On Thursday, September 24, 2026, the Daviess County CEO Cohort welcomed Eric Lane, President and CEO of First Federal Savings Bank of Washington, for an informative session on banking, financial responsibility, and the lessons he has learned throughout his career. Lane shared his nontraditional path to leadership while giving students a closer look at how financial institutions operate and how sound financial decisions can shape their futures.
Following the cohort’s recent visit with Selling Table founder Jared Miller, Lane’s presentation provided an excellent opportunity to build on students’ understanding of the lending process and explore the financial considerations behind borrowing, credit, and business ownership.
Eric discussed several important topics in today’s banking industry, including interest rates, credit scores, fixed and variable interest rates, credit cards, lines of credit, collateral, and cybersecurity. He explained how changing interest rates influence borrowing costs and lending decisions, emphasizing the importance of understanding loan terms before making financial commitments.
Cybersecurity could be a key topic by itself, as banks must continually protect customers’ personal and financial information from evolving threats. Lane also explained why lenders evaluate credit histories and may require collateral to help secure a loan. His discussion reinforced the importance of establishing responsible financial habits long before applying for a loan.
One of the central topics was the “5 C’s of Credit,” which lenders use to evaluate the creditworthiness of individuals and businesses:
***Character: A borrower’s reputation for honesty, responsibility, and repaying debts. Lane emphasized that character is the number one consideration at First Federal.
***Capacity: The borrower’s ability to repay a loan based on income, cash flow, and existing financial obligations.
***Capital: The money and assets a borrower has invested or can contribute toward a purchase or business.
***Collateral: Property or other assets that may be pledged to secure a loan.
***Conditions: Economic circumstances and the purpose of the loan that could affect repayment.
These principles helped students understand that obtaining financing involves much more than simply requesting money. Lenders consider a borrower’s overall financial situation, reliability, and ability to manage the responsibility.
Eric made it clear that financial knowledge is only one part of achieving success. He encouraged students to become responsible stewards of their money, time, talents, and opportunities. Quoting Thomas Jefferson, he reminded the cohort, “Never spend your money before you have it!” This timeless advice reinforced the importance of budgeting, avoiding unnecessary debt, and living within one’s means.
He also stressed the value of commitment and daily discipline. Whether pursuing a career, operating a business, or working toward a personal goal, Lane encouraged students to give their best effort and develop habits that support long-term success. He reminded them that first impressions matter, particularly when meeting potential employers, customers, mentors, and business partners.
Networking was another important theme. He students to build meaningful relationships, maintain connections, and never hesitate to pick up the phone to make a direct contact. He explained that taking initiative and investing in relationships can create opportunities that might otherwise be missed.
Eric also challenged students to have “skin in the game” by taking ownership of their decisions and committing to their goals. He reminded them that failure is not necessarily a setback but can be one of the most valuable teachers. By learning from mistakes, staying informed, and remaining adaptable, individuals can continue to grow in an ever-changing business environment.
Preparing for the unexpected was another lesson he emphasized. Anticipating potential challenges, considering the “what-ifs,” and planning ahead can help individuals and businesses become more resilient when circumstances change.
As he concluded, Eric shared several guiding principles for building a successful and meaningful life. He encouraged students to remain ambitious while staying humble, continue learning throughout their lives, and surround themselves with people who encourage and support their growth.
He emphasized that relationships are essential to both personal and professional success and that mistakes should be viewed as opportunities to improve. Above all, Eric reminded students to put family first, recognizing that professional achievements are important but should never overshadow the people who matter most.
The Daviess County CEO Cohort sincerely thanks Eric for taking time out of his busy schedule to share his knowledge, experience, and practical advice. His visit strengthened students’ understanding of banking and the loan process while reinforcing the importance of financial responsibility, integrity, discipline, and lifelong learning. The lessons he shared will serve as valuable reminders as these young entrepreneurs prepare for their futures in business and beyond.