It is often easier to see the threads connecting one’s life and career in hindsight. Such was the case for Adam Mitchell, president and CEO of Citizens Bank, who had not given a thought to the banking industry before getting into it.
“I started off at Acxiom out of Hendrix [College in Conway], but banking actually found me,” he said. “I was in a wedding for one of my friends, and several bankers were there. We kind of hit it off, developed a connection, and I was offered a job a few months later. I realized that I liked people and numbers, so it was a perfect fit.”
Little did Mitchell know banking ran in the family. Between his wife’s side, which had two bankers, and his own grandfather having served as president of Grant County Bank, Mitchell’s career seemed meant to be. Even his serendipitous entry into the field — through the power of good connections — is a reflection of the practices he credits with his success.
“It’s all about relationships and working with people,” he said. “I’ve always had the attributes of hard work, leading by example, perseverance, having a positive attitude and surrounding myself with talented people. You’re only as good as the people around you, so I’m always focused on trying to hire people around me that are better than me.”
Mitchell started out and spent the majority of his career at Simmons Bank, along with a few years at Pulaski Bank, as well, and joined Citizens Bank in 2018 as president and chief planning officer. It was during his stint at Pulaski Bank that he faced one of the first big challenges of his career and laid the seeds for a successful journey into executive leadership.
“I was given the opportunity to lead a team when I was 28. I really wasn’t prepared to lead this team, but I knew if I wanted to really propel myself, I had to learn how to lead,” he said. “I learned on the fly to see who’s on the team, who’s not on the team, who to rely upon, who not.”
It was an experience as humbling as it was stressful, and Mitchell learned the importance of trusting his gut instincts. Once again, his emphasis on building strong relationships proved vital, as well.
“You had all the pressure, not only personally, but your whole team was depending on you. They looked at this young guy and said, ‘Does he really know what he’s doing?’ I can tell you I was not prepared, but once I got through with that duty, I became really prepared. That one experience helped me to get to where I am today because a lot of people didn’t have that opportunity at 28,” he said.
Over the course of his career, Mitchell has also faced obstacles familiar to the banking industry as a whole, including the Great Recession, the COVID-19 pandemic and the continually rising interest rates that have defined more recent times. His is an ever changing occupation, and he relies on his experience under pressure to keep a level head rather than overreacting to the moment.
“Really, it teaches you [that] you can’t run from anything — you’ve got to jump right in and tackle it,” he said. “When you combine all those, I’m very fortunate to have been in banking through those. I think the horizon of banking is still going to be a kind of tumultuous time for people as we go through the current economic cycle and going forward, so you’ve got to take all those and learn from them.”
This penchant for careful planning and calm execution served him especially well as he transitioned to the head of the table, becoming Citizens Bank CEO in 2021. In fact, the handing off process went so smoothly that previous CEO Phil Baldwin was able to retire three months ahead of schedule.
“We didn’t want to make a big sea change overnight, so we had a very long time, about a year, where we worked together on transition [and] had a formalized transition plan, which I think went very well,” Mitchell said. “The main surprise I had is [that] one day, you go from having a certain role in the organization to, all of a sudden, the weight is on your shoulders. You’ve got all the stakeholders relying on you, the shareholders, the board, the associates, the customers, everything. It’s all on you.”
Not keen to let his new title do the talking, Mitchell made a concerted effort to develop his own relationships with each of the bank’s key associates, building trust among the Citizens Bank team even as he was still settling into the driver’s seat.
“A lot of people are watching you in this role, and you’ve got to always understand they’re watching you,” he said. “That nonverbal part of your job is very important. They’re watching every move you make.”
A self-described “typical Type A personality,” Mitchell’s new role and the heightened scrutiny that came with it played to his strengths. Still, he admits he has room to grow, and he relishes the opportunity to do so.
“I’m 49, and I feel like by the time I’m 60, I’d better be a better leader than I am today,” he said. “I’m always refining how I approach things. I use emotional intelligence a lot. I go back and look at how I fit into the day-to-day, how I reacted to certain situations. I also look to everybody around me to make me a more effective leader because I know I can improve. I want to make sure that everybody knows where they stand, why we’re doing the things we’re doing and why we’re going where we are.”
A crucial component of Mitchell’s collaborative, adaptive leadership style is mentoring others just as much as he himself has been mentored. He learned much about staying true to one’s values, ethics and instincts from his father, former Arkansas Blue Cross and Blue Shield CEO George Mitchell. He also works to hone his skills among peers and other industry professionals, whether through conversations or reading.
“I’ve spent a lot of time making sure I tell people that I mentor here at the bank why we’re doing it,” he said. “I try to be as adaptive as possible, because each of them has their own needs. They’re all built differently. You can’t can’t just paint with a broad brush and expect to have a message that goes to everyone.”
The fruits of that investment, both in himself and others, has been the continued and record growth of Citizens Bank in terms of loans, deposits and earnings. The bank has also been in the process of redefining its business model since before Mitchell became CEO, prioritizing a more balanced approach that has only been possible through the commitment of each and every team member. With these changes in place, Mitchell expects an even brighter future ahead.
“Change is here to stay, and I think the banks that evolve and use technology the right way in a community bank model, are going to be the winners,” he said. “Now people are able to get deposits on their phone and go online and get money market funds nationally. It’s real time, 24/7 access to their banks, and then you throw in fintechs and banking as a service.
“It’s just a different world, but I still think every consumer and business needs a bank to support them. I think there’s still a role for community banks to be there, to have a viable place in each community. Our model, really, is we put in the technology of a bigger bank with the service of a ‘smaller bank,’ a community bank. That’s the balance we will continue to play as we move forward.”
As for his own role in the future, Mitchell is loath to talk about leaving a legacy. Instead, he hopes to leave an impact in other ways, from the interpersonal to the community level. He has been involved at various capacities with the American Heart Association and the Juvenile Diabetes Research Foundation. Above all, though, he wants his presence to be felt through the care and respect of those around him.
“I’m not an ‘I’ guy, so I’m not looking to say, ‘Adam Mitchell left you with this,’” he said. “I’m not the type of guy that wants to write a book about what I’ve done or talk about what I’ve done. I just want people to say, ‘Hey, I learned from Adam, and I learned how to do things this way from him, and I became a better person because I worked with him in the team.’” I really just hope that my family, friends and co-workers can look back and say, ‘I learned how to do things the right way from Adam.’”
