The Bottom Line - Banking on Values
June 30, 2026
Values are only meaningful when they show up in action
It’s easy to talk about products, rates, technology, and transactions in banking and finance. After all, those are the tools we use every day to get things done.
But all banks have those same tools.
Which is why I've come to believe that perhaps the most important and differentiable tools at a bank that you won’t find on a balance sheet or income statement are its values.
Values are what shape how decisions are made, how commitments are honored, and how relationships are built over time. They determine whether people simply perform a task or genuinely care about the outcomes they help create.
Our mission at Country Club Bank has always centered on building lasting relationships and delivering an exceptional customer experience. Those words and phrases guide thousands of decisions every day across our organization.
We’re also proud that our parent company, FNBO, shares our commitment to the importance of values. Three particular values that have been integral to FNBO’s decision-making for decades are passion, integrity, and respect.
So, what do these values look like in action?
Passion is always a good starting point. We all know from personal experience that when people care deeply about what they do, they become more engaged, more committed, and more willing to work through challenges when they arise.
Whether serving a client, supporting a colleague, or investing in a community, passion creates the drive that turns effort into impact.
Passion also drives alignment with our stakeholders. Business owners are passionate about their companies and employees. Families are passionate about their financial goals. Communities are passionate about their neighborhoods and organizations. Clients want to work with bankers who share that same level of commitment and care.
Integrity is important as well, but we think of it in two ways.
First and foremost, integrity means doing what is right. But it also means doing what you say you're going to do.
It means honoring commitments, following through on promises, and earning trust through consistent actions. In banking, relationships are built one interaction at a time, and trust grows when people know they can rely on your word and your follow-through.
Respect completes the triangle of trust.
Respect means appreciating customers, employees, and shareholders and recognizing that every relationship matters. Respect is also demonstrated through listening, acknowledgment, and thoughtfulness toward other people's time.
Sometimes the simplest gestures, like showing up prepared, following up promptly, or simply saying thank you, have the greatest impact.
One of the clearest examples of these values in action is our commitment to conversations. No fancy methods or technologies here, just conversations about businesses, families, opportunities, and the future of our communities.
While conversations don't always yield immediate results, they are fundamental to value-based banking and strong relationships. In many ways, that relationship-first approach is what brings our values of passion, integrity, and respect to life every day.
Ultimately, our values at Country Club Bank, and now FNBO, are not just statements displayed on a wall or printed in a brochure. They are reflected in everyday decisions, actions, and relationships.
And while the banking industry continues to evolve in both big and small ways, our commitment to the values that have sustained us remains unchanged.
Thank you for your trust and confidence. We are grateful for the relationships we've built and the families and businesses we serve each day.
— Daniel Zinser, Senior Vice President, Commercial Lending, Community & Specialty Banking, Country Club Bank, a division of FNBO, Member FDIC
Economic Insights
Markets reach new highs, but inflation persists
Global markets continued their strong advance in May, extending an impressive rally that has pushed many major indexes to new highs.
The S&P 500 posted another gain of more than 5%, fueled by strong corporate earnings, continued enthusiasm surrounding artificial intelligence, and resilient economic growth.
Technology companies remain at the center of the story. Strong earnings growth and ongoing investment in AI infrastructure continue to support investor optimism.
In terms of year-to-date performance, though, the market's strength has also broadened beyond large-cap technology stocks. Emerging markets, commodities, and U.S. small-cap stocks have all delivered strong performance this year, a reminder that diversification remains important even when a handful of companies dominate the headlines.
At the same time, investors continue to navigate a more complicated economic backdrop.
Inflation, as measured by the Consumer Price Index (CPI), rose to 4.2% in May, its highest level since April 2023, and recent data suggest price pressures have proven more persistent than many expected.
While gasoline prices have remained elevated, they have notably fallen from the year’s high prices. Nonetheless, energy markets remain sensitive to geopolitical tensions, global supply concerns, and ongoing conflicts in several regions.
As a result, expectations for near-term interest rate cuts have largely faded. The Federal Reserve has maintained a cautious stance, and some market participants have even begun discussing the possibility that rates could remain elevated for longer than previously anticipated. Long-term Treasury yields have moved higher as investors weigh inflation risks, economic growth prospects, and growing concerns surrounding federal debt levels.
Despite those headwinds, corporate earnings remain remarkably strong.
Analysts currently expect earnings growth well in excess of 20% over the next year, far above the long-term average of approximately 7%. Historically, earnings growth has been the primary driver of long-term stock market returns, and today's market remains supported by healthy corporate profitability.
The challenge is valuation. More specifically, how much to pay for this aforementioned profitability.
