Mahair retires as president of State Street Bank to end 51-year career; Smith selected as replacement

QUINCY — One long-time employee has replaced an even longer-time employee as the president of State Street Bank.

Mike Mahair retired in December after a 51-year career in banking, with 26 of those years at State Street Bank. Scott Smith, who has been with the bank for 37 years, was named as his replacement. The bank announced those moves in a Friday afternoon press release.

“Working with so many of you has been an honor and privilege, and I am deeply grateful for the relationships and memories we have built together,” Mahair said in a “special announcement” email sent to bank customers on Friday.

“Throughout my tenure, I have had the pleasure of witnessing your businesses and families grow and thrive. Your trust and partnership have been the cornerstones of our success, and I am immensely proud of the accomplishments we have achieved together. Working with the exceptional team at State Street Bank has been one of the greatest joys of my career, and I am proud of the bank we have built and grown over the years.”

Mahair, 73, is a 1973 graduate of Quincy University. He previously served 16 years with Gem City Savings and nine years with First Bank before joining State Street Bank as executive vice president in 1998. He was named bank president in August 2005 after former president Steve Akers died following a lengthy illness. 

Smith said the changeover was announced at the bank’s December board meeting.

“Mike was going to retire at the end of the year. This has been an ongoing process,” Smith said in a Friday interview. “It had plans clear back in 2020 before COVID and different things.  He chose to stay on, and that was probably a good thing.”

“COVID kind of disrupted a lot of things,” Mahair said in a Friday interview. “We had a succession plan in place that we’d been working on. Then we had a couple of people retire during COVID who we didn’t expect. Scott’s successor retired early and decided to leave the bank, so we had to find someone to replace her. Scott couldn’t do double duty. It was a variety of things. Nothing ever goes as planned, but everything worked out fine.

“COVID was a disrupter for banks. It was all hands on deck. We had never been busier because we were doing PPP loans. Interest rates had plummeted to their lowest levels in many years, and everybody was either buying property or refinancing property. Mortgage rates were in the high twos, low threes. It was really kind of a crazy time as far as the banking industry was concerned.”

He said the role of a local bank has changed dramatically since his career began.

“When I started, the two savings and loans at the time were Gem City Savings and Quincy Peoples,” Mahair said. “Their combined assets were larger than all the banks combined in Adams County. Savings and loans made home loans, farm loans and commercial real estate loans. We didn’t have checking accounts. It was very limited in the scope of what savings and loans did, and the local banks really didn’t do much in terms of mortgage lending. They were more commercial, agricultural and some consumer-type lending. 

“Because of the (19)80s deregulation and high interest rates, a lot of savings and loans went out of business and were merged. That industry, I can’t say it’s non-existent, but it’s not what it used to be. Today, all the banks do mortgage loans. They sell loans on the secondary mortgage market. That’s a big change.”

Spending five decades in banking reminded Mahair of his father’s career.

“My dad was the press room foreman at the Herald-Whig, and he worked there 35 years,” he said. “I remember when he retired that I was thinking, ‘Who works any place 35 years?’”

Mahair slowed down a bit during the past two years, working only part-time. He says he hopes to play more golf, travel and catch up with the activities of his grandchildren.

“I’m not worried about being bored by any means,” he said. “It’s amazing how quick the days go.”

Smith, 62, began his career with State Street Bank in 1987 as a loan officer and since has held various roles within the organization.

Smith was promoted in 1995 to assistant vice president and branch manager of the 48th and Broadway branch (SSB/East), where he oversaw lending and branch operations. He was promoted to vice president in 1998 and transferred to the trust department. He was appointed as a cashier in 2004, where he assumed responsibility for bank operations, compliance and human resources. Smith was named senior vice president in 2019 and to executive vice president in March 2024, playing a role in overseeing all bank operations.

A 1980 graduate of Nauvoo-Colusa High School, Smith earned a bachelor’s degree from Quincy University in 1984. He is a graduate of Cannon Trust School and attended Community Bankers School. He is a member of Breakfast Kiwanis and serves on the boards of the Notre Dame Foundation and CBAI Service Corp. He most recently served on the board of Arts Quincy and was co-chair of the QND Fund Drive.

“His extensive experience across all areas of the bank, including lending, Trust Services and bank operations, makes (Smith) the perfect person to lead State Street Bank into the future,” Mahair said in his announcement. “Deciding to retire is never easy but knowing that the bank is in such capable hands with Scott gives me great comfort and confidence. I am excited to see the continued growth and success of State Street Bank under his leadership.”

Smith says there are “two or three people” with the bank capable of taking his old position.

“We’ve just finished with one process, and my goal is to start the next process — hopefully sooner than later,” he said.

Founded in 1890, State Street Bank is employee-owned and operated, serving Quincy, Adams County and Northeast Missouri. It offers a wide range of consumer and business banking services through its three branches located in Quincy and Payson.