Originally from the small Northeast Texas town of Daingerfield, Bob Malone understands the value community banks bring to small and rural communities. 

Now the Chairman, President and CEO of Sonora Bank, this former mining and oil and gas executive has successfully brought some of the skills he learned from these natural resource businesses to the financial industry. 

Engineer turned banker

Malone’s career is certainly unconventional when compared to other bankers and is firmly grounded on a set of core values instilled by his father, whom Malone calls his inspiration. His first career as an engineer in the mining industry closely followed that of his father’s, a mining engineer who operated iron ore mines in Northeast Texas. 

This early exposure to mining sparked his interest in mineral processing, leading Malone to get a specialized degree in Metallurgical Engineering from the University of Texas at El Paso. In mid-career, he was selected as an Alfred P. Sloan Fellow at the Massachusetts Institute of Technology (MIT) where he earned a Master of Science in Management. 

His career took he and his wife Diane across the country to Nevada, New York, Connecticut, Utah and New Mexico throughout his 12 years in the mining industry. 

Malone said he “woke up one day in the oil and gas industry” after the mining company he was working for was purchased by The Standard Oil Company of Ohio (Sohio). Sohio was later purchased by British Petroleum (BP) and after spending another 23 years in the oil and gas industry, he eventually retired with 35 years in the industry as an Executive Vice President of BP plc. and the Chairman and President of BP America.

A second career emerges

When he and Diane retired in 2009 to their ranch in Sonora, Malone never envisioned starting a second career in community banking. 

That year, Malone was asked to join the board of directors of the First National Bank of Sonora (dba Sonora Bank). He saw this invitation as a great opportunity to learn more about banking while hopefully bringing his business and leadership background to help the bank and serve the community. Shortly thereafter, Malone was asked to become the president of the bank. 

“I told the board I would serve in that role for three months while they conducted a search for a permanent president, and that was over 12 years ago now,” said Malone. 

All these years later, Malone has remained in his position to address the challenges facing community banks and the opportunity to bring a culture of value-based banking to the customers and communities Sonora Bank serves.

History of Sonora Bank

Sonora Bank has a long history of community service, opening in 1900, just 10 years after the town of Sonora was established. Before the town’s first new bank was finished, it had to operate out of a local dry goods store with about $80,000 in revenue. 

Over the last century, the board of directors and management have led the bank through a massive strategic expansion. Currently, the bank has seven branches with over $600 million in assets and plans to open another branch in New Braunfels. 

Despite the growth and expansion across the state, the bank remains focused on what is important to small rural communities, especially agriculture, farming and ranching. 

Malone added, “We all offer the same products and solutions as the other banks, but what makes Sonora Bank different and unique is our personalized customer service and our core values,” says Malone. “When you walk into any of our branches, one of the personal bankers is going to know your name, they are going to know your family and they are going to provide Sonora’s customers with a great banking experience.”

Malone has brought a unique model of leadership and structure of the bank, which he refers to as the “refinery model,” giving authority to branch managers to really run their branch the best way they see fit. His father, Malone said, was the inspiration for the values that inform his leadership style. Although each branch has autonomy, they all remain strong and true to the brand.

“The logo of Sonora Bank,” he said, “tells a much bigger and important message.

He described the three different colored horses as diverse, strong, moving in unison and in the same direction as a team. This represents the values of the bank: safety, integrity, diversity and inclusion, open work environment, customer service and environmental stewardship.

The bank’s culture encourages an atmosphere that does not boast about the investments it makes in the communities where they operate. Sonora Bank is a long-time supporter of local community events, such as local rodeos, food banks and financial literacy programs in schools. It has also quietly given human and financial resources in time of need, like the Sonora and Wimberley flood relief.

Outside of the bank

Malone, with his wife and friend of 48 years, have a laser focus on family, including their two adult sons. Malone is an avid outdoorsman and an active rancher committed to maintaining the family’s working ranch, which his sons and grandchildren also love. 

He often says, “Our long-term objective is to be good stewards of the land and leave it in a better condition than we found it for the next generation.”

His love for the community of Sonora is evident by the smile on his face when he talks about the town and its residents. 

“We chose to settle in Sonora because of the unique culture and the warm and welcoming residents.”