Investors are currently paying a premium. Market valuations remain well above historical averages, suggesting future returns may depend more heavily on continued earnings growth than on further expansion of stock prices relative to earnings. In other words, businesses may need to continue delivering exceptional results to justify today's market levels.
Bottom Line
The economy continues to demonstrate strength, and markets are responding accordingly. Strong earnings, resilient consumer activity, and, in particular, ongoing investment in productivity-enhancing technologies continue to support optimism.
However, inflation remains elevated, interest rates are likely to stay higher for longer, and federal debt levels continue to raise important long-term questions. These factors do not necessarily signal immediate trouble ahead, but they do reinforce the importance of maintaining realistic expectations and diversified portfolios.
Finally, yes, we may be entering one of the largest IPO cycles in financial history, driven almost entirely by AI and AI-adjacent businesses. And while these may be transformational businesses, they may not be transformational investments when purchased at excessive valuations.
Innovation is exciting, but the risks are real, and diversification remains essential.
Invest well. Be well.
— Rusty Vanneman, CFA®, CMT®, Chief Investment Officer (CIO), FNBO Wealth
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute. The Chartered Market Technicians Association (CMT Association) owns the certification marks CMT® and CHARTERED MARKET TECHNICIAN®, which it authorizes use of by individuals who have completed the CMT Association’s initial and ongoing certification requirements.
The opinions and views expressed herein are those of the author and do not necessarily reflect those of Country Club Trust Company, a division of First National Bank of Omaha (FNBO), or any affiliate thereof. Information provided is for illustrative and discussion purposes only, should not be considered a recommendation, and is subject to change. Some information provided above may be obtained from outside sources believed to be reliable, but no representation is made as to its accuracy or completeness.
Please note that investments involve risk, and that past performance does not guarantee future results. Investment products are not insured by FDIC/other federal agencies; are not deposits of/nor guaranteed by the Bank or any of its subsidiaries/affiliates; and may lose value.
Partnership Profile
Building a business - and relationships that endure
For Eric Turner, construction has never been just about buildings.
The founder and president of Forge Construction believes great projects begin with strong relationships. This philosophy has guided the company since its launch in 2020 and helped fuel remarkable growth in just a few short years.
“We truly are a 100% relationship-driven company,” Turner said. “The people who encouraged me to start Forge were clients, architects, and trade partners. It was those relationships that gave me the confidence to Forge Ahead and those relationships continue to drive our growth today.”
Turner is no stranger to the Kansas City construction industry. A graduate of Kansas State University, he spent more than two decades building his career with other respected firms before launching Forge Construction in 2020. Since then, the company has grown from a startup built on trusted relationships into a diversified construction firm approaching 50 associates.
Today, Forge serves clients across a broad range of sectors, including healthcare, behavioral health, nonprofit and philanthropic organizations, corporate offices, education, and light manufacturing.
One area that has become especially meaningful for Turner is behavioral health and nonprofit work.
Forge has completed projects for organizations including Welcome House, Valley Hope, ReDiscover, Pro Deo Youth Center, and other community-focused organizations. While these projects represent a growing market sector, Turner says the motivation extends beyond business opportunity.
“We don’t focus on that market from just a revenue standpoint,” he said. “We focus on that market because of the people involved and, more importantly, the community support those organizations provide.”
The company has also become well known for corporate workplace projects throughout Kansas City, including multiple tenant improvement projects in the Lightwell Building downtown and the recently completed FAA Regional Headquarters.
As Forge has grown, Turner has recognized that sustaining success requires more than simply winning projects. Turner believes in expert-facilitated strategic planning to help define its long-term direction.
The process has led to a comprehensive ten-year plan, leadership development initiatives, and a renewed focus on the company's guiding principles, purpose, and vision.
“The company has outgrown me and any aspirations I originally had when I started it,” Turner said. “The most rewarding thing now is realizing we don’t need to change who we are to keep growing. We just need to bring more clarity and intention to it.”
To meet this growth goal and maintain their culture, every new associate engages in a six-month onboarding process that goes beyond job training. This process is designed to instill Forge’s guiding principles, to ensure they live out their purpose and achieve their vision while forging people, partnerships, and projects that are Built To Endure.
A Banking Relationship Built on Shared Values
That emphasis on partnerships also shaped Turner’s decision to partner with Country Club Bank.
The relationship began when Turner worked with longtime Country Club Bank regional president Joe James to finance the purchase and renovation of Forge's headquarters in Kansas City's Crossroads district. The project transformed a two-story building at 1710 Walnut into a collaborative workspace for the growing company and a venue for hosting clients, partners, and employees.
