Will Heaps, president and CEO of Merit Bank, grew up on his family’s cotton farm in Florence, Alabama. He began his banking career more than two decades ago with Regions Bank in Montgomery and has since worked with several financial institutions across the state.

As part of the founding team that brought Merit Bank to market in 2018, Heaps now leads one of only two banks headquartered in Huntsville. He has helped to successfully guide the organization through its early growth, including the challenges of the COVID-19 pandemic, while continuing to serve businesses and communities across North Alabama.

You were involved in the early formation of Merit Bank. What factors came together in 2018 that made launching a new, locally headquartered bank make sense?

In 2018, we had a fraction of the economic momentum that we have now. You could see it coming, but so much has changed and developed since. We realized there was absolutely room in the market for another bank that’s locally headquartered.

What lessons did you learn during the bank’s early years that continue to shape the way you lead today?

One of the most important things we learned is you’re going to have to face adversity. There will always be hiccups or unexpected things that happen. You’ve got to just take them in stride and adapt. Something that has governed a lot of our thought processes is to never say never.

Early on, especially with our staff and employees who joined us in the beginning, we worked together through COVID and other challenges. It built a very strong bond that has permeated throughout our organization as we’ve gotten larger.

We really didn’t slow down or miss a beat during COVID. We experienced continued growth and really were able to have an impact on the community.

What qualities do you look for when building a strong leadership team?

There’s not much of the process of the bank that our founders have not been a part of. As the team has grown, we’ve asked other people to come on staff and take on those tasks. They’re not doing anything that we haven’t done before in some capacity. I think that has value.

I want people who know how to lead from the front, and who are not going to expect anything from the people they lead that they either haven’t done or aren’t willing to do themselves.

Many times, I’ve seen where someone gets a title or a leadership role and they think that their title alone somehow commands respect, which just isn’t true. Respect is earned, not given.

What has been one of the most rewarding milestones for you since Merit Bank first launched?

When I think back to those early days before we were a bank, when we were talking about this vision, and now see the staff we’ve assembled, people who are smiling and happy to come to work, and what we’ve created, it’s a reward beyond comprehension.

Banking is built on trust. How do you cultivate that trust both with customers and within your team?

Banks earn trust when you can truly add some value beyond just securing a transaction for a customer.

I challenge our lenders every day, “Don’t be the status quo.” You need to educate yourself on current economic conditions, the interest rate