10.0%. Despite having to absorb increased risk management and regulatory compliance costs triggered by growing over $10 billion in total assets, our efficiency ratio remained among the best of our peers at 46.5%.

Diluted Earnings per Common Share 10.2% Compound Growth
Fiscal Year Diluted Earnings per Common Share
FY13

$1.66

FY14

$1.81

FY15

$1.90

FY16

$2.14

FY17

$2.45

We ended fiscal year 2017 with nearly $11.7 billion in total assets, including $9.0 billion in total loans. Deposits also ended the year at $9.0 billion. Customer loan balances and deposit balances increased by 4.1% and 4.3%, respectively, compared to the end of the previous fiscal year. I am proud of the balance sheet growth we delivered during the year, especially in light of the growth challenges we face in some of our rural markets that are very often tied to the agricultural economy. We continue to actively manage our delivery network through consolidation of lower performing branches and focused investment in larger markets within and adjacent to our footprint where we feel like we can effectively deploy our strategy. We also proactively look for opportunities to recruit strong, experienced bankers to successfully develop the Great Western Bank brand and drive growth in both new and existing markets.

Prudent capital management remains one of the most critical responsibilities of our management team. We continue to actively pursue acquisition opportunities and fully expect that acquisitions will be a part of our capital deployment story in the future. Alongside these efforts, our Board of Directors approved a share repurchase program and we took advantage of a dip in our share price to repurchase a modest number of Great Western shares during the year. We also elected to increase our quarterly dividend again as a result of earnings growth and capital generation.

We made progress on a number of critical projects and initiatives during the year that will support us from a risk management and regulatory compliance perspective in the years to come. Most notable among these are the continued development of a robust Enterprise Risk Management system and reporting framework, enhanced loan risk rating and stress testing capabilities, continued investment in securing our data and technology systems and the completion of our voluntary non-public Dodd-Frank Act Stress Test.

For our customers, we launched an online deposit account opening capability and continued to make investments in improving our online and mobile product offerings for both businesses and consumers. In its inaugural year, our Making Life Great Grants program awarded more than $160,000 to deserving non-profit organizations and charitable causes in the communities where we do business. This is in addition to the more than $2 million in annual donations and sponsorships distributed within our nine-state footprint.

In closing, I remain very thankful for our loyal customers and employees that exhibit Great Western Bank’s values on a daily basis and for the stockholders that continue to support our growth and strategic vision.

We are well positioned to continue our longstanding tradition of profitable growth into fiscal year 2018 
and beyond.

Ken Karels

Ken Karels
Chairman, President & Chief Executive Officer

“She helped us through the ups and downs of the market and calmed our fears. We know what our future looks like and this is security for our future. There are things we want to do and I have a lot of confidence in what we are doing and if something is wrong I know she would let us know.”

Tom & Crystal Van Wyhe - Sioux Falls, SD

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Financials

Financial Highlights

“We are proud to report another year of strong financial results to our stockholders. These financial outcomes are the result of the hard work of all of our employees to do what is right for our customers and the organization.” – Ken Karels, Chairman, President & CEO

Net Income

$144.8 Million

or $2.45 per share

Tier 1 Capital Ratio

11.4%

Earnings Per Share

14.5%

Increase year over year

Total Capital Ratio

12.5%

Efficiency Ratio

46.5%

For more financial information, download our PDF.

Community

Our Commitment to our Local Communities

We don’t just talk values we live them every day. We strive to Make Life Great in each of our communities by forming strategic partnerships with charitable organizations and addressing defined community needs across our nine-state footprint.

Our funding targets innovative programs that enhance the quality of life within our communities. Priority consideration is given to programs that target low-to-moderate income families and support the following strategic initiatives:

  • Economic Development
  • Financial Literacy
  • Affordable Housing
  • Workforce Development
  • Adult Education
  • Early Childhood Development

2017 marked the inaugural year of our Making Life Great Grants program. The non-profit organizations highlighted represent a few of our partners who are addressing critical needs within their communities. Visit our blog to learn more about our community involvement at www.GreatWesternBank.com/blog.

