Thursday, November 12, 2015
President and CEO
Northwest Financial Corp
In 2010, the Dodd Frank Act was passed to limit future risks to the financial system. Five years later many of the rules are still not implemented and it is unclear whether those new regulations that have been implemented are hitting their intended targets or accomplishing their intended goals. An Act that was mostly targeted at large financial institutions has rolled downstream and impacted the entire industry. The most significant unintended consequence is the massive impact the Act is having on community banks around the country. This lecture will focus on the Act itself and discuss the impact to community banks.
About Jeff Plagge
Jeff Plagge is president & CEO of Northwest Financial Corp. of Arnolds Park, Iowa and the Immediate Past Chairman of the American Bankers Association.
Northwest Financial Corp is a two bank, $1.6 billion, privately held financial services holding company. Plagge currently serves on the ABA Board of Directors and the ABA Mutual Insurance Board. His past ABA service includes serving as Chairman of the ABA Payments System Task Force, the ABA Government Relations Council and the ABA Agriculture Committee. Plagge is also a past Chairman of the Iowa Bankers Association
Outside of his Northwest Financial and ABA responsibilities, Plagge is a member of the Iowa Agriculture Secretary Northey’s Strategic Advisory Board. He is a former Board Member of the Federal Reserve Bank of Chicago and currently serves as the Chairman of the Chicago Federal Reserve Community Depository Institution Advisory Council.
Plagge is a native of Latimer, Iowa and a graduate of Iowa State University. He and his wife, Sandy have three adult children.
About the Robert Stafford Lecture Series on Banking
The Robert Stafford Lecture Series on Banking was established by the College of Business and funded by Ames National Corporation, Ames, Iowa as a part of its 100 years of service to Ames. The lecture honors the late Robert Stafford for his many years of dedicated service to First National Bank and Ames National Corporation.
About Robert Stafford (1923-2009)
Robert Stafford was born in Ames and graduated from Ames High in 1942. He began his college education at Iowa State College and has spent his entire professional career in Ames. His degree in business administration is from Northwestern University, because, at the time, Iowa State did not have a business college.
Stafford’s college tenure was interrupted by World War II. He enlisted in the U.S. Army Air Corps and flew more than 30 missions over Germany as a B-17 co-pilot, earning the Distinguished Flying Cross and Air Medal with four oak leaf clusters. After the war, he worked in the insurance business in Des Moines, but he continued his military connection with the Iowa Air National Guard and saw additional duty as a finance officer and pilot during the Korean conflict. He continued his service with the National Guard into the 1960s, retiring with the rank of colonel.
In 1954 he joined the First National Bank in Ames, where he had worked as a high school student. He became president in 1968 and was later named chairman of the board. He was also president and chairman of Ames National Corporation, the bank holding company that currently has five banking affiliates in central Iowa. He retired in 2003.
Stafford was an active community leader and volunteer in Ames for more than 50 years. He was a lifetime ISU Foundation Governor, serving as treasurer and as chair of the investment and finance committees, as well as numerous other advisory boards on campus.
For his years of loyal service to Iowa State, Stafford was awarded the Honorary Alumni Award in 2007. This is the highest honor given by the university to individuals who are not graduates of Iowa State.
Stafford died in 2009. His widow Virginia, to whom he was married for nearly 61 years, lives in Ames. Their four children are Maren Stafford Smith (’79 distributed studies), Marcia Stafford Jorgenson, Craig, and Brian.