A local owner of a home finance company has been selected to the highest board for banking in the state.
Don Fader, owner of SMC Home Finance, was appointed as a public member of the North Carolina Banking Commission by Gov. Pat McCrory earlier this year.
Fader was sworn into the 14-member board in May, and will attend meetings in Raleigh to help regulate banking in the state.
Don’s son, Corey, said he felt his father reached the summit of career with the new position.
“I really felt like that appointment was the pinnacle of achievement for a small town mortgage banker,” Corey said. “It’s a big deal for him and something he’s worked on for a long time. It’s been a goal he’s had throughout his career as far as him being on the legislative side of the mortgage industry.”
Don Fader, who started SMC Home Finance in 1996, had been involved with state and national boards for more than 20 years, learning from a banker’s perspective. As a result, McCrory assigned him as the first representative from a nondepository industry in the history of the board.
“I remember the governor calling me in March, telling me ‘I want you to be the mortgage guy on the board,’” Fader said. “As a public member, my job is to protect the interest in the banking system and service regulations for community banks.”
Fader said a constant concern is finding a balance when it comes to banking.
“About six years ago, it was too easy to borrow money, which is where the bubble came in,” Fader said. “Nowadays, you can argue that it’s a little too tight.”
Fader said there isn’t as much fanfare to banking, but it is a very important part of the community.
“Banking is essential to any economic development in North Carolina,” Fader said. “In the state, 80 percent of the employees are from small businesses and we want to provide safety for depositors, as well as give access to borrowers.”
Junious Smith III can be reached at 252-559-1077 and Junious.Smith@Kinston.com. Follow him on Twitter at @JuniousSmithIII.