Like many kids, Jim Lally grew up in St. Louis hoping to become a pro athlete. “But by the time I was a teenager, I knew I’d need to change my aspirations,” he says. Lally has built an impactful career in the financial services industry, leading one of the largest commercial banks in St. Louis. Through Lally’s leadership, Enterprise Bank & Trust continues to build its consultative banking relationships with clients across the region. If he could change one thing about his industry, Lally would provide full FDIC insurance coverage for all business operating accounts to level the playing field for small and midsize banks.
PROFESSIONAL ACCOMPLISHMENTS & OPPORTUNITIES
What has been your or your company’s most significant success over the last 12 months? I’m proud of the fact that we deliver strong financial performance while we continue our growth in St. Louis and throughout the country. Being financially strong allows us to continue to be a trusted, reliable financial partner to small and midsize businesses and their owners.
What has you most excited about the future of your company or industry? I’m excited by the fact that we have continued runway to grow and replicate our successful consultative banking approach. We’re just at the beginning of a long, successful run.
If you could change one thing about your industry, what would it be and why? I would like to see the FDIC provide full FDIC insurance coverage for all business operating accounts. That would level the playing field for small and midsize banks vs. that of large national institutions.
What’s the toughest business challenge you’ve had to overcome (excluding the pandemic) and why? We’ve grown quite a bit through acquisitions in recent years. Merging an acquired company with their own culture into the Enterprise culture is always a challenge. But we’ve been successful because we keep our corporate values and principles the same—always—while allowing local cultures and local decision-making to continue. We blend the best of both worlds.
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MENTORS & PEERS
To whom or where do you go for sound business advice? I’m blessed to have an incredible network of trusted advisors. It’s everyone from colleagues, to my father and brothers to our board of directors.
What piece of advice has had the most significant impact on your career? I heard this early in my career and I now share it all the time with my colleagues: do what only you can do. Everyone has a unique skill set and life view that makes them valuable. Play to your unique qualities and you will differentiate yourself from others.
What is one thing you would change about the St. Louis metro area business environment and why? It’s not so much of a change, as much as something I’d like to see more of. And that is continuing to create a collective vision and voice for the growth of our city and region. The various business leadership groups and business leaders in the region are making some fantastic progress toward this goal, but I’d like to see even more cooperation and unification of our regional vision.
BACKGROUND
Where were you born? St. Louis
What was your childhood aspiration? Like a lot of boys, I wanted to be a pro athlete. But by the time I was a teenager, I knew I’d need to change my aspirations.
What was your first job, and what did you learn from it? I owned a newspaper stand at 8 years old. I learned to say yes to opportunities and that hard work pays off.
What educational degrees do you hold, and where were they earned? I got my undergraduate degree at Saint Louis University and my graduate degree at the University of Missouri–St. Louis. I’ve also completed the Executive Program at the University of Virginia–Darden School of Business.
HOBBIES & INTERESTS
If you were not in your current profession, what would you be doing and why? I’m pretty sure I’d be teaching and coaching at the high school level.
What is one book you think everyone should read (or podcast everyone should listen to) and why? Team of Rivals: The Political Genius of Abraham Lincoln by Doris Kearns Goodwin is a favorite. And, of course, our Enterprise Bank & Trust podcast, Enterprise.ing, with great insights for business leaders and professionals at all levels.
What is your go-to karaoke song? I’m not a big karaoke guy, but my “walk-up” song would be “Don’t Stop Believin’” by Journey.
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