Sicard’s Road to Current Role Paved with Preparation

Paved with Care, Preparation Samuel T. Sicard has been involved in banking since he was 14. Each step since then was seemingly made to prepare him for the leadership role he holds today.

Nothing, however, prepared him for the reason he holds it.

On Aug. 7, Sicard’s father, Samuel M. Sicard, died suddenly at the age of 70. For 34 years the elder Sicard was president and CEO of the family-owned First National Bank of Fort Smith and its holding company, First Bank Corp. He left a legacy behind as one of the River Valley’s most influential business leaders.

Sam T. Sicard (pronounced SEE-card), previously the executive vice president for FBC, was elected by the board of directors to assume his father’s executive position in late August, representing the fifth generation of his family to lead the company.

Having worked alongside his father for 13 years, Sicard was anything but unprepared for the abrupt change.

“Although I miss him terribly, I’m grateful for the time I had to work with him and learn from him,” Sicard said. “Sometimes you make a deal just by looking at the numbers. I learned from him not to just look at numbers. It’s about people. I’ll take a lot from him.”

Sicard was just five years removed from the University of Arkansas when he was honored as a member of the Northwest Arkansas Business Journal’s 2003 Forty Under 40 class. He was only 27, but assistant vice president and commercial loan officer at First National Bank of Fort Smith, the oldest national bank in Arkansas.

At the time, Sicard said he had hoped to eventually succeed his father as president and CEO.

In the eight years until that did occur, Sicard focused on the growth of the bank – on average, FBC has declared cash dividends of $14.6 million each year since 2005 – and became more involved in the company’s long-range planning.

“The big decisions my father would approve, but oftentimes I would bring decisions to him,” Sicard said. “That’s really the biggest change is that he’s not there to bounce things off of. Towards the end, honestly, it got to where I worked with him so long that I knew the answer before I asked the question.

“I think a lot of the training that I needed was complete with that time I got to spend with him.”

Sicard was instrumental in the 2004 acquisition of Bank of Rogers that marked FBC’s venture into Northwest Arkansas. Could there be further activity?

Without revealing any specifics, Sicard said the company does have an interest in expanding into the market over time.

Today, Sicard said his executive responsibilities are largely unchanged, though he is transitioning away from a large portfolio of commercial lending customers.

“Before Dad died, my time was probably spent 60 percent lending, 20 percent community activities and 20 percent executive duties,” Sicard said. “Now that’s probably more 60 percent on the executive side and 20 percent lending. The transition process is the biggest thing these days.”

Sicard said having Mont Echols Jr., his father’s cousin, as a resource will be a tremendous benefit moving forward. Echols, a company employee since 1959 and executive vice president of the bank since 1977, assumed the company’s other key leadership role when he was elected chairman of the board in late August.

Having a strong board of directors and an experienced senior management staff are other “tremendous assets,” Sicard said.

Sicard currently sits on several boards, notably as chairman of the United Way of Fort Smith, an organization that has always had the company’s strong support.

“I’m a big believer in the United Way mission,” Sicard said. “It’s the most efficient way to distribute funds to meet the human needs in our community.”

Sicard is also treasurer of the Fort Smith Regional Chamber of Commerce, is on the board of visitors at the University of Arkansas at Fort Smith, and will soon join the operating board of the U.S. Marshals Museum in Fort Smith.

As for how he spends his rare free time, Sicard said family comes first and his alma mater comes second.

“Dad and I shared the bond of being staunch Razorback fans,” he said. “That is one of my few hobbies. I love going to the [football] games and tailgating, but I don’t have a lot of hobbies right now.

“My wife and I have a daughter who is 4 and a son about to turn 2 and my hobbies are them. I try and save what free time I have for family at this stage of my life.”