Making Life Great Grants

“When you pull back the covers, Great Western Bank is a pretty sizable bank that can do things that are kind of surprising. It is very much a regional bank. In Kansas City, there are not many community banks that are the size of Great Western Bank.”

Byron Whetstone - President & CEO, American Direct Procurement, Lenexa, KS

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Locations

A Regional Leader with 173 Locations in Nine States

Headquartered in Sioux Falls, SD, Great Western Bank was founded over 80 years ago as a hometown, community bank. Now a regional leader with 173 locations and over 25,000 surcharge-free ATMs, we’ve grown, but retain our position as a hometown bank in the communities we serve. For more information on our company visit www.GreatWesternBank.com.

Map of Great Western Bank Locations

At a Glance

  • $11.69 billion in total assets as of September 30, 2017
  • Headquartered in Sioux Falls, SD
  • 6th largest U.S. farm lender*
  • 173 locations in nine states
  • 88% of loans in business and ag segments
  • Big bank capabilities, small bank service

*AS OF JUNE 30, 2017 SOURCE: FDIC

Leadership

Our Leadership

Our leadership team has extensive experience managing financial institutions.

Kenneth J. Karels

Chairman, President and Chief Executive Officer

Ken Karels has served as Great Western Bancorporation, Inc.’s President and Chief Executive Officer and on its board of directors since 2010, as well as the President and Chief Executive Officer and on the Board of Directors of Great Western Bancorp, Inc. since its formation in July 2014. He was elected Chairman in 2017.

Ken is also the Chairman, President and Chief Executive Officer of Great Western Bank and serves on the boards of directors of Great Western Bank and our other subsidiaries. He provides overall leadership and is responsible for executive oversight of our bank.

Ken has 40 years of banking experience and expertise in all areas of bank management and strategic bank acquisitions. He has served in several different capacities at Great Western Bank since 2002, including Regional President and Chief Operating Officer for the bank’s branch distribution channel including agriculture, business and retail lending and deposit functions.


During his executive tenure, Ken has helped grow Great Western Bank from $5.2 billion in assets at September 30, 2009 to over $11 billion in assets today. Before joining Great Western Bank, Ken served as President and Chief Executive Officer at Marquette Bank, Milbank, SD, where he was employed for 25 years.

Ken's qualifications to serve on our board include his operating, management, and leadership experience in the banking industry and as Great Western's President and Chief Executive Officer. He has extensive knowledge of, and has made significant contributions to, the growth of Great Western and our bank.

Peter Chapman

Chief Financial Officer and Executive Vice President

Peter Chapman has served as Great Western Bancorporation, Inc.’s, Chief Financial Officer and Executive Vice President since 2013 and on its board of directors from January 2013 until October 2014, as well as the Chief Financial Officer and Executive Vice President of Great Western Bancorp, Inc. since its formation in July 2014.

Pete is also the Chief Financial Officer and Executive Vice President of Great Western Bank. He has over 23 years of industry experience and is responsible for all aspects of our financial and regulatory reporting together with planning and strategy and treasury management of our balance sheet.

From 2010 until he was appointed as our Chief Financial Officer in November 2012, Pete served as the General Manager, Finance Performance Management & Non Traded Businesses for National Australia Bank Limited's (NAB) Wholesale Banking business. From 2007 to 2010, he served as Head of Financial Control at NAB and was responsible for oversight and delivery of NAB’s external financial reporting and internal management reporting. From 2004 to 2007, he was Manager, and then Senior Manager, in NAB’s Group Accounting Policy team. From 1995 to 2004, he held various roles with Ernst & Young’s Financial Services Audit Division, including Group Manager of its Melbourne, Australia office’s Financial Services Audit practice, and he was seconded to Ernst & Young’s New York office from 1998 to 2000.

Pete has been a Chartered Accountant with the Institute of Chartered Accountants Australia since 1998 and is currently a Fellow of the Institute.

