Born and raised in northwest Alabama, Small Business Administration (SBA) banker Art Richey discovered his passion towards helping build economic prosperity as a middle-school Boy Scout.
Studying political science and economics while a student at Birmingham-Southern College, Richey went on to law school at the University of Alabama as a Truman Scholar.
Today, Richey serves business customers as Regions SBA Large Dollar banker for Arkansas, Greater Chattanooga and West Tennessee. But he didn’t originally plan to go into banking. Rather, he began his career as a congressional staffer and corporate attorney.
We sat down with Richey to learn more about his unique journey from lawyer to banker, all powered by an unfettered love of helping bring economic prosperity to the communities he serves and beyond.
You credit your drive towards creating economic prosperity to your early years as a Boy Scout. Tell us about how that experience inspired your career path.
When I was in middle school, I was heavily involved in our local Boy Scouts troop. One day, several young men joined our Troop who were supported by the local housing authority. My mom and dad had stable, professional jobs, so I never had to worry about the next meal, new clothes or transportation. After several Troop events with these young men, I quickly realized their lives, families and struggles were very different from mine. Many came from single-parent homes; some had a parent who was incarcerated or unemployed. Yet, these guys were just like me – eager to learn, have fun and work hard to advance within Troop. And had dreams just like me for their future. Around the same time, our local manufacturing plant closed and many in our community lost their jobs.
It was through this experience that I recognized the strong connection between having a good job and a good quality of life. Understanding these young men were just like me, but they faced challenges because of their family’s job situations, inspired me to help people work towards better jobs. But I was not sure how I could help.
Like many kids, I was often asked: what do you want to be when you grow up? When I was a little kid, I wanted to be like the cool guys on TV – but for me, the cool guys were lawyers or presidents, not famous athletes. As I moved onto high school, I learned how lawyers and public officials work to help people get better jobs, so I became involved in public service activities in high school and prepared for pre-law/political science track in college.
At Birmingham-Southern your passion for public service continued. How did your college experience expand your focus?
In college, I started learning more about the policy side of economic development and was involved in community service organizations. During my junior year, I was nominated by my college to apply for the Harry S. Truman Scholarship Program, a national scholarship through the federal government geared towards students seeking a career in public service. One scholarship is awarded to a student in each state. In 2008, I was chosen as Alabama’s Truman Scholar.
My belief that the underlying current of helping people get better jobs will likely give them a better quality of life remained steadfast. My family has long modeled a heart for service. My grandparents were active in volunteer service. My granny dedicated her life to teaching the blind and deaf. My grandaddy was active in Boy Scouts, our church, and transporting children to doctor appointments who didn’t have transportation. My grandparents received annual Governor’s volunteer awards, including a volunteer of the year award in Alabama in 1993.
Tell us how the Truman Scholarship impacted your life and career.
All Truman scholars spend the summer in Washington, D.C. after graduating college and receive tuition funding for graduate school. Luckily, I was hired as a congressional staffer for Alabama Congressman Bobby Bright. When Congressman Bright lost his re-election, I lost my job, so I focused efforts on graduate school. I knew then that I wanted to go to graduate school either for public policy or law. Ultimately, I decided there was more I could do with a law degree and attended the University of Alabama Law School.
One of my favorite experiences in law school was an internship I did with Regions in the bank’s law department. The people I met there were incredible and so supportive. I had taken a banking law course and finished at the top of my class that semester. I recognized that I perhaps had a knack for banking and finance law.
However, I graduated law school when the Great Recession was having a significant impact on law firms. The economy was tight, and jobs were scarce – and as much as I wanted to return to Regions’ law department or work in economic development law, I knew that to get into a Corporate Legal department, you had to have experience with a law firm. I ended up taking a job with a law firm in Birmingham to do real estate and healthcare law, though it wasn’t exactly where my interests were at the time.
You had an epiphany one night driving home from work that changed the trajectory of your career. Tell us about that shift.
In March 2016, my wife and I decided to move to her hometown, Memphis, Tennessee. At the time I was practicing healthcare regulatory law for a large law firm, helping hospitals and healthcare groups navigate regulatory issues. I tried to get involved in community service in Memphis but, as a young lawyer for a large firm, I didn’t have time. I loved my co-workers, but I didn’t enjoy the work and lifestyle. In late 2018, I was driving home late one night and decided life is too short to work a job you don’t enjoy, especially if the job prevents you from spending time with your wife.
I began talking with family and friends, trying to decide what was next. Friends and family encouraged jobs in commercial banking given my interests, so I started networking with commercial bankers in Memphis.
Through a Rotary Club friend, I met Blake Elliott from the Regions Memphis Commercial Banking team. Regions had an opening for an SBA Banker position in West Tennessee. Shortly thereafter, my initial manager, Susan Aldridge, and SBA Director Tyrus Sanders convinced me: your legal background will help you understand the SBA rules, we’ll teach you the underwriting part of this job.
The job really checked the boxes regarding my passion for helping with economic development and prosperity, my knack for understanding legal rules and regulations, and ability to think analytically. I joined the bank in August 2019. It is a perfect fit for what I am interested in and what I want to do, allowing me to bring my skillset to the table to help clients every day.
And you’ve come full circle in your dreams to help build economic prosperity.
Absolutely – I am very lucky. Being able to help small businesses via SBA loans is such a fulfilling way to build economic prosperity in our communities.
We help business owners fulfill dreams of buying a business, expanding their business via real estate loans, and fueling growth through SBA working capital products. In this role, I educate business owners and advisors on benefits of SBA loans via conversations and presentations, help business owners navigate every step of the loan process, and work with our incredible Regions SBA team from underwriting to closing.
The best part of this job: sitting at the closing table and hearing from our customer how this SBA loan will turn their dreams into reality. Small businesses are at the heart of communities large and small – and their ability to grow and provide jobs as well as provide needed products and services is paramount.
Since my move to Regions SBA, I’ve witnessed the impact of SBA loans to help fulfill dreams of business owners across our footprint. These are the conduits of job creation that lead to a better quality of life. I’m just so proud of being part of this incredible business that helps fuel and finance this growth.
Ready to build your career at Regions?
Associates are Regions’ most valuable resource. When they succeed, Regions succeeds. Looking for a place to chart your personal career course? Visit the careers page on regions.com to search current job listings and to learn more about working at Regions.