Shannon Smith has spent virtually his entire career at KLC Financial, joining 18 years ago as credit manager and rising through portfolio management, syndications and bank relationships before becoming chief credit officer. “One of the unique things about growing up in a smaller, entrepreneurial equipment finance company,” he says, “is that you gain exposure to nearly every part of the business over time.”
The succession became official when Spencer Thomas, who had led KLC for more than 25 years, told the leadership team he was stepping into a new chapter. Gulf Coast Bank & Trust, which acquired KLC during his tenure, made clear it wanted a smooth handoff and believed in promoting from within. “I felt very humbled and honored to be chosen as the next CEO,” Smith says. “There’s definitely a responsibility that comes with carrying on the culture and foundation Spencer Thomas and former CEO Marc Keepman created.”
Thomas has stayed on through the transition, a continuity Smith credits for making the handoff feel natural after years of built-up trust. His credit background, meanwhile, gives him what he calls a strong appreciation for disciplined growth. “If there was real merit to a deal and strong character behind the borrower,” he says, “we believed there was usually a way to structure something that worked.”
Colleagues, Smith says, would likely describe him as someone who “leads by example, works hard and stays authentic.” That instinct carries into how he’s handling the transition itself. “The ideal outcome is that employees and customers feel very little disruption at all,” he says. “If the experience still feels like KLC, then we’ve done it the right way.”
Smith’s first-year priorities center on reinforcing that foundation, investing in tools and technology while pursuing steady growth across the industries and deal types where KLC sees the strongest long-term opportunity. He pushes back on any notion that KLC fits neatly into one niche. “We finance a very wide range of equipment and industries, from software to aircraft,” he says, “and that versatility has been a big part of KLC’s success.”
Outside the office, Smith’s life centers on baseball: four sons playing from middle school through college, and years spent coaching them himself. “There’s a good chance,” he says, “if I’m not at KLC, I’m at a baseball game somewhere.”
“Growth is important, but we never want growth to come at the expense of the culture that helped create our success in the first place.”
Rita E. Garwood is editor in chief of Monitor.