Bloomington, MN – Truman Jeffers stepped down from the SFM Board of Directors this month after 20 years, which included a 10-year stint as chair.
Jeffers was hand-selected by former SFM President and CEO Pat Johnson, who knew of his work as CEO of the Minnesota Bankers Association, a position he held for 25 years until his retirement in 1995.
He was experienced in working with legislators, and played a key role in the repeal of SFM’s enacting legislation after the company repaid its loan to the State of Minnesota and became fully mutual and independent.
He was also involved in pushing for legislation in 2002 that changed how the state’s Special Compensation Fund assessment was collected, from a percentage of lost-time benefits paid to a percentage of premium.
Due to his banking background, he was especially interested in SFM’s investments.
“He was an advocate for a strong, appropriate investment policy and choosing managers who would follow it,” said SFM Senior Vice President and Chief Financial Officer Terry Miller. “He really had an ability to ask good questions of the investment managers.”
Jeffers was known not only for his business acumen, but his gregarious personality.
“He would tell an Ole and Lena joke at every meeting,” Miller said. “He had a good sense of humor and kept the meetings comfortable.”
During his time on the board, Jeffers also served on the SFM Foundation Board of Directors.
He is also former national advisory board chairman of Clark Consulting-Banking Practice, and board member of Lake Bank Shares, Inc., Twin Cities Metro Certified Development Corporation and LumenSoft. He was founding director of BancInsure, chairman of American Bankers Association State Association Division, president of the Midwest Society of Association Executives and member of the New Brighton City Council.
Jeffers and Richard Marshik are the only SFM Board of Directors members to have served 20 years.