VE FIVE Bill Yee

City President | Citizens Bank | Little Rock

Q. TELL ME ABOUT YOURSELF. WHERE DID YOU GROW UP? WHAT WERE YOU DOING EARLY IN YOUR CAREER?

A. I was born and raised in Lake Village, Arkansas. I am the youngest of six children. My oldest sibling is 90 years old. My father passed away at 90 (while driving to work), and my mother passed away at 102. My grandfather immigrated to the U.S. in 1921, and in 1926, he went back to China to bring my father and uncle to the U.S.

In the late 1800s, Chinese immigrants were recruited to work in gold mines, cotton fields, and textile industries. Most were paid wages far below what their U.S. counterparts received and were required to furnish their own supplies and meals. The work was hard. As a result, many Chinese decided to go into business for themselves, often running grocery stores, liquor stores, restaurants, or laundromats. Discrimination and prejudice were very prominent then. Chinese were neither white nor black and were not really accepted.

My father and a business partner, who also immigrated from China, eventually ended up in Lake Village, where they started a grocery store in 1950. The store was open seven days a week, and back in the 60s, they operated from sunup to midnight. The store was expanded in 1977 and eventually closed in 2012 after 62 years. My siblings and I, like most Asian families, grew up working and living in the store from a very early age. The store taught us valuable lessons on how to take care of, communicate with, and manage people, as well as the value of hard work and relationships. It was instrumental in teaching me how to check out customers, count money, and make change, which probably served as a catalyst for my future banking career. Even while I was working in banking at Regions/Delta and my wife was in medical school, we would often go down to Lake Village to help out at the store.

Q. WHAT ATTRACTED YOU TO JOIN CITIZENS BANK IN 2022?

A. After working for 20 years and retiring from a larger bank, I had the honor and privilege of being recruited to Citizens Bank to serve as their Little Rock City President. The attraction was the opportunity to go back and work at a strong, community-focused bank, be involved in management again, and work with a group of very talented professionals who I had previously worked with at another institution. Growing up in Lake Village allowed me to understand the value of developing strong relationships with customers and business people.

Q. WHAT GETS YOU UP IN THE MORNING? WHAT ENERGIZES YOU ABOUT THE CULTURE AND MISSION OF CITIZENS BANK?

A. Medical school tuition and boarding—ha! The need to take care of my family obligations and be productive.

Citizens Bank’s mission statement is “People First.” The Board of Directors, management, and all associates truly embrace this mission. We understand that banking is a commodity, and to differentiate ourselves, we truly have to take care of people first! Our customer service motto is GREAT: G-greet everyone with a smile; R-respond with urgency; E-empower our associates to take care of customers; A-always go the extra mile; T-thank everyone for their business. The standards set by the bank allow us to be a strong and competitive bank, providing us the opportunity to serve our clients well.

Citizens Bank was formed in 1953. Today, we have assets totaling around $1.4 billion and loans totaling $1.3 billion. We have excellent asset quality and are very strong.

Q. WHAT ARE THE MAJOR TRENDS OR MOVEMENTS IN YOUR INDUSTRY, AND WHAT IS THEIR POTENTIAL IMPACT ON THE ARKANSAS BUSINESS COMMUNITY? WHAT CAN WE LOOK FORWARD TO?

A.

2023 was a challenging year for banking as a whole. We faced high inflation, high interest rates, and the collapse of three major regional banks.

Trends:

1. Deposit Growth, Regulations, and Customer Loyalty: Deposit growth is one of the top priorities for most banks. In 2024, deposit growth remains a challenge, as higher interest rates have led consumers to move funds from their standard deposit accounts to higher-yielding CDs or money market accounts, putting stress on banks’ Net Interest Margins (NIM). Moreover, middle-class consumers are struggling to make ends meet amid the inflationary pressures of the last two years, depleting much of their savings accumulated during the early years of the pandemic. Lenders are coping with higher costs of funds and dampened loan demand. Many banks have maxed out on Commercial Real Estate (CRE). Regulatory concerns with CRE, tighter credit decisions, and lower occupancy rates have resulted in higher delinquencies and default rates. With many CRE loans maturing in 2024 and 2025, banks must ensure they have the liquidity and deposit base to accommodate these maturities.

2. Customer Options and Competition: Customers have more options today for accessing banking services, and traditional banks now confront competition from all sides, including companies partnering with fintech firms to offer banking services. Banks need to avoid pitting branch services against digital experiences or in-person services against remote ones. Both are vital. Regardless of the venue, make sure you are dealing with a reliable source.

3. Cybersecurity and Fraud: Banks are navigating more complex and costlier cybersecurity and bank fraud issues. Fraud is more rampant than ever, thus the need for strong logins and passwords.

4. Integration of Technology: Banks’ number one priority is technology integration and platforms, prioritizing the transition from complex legacy systems to sophisticated cloud-based platforms.

5. Taking Advantage of AI Opportunities: AI could open the door to a range of applications that drive measurable improvements in customer experience, operational efficiency, security, and compliance.

Q. WHAT DO YOU KNOW THAT MIGHT BE SURPRISING TO PEOPLE WHO AREN’T IN BANKING?

A.

Despite the fact that most of the younger generation is increasingly unaware of traditional banking tasks, like writing a check, it is very important for everyone to have a banking relationship. As individuals advance in their careers, their finances become more complex, and a trusted advisor is recommended. I have been fortunate to provide banking advice for my wife, who runs a successful cosmetic surgery practice, as well as advice to both of my daughters in the medical field. Don’t be intimidated by the idea of establishing a banking relationship.

Q. IS THERE ANYTHING YOU WISH I’D ASK YOU ABOUT, OR ANYTHING YOU’D LIKE TO SAY TO THE READERS OF ABA?

A. The overall state of banking in Arkansas is very safe. We are very fortunate to have some of the best banks in the country in Arkansas. The state has been wonderful to me and my family. We are blessed to have the ABA, which supports our banking community.

BIO: Graduated from UA Fayetteville in 1980 with a BS degree in Marketing and a minor in Finance. (With the exception of my oldest sister, all of my siblings and I are graduates of the University of Arkansas at Fayetteville.) I worked at the family store until 1990 while my wife was in school. From 1990-1997, I worked as a State Bank Examiner (Commissioned Senior Bank Examiner) and graduated from the Southwest School of Banking at SMU. From 1998-2002, I worked at First Commercial/Regions (Lender, VP). From 2002-2014, I was at Delta Trust & Bank (EVP, manager of the lending department). In 2014, Simmons acquired Delta Trust, and I worked at Simmons Bank (SVP) from 2014-2022. Since 2022, I have been the Little Rock City President at Citizens Bank. I have served on the Board of Directors of UCP of Arkansas since 2006 and as treasurer. UCP of Arkansas celebrated its 65th year this year.

PERSONAL: Married to Suzane Yee (Cosmetic Surgeon) for 38 years. We have two daughters: Addison, who graduated in May from UAMS and is doing an anesthesiology residency at Vanderbilt, and Peyton, a graduate of Georgetown University who is attending medical school at UVA in Charlottesville, VA. My wife and family have been valuable support systems throughout my working career.