Let’s recap our visit to First Farmers Bank & Trust, where we met with Alec Downing, Commercial Lender and Officer, and Carey Mawbey, Chief Credit Officer.

Founded in 1885 by Irish immigrant Mark Tully, First Farmers has grown from a bold entrepreneurial idea into a $3.5 billion financial institution with 38 locations—six of them right here in Howard County.

As one of Kokomo’s community banks, First Farmers makes lending decisions locally and reinvests directly into the communities they serve.

During our visit, we learned about the fundamentals of business financials; including income statements, balance sheets, and cash flow. One key takeaway: businesses don’t always struggle because they’re unprofitable, sometimes they struggle because they manage their cash poorly. Timing is everything.

As our students are in the midst of launching their personal businesses, this was an incredibly valuable look into how banks evaluate businesses and how financial decisions impact growth.

Thank you to Alec and Carey for sharing your time and expertise with us!