Susan Horton: dynamic leader
Eight years ago, two of Wheatland Bank’s directors took Susan Horton to lunch at a downtown Spokane deli.
The men wanted to hire the 37-year-old CPA as president and CEO for the bank. Their offer, handwritten on a napkin, simply said, “Whatever it takes.”
Horton, who at that time was a partner at McFarland and Alton PS, asked the directors what the small-town farmers who made up the bulk of their customers and shareholders would think.
“They said, ‘We don’t know what all the guys are going to think, but the women are going to love it, and they’re the ones who control the money,’ ” Horton recalled.
Horton also asked them if the bank wanted to stay independent, knowing she wouldn’t want the job if the goal was to sell to a larger institution.
Since becoming president and CEO of Spokane-based Wheatland, which is owned by 350 private shareholders, Horton, now 46, has overseen a team that has expanded the once agriculturally centered bank into new markets in Spokane and central Washington catering to a broader base of businesses and clientele. Wheatland, which operates 10 branches, recently hired 10 experienced bankers in Wenatchee and Yakima to open new branches in both markets.
The goal of Wheatland’s management and directors is to grow organically and remain independent. That strategy, under Horton’s leadership, led to $102 million in asset growth, to reach $172 million.
Wheatland’s lending practices were credited with sparking an urban housing resurgence, after the bank loaned money for an early condo project in downtown Spokane – the Blue Chip Lofts.
Horton’s accomplishments were recognized for a fifth year by U.S. Banker magazine, which again ranked her as one of the top 25 women in banking. She is one of only nine women in the nation to make the list every year since its inception.
Editor-in-chief Holly Straeel, said the magazine’s staff looks at the institution’s financial performance over the past few years as well as the candidate’s management style, and job complexity, among other criteria. Horton demonstrates strong banking principles and has an inclusive management style, Straeel said.
“She’s got the whole package,” Straeel said. “She has had a heck of a performance.”
Horton’s journey to CEO began as a child when she watched her mother, a single parent, work her way up from a waitress at Black Angus to a regional manager.
“My mom taught me the value of working hard and getting an education,” she said.
Horton worked her way through Washington State University, graduating with a business administration degree with an emphasis in accounting and passing the CPA exam even before receiving her diploma.
Her academic excellence earned her a job offer from Touche Ross, an international accounting firm that was based in Seattle. But Horton missed Eastern Washington and four years later accepted a job at McFarland Alton PS in Spokane. Having specialized in banks at Touche Ross, Horton spent countless hours driving through Eastern Washington to round up banking clients for her new firm. By the time she was hired at Wheatland, she was overseeing the financial institutions practice and working with 50 companies.
During her career, Horton said she never encountered a glass ceiling and credits her philosophy on banking and managing people to a series of mentors, including her late husband, Stan Horton, who helped her foster an entrepreneurial spirit and taught her to take risks.
“The greatest loss and hardship in my life has been the loss of my husband,” Horton said. “He was my strength and my rock.”
Another mentor, Lowell Ruen a former partner at McFarland and Alton, helped her evolve a management philosophy for retaining a loyal staff of hardworking moms.
“He believed in providing part-time schedules, work-at-home schedules and more flexibility for women,” Horton said.
As a widow raising a 6-year-old daughter, Horton said, her child is the top priority and greatest joy in her life. “I give the moms flexibility here, and we get (industry) awards for it, because I live my life that way too.”
She credits the success of Wheatland to about 90 employees, including other influential women such as Allison Yarnell, chief financial officer and senior vice president and Terri Riley Brown, vice president of administration.
Horton’s people-friendly philosophy means hiring the right team to lead a bank well before even drafting plans to build a branch.
“If you invest in the people, you will ensure that your customers get the very best service and that your shareholders get the very best returns.”