Career opportunity comes from local bank
S.J.'s only female bank president, CEO credits
Stockton Savings for opening the way
(Reprinted from The Record, February 7, 2007) By Reed Fujii
Record Staff Writer STOCKTON - Jane Butterfield finished college and was certified as a public accountant but hadn't yet settled on a career. Being a Stockton native, however, she returned to town and got a job as a trainer for American Savings. While Butterfield didn't work directly in lending or
finance, the experience helped her become comptroller at the former Stockton Savings Bank in 1984 and begin her banking career in earnest. "Frankly, you know how life takes you in certain directions that you didn't anticipate," noted Butterfield, who today is president and chief executive officer of Community Bank of San Joaquin, one of a few women leading a California bank. She credits Stockton Savings, which named her its chief financial officer
in 1987, for opening the way for her. "They certainly gave me the opportunity, a huge opportunity," she said. And it provided another opportunity 10 years later, when Stockton Savings merged with Texas-based Guaranty Federal Bank and she was among 78 employees slated for dismissal. "We had this incredible group of people. We knew we had to regroup somehow," Butterfield recalled. That led to the formation
of Community Bank of San Joaquin in 1999, with Butterfield as president. She was named chief executive officer in 2005. Recently, Butterfield said the future for banking in northern San Joaquin Valley looks bright, particularly as the region begins a cycle of rapid urbanization. "This is a hot market," she said. "You talk to any banker who's aware of this area and it is where they want to be." Community Bank is positioning
itself to capture some of that growth, recently opening its first branch office on Waterloo Road east of Highway 99. But the region's hot economy also is drawing increasing competition, according to both Butterfield and Kent Steinwert, who is chairman of the California Bankers Association as well as president and chief executive of Lodi-based Farmers and Merchants Bank. "Larger institutions, particularly those outside the area, see a chance to improve
their positions by investing in some of these smaller institutions," Steinwert said, noting Bank of the West's recent acquisition of Union Safe Deposit Bank and the announcement that Wells Fargo will acquire Placer Sierra Bank, the parent of Bank of Lodi. "In turn, we seen a number of smaller startup banks take advantage of this growing economy," he said. "So banks like Service 1st Bank (another Stockton startup) and Community Bank of San Joaquin have done
well over the last several years because of the growing economy and the demand for the friendly, personal service you get at a community bank." It is difficult for small banks to compete against giant interstate institutions, with their marketing muscle, particularly for individual consumer accounts, Butterfield said. Community Bank, however, focuses on serving small businesses, which appreciate the advantages of having "a local banker who knows the
area, understands the types of businesses found in the area and can respond quickly and personally." "There will be some consolidation," Butterfield allowed. "Having said that, I don't think consolidation is everything. ... As long as you have your agriculture businesses here, they are going to want to deal with their community banker." "People are drawn to community banks because of their local decision-making," Steinwert
agreed. "They can get to know the person making the decisions." Butterfield may be the only female bank president and chief executive in San Joaquin County, but she has an increasing number of peers in the state, Steinwert said. He noted several women lead banks in the state association, including Deborah Meekins of Sonoma National Bank and Anita M. Robinson of Mission Community Bank in San Luis Obispo. Robinson, in fact, is to follow Steinwert as
head of the California Bankers Association. Women helping lead San Joaquin County based-banks include Deborah E. Hodkin, executive vice president and chief administrative officer at Farmers and Merchants; JoAnne Roberts, senior vice president and chief financial officer of Pacific State Bank; and Dana Bockstahler, executive vice president and chief operating officer at Bank of Agriculture & Commerce. Butterfield said banking certainly is a field that has
provided her great opportunity and experiences. And while she has certainly had a measure of success, her favorite part is seeing her customers succeed. "You know what's the best?" she said. "When you have a new business or a business that wants to take it to the next level. And they do it. And you help them do it. That's huge. It's just a great feeling." Contact reporter Reed Fujii at (209) 546-8253 or rfujii@recordnet.com. << Return to What Others Are Saying
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