After a 44-year banking career, E. Michael Farrell, Chief Operating Officer at First Security, is retiring.
Farrell graduated from Newton High School and attended Wartburg College, where he graduated with a double major in Accounting and Business Administration. Not long after graduation, he became licensed as a Certified Public Accountant.
After working at a local CPA firm for a short time, Farrell chose to start a career in banking. He began by working for a savings and loan association in Waterloo. Since his introduction to banking, Farrell has worked for 5 different banks. One of his favorite memories includes helping to create and open two of them. Farrell has been involved with capital acquisition, mergers and acquisitions, managing banking operations, and managing the finance and treasury functions of his banks.
While building his career, Farrell completed a Master of Business Administration program at the University of Iowa and graduated from the School of Banking in Boulder, Colorado. Additionally, he worked as an adjunct accounting instructor for Upper Iowa University, Wartburg College, and the University of Northern Iowa.
In 2010, he discovered First Security Bank was seeking a Chief Financial Officer. He knew of the strong reputation of the Herbrechtsmeyer banking family and thought it would be a great fit. He soon accepted the position and has since been instrumental in several large developments at First Security. On the retail side, he helped to implement First Security’s Kasasa products. He also assisted First Security in purchasing Hampton State Bank and opening First Security’s newly built office in Manly.
Most recently, he was a major advocate and coordinator of First Security’s “Team Lending” concept. With Team Lending, First Security’s ag/commercial lending group is comprised of two teams that are responsible for an assigned bank territory. It ensures that bank customers have multiple points of contact, not just their primary lender. Any member on the team can assist a borrowing customer.
“Mike was a perfect fit for us as our first CFO. He will be leaving quite a legacy behind in this bank,” said First Security President/CEO, Kurt Herbrechtsmeyer. “He has been a selfless teammate and a trusted advisor to so many.”
When not at work, Farrell spent many years as a volunteer for several organizations. He was the Hawkeye Chapter Chairman for the American Red Cross and served on the board for over 18 years. He was also a board member for the American Red Cross Blood Services in Waterloo, the Albia Community Betterment Corporation, the Albia American Cancer Society, and the Cedar Falls Chamber of Commerce. He also served as President of the Waterloo Sertoma Club, as a finance committee member for a Waterloo Girl Scout Troop, and as a volunteer tennis coach at Albia High School. As a member of the Westminster Presbyterian Church, he served as a trustee, personal committee member, pastor nominating committee member, Sunday school teacher, and choir member.
In their personal lives, Farrell and his wife of 49 years, Sharon, enjoy ballroom dancing. They also recently purchased an acreage in Waterloo where they enjoy spending time and working outside. Farrell is also an avid collector and looks forward to pursuing new hobbies.
Herbrechstmeyer added, “Mike is going to be truly missed in a lot of ways, but we’re happy for him to have more time to enjoy his family, play tennis, and finally train his dog, Harry.”
With his retirement starting on May 1st, Farrell will soon have more time for just that.
First Security Bank & Trust has locations across North Central Iowa and headquarters in Charles City. Member FDIC.
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