It has been a year of milestones for Liberty Bank and its chief executive, Todd McDonald.
Before Liberty Bank turns 50e anniversary last November, the New Orleans-based community bank named McDonald its second president and CEO. His father, Alden McDonald Jr., handed over the reins in May after running the bank for the duration of its half-century existence. Today, it is the turn of the young McDonald’s to bring the bank into a new era.
Since banking has always been the center of his family, McDonald says his passion for the industry was a natural fit.
“The importance of providing access to capital to underserved and neglected communities through Liberty Bank is something my father dedicated his life to, exposing me early on to the challenges facing communities across the country,” he said.
Todd McDonald started working for Liberty Bank 19 years ago and has taken several steps over the years to grow the bank.
After Hurricane Katrina, he lobbied for the bank to embrace cutting-edge technology — a move McDonald said helped Liberty become “one of the most progressive community banks in the country.”
He also encouraged the bank to cross over $1 billion in assets and led an initiative to raise capital so it could reach that milestone.
“This market position has allowed Liberty to partner with some of the biggest banks – taking Liberty’s mission and vision to another level,” he said.
Meanwhile, strategic partnerships have enabled Liberty to advance in areas such as corporate deposit relationships, a global network of ATMs and other initiatives that will drive the bank’s growth and profitability.
“As the banking industry evolves, any institution that wants to become a bank in the next 50 years must have the ability to scale to pay the cost of technology, the cost of compliance, and the rising overall cost of doing business as a bank,” McDonald said.
Beyond Liberty Bank, McDonald’s has donated his time to various professional and community organizations. He serves on the National CDFI Board, which is appointed by the President of the United States, and the New Orleans Board of Liquidation, which is appointed by the Mayor of New Orleans.
He is also a federal delegate for the Independent Community Bankers of America and a board member of the National Bankers Association and the Cowen Institute for Public Education Initiatives at Tulane University.
McDonald and his wife, Crystal McDonald, live in New Orleans with their three children: Justice, 8, Jordyn, 5, and Joy, 2.
As he begins his leadership of the next generation of Liberty Bank, McDonald plans to measure the bank’s future success by how many people and businesses the bank can financially help take it to the next level.
“I hope to continue Liberty Bank’s success for another 50 years – to take the bank’s foundation and reputation to the next level so that we can help more people and more businesses gain access to capital to pursue their dreams. “, did he declare. .