The Office of the Comptroller of the Currency (OCC) has reappointed Kelly Skalicky, CEO and President, Stearns Bank N.A., to serve on its Minority Depository Institutions Advisory Committee (MDIAC). The OCC officially announced its new and returning MDIAC members.  

The primary role of the MDIAC is to advise the OCC on the emerging opportunities for minority deposit institutions (MDIs) and the issues and challenges they face. The MDIAC engages directly with the OCC. Assistant Deputy Comptroller Andre King, as the Presiding OCC Official for the MDIAC, and Acting Comptroller Michael Hsu meet frequently with the MDIAC to discuss the economic and banking environment affecting MDIs and the MDIAC’s suggestions for proactive steps the regulator can take to continue to promote and grow MDIs and their impact and influence in their communities. The MDIAC, with its diverse membership and collaborative mission, provides committee members the opportunity to develop new initiatives for the OCC and non-MDI financial institutions to support and strengthen MDIs to help ensure minority institutions remain a strong and vibrant part of the federal banking system.

Under Skalicky’s leadership and the commitment of Stearns Bank executive management team, Stearns Bank has initiated multiple initiatives in support of the MDIAC’s mission including:

• Pledging to strengthen MDIs and remove barriers to financial inclusion by continuing Stearns Bank’s commitment as an inaugural active participating bank in the OCC’s Project REACh.
• Developing innovative partnerships with MDIs through capital investments, one-way and reciprocal participations, and lending and deposit product development and delivery by MDIs.  
• Spearheading a fintech “playbook” by leading an MDIAC sub-group in developing a guide and checklist for MDIs and community banks to vet fintechs and safely develop fintech programs and partnerships with strong security, oversight, risk management, and compliance.     
• Enhancing Stearns Bank’s diversity, equity, and inclusion (DEI) to further enrich the company culture and continue to grow diversity in business and access to capital and banking services
• Creating a ground-breaking collaboration with the African Development Center of Minnesota (ADC) to expand financial and resource support to underserved communities, including expansion of riba-free Sharia-compliant financing and banking services.
• Establishing a new Community Development Coordinator role to facilitate access to financing and banking services that includes an innovative partnership with ADC that devotes to expanding its community reach through a donation of time and resources to ADC.
• Partnering with UpTurnships to connect racially diverse college students with employers, hiring interns and providing mentoring to program participants.
• Committing to the CEO Pledge with CEO Action for Diversity and Inclusion, with the Stearns Bank team joining with leaders throughout the country to share best practices, commit resources, and take action to achieve diversity and inclusion.

“I’m honored and energized to be appointed once again to the MDIAC where we can continue to develop partnerships and implement new initiatives with MDIs to expand access to financing and deposit services, ensuring greater equity in banking across the U.S.,” said Skalicky. “At Stearns Bank, we pledge to continue expanding our financial and resource support to MDIs and take great pride in serving as a committed ally in partnering to grow MDIs and their impact and influence, especially increasing financial access and empowerment for underserved communities.”

Stearns Bank has been dedicated to fostering inclusion and equality, and since Skalicky became CEO in 2019 Stearns Bank has achieved unprecedented advancement for women at the leadership levels that far exceed anything seen industry-wide in financial services. At Stearns Bank, 71 percent of the senior leaders are women – compared to the national average of 22 percent, and 86 percent of Stearns Bank’s Board of Directors are women – compared to the national average of 28 percent according to 2022 Women on Boards Gender Diversity Index.

Skalicky has been recognized as an industry-leading executive by the Minneapolis St. Paul Business Journal’s Women in Business awards and spearheaded the process of developing Stearns Bank’s Small Business Administration lending program to become one of the top Small Business Administration lenders in the country with a nationwide SBA loan program. As a member of the MDIAC, Skalicky will continue to commit and invest her personal time and energy with Stearns Bank and its executive leadership team continuing to serve on MDIAC sub-groups and develop initiatives in partnership with MDIs to support their priorities and the economic growth of the customers and communities they serve.