Glacier Bank leader to retire after long career in banking

Bob Nystuen has spent almost half a century banking on a simple strategy for success. On March 19, he concludes a 46-year banking career, more than half of it spent with Glacier Bank.

Under Nystuen’s leadership, Glacier Bank has expanded across the western United States, accumulating unprecedented resources while maintaining a focus on the financial foundations that pay dividends.

“In a lot of respects, we’re a very traditional community bank,” Nystuen said. “Here at Glacier Bank during my 25 years, we’ve really focused on doing the basics…the very best we can.”

Nystuen built his foundation in his native North Dakota, where he attended North Dakota State University in the 1970s. Then he graduated from the University of Wisconsin-Madison’s Graduate School of Banking and spent 21 years in the First Bank system, now known as U.S. Bank.

To get a sense of just how long and decorated a career Nystuen has led, it might help to look back on his first job as an agricultural loan officer trainee in Wahpeton, North Dakota. There, in the 1970s, Nystuen taught clients how to use the latest technology of the era: automated teller machines.

From those humble roots, Nystuen grew into the role of market president at Glacier Bank.

He came on as senior vice president in 1996 and took on the market president role less than a decade later, in 2004.

DURING HIS tenure, Glacier Bank has undergone profound transformation.

When he first joined Glacier Bank, there were only 12 branches in the entire operation run by Kalispell-based parent company Glacier Bancorp. That figure alone has been eclipsed by the number of branches — 16 — Nystuen personally oversaw throughout western Montana in 2020.

Those 16 branches now employ about 330 people in Big Sky Country, not to mention some 3,000 people in eight states throughout all of Glacier Bancorp’s operations. It’s a far cry from the early days, when Nystuen knew every employee by name.

No less impressive are the growing dollar amounts circulating through the bank’s system. These days, Glacier Bancorp boasts total assets of around $20 billion. Once upon a time, when Nystuen first joined the group, Glacier Bancorp’s total assets were just $450 million. Back then, too, Nystuen had personally visited every ATM in the Montana Glacier Bank network.

“We’ve seen phenomenal growth over the years,” Nystuen said.

Though he marvels at this evolution, Nystuen credits this success to a rather simple formula.

Despite changes in the industry, Nystuen has always guided Glacier Bank to stay true to banking basics.

“We gather deposits, we make loans and we serve our community,” he said.

THE DESIGNATION of “community bank” seems priceless to Nystuen. Giving time and money to local nonprofits is just as much a part of the job at Glacier Bank as managing accounts and completing paperwork.

He’s served as a leader for such nonprofit organizations as the Flathead Food Bank and the Montana Commission on Community Service, and he encourages others in the Glacier Bank organization to prioritize those kinds of commitments.

“In simplest terms, if it’s good for the community, it’s good for Glacier Bank,” Nystuen stated.

He believes this mindset has helped Glacier Bank weather the COVID-19 pandemic by creating an atmosphere of flexibility and cohesion for employees as they’ve adjusted to constant changes in regulations and staffing.

He thinks it’s been an asset, too, in serving community members as they’ve scrambled for financial assistance throughout the past year. To date, Glacier Bank has taken care of more than 2,000 loans totaling $1.2 billion through the Small Business Administration/Payment Protection Program.

Moving forward, Nystuen is confident this legacy will endure under his successor, Mike Smith.

Smith is a fellow longtime employee who has spent 15 years with Glacier Bank and, according to both Smith and Nystuen, has worked closely with his predecessor to ensure a smooth transition.

“I feel really good about the baton handoff,” Nystuen said.

After he passes the torch on March 19, Nystuen plans to dedicate his new free time to his nonprofessional positions, particularly his appointment to the Montana Board of Regents, which oversees the University of Montana educational system statewide.

He might spend some of that time as any Montanan would, skiing, golfing and enjoying his Lakeside home with his family, but he promised he won’t be leaving Glacier Bank in the rearview mirror, either.

“I may not be coming to work after March 19,” he said, “but I’m not leaving Glacier Bank.”

Reporter Bret Anne Serbin may be reached at 758-4459 or bserbin@dailyinterlake.com.