Stephen Ulenberg

Chief Risk Officer and Executive Vice President

Stephen Ulenberg has served as Great Western Bancorporation, Inc.’s Chief Risk Officer and Executive Vice President from 2010 through 2014, as well as the Chief Risk Officer and Executive Vice President of Great Western Bancorp, Inc. since its formation in July 2014. Mr. Ulenberg is also the Chief Risk Officer and Executive Vice President of Great Western Bank. He is responsible for ensuring that risk is effectively managed and overseen across our enterprise.

Steve has 33 years of experience in the financial services industry, including a 24-year career with National Australia Bank Limited (NAB) and its subsidiaries, where he worked in a number of senior positions including frontline business leadership in commercial and wholesale banking, risk management and major, cross-organizational strategic initiatives—at both Bank of New Zealand (a NAB subsidiary) and NAB. Immediately prior to joining Great Western Bank, he was responsible for the leadership of Bank of New Zealand’s enterprise risk management capability across a $60 billion lending portfolio. In that role, he provided related analytics, risk reporting, portfolio metrics, risk insights, asset quality information and oversight of decision analysis, managed provisioning, risk appetite and advanced Basel models and led ongoing enhancements to Bank of New Zealand’s risk management capabilities.

Doug Bass

Regional President and Executive Vice President

Doug Bass has served as a Regional President of Great Western Bank since 2010 and is an Executive Vice President of Great Western Bancorp, Inc. He oversees all of our banking operations within the states of Arizona, Colorado, Iowa, Kansas and Missouri, as well as our wealth management and mortgage banking business lines. In total, Doug has over 34 years of banking experience.

Doug has worked in various capacities with Great Western Bank since 2009 and has expertise in all areas of bank management within Great Western Bank. Before joining Great Western Bank, he served as President of First American Bank Group. Previously he served over 15 years in various capacities with Firstar Corporation, which is now known as US Bank, including as President and Chief Executive Officer of Firstar’s Sioux City and Council Bluffs operations in Western Iowa and as Manager of Correspondent Banking for its Eastern Iowa operations, which also included responsibility for commercial banking and agribusiness lending.

Michael Gough

Chief Credit Officer and Executive Vice President

Michael Gough has served as Chief Credit Officer and Executive Vice President of Great Western Bancorp, Inc. since 2017. Mr. Gough is also the Chief Credit Officer and Executive Vice President of Great Western Bank. Mr. Gough is responsible for the overall direction and operations of the credit department, including loan and portfolio quality, and oversees our commercial credit and collection policies, procedures and processes. Mr. Gough has been employed at our Bank for over 21 years, and has served as Bank's Chief Credit Officer for the past 3 years. Prior to his appointment as our Bank's Chief Credit Officer, Mr. Gough started and managed the Bank’s Strategic Business Services (“SBS”) which managed troubled assets and minimized the Bank’s loss exposure. Preceding his role as SBS manager, Mr. Gough served as the Executive Vice President of Credit for the Bank's South Dakota charter which was thereafter merged with and the successor to the Nebraska and Iowa Bank charters..

Cheryl Olson

Head of Marketing

Cheryl Olson has served as the Head of Marketing for Great Western Bank since 2012. She is responsible for the introduction and implementation of the Company’s marketing strategies and Digital Bank, while providing direct support to our frontline sales team as they bring the Great Western Bank brand to life.

Ms. Olson served as Head of Learning & Development for Great Western Bank through January 2017. She has 40 years of banking experience, including nearly 20 years in senior branch management and regional audit supervisory roles.

Prior to joining Great Western Bank in 2007, Ms. Olson served as Vice President and Regional Training Manager for Bank of the West, Walnut Creek, CA and as Senior Vice President and Learning & Development Officer for Community First Bankshares, Inc. in Fargo, ND.

Andy Pederson

Head of People & Culture and Learning & Development

Andy Pederson has been the Head of People and Culture for Great Western Bank since 2012 and assumed leadership of the Learning & Development team in 2017. He is responsible for all of the People and Culture functions of the bank including performance management, compensation, benefits, recruitment, talent management, staffing, employee relations, and training. Mr. Pederson has 21+ years of human resource experience in which 17 of those have been in banking.

