Only in Smalltown USA can the boy who opened his very first savings account at the local bank grow up to be bank president.
“This is something I’ve worked towards and I appreciate the opportunity. I’m very excited,” said Jeff Davidson, referring to his recent appointment as president and chief executive officer of Oxford Bank.
On Jan. 1, 2004, Davidson, who’s been employed with Oxford Bank since September 1985, will become the 11th president and seventh CEO in financial institution’s 119-year history.
“When I interviewed Jeff (in 1985), there wasn’t any doubt in my mind he was a perfect fit with Oxford Bank right from the get-go,” said current bank president and CEO Randy Fox. “I hired him so I’m not surprised he has become my heir apparent. I knew that he had talent. It was clear he was a talented young man.”
Fox, who lives in Oxford Village on Dennison St., will remain with the bank for the next three years as chairman of the bank and chairman, president and CEO of Oxford Bank Corporation, the holding company which owns the bank.
Born and raised in Oxford, Davidson, who now resides in Metamora, is no stranger to the independent, community bank bearing the town’s name.
“I became acquainted with the bank very early,” said the 1971 Oxford High graduate, who’s father, Donald Davidson, served on the bank’s board of directors from 1964 to 1983.
“I opened my very first savings account at Oxford Bank. I obtained my very first car loan from Oxford Bank,” said Davidson, adding that even though he worked for a competing bank during the early years of his career, he obtained his first home mortgage from Oxford Bank.
“I had the opportunity to come on board (with Oxford Bank) early in my career, but I chose not to because my dad was on the bank board,” Davidson explained. “I really wanted to prove myself outside Oxford Bank with the hope of coming back some day.”
That day came in 1985 when Fox, who became president the prior year, was building his management team.
“Jim Sherman, Sr. (president of Sherman Publications, Inc. and owner of The Oxford Leader) recommended Jeff to me,” Fox said. “He said, ‘I think you two would click.’”
The pair did click and Davidson was hired as an assistant vice president with responsibility for branch administration. He was promoted to vice president in December 1987 and executive vice president in December 2001.
Since 1991 Davidson has served as the retail banking officer, which means all six of the bank’s branches, including the main office, report to him.
Davidson’s responsibilities have included strategic retail issues, regulatory compliance for security, bank secrecy, privacy and CRA, and all insurance requirements for the bank. In addition to the retail and branch offices, he has overseen the marketing, human resources, and auditing management teams.
Fox said Davidson’s promotion to executive vice president two years ago was an “opportunity for Jeff to show his stuff” and “test his metal.”
“At the December meeting, the board (of directors) concluded Jeff was the man,” Fox said.
Davidson said he feels he’s up to challenge and credits Fox with helping him get where he is today.
“Under Randy’s guidance and mentoring, I’ve become a good banker,” said Davidson, who’s worked in the banking industry for 27 years and holds a Bachelor’s degree from Central Michigan University, MBA from Oakland University and diploma from the Prochnow Graduate School of Banking at the University of Wisconsin.
As the new bank president and CEO, Davidson said he’s supported by a “strong management team,” with whom he “shares a lot of the same values.”
“We know what the bank is and what we want the bank to be,” he said. “Continuing the bank’s record growth” and “continuing to operate as a strong community bank with ties to each community we operate in” are some of Davidson’s top priorities.
“Staying in touch with who we are” will be a key element of Davidson’s administration.
When asked what separates Oxford Bank from the large, national banks, Davidson said it’s the “decision-making process” that’s completely “local.”
“Customers walk in the bank and we’re sitting right here. We’re easy to get a hold off. We return phone calls,” he said. “We’re connected with the community. Customers appreciate that.” But Davidson’s connection to community goes beyond the bank.
He’s a 20-year member and past president of the Rotary Club of Oxford. He has the singular distinction of being a two-time recipient of Rotary’s Paul Harris Fellowship Award.
Davidson’s also been an active supporter of Crossroads for Youth and North Oakland SCAMP.
Professionally, he’s active in the Michigan Banker’s Association and is a past chairman and current vice chairman of the Michigan Banker’s Worker’s Compensation Fund. He’s also an active supporter of the Center for Banking Education.
Besides being a banker and community leader, Davidson is also a family man. He and his wife of 28 years, Diane, have two sons, Jeremy, 25, and Nathan, 23.
As for Fox, the outgoing bank president and CEO, is quite pleased with bank’s accomplishments under his administration.
“When I came here in 1984, the size of the bank was $57 million, now we’re sitting at something like $470 million,” explained Fox. “We’ve had great growth. Our earnings have gone up exponentially. I feel very good about the overall performance. I think this will be our 21st consecutive year of record earnings.”
“When I drive down the street and see what we’ve accomplished – the buildings that were constructed or improved thanks to Oxford Bank or the historic homes in the neighborhoods being upgraded – I know we played a big role in that and I’m very proud of that.
“I think I’ve done a great job selecting talent. I think going forward with that will be Jeff’s challenge. You have to have talent that matches the culture and history fo the organization. Basically, people who enjoy working with people. We know who we are. Our customers know who we are. And they like what they see.
“I’m very pleased with the way we’ve developed the talented people we’ve recruited, one of whom is Jeff Davidson. We’ve had a great run and now it’s Jeff’s turn,” said Fox, who plans to retire from his remaining bank positions in 2006.
“It’s been a nice relationship and I’ve enjoyed it and plan on enjoying it for years to come,” Davidson said of his career at Oxford Bank.
Editor’s Note: Congratulations Mr. Davidson on the new job and thank you Mr. Fox for your solid leadership.