Spotlight On: Ross Mynatt, President & CEO, Craft Bank
May 2025 — In an interview with Focus:, Ross Mynatt, president and CEO of Craft Bank, discussed the company’s strategies to navigate cybersecurity threats, emerging opportunities in the local banking landscape, and how Craft Bank is working to expand their reach in the business banking space.
How would you describe the past year for Craft Bank and what key developments defined your team’s momentum, market presence, and client relationships?
Last year was good for us overall. We met or exceeded budget expectations across all metrics and categories, and we continued to maintain positive relationships with our regulators. Shareholders are pleased with our results, and we’ve added to our team, which is encouraging. That said, certain trends emerged during the year that kept me up at night — primarily an uptick in fraud, including various types of cyberfraud and cybersecurity threats. A few customers were impacted through their own channels, and we’ve continued to see increasing attacks on our platform. So far, we’ve avoided breaches, but the threat is constant. We remain hypersensitive and vigilant.
What cybersecurity strategies do you have in place to help stay ahead of the risks and support your clients and vendors?
We work with four cyber consultants who consistently emphasize the same concerns. In response, we launched our first annual Cyber Security Summit featuring three industry experts and real stories from customers who had been victimized. Our goal was to provide attendees with clear, actionable takeaways — especially around accounts payable and receivable processes. One story involved a trusted individual, like a babysitter, being part of a fraud scheme, underscoring how trust can be exploited. We covered whitewashing schemes, fake notifications from “vendors” or “customers,” and how even simple text requests can be a point of vulnerability. We’re committed to staying as current as possible on the types of attacks out there.
What are some of the most promising opportunities that you see in the local banking landscape today?
Our business remains about 90% commercial, primarily serving companies with revenues between $1 million and $35 million, across sectors such as distribution, manufacturing, professional services, development, and construction. Our core operating system, Jack Henry, is receptive to upgrades, which helps us remain agile.
Atlanta continues to attract new businesses, and we’re focused on building brand awareness and having one-on-one conversations with business owners to share our story. We respect their current banking relationships but remain ready to help if those needs change. Inviting prospects to our Cyber Security Summit has been an effective outreach tool. That said, we are watching the economy — Q1 results were concerning, and the impact of new tariffs on our customers is something we’re actively working to understand. While we’re bullish on our state and market, we are cautious about the broader macroeconomic environment.
How is Craft Bank expanding their reach and optimizing its impact in the business banking space, and how do you see the current macroeconomics impacting the SBA lending sector?
Craft isn’t an SBA bank — we’re a bank that does SBA lending, which is an important distinction. We expanded this department significantly in 2024. Our head of SBA does an excellent job of maintaining relationships with clients, and we even receive referrals from them, which is uncommon in the industry. At the International Franchise Association Annual Convention in Las Vegas, our team was proactive in engaging with attendees. We understand that SBA loans come with higher risk, but our underwriting mirrors conventional loan standards wherever possible. We won’t compromise credit standards, even if there’s a collateral deficiency. We focus on our core underwriting values and look for basic considerations that allow us to get comfortable with the loan. Our team is strong on portfolio management — if there’s a difficult stretch, we’re quick to meet with the borrower and offer support. Looking ahead, how SBA performs depends on the broader economy, so we plan to drill down by industry and conduct extra due diligence.
How are you approaching hiring and retaining skilled bankers, and what is your strategy for building a resilient and motivated team?
Our culture is built on five cornerstones, and we try to live them daily. Our interview process starts with a phone or Zoom call, typically with two people from Craft. If that goes well, the candidate is invited for an in-person group interview, where they meet with 10 to 15 team members. It’s an opportunity for both sides to interact and ask good questions — we want a real conversation. We conduct two to three deep reference checks, and if a former employer is listed, we go beyond the surface to understand the candidate’s background. Bringing in the right people is critical. There’s no more serious task — it’s challenging and we might make mistakes, but that’s part of the process. Craft is a demanding place to work if someone doesn’t align with our culture.
How does Craft’s strong relationships with regulators help to shape your operational decisions and keep your bank ahead of key compliance themes?
We have three regulators: the Federal Reserve, the FDIC, and the Georgia Department of Banking and Finance. During our first three years, we had exams every six months, which allowed us to build strong relationships. When an exam begins, we proactively share any concerns — the good, bad, and ugly — which helps build credibility. We continue to stay in touch between exam cycles, which now occur every 18 months. We reach out to discuss trends we’re seeing and hear their feedback. They appreciate our proactive approach and recognize the operational discipline we maintain.
What are your top strategic priorities for the next two to three years?
Strategically, we’re launching a new office in Cobb County, which offers fantastic demographics. We’re excited about that location and will continue exploring growth opportunities in other markets. We’re expanding our team and enhancing our treasury platform. We’ve partnered with a 1031 exchange company, operated by one of our directors, and we’re open to other partnerships, including with other banks. Although banking is highly competitive, we believe there’s room for growth when done right.
I love our market. In 2007 and 2008 there were about 12,000 banks in the U.S.; now there are fewer than 4,500. While the number of banks is shrinking, the country is growing — that suggests opportunity for banks that do things the right way. Starting a bank is tough, which is why only five have launched in Georgia in the last decade. We approach this work with energy and passion but don’t take anything for granted. A major challenge ahead for us is learning how to effectively work with AI. We’re proud of our technology, but we’re still figuring out how to make the most of AI — it’s a big opportunity, not just for us but for everyone.
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