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IBA Member Spotlight: Cody Sorensen

Sorensen Finds Career Path During Internship

Cody SWhen Cody Sorensen arrived at Morningside College in 2018, he wasn’t sure what degree he would pursue. He says he knew he “wanted to go to college and continue playing football,” but wasn’t sure what would come after. He eventually settled on pursuing a business degree later interned at Malvern Bank. The internship left its mark and, upon graduating, Sorensen returned to the banking industry.

Today, Sorensen works as a credit analyst and information security officer at Malvern Bank, handling the underwriting of the majority of commercial and agricultural loans while also co-managing the bank’s IT department dealing with all audits/exams and policies. “Being in a smaller organization, I am also able to help with other lending related items such as policies/procedures, external loan reviews and exams,” he said.

Where did you attend college/what degree(s) have you obtained?

I attended Morningside University and obtained a degree in business administration with an emphasis in finance and business management. Out of high school. I was uncertain of what type of career I wanted to pursue but knew I wanted to go to college and continue playing football. Once on campus, I decided that a business degree would provide a broad range of career opportunities. After interning with Malvern Bank in between my freshman and sophomore years of college, I decided that banking was the career for me and immediately started looking for banking opportunities in the Sioux City area.

When looking back on your banking career, what achievement are you most proud of and why?

In my short time at Malvern Bank, the thing that I am most proud of is the amount I have been able to grow in my role. Having started right out of college, I was still in the learning mindset and have taken advantage of every learning opportunity. This has allowed me to create new efficiencies in my underwriting and show senior management my ability and willingness to take on more responsibility within the lending department.

What piece of advice would you give to your past self or to anyone considering a career in banking?

The biggest piece of advice that I could give to anyone entering the banking industry is to take advantage of every learning opportunity that you are given. Whether it is getting the opportunity to sit in with a senior lender or going to training events, make sure that you are being present and making the most of the opportunity. In banking so much can be learned just through past experiences, and when you get to talk with other bankers who have been in the industry longer than you, it can be very insightful for situations you may encounter.

What is your best elevator pitch for why banking is a great career?

I feel like banking is a great career because of the impact that you are able to have on your community and the relationships that you can form. Growing up in a small town, I never realized exactly how much banks give back to the community and help the town grow. Whether it be donating to the local school or making a loan to a lifelong customer, community banks are always making an impact.

How does getting involved with the Iowa Bankers Association help you and your bank?

I feel like the IBA has helped my career and my bank as a whole tremendously. Since starting at Malvern Bank, I have attended numerous IBA courses that have allowed me to gain a large amount of knowledge that otherwise may have slipped through the cracks. I was hired to be the bank’s sole credit analyst as our previous analyst had transitioned to a loan officer position. With no senior analyst, I relied heavily on senior lenders to help me learn the underwriting process. Paired with the mentoring of the senior lenders the bank started having me attend different IBA courses in many different areas of banking. These courses have helped me improve my underwriting and bring back new knowledge to my organization.

When you’re not at work, what do you like to do most?

Outside of work, I enjoy spending time with my friends and family. My wife and I love being right outside of Omaha because it allows us to attend a large number of concerts and events throughout the year while still being a part of our local community.

What is a quote or guiding principle you live by?

“Success does not consist in never making mistakes but in never making the same one a second time.”

— George Bernard Shaw