Jim Reber: ICBA Securities’ New Endorsed Broker-Dealer

Jim Reber: Ryan, what a difference a couple of months makes. Last fall, ICBA Securities’ board of directors asked management to study the depository fixed-income broker market and make a proposal for a relationship that would carry ICBA and its members into the future. From that, we identified The Baker Group as the first best option. The board agreed, and after a couple of months of negotiations, we sealed the deal in early March. Tell us about The Baker Group and your multi-decade career with one firm.

Ryan Hayhurst: The Baker Group was founded in 1979 by a community banker who saw a need for a firm that could help community banks manage their interest rate risk through investment portfolio management. Today, we have grown to one of the largest, independently owned, full-service broker-dealers serving community banks nationwide with a focus on education, asset-liability management and investment portfolio management. 

Much like how our clients are community banks, I like to think of us as a “community broker-dealer” focused on the needs of the customers we serve rather than an out-of-state owner that only cares about the bottom line.  

As for me, I joined The Baker Group in 1991 as a wet-behind-the-ears college intern, and I immediately fell in love with the people and culture that make up the Baker family. Thirty-five years later, I couldn’t imagine ever working for another company.

Jim: Next, what can you tell us about Baker’s interest in and response to ICBA’s invitation to submit a proposal last year?

Ryan: We were thrilled when ICBA reached out and asked us to submit a proposal to become the newly endorsed broker-dealer for ICBA Securities. As you know, The Baker Group was a finalist back in 1988 when ICBA selected its first endorsed broker, and unfortunately, we came in second place. 

But we didn’t give up. We developed new and better tools, we expanded our education platform, doing 50 to 70 events a year, and we focused on what community banks needed. Thirty-seven years later, the opportunity came around again, and we jumped on the chance to submit a proposal. 

Community banks are the lifeblood of America, and this endorsement will allow us to take our shared mission of serving and supporting community banks to an even bigger audience.

Jim: Many of our readers know there has been another twist to this ICBA Securities–Baker Group arrangement, which is that I joined the Baker team effective April 1. 

I, too, have had a terrific run with one broker. I started as an ICBA Securities sales rep in 1992 and succeeded the legendary C.J. Pickering as president and CEO in 2005. ICBA was a fantastic employer, and I got the best of both worlds in my view: a position in the bond business where I’ve got some history (notoriety?), and continued collaboration with some of the best in the business among all three ICBA pillars: advocacy, innovation and education. So, there’s a lot to be said for continuity. (And I’m working on the “we” and “they” pronouns as I transition, so be patient.)

Ryan: I can’t tell you how excited we are to have you join the Baker team. Your experience, reputation and integrity are unparalleled in this industry. In fact, once the announcement was made that we would become the new endorsed broker for ICBA Securities, the very first question every banker and state association asked me was, “Is Jim Reber coming to Baker?” I am proud to say, “Yes!”

Jim: We should also tell our readers they’ll be seeing some changes to this Portfolio Management column. One of the many reasons Baker was invited to contract with ICBA is its deep bench of strategists and speakers. What are your plans for Independent Banker, and what can you tell us about Baker’s commitment to community bank bond education?

Ryan: Education is one of our pillars, along with investment portfolio and asset-liability management. We remain committed to continuing our long history of providing in-person and virtual education programs designed specifically for community banks. 

As for this column, we plan to continue your legacy of providing valuable (and entertaining!) investment insight, but through a range of contributors. You’ll be hearing from not only me but also several other members of our Financial Strategies Group.

Jim: Let’s not forget about Baker’s capacity to partner with ICBA’s state affiliates, which was a matter of high rank in the selection process.

Ryan: That’s right. We understand just how important state banking associations are to community banks. We are bringing endorsements from ICBA state affiliates in Illinois, Texas, Indiana and Alabama into the mix, so we know what it takes to work with these associations as they fight for community banks in their state. We have partnered with state banking associations for more than four decades to provide industry-leading education and financial support, and we look forward to working with all 34 state associations that endorse ICBA Securities.

Jim: Very good. I am honored that The Baker Group offered me this position, and I intend to remain visible to ICBA members and attend conventions whenever practicable. In the near term, my objective is to get Baker integrated into the ICBA extended family as efficiently as possible. I’m beyond excited about this new chapter for ICBA Securities and The Baker Group.

Ryan: I couldn’t agree more, Jim. Welcome aboard!

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