Welcome to Credit Union Conversations. Host and CEO of MBFS, Mark Ritter, dives into the world of business lending with Chief Administrative Officer Ellen Thorn. 

In this episode, they reflect on MBFS’s impressive growth from $750 million to nearly $3 billion in assets and explore Ellen’s professional journey to her pivotal role at MBFS. You’ll gain insights into building strong third-party relationships through effective communication, respect, and trust, as well as strategies for successful portfolio management. 

Additionally, Ellen shares her perspective on navigating regulatory challenges, including risk management and cybersecurity, offering a glimpse into the future of the credit union industry.

IN THIS EPISODE:

• (00:00) Intro: Meet Ellen Thorn
• (01:35) Ellen’s career journey and her current role at MBFS
• (03:22) MBFS has grown from $750 million to nearly $3 billion in assets
• (06:49) The importance of communication, respect, and shared goals for successful partnerships
• (09:19) Communication breakdown and loss of trust are common issues in third-party relationships
• (15:51) Ellen highlights the importance of relying on MBFS and constant communication for smooth portfolio management
• (23:27) Ellen outlines regulatory focus on risk management, compliance, and cybersecurity and gives her thoughts on the future

KEY TAKEAWAYS: 

• MBFS has grown significantly from $750 million to nearly $3 billion in assets under management, with staff increasing from 16 to over 50, reflecting substantial organizational and geographic expansion.
• Successful third-party relationships rely on communication, mutual respect, and shared goals, with proactive engagement and trust being critical to smooth operations.
• Effective portfolio management requires constant communication and customization. Credit unions that actively engage with MBFS experience smoother operations compared to those that don’t.

RESOURCE LINKS

Mark Ritter - Website

Mark Ritter - LinkedIn

Ellen Thorn - LinkedIn

BIOGRAPHY:

Ellen Thorn is a finance and accounting professional with over 10 years of achievement within the commercial real estate finance and funds management industries. Extensive experience working in middle and back office operations, including risk management, legal, treasury, budgeting, trade support, investor services, IT, finance, and accounting. Excellent communicator with emphasis on building strong client relationships. Recognized as a resourceful colleague who engineers change and is committed to achieving corporate objectives.

KEYWORDS: Credit Union, MBFS, Business Lending, Chief Administrative Officer, Communication, Commercial Real Estate, Asset Under Management, Growth, PPP Era, Communication, Trust, Third-Party Relationships, Portfolio Management, Due Diligence, Regulatory Environment, Risk Management, Cybersecurity, Loan Servicing, Client Reporting