Prior to assuming the Head of People and Culture role, Mr. Pederson held positions of the People and Culture Manager and People and Culture Consultant since he joined the bank in 2009. During his tenure, Great Western Bank has implemented an HRIS system, a performance management framework and developed a formal salary structure and job hierarchy system. Mr. Pederson has been involved in five acquisitions.

Before joining Great Western Bank, Andy was a Senior Human Resources Generalist for Citibank in Sioux Falls, SD for 4 years. Prior to Citibank, Andy served as a Senior Human Resource Consultant for Wells Fargo Bank supporting both Banking and Wealth Management and managed a recruitment team for 5 years. Andy also spent 5 years as the Human Resource Manager for a manufacturing company with locations in South Dakota, Minnesota and Nebraska. Mr. Pederson holds a psychology degree from South Dakota State University. He also has a Master of Science and Arts degree in Human Resources from the University of South Dakota.

Scott Erkonen

Chief Information Officer

Scott Erkonen has served as Chief Information Officer of Great Western Bank since 2016. He oversees all information technology operations within GWB’s nine-state footprint. Scott has worked in the technology and financial services field for more than 20 years.

Prior to joining Great Western Bank, he served eight years as the Head of IT for Home Federal Bank. He has held senior leadership positions with several financial institutions, including First Premier Bank/Premier Bankcard. He has also served as a consultant to several large international financial institutions where he assisted with the implementation of their IT Security and Governance programs.

“They’re always there to support us. We are very happy with our bankers and have a great relationship. They’re always available and communicate with us and support our business.”

Larry Ott - Owner, Gila Valley Lettuce Farms, Yuma, AZ

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Board

Our Board of Directors

The Board of Directors at Great Western Bancorp, Inc. have overall responsibility for building long-term financial performance and value in the company.

Andrew C. Hove, Jr.

Chairman, President and Chief Executive Officer

Ken Karels has served as Great Western Bancorporation, Inc.’s President and Chief Executive Officer and on its board of directors since 2010, as well as the President and Chief Executive Officer and on the Board of Directors of Great Western Bancorp, Inc. since its formation in July 2014.

Ken is also the President and Chief Executive Officer of Great Western Bank and serves on the boards of directors of Great Western Bank and our other subsidiaries. He provides overall leadership and is responsible for executive oversight of our bank.

Ken has 40 years of banking experience and expertise in all areas of bank management and strategic bank acquisitions. He has served in several different capacities at Great Western Bank since 2002, including Regional President and Chief Operating Officer for the bank’s branch distribution channel including agriculture, business and retail lending and deposit functions.

During his executive tenure, Ken has helped grow Great Western Bank from $5.2 billion in assets at September 30, 2009 to over $10 billion in assets today. Before joining Great Western Bank, Ken served as President and Chief Executive Officer at Marquette Bank, Milbank, SD, where he was employed for 25 years.

James P. Brannen

James P. Brannen has been a director since October 2015. Mr. Brannen also serves on the Board of Directors of our Bank since 2015. Mr. Brannen has served as Chief Executive Officer of FBL Financial Group, Inc. since August 2012. Prior to that, Mr. Brannen served for 21 years at FBL Financial in various roles including Chief Financial Officer, Chief Administrative Officer & Treasurer, and Vice President of Finance. Mr. Brannen serves as a member of the boards of the Iowa Business Council, the Greater Des Moines Partnership, Property Casualty Insurers Association of America and the Federation of Iowa Insurers. In 2015, Brannen was named “Outstanding CPA in Business & Industry” by the Iowa Society of Certified Public Accountants.

Frances Grieb

Frances Grieb has been a director since July 2014. She has also served on the Board of Directors of our Bank since July 2014.

