Client Feature: Receiving platinum service from a down-home bank for modern times
WM Kelley looks back on more than 40 years of banking with First Financial
Mike Kelley has received one paycheck from one company his entire life: the WM Kelley Company. Founded by Mike’s father in the 1960s, the company primarily builds a variety of conveyors for airports, fulfillment centers, and manufacturing facilities. When Mike and his brother Fred stepped into leadership roles in 1976, they wanted to forge their own professional relationships, including a bank of their choosing. They moved to First Financial Bank, and through the many ups and downs and economic cycles that the company has faced since, Mike has found the bank to be a valuable resource, always ready to help him reach his business goals. Learn more about commercial lending solutions.1
The Problem
After 30 years of a reliable banking relationship, the financial crash of 2008 hit. While the crisis largely centered around the housing sector, waves of impact rippled through other industries. Many peer companies reacted by re-evaluating growth plans and hunkering down to ride it out, but Mike didn’t think that was the right move for the WM Kelley Company; he did not want to change course, but rather to keep moving forward. But would his bank understand?
Banking with First Financial
Mike remembers the moment very clearly—a milestone when he knew he was working with the right bankers. In early 2009, First Financial Bank CEO, Archie Brown, invited business leaders to a roundtable to discuss the current environment. In front of all the participants, Archie asked Mike what his plans were to get out of the financial crisis.
“I told him that we did not intend to alter our business plan,” remembers Kelley. “We even had an expansion we intended to talk to the bank about. Our plan was business as usual.”
As Mike recalls, Archie said that his approach was refreshing and gave a verbal commitment to support whatever he and his team decided to pursue. This vote of confidence was one more in a long list of experiences that illustrated the positive, trusting, and encouraging relationship that existed between the WM Kelley Company and First Financial Bank.
Mike’s plan paid off: through the 2010s, each year was better than the next. The company added capacity, built a facility, and managed to take advantage of a few key opportunities that arose. By 2019, they had doubled the footprint of their physical spaces.
First Financial Bank saw The WM Kelley Company through several other major transitions. In 2017, Fred wanted to retire, and Mike didn’t want to become sole owner. Mike had attended seminars and roundtables with employee-owned companies and realized an Employee Stock Ownership Plan (ESOP) was probably a good option.
“We built this company kind of grassroots ground-up homegrown personnel,” Mike explains. “I thought these guys needed an opportunity to share in the wealth. I believe in taking care of your people.”
Mike wasn’t sure how First Financial Bank would respond to the request to fund the ESOP, but they quickly received the financial team’s support. In fact, they were one of the bank’s early ESOP transactions. Working with First Financial as well as their accountant, an ESOP attorney, and a Trustee, the process went well, and employee ownership has been a great fit for the WM Kelley Company.
The thorough support continued through yet another crisis: the COVID pandemic. Mike remembers how proactive his banker was about obtaining PPP loans for the company. Many of his peers in similar roles struggled, working with bankers who didn’t support them through the process.
The future looks bright for this next generation of owners — the company’s own employees. And Mike is confident that First Financial Bank will continue to be a trusted ally, no matter what twists and turns may be in store.
“First Financial is our primary and only bank. They understand our background and our story, supporting us every step of the way,” he asserts. “It is a down-home bank that has the resources to support modern times.”