The Bottom Line - Banking on Continuity, Certainty, and Community
Moving forward together as part of FNBO
Change often brings questions, and that’s natural. At Country Club Bank, our goal during this transition is to ensure those questions are answered with clarity, steady leadership, and a continued focus on what matters most: the people, businesses, and communities we serve.
When FNBO and Country Club Bank came together on October 1, 2025, we didn’t just expand our reach; we also strengthened our foundation. Our core team, our relationships, and our Kansas City roots remain firmly in place. Which means the same people, facilities, and services you know and trust will continue serving you, just as they always have.
What is changing, however, are the tools and capabilities we can now bring to you: broader resources, enhanced technology, and new services that make us a stronger financial partner than ever before.
For our clients, that means continuity in the people and relationships you’ve come to know. The same bankers you trust will continue to guide and advocate for you, supported by deeper resources and a larger network.
It also means certainty — certainty of execution, of access, and of decision-making that still happens close to home. While FNBO brings scale and strength, our lending authority, responsiveness, and local focus remain core to who we are. Clients can count on the same clarity and confidence they always have when working with our team.
And finally, there is our overarching commitment to our community. As part of FNBO, our ability to invest in Kansas City grows even stronger.
We’re committed to deepening our long-standing support for local nonprofits, cultural institutions, and neighborhood programs across the metro. From new mortgage initiatives in underserved areas to larger gifts for the arts, we’re stepping up in ways that reflect our shared purpose and shared home.
Together with FNBO, we’re building on what has made Country Club Bank special for generations: local relationships, trusted expertise, and a lasting commitment to community.
That foundation isn’t changing, it’s getting stronger. Stronger in service. Stronger in lending. Stronger in giving back to the people and communities we proudly call home.
Thank you for the trust and confidence you continue to place in us. We promise to keep earning it, and honoring it, every day.
— Joe Close, Regional Leader, Country Club Bank, a division of FNBO, Member FDIC
Economic Insights
Another rate cut, elevated inflation, further signs of weakening labor, and data gaps bring both clarity and caution
The U.S. economy is still navigating choppy waters. On one hand, the Federal Reserve took a decisive step at the end of October by cutting the federal funds rate by 25 basis points, bringing the target range to 3.75%-4.00%.
That marked the second reduction of 2025, signaling the Fed is increasingly concerned about the labor market and growth risks rather than inflation only.
On the other hand, inflation remains stubbornly above target. Consumer prices rose by 3.0% year-over-year in September, up from 2.9% in August, according to the latest Bureau of Labor Statistics release.
Core inflation (excluding food and energy) also rose by 3.0% over the last 12 months. At the same time, a government shutdown has delayed or curtailed several other key economic releases, leaving the Fed and market observers operating with less clarity than usual.
What this means in the near term
Because inflation remains elevated and GDP growth estimates robust (current Q3 Atlanta Fed GDPNow estimates are at 3.9%), the Fed is unlikely to unleash a rapid series of cuts. At the same time, weak labor data (and it appears to be weakening further in real time, with several large companies reporting layoffs recently: UPS, Target, Amazon, etc.) is giving it a license to ease modestly. After the rate cut today, markets are currently expecting another 25 basis points of rate cuts by year-end.
The data gap caused by the shutdown means the Fed will lean more on non-traditional indicators (satellite payroll numbers, private-sector surveys, inflation expectations) to guide policy. The lack of fresh jobs or GDP data could amplify risk if indicators surprise on the downside.
Businesses and consumers will continue to look for value. With inflation still at 3% and borrowing costs slowly coming down, companies that manage costs well and access capital efficiently will have an advantage.
At the same time, higher costs for food, energy, or housing (which remain sticky) could dampen consumer spending.
Rate cuts support equities and credit. Still, if elevated inflation lingers and the labor market weakens further, the trade-off becomes sharper: good for borrowers, uncertain for lenders, and complicated for growth-dependent companies.
Bottom line: The U.S. economy appears to be on solid footing, but questions remain (especially on the labor front). The Fed’s move to cut rates underscores a tilt toward supporting growth, yet inflation hasn’t fully cooperated. In this environment, steady execution and a focus on fundamentals matter more than grandstanding. Keeping an eye on how inflation, employment, and policy converge over the next few months — and being ready to adjust quickly as needed — will be critical.
— Marcus Scott, CFA, CFP®, Chief Investment Officer (CIO) for Country Club Trust Company, a division of FNBO.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute. Certified Financial Planner Board of Standards Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design), and CFP® (with flame design) in the U.S., which it authorizes use of by individuals who successfully complete CFP Board'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
JM Fahey Construction Builds the Region’s Roads and Highways, With Capital from Country Club Bank
Few companies know Kansas City from the ground up quite like JM Fahey Construction. For more than five decades, the family-owned firm has paved and maintained the roads, highways, and runways that keep the region moving.