Frances has 29 years of public accounting experience with Deloitte LLP, the international professional services firm, including leadership roles as Lead Client Service Partner and Audit Partner. Prior to her retirement from Deloitte LLP in 2010, she worked with a broad array of financial services entities throughout her career. Additionally, Frances has five years of banking industry experience with Packers National Bank, Omaha, NE. She also serves on the National Advisory Board of the College of Business at the University of Nebraska at Omaha and on the Millard Public Schools Business Advisory Council.

Thomas E. Henning

Thomas Henning has been a director since August 2015 and was elected as Lead Independent Director in 2017. Mr. Henning has also served on the Board of Directors of our Bank since 2015.

Tom has served for over 25 years as President and Chief Executive Officer of Assurity Group Inc., a privately-held life and health insurance company. From 1985 through 1990, he served as Executive Vice President of First Commerce Bancshares and President and Chief Operating Officer of its lead bank, the National Bank of Commerce. From 1983 through 1985, he was President and Chief Executive Officer of First Commerce's Overland National Bank subsidiary. Prior to that, he served as a Vice President and loan officer specializing in agriculturally related credits.

Tom also served on the board of directors of Federal Home Loan Bank of Topeka, where he served as Chairman of the Risk Management Oversight Committee and as a member of the Executive, Audit and Compensation Committees. He currently serves on the board of directors of Nelnet, a public education finance company, where he serves as Lead Independent Director, as well as Chairman of the Audit Committee and as a designated financial expert and as a member of the Executive, Finance and Risk Management Committees.

James A. Israel

James A. Israel has been a director since October 2016. Mr. Israel has also served on the Board of Directors of our Bank since October 2016. Israel is a retired senior executive of Deere & Company, where he served most recently as President of the Worldwide Financial Services Division in Johnston, IA. Israel spent nearly four decades at Deere & Company, serving in a number of executive roles including SVP, Sales & Marketing, Europe, Africa & the CIS in its Agricultural Equipment Division and SVP of International Lending. Mr. Israel serves as a member of the Tippe College Advisory Board at the University of Iowa, is a Trustee at Central College in Pella, IA, and serves on the advisory board of the Tippe Business College at the University of Iowa.

Stephen M. Lacy

Stephen Lacy has been a director since August 2015. Mr. Lacy has also served as a member of our Bank Board of Directors since April 2015. Mr. Lacy is the Chairman and Chief Executive Officer of Meredith Corporation, a public media and marketing company serving American women. He joined Meredith Corporation in 1998 as Vice President and Chief Financial Officer. He served as Vice President and Chief Financial Officer until 2006, and since then has served as CEO. He was appointed Chairman of the Meredith Corporation in 2010. Mr. Lacy serves on the board of directors of Hormel Foods Corporation, a public corporation, where he is Chair of the Compensation Committee and also serves on the Audit Committee. Mr. Lacy also serves on the board of the Kansas State University Foundation and United Way of Central Iowa.

Daniel Rykhus

Daniel Rykhus is has been a director since July 2014. He joined Great Western Bank as a director and Audit Committee member in 2011. Dan has served as President and CEO of Raven Industries, a publicly-listed corporation that solves great challenges through innovative, high-value products in precision agriculture, high performance specialty films, and situational awareness markets, since August 2010 and has been a member of the board of directors of Raven Industries since 2008.

He has worked in various managerial capacities at Raven Industries since 1991, starting as Manufacturing Manager of the Applied Technology Division and serving from 1999 to 2008 as the Division’s General Manager and, then, as Executive Vice President from 2008 to 2010.

Dan serves on the boards of directors of several nonprofit organizations.

James Spies

James Spies has been a director since August 2015. Mr. Spies has served as a member of our Bank Board of Directors since May 1983 and is the Chairman of its Trust Committee. Mr. Spies is President of Spies Corporation, a privately-held company that owns, operates, manages and develops real estate, and Spies also owns a number of retail businesses in South Dakota. Mr. Spies has served as a Corporate Director of the Educational Enhancement Funding Corporation since 2002 and has, from 2010-2016, served as a Commissioner of the South Dakota Game, Fish and Parks Commission. He also served as a member on the South Dakota Transportation Commission from 2005 to 2011.

