SIDNEY — For 45 1/2 years, Doug Stewart has walked in the doors of his second home — Peoples Federal. On Friday, Dec. 30, family, friends and coworkers will celebrate Stewart’s retirement as president/CEO of the bank.
“I’ve had a great career,” said Stewart. “But the government regulations are taking the fun out of the business.”
A 1967 graduate of Sidney High School, Stewart received his bachelor of science in business administration degree from Huntington University in 1971. He also minored in business education.
“I started here on July 10, 1971, as a teller,” said Stewart. “I was hired for the summer months to cover for vacations and I never left.”
Stewart knew he wanted a business career when he started college — he just wasn’t sure where his education would take him. After taking some classes dealing with banking, he decided that was the career for him.
“I thought is I couldn’t get a business job, then I could go into education,” said Stewart. Though Stewart didn’t put his business education minor to use as a teacher in a school, he has been a teacher for each of the employees at Peoples Federal.
“Of the 34 employees we have,” said Stewart, “I’ve hired 30 of them.
“We have a longevity in our employees,” he said. “We have a good team of workers. Because they are long term, they know what their supposed to do and that helps each of our customers.”
Stewart, 68, had told the board of directors two years ago he wanted to retire when he was 68. And Stewart has been preparing himself for retirement during those two years.
“Last year, I went down to four days working a week,” said Stewart. “This year, I’ve worked three days a week. I’ve been easing my way out and slowing down. I’ve been getting things done that I want to do.
While he’s retiring as president/CEO, Stewart will remain on the bank’s board of directors.
After his summer employment which resulted in Stewart being hired full time by the bank, he spent the first few years of his career as a teller. He then became a mortgage loan officer. A few years later he was named corporate secretary to the board of directors.
In January 1982, he was named president/CEO of the bank.
“I was 32 years old when I was named president,” said Stewart. “I was the youngest person to be president of a bank in Ohio.”
During his career, Stewart said the biggest change has come from government regulations.
“They’ve put in a lot of consumer protection,” said Stewart, “but if you do it right, you don’t need it.”
He said a lot of the lending groups who were charging a 30 percent interest rate caused the government to change the regulations.
When he first started four items were needed for a house loan: the loan application, deed and mortgage, closing statement and truth in lending statement.
“Now it’s mushroomed into a ream of paper in each loan file,” he said. “There’s delays in closings. It now takes 30 o 45 days to get a loan closed.”
Technology changes have also been introduced during Stewart’s time with the bank.
“We had a first computer installed at a teller window in 1975,” recalled Stewart. “At that time, everyone said we’ll never to change the computer.
“There’s been a big progression of change ever since,” he said. “We couldn’t operate without it (technology) today.”
But with the changing technology, the banking industry is facing other challenges — ways to keep their customers coming into the bank.
“The advent of ATM’s are keeping people from coming into the office,” he said. “We also have drive-up windows for customers.”
Direct deposit and online bill paying have also changed how people visit their banks.
“the lobby traffic has dropped off because of technology,” said Stewart. “We have to think of ways to get our younger customers to come into the bank. Today, they (younger customers) do everything on their phones.”
The process for opening new accounts has also changed.
“We have to make sure of the person’s identity,” said Stewart. “The person has to provide two forms or IDs and we do a background check. After 9/11, everything changed.”
Crimes and scams against citizens have also increased, said Stewart.
“We want to protect our customers against scams,” said Stewart. “If we see something (unusual activity in customer”s account) we try to get hold of them as ask what’s going on.”
Peoples Federal was founded in 1886 in Sidney. In 1917 the bank moved into its current location at 101 E. Court St. The bank has three branches — one in Walmart, a second one in Anna and a third in Jackson Center.
“We are totally a local financial institution,” said Stewart. “Every decision make is made here. We don’t have to call someone (in another city).
“We’ve have really good bard members through the years,” he said. “Our directors spend a lot of time making sure things get done right. They are all hometown people.”
Stewart has been an active community member in Sidney. Through his leadership, the bank has also been involved in numerous fundraisers. Stewart was the chairman of the Sidney Memorial Stadium fundraiser and the bank support the drive to build the new stadium.
The bank has also supported the Amos Memorial Library, Raise the Roof for the Arts and SCARF fundraisers, among many others during Stewart’s tenure.
“This is a very caring community I’ve live in my whole life,” said Stewart. “They support fundraising to make life better. If people buy into a fundraiser, they will contribute to it.”
As a leader of the bank, Stewart has been a past president of the Sidney-Shelby County Chamber of Commerce and Sidney Rotary. He has served on the United Way Board, Wilson Health Foundation and Red Cross board. He is a member of the Community Foundation and AAA boards.
He also served on the Make It Happen board for the revitalization of downtown Sidney numerous years ago. The group helped get the Courtview Building constructed.
With his retirement quickly approaching, Stewart is looking forward to the next phase of his life.
He and his late wife, Linda, who passed away in 2008, are the parents of two children, Jana Barhorst and her husband, Brad, of Anna, and Alan Stewart and his wife, Natalie, of Sidney. The Barhorsts have two daughters, Lindsey and Ally. The Stewarts have two children, Parker and Lindan.
He recently became engaged to Jane Doehler and the pair plan to do some traveling.
“We have made a big difference in both of our lives,” said Stewart.
He also plans to attend sporting events that his grandchildren are involved with. Lindsey and Ally both play volleyball and Parker plays baseball.
Though he doesn’t have any hobbies, Stewart enjoys listening to music. He is the co-founder of the Sidney High School Alumni Band.
“I do have a bucket list,” he said. “I’d like to do some volunteer work. I can’t sit at home and do nothing. I know I’ll still get up at 5 — I’ve been work driven all my life.”
The retirement open house will be held from 9 a.m. to 5 p.m. on Friday, Dec. 30, which is also Stewart’s last day of work.
