With long-established roots in Fremont County, Wyoming Community Bank is more than experienced bankers. They are your partner, your neighbor, your friend. The people that work there are part of this community just like you and me. They care and it shows in the service they provide. Wyatt Meyer is one of these people.
Wyatt started working for the bank in 2016 as an intern the summer before his senior year of college. “I started at the bank as an intern before I finished school, stated Wyatt. “I have worked in a few different departments at the bank which has helped me learn more about the bank’s operations and get to know our customers better.”
Wyatt is now the Chief Financial Officer at Wyoming Community Bank.
We took a moment to talk with Wyatt about his day-to-day and what makes Wyoming Community Bank great.
Explain exactly what you do and what you love about it.
I am the Chief Financial Officer, so I lead the Accounting and Finance functions at the bank. I am responsible for managing the investment portfolio, preparing internal and regulatory financial reports, preparing the annual budget, and providing financial analysis to help the Bank make decisions. I love that there is always something new to learn in banking, especially during the last three years. We are always working to keep up with new technology, regulations, and banking environments.
Financially, what are the bank’s strengths and weaknesses?
The bank’s biggest financial strengths are its healthy loan portfolio and loyal deposit customers. Banks tend to perform worse when their credit quality deteriorates. Management at WCB has focused heavily on maintaining strong credit quality over the years. WCB also has a large group of loyal deposit customers that have been with the bank for many years. The depositors that have stayed with us through the years have helped us grow into what we are today.
I think the bank’s biggest weakness comes from the economies of scale with our size. Technology continues to get more expensive, and the larger national banks are generally able to spread the cost of their technology further than community banks.
How is the bank preparing for the future? / How has technology changed what you do and how you do it?
The bank is preparing for the future by leaning into new technology and products available in the banking industry. Financial institutions across the country are constantly rolling out new products to provide a better experience for their customers and employees which requires us to be proactive in improving our technology. We completed a core software conversion at the end of 2019 and we have been rolling out new products ever since. I think these products will help WCB provide similar services to our customers as all of the national banks can, and also help us create internal efficiencies in our operations.
Why is it important to understand your company’s external environment and how it might change over time?
The banking industry is a moving target, so you can never get too comfortable with the current banking environment. Specifically, we spend a lot of time at the bank talking about fraud, interest rate risk, and technology. It is important that we put ourselves and our customers in a situation to be successful today, but to also be successful five and ten years from now.
What role does communication play in effective risk management?
I think it plays a huge role. It seems like there is a lot of give and take in the banking industry, so it is important to be transparent with the risks on both sides of a transaction. Communication is also important to make sure the management and board of directors at the bank have a full understanding of what they are making a decision on.
In your opinion, what makes WCB a better banking option?
I think WCB is a better banking option because we are fully invested in Fremont County. A majority of the deposits opened at our bank are reinvested into Fremont County in the form of loans, so we play a big part in the local economy. All of our lending decisions are made locally and we try to help the County succeed as much as we can.
Wyatt grew up in Riverton, Wyoming where he graduated High School as a Wolverine. After High School, he attended college at Casper College and The University of Wyoming where he received Bachelor’s degrees in Finance and Accounting. After college, Wyatt pursued a CPA license and is currently a licensed CPA. Wyatt’s parents still live in Riverton, so he is thankful that he has had the opportunity to return to Fremont County to be closer to them.
“My Fiancé Michaela and I have recently returned to Riverton after spending a year and a half in Lander, so we have been able to enjoy two sides of the County. In my free time, I like to exercise, golf, and walk my dog,” said Wyatt. “Michaela and I adopted a puppy in December, and she has been a lot of fun. Anyone who drives down sunset in the evenings has probably seen Daphne quite a bit this winter.”