From asphalt production to concrete paving to heavy construction, the Fahey name has become synonymous with craftsmanship, quality, and a long-standing commitment to the communities the company serves.
Today, President Andrew Fahey leads the second generation of the business, working alongside his father, Kevin Fahey, and a team of about 150 employees across the metro area. Like many family leaders, he’s held nearly every job in the company.
“I started out of school as a laborer and worked my way up, from foreman to superintendent to estimator and project manager, and now president,” Fahey said. “There are challenges that come with any business, but there are also enormous benefits and responsibilities associated with being a good steward of the resources we’ve been trusted with.”
JM Fahey is a vertically integrated company that produces its own asphalt and aggregates through its quarry operations.
“We’re one of the few asphalt producers in Kansas City,” Fahey said. “We supply a lot of outside contractors in addition to our own paving work. It’s a simple business at its core, rock, sand, and oil, but we take pride in doing it well.”
That mix of practicality and pride carries through to the company’s long-standing relationship with Country Club Bank, a partnership spanning multiple generations.
“They’ve really stood the test of time with us,” Fahey said. “Dan Teahan and his team have been a tremendous resource, from day-to-day banking to loans and everything in between. They’re always accessible, always willing to work through an idea.”
When it comes to service, Fahey says the relationship feels more like an extension of his own team.
“They’re always quick to respond,” Fahey said. “If we need to move fast on something, they make it happen. That kind of follow-through is rare, and it matters. We know we’re not just a number on a balance sheet.”
According to Fahey, communication has also been key to the partnership’s longevity. “It’s open, it’s direct, and it’s honest,” he said. “We’ve had real conversations over the years, about needs, about growth. That transparency builds trust, and I think that’s why our relationship works so well.”
Like many construction companies, JM Fahey’s needs vary with the season.
“Sometimes you need a little support early in the year to get projects rolling,” Fahey said. “Country Club Bank understands our business cycle. Whether it’s a line of credit, equipment financing, or real estate needs, they’ve always been flexible and fair.”
That accessibility and prudence extend beyond financing.
“They’re proactive about security and fraud detection with clients, and we’ve seen it firsthand,” Fahey said. “If something looks unusual, a large wire transfer or a signature question, they’ll call me directly to double-check. As an owner, that gives me a lot of peace of mind. You know they’re looking out for you.”
For Fahey, the relationship is also grounded in a shared commitment to people, service, and Kansas City.
“I was raised to believe you support the place you live,” Fahey said. “Seeing Kansas City thrive, being part of that, that’s extremely important to us. And I know Country Club Bank feels the same way. I’ve seen it firsthand and felt the impact.”
Welcome to FNBO
A helpful summary of details as we transition to FNBO
As Country Club Bank joins the FNBO family, we’re focused on making your transition simple, secure, and seamless. You’ll continue working with the same associates you know and trust, while gaining access to new benefits, expanded resources, and an even stronger commitment to service.
Here’s a quick look at what this means for you:
Same people, same service. You’ll continue banking with the associates and teams you know best—right here in Kansas City.
Eliminated fees. Overdraft and NSF fees on personal checking accounts have been eliminated, helping you keep more of your money where it belongs.
Simplified products and services. Cashier’s checks will replace money orders, offering a more secure and convenient option.
Seamless access. Your online and mobile banking credentials, personal checks, and automatic deposits or payments will continue without interruption.
Expanded benefits. As part of FNBO, you’ll have access to broader resources, new digital tools, and the financial strength of one of the Midwest’s most trusted banks.
Smarter protection. Enjoy proactive account monitoring and the confidence that your combined deposits are reviewed for optimal FDIC coverage.
Visit this page for the additional updates and transition details.
Fraud Prevention and Detection
Cybersecurity Tips for Businesses: Stay Secure, Stay Vigilant
Cyber threats can affect businesses of every size, but with the right precautions, you can greatly reduce your risk.
We’re committed to helping clients protect their operations through education, awareness, and smart security practices.
Check out our latest post on practical steps to strengthen your defenses:
- Educate employees to recognize and report suspicious activity.
- Secure your network with strong passwords, encryption, and updated virus protection.
- Partner with your bank to implement fraud-prevention tools such as Positive Pay.
- Monitor accounts for unusual transactions and respond quickly to potential breaches.
Cybersecurity isn’t just an IT issue, it’s a business imperative. Visit our Business Knowledge Center to read the full article here.