Testimonials

Stories from Satisfied Customers

We love our customers and they have a few nice things to say about us too. Hear what some of our customers are saying about us.

You could say it was divine intervention that led to the marriage of Tom and Crystal Van Wyhe. Both widowed, the transition to a life together seemed like a natural progression. Tom Van Wyhe likes to give at least part of the credit to his bank.

“We found each other through the Trust department at Home Federal Bank,” smiled Van Wyhe, a former board member at the Sioux Falls-based Home Federal Bank. “Our situations were uniquely similar. We met when the Trust department was started so I’d say they are somewhat responsible.”

Change would be a constant for the couple. In 2016, Great Western Bancorp, Inc. acquired the parent company of Home Federal. Tom Van Wyhe was deeply involved with the bank and on the Board of Directors when the merger took place. A well-respected community leader, Van Wyhe is regularly sought out for his business. But switching banks, even in a time of transition, just didn’t make sense. The idea of switching banks never crossed Van Wyhe’s mind, terming the transition with Great Western Bank and Senior Wealth Advisor Kristi Metzger a “natural evolution.”

Crystal Van Wyhe couldn’t agree more. Relying on retirement income meant it was critical to have confidence in a trusted partner like Metzger. Both Tom and Crystal describe their relationship with Metzger and Great Western Bank’s Wealth Management team as steady and secure. They meet quarterly to review their portfolio, make any changes necessary, and look ahead to a bright future – together.

“She helped us through the ups and downs of the market and calmed our fears,” said Crystal. “We know what our future looks like and this is security for our future. There are things we want to do and I have a lot of confidence in what we are doing and if something is wrong I know she would let us know.”

Kansas City is known for its barbeque and blues. It’s also a city where banking giants like Bank of America and U.S. Bank dot each street corner. For business owner Byron Whetstone, finding the right bank wouldn’t be as easy as connecting the dots. The President and CEO of American Direct Procurement, a leading provider of doors, frames, hardware and security solutions, Whetstone was looking for more than just a provider of a line of credit for his growing business.

“In Kansas City, there are a lot of banks,” said Whetstone. “We are almost overbanked in many respects.”

Headquartered in Lenexa, KS, American Direct has a presence in 17 major cities and a national network of partners. The company continues to grow yearly with plans to double the company’s size by 2020.

When Whetstone was looking to refinance a couple of his real estate holdings, he gave Great Western Bank and a few others a chance to bid his business. He requested several things including a revolving line of credit for his not-for-profit venture – Homer’s Coffee House. Whetstone established the Christian coffeehouse in 2008 as the corporate philanthropy arm for American Direct.

“Nobody wanted to fool around with a not-for-profit,” quipped Whetstone. “It’s kind of like loaning money to a church. But Great Western Bank agreed to provide a small line of credit. This clearly indicated to me that we were more than just a business. They understood how important this was to me and that swayed the deal for me.”

This strong relationship resulted in Whetstone moving over a working capital line of credit as well as a term loan to Great Western Bank in June of 2017. American Direct has established deposit accounts, business credit cards and merchant services.

“When you pull back the covers, Great Western Bank is a pretty sizable bank that can do things that are kind of surprising,” said Whetstone. “It is very much a regional bank. In Kansas City, there are not many community banks that are the size of Great Western Bank.”

Gila Valley Farms, run by the fourth-generation Ott family, grows lettuce and other various winter vegetables that are distributed across the entire U.S. during winter months. The vegetable growers homesteaded in Gila Valley, AZ after their car broke down in Yuma, and continue to farm the very same ground to this day. Good thing for the Ott family, they never left the sunny border town.

Moving their banking relationship was more than happenstance. The Ott family started banking with Great Western Bank in 2009, beginning with a line of credit for crop inputs. When their former banker left town, they knew they needed someone with expertise in the Ag industry. That’s when Great Western Bank bankers Denny Pagel and Matt Arnold stepped into the picture.

