After more than three decades in banking, Jim Amundson still talks about community banking with the same enthusiasm and curiosity that first drew him into the industry. Today, as CEO of United Bankers’ Bank (UBB), Amundson leads one of the nation’s largest bankers’ banks, serving community banks across 26 states. But ask him about his career, and he is quick to point not to titles or milestones, but to relationships, resilience, and the people who shaped his journey along the way.
“I’d like to say it was all part of a grand plan,” Amundson recently joked. “But it really evolved through experiences, opportunities, and the people I met along the way.”
A Minnesota State University, Mankato graduate with a finance degree, Amundson originally considered becoming a math teacher before deciding to pursue financial services instead. His first role in banking came through the former Marquette Bank organization, where he worked in internal audit. While the position may not have sounded glamorous to a young banker, Amundson describes it today as an invaluable training ground.
That role took him throughout the Midwest, including stops in South Dakota at community banks.
“That’s where I first had the chance to talk to those bank leaders and understand the impact they have,” he said. “Helping someone buy their first home, supporting local businesses, financing agriculture, those decisions matter in communities.”
That early exposure sparked what would become a lifelong commitment to community banking.
Over the years, Amundson built experience across multiple areas of the industry, including lending, executive leadership, and advocacy. He was on a team that launched a de novo bank in 1996 before later cofounding and leading the formation of First Advantage Bank following the sale of Marquette Bank
to Wells Fargo.
Launching First Advantage Bank from the ground up taught him lessons he still carries today.
“It required a ton of resilience,” he said. “You hear ‘no’ a lot when you’re raising capital and building something new. You have to continue believing in what you’re doing.”
Those lessons became even more critical during the Great Recession. Of the roughly dozen peer banks launched in the Twin Cities around the same timeframe, only a handful survived the economic downturn.
“The fact that we were able to navigate that period and stabilize the bank is something I’m very proud of,” he reflected. “There were difficult conversations, difficult decisions, and a lot of pressure, especially when friends and family were shareholders.”
Amundson later spent a decade leading BankIn Minnesota (formerly the Independent Community Bankers of Minnesota), where he became highly involved in advocacy and collaboration alongside community bankers and state associations across the country. While he loved the work, he admits he never lost his identity as a banker at heart.
That made the opportunity to lead UBB feel like
a natural fit.
The chance to go back to a bank environment, while continuing to support community banks without competing against them, really appealed to me,” he said. “It felt like the culmination of all the experiences I’d had throughout my career came together in this ideal role.”
Amundson admitted he still has moments where he “pinches himself”, humbled by the opportunity to lead an organization so deeply connected to the community banking mission he has spent his career supporting.
Today, Amundson sees UBB’s role as more than simply providing banking services. He views the organization as a trusted partner helping community banks remain independent, competitive, and equipped for the future.
“I hope community bankers feel like we’re an ally,” he said. “That we’re walking alongside them as a trusted partner and helping them navigate the challenges and opportunities they face every day.”
As UBB continues strengthening relationships across South Dakota and the broader Midwest, Amundson said he looks forward to spending more time connecting directly with community bankers and continuing to build trusted partnerships throughout the region.
Despite the rapid pace of change in banking, from artificial intelligence and digital payments to evolving technology and compliance expectations, Amundson remains optimistic about the future of community banking because of the industry’s long history of adaptability, resilience and innovation.
In fact, he believes resilience has always been one of the industry’s defining strengths.
“Community banks have adapted through world wars, depressions, pandemics, technology changes, all of it,” he said. “Local ownership and local leadership give community banks the ability to evolve based on what their communities need.”
That adaptability is one reason Amundson
remains passionate about the industry after
more than 35 years.
“Whatever the landscape looks like moving forward, community banks will continue to play an important role,” he said.
Outside of banking, Amundson enjoys spending time with his wife and family at their cabin in western Wisconsin, where activities range from boating and golfing to simply enjoying time together year-round. He’s also an avid reader and prioritizes personal fitness and health, something he says has significantly impacted his life over the past couple of years. Faith and community involvement also remain important parts of his life.
And while many may know him for his banking and leadership experience, there may be one story they do not know: in 2022, Amundson participated in the famous Heineken Regatta sailing race in St. Martin after years of joking with a former board chair about joining the crew someday.
“I had never sailed in my life,” he admitted with a laugh. “It was one of the most intense and probably one of the scariest experiences I’ve ever had.”
Still, like much of his career, he embraced the challenge head-on.
After more than 35 years in the industry, Amundson’s passion for community banking remains tied to the values that first drew him to the profession decades ago: local leadership, resilience, and the meaningful impact community banks have on the people and communities they serve.
“I still see myself as a lifelong learner,” he said. “I’m excited about what’s ahead.”