The NBA’s Harrison Barnes has made an investment that hits close to home.
Barnes is from Ames, IA, and previously played for Ames High School as one of the top basketball stars in the U.S., opening doors to playing for North Carolina, according to The Root. In 2012, he was drafted by the Golden State Warriors as the No. 7 overall pick and now has spent 14 years in the league, having earned $224.1 million over his career, according to Spotrac. He is currently signed to a one-year, $8 million contract with the San Antonio Spurs. Nearing the end of his time in the NBA, it has been a goal of his to invest in banking, Raccoon Valley Radio reports.
Purchasing Community State Bank
In preparation, he aligned himself with Iowa-based banking professionals. During the most recent NBA Finals, Barnes even enrolled in the Iowa School for Banking through the Iowa Bankers Association, demonstrating his commitment, according to the outlet.
His journey has culminated with him becoming the owner of Community State Bank in Paton. Barnes invested $25 million through Barnes & Co. to purchase the bank, according to The Root. Barnes made it clear that the investment was “not a vanity project,” and he wants it to reflect his commitment to making Community State Bank “Iowa’s next great bank,” according to his Q&A with The Bank Slate.
Barnes also acknowledged the importance of the bank’s leadership, which informed his decision to make the purchase.
“I think what makes Community State Bank so special is really just how this bank was formed. But, the leadership of (CEO) Craig (Marquardt) and Jake (Bohnet) has been phenomenal,” he said, according to Raccoon Valley Radio. “And I think that when you are talking about banking, you’re talking about trust and I think the leadership that those guys exemplify on a day-to-day basis makes it exciting to want to support and build upon the legacy that they can say that’s been here now for 70 years.”
Marquardt shared that the name and staff will remain the same.