As Turner evaluated banking options, he spoke with multiple institutions. Ultimately, he says the decision came down to much more than rates or products.
“It was the relationship and the ongoing advocacy of the team at Country Club Bank,” Turner said. “They went out of their way to not only make our financing process easy, but also to help us develop relationships with new organizations and opportunities around the city. That's the type of company they are, and that's why we work with them.”
Today, Forge maintains a full banking relationship with Country Club Bank, including operating accounts, lending facilities, and ongoing advisory support.
Turner credits the bank's attentive communication and relationship-focused approach for helping make the company's continued growth easier to navigate.
“There are so many similarities between how we operate and how Country Club Bank operates,” Turner said. “It has been a great relationship and partnership from day one, and we look forward to pursuing many more opportunities together.”
ProDeo: image courtesy of Collins | Webb Architecture
ReDiscover: image courtesy of GastingerWalker& Architecture
Economic Development Update
Lee's Summit enters a new era of growth and investment
The enthusiasm and tempered pride of Joe Perry, President of the Lee’s Summit Economic Development Council, are evident, and he’s not afraid to cut right to the headline: Lee’s Summit has quietly become one of the metro area’s strongest economic success stories.
Lee’s Summit has always been a desirable place to live, but it's become much more than a bedroom community. It has evolved into a major destination for investment, jobs, healthcare, education, retail, and commercial development.
“It was a very good place to invest in residential communities 25 years ago when I first came to the area,” Perry said. “But it has never been better on the broader commercial side than it is right now.”
After spending seven years with Lee’s Summit-based Gale Communities and 14 years with Port KC, Perry returned to Lee’s Summit with a mission to help tell the community’s story and attract new investment.
He believes one of the city’s greatest strengths is the stability and predictability it offers businesses and developers. Perry points to strong governance, quality schools, fiscal responsibility, and long-term leadership as factors that create confidence for investors considering major projects and long-term commitments.
While many economic development conversations focus on high-profile buildings and large construction projects, Perry says his attention is fixed on another important driver right now: jobs.
He noted that Lee’s Summit has already evolved from a community that once exported retail, healthcare, and higher-education spending to one that now attracts those dollars from across the region.
Healthcare services have expanded dramatically, educational partnerships continue to strengthen workforce development, and retail growth has established the city as a destination rather than a pass-through market.
The next phase, Perry believes, is attracting more employers and high-quality jobs.
Perry points to recent commitments from two new manufacturing companies that are bringing investment and payroll to the community. One project alone includes more than $33 million in equipment investment, nearly 90 jobs, and an average annual wage exceeding $83,000.
Combined, the two projects represent nearly $12.5 million in annual payroll and a significant contribution to the regional economy.
Perry is also encouraged by broader economic trends that continue to favor the Kansas City region.
FNBO, the Omaha, Neb. - based $35 billion regional bank (and parent company of Country Club Bank), recently announced the acquisition of Blue Ridge Bank & Trust Co. The acquisition will add eight branches to FNBO’s footprint across Eastern Jackson County, including two in Lee’s Summit.
He cites ongoing reshoring and nearshoring efforts, growing manufacturing demand, and increased interest from site selectors nationwide as evidence that Kansas City is capturing more than its share of new business investment. Lee’s Summit, he believes, is especially well-positioned to benefit from those trends.
Another major opportunity is land. Perry highlighted more than 4,000 acres of land owned by The Church of Jesus Christ of Latter-day Saints that are now entering the development pipeline, along with hundreds of additional acres associated with the Unity Village area and other master-planned projects.
Much of the land is already surrounded by existing development, creating unique opportunities for residential, commercial, retail, and mixed-use growth.
At the same time, Perry emphasized that growth in Lee’s Summit is not limited to greenfield development.
Downtown Lee’s Summit continues to serve as a powerful economic and cultural anchor. Once known primarily for a handful of local businesses and gathering places, downtown has evolved into a vibrant destination featuring restaurants, retailers, hospitality venues, and community events. Perry describes it as a place that often introduces visitors to the broader story of Lee’s Summit.
“People come here for downtown,” Perry said. “Then they discover everything else that’s going on.”
Perry emphasizes a recurring theme: certainty. Businesses making significant investments want confidence that the surrounding community will remain stable, supportive, and committed to long-term success. In Perry’s view, that combination of certainty, available land, strong leadership, and economic momentum positions Lee’s Summit exceptionally well for the years ahead.
For a city that has already become one of the region’s most attractive places to live, work, and invest, Perry believes the next chapter may be its most significant yet.
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