“They are very prompt and get our loans turned around in a timely fashion,” said owner Larry Ott. “We appreciate the fact that they are flexible with us on all the changes that can occur in the Ag industry. They’re able to adjust our lines of credit throughout the growing season.”

Since moving their banking relationship to Great Western Bank, the Ott family has doubled their farm acres. The Yuma region is unique for farming, as weather provides for year-round farming. In 2017, Gila Valley Farms grew approximately 5,300 acres of summer crops, as well as 5,100 acres of winter produce.

During the winter months, Yuma County provides 90% of the fresh vegetables across the entire country. Therefore, if New Yorkers are eating a salad in December, they can bet with great certainty that it came from the Gila Valley. Vegetable farming is labor intensive, and at times, the Ott family operation employs more than a 1,000 workers during the winter harvest.

“They’re always there to support us,” said Ott. “We are very happy with our bankers and have a great relationship. They’re always available and communicate with us and support our business.”

Nyberg’s Ace second generation owner Kevin Nyberg came into his banking relationship via his father. That was back in 2003. Now nearly 15 years later, Nyberg and his bank have grown together.

The transfer from one generation to another isn’t always seamless. There are often personalities to deal with and family nuances. Then there was the transition from being long-time customers of Home Federal to acquired customers of Great Western Bank when the two banks merged in 2016. This might have been an opportunity to look at a new bank and different product offerings. But owner Kevin Nyberg knew his relationship with Senior Business Banker Terry Cleberg stood the test of time.

“Other banks have solicited our business but I’m comfortable with them [Great Western Bank] and they’re comfortable with me,” said Nyberg.

Nyberg’s Ace has expanded aggressively over the last three years with over 25,000 square feet in additions. This includes a downtown Sioux Falls store that spans approximately 6,000 square feet and expansions at two other stores at 4,500 square feet each. This expansive growth has meant additional needs for banking services. Nyberg uses commercial loans for his real estate and operating expenses plus he has personal banking relationships and utilizes Great Western’s Wealth Management services.

“We’re optimistic about working with a larger bank,” said Nyberg. “The growth together of the Bank and Nyberg’s Ace has meant support in ways that are really important.”

Nyberg’s Ace is synonymous with business royalty in the bustling community of Sioux Falls, SD. Having been active for several generations, the Nyberg family has served on a number of community boards and are often looked to for advice. Nyberg appreciates the fact that his bank also has close ties to the community. Sharing a mission and vision is paramount.

“Having a hometown bank is important to our organization and it always will be important to stay with a local bank,” declared Nyberg.

Stephen Tebo knows a thing or two about commercial real estate. Tebo is the founder and owner of Tebo Properties, a leading commercial real estate developer in Boulder County, CO. Tebo Properties includes more than three million square feet of office, retail, and industrial space in more than 225 properties across the Rocky Mountain state. In addition, the Boulder developer owns one of the largest private car collections in the U.S., which consists of about 400 vintage cars and trucks including Thunderbirds, Mustangs, and Corvettes. To Tebo, having a responsive bank is key.

“I’m impressed with their ability to get it done,” said Tebo. “I value not having to wait. The turn-around in most cases is usually in 30 days. I don’t have to wait for the typical 60-90 days that you see with many of the big banks.”

Tebo is well-known in the Boulder business community and is often seen speaking to different groups. The ability to talk directly to people is important to Tebo. He describes Great Western Bank Market President Gary Geis and Business Banker Kent Nuzum as knowledgeable, flexible and aggressive.

“We are continuously buying buildings and expanding our portfolio,” said Tebo. “We like the fact that Great Western Bank has the ability to expand the lines to meet any particular position. Great Western Bank is big enough to take it on.”

Tebo Properties is one of Great Western Bank’s biggest Colorado customers. Over the past decade, Tebo has grown his relationship five-fold and he sees no end in sight.

“This is a group that will look outside the box,” said Tebo. “They don’t look at the nickels and dimes, they look at the big picture and I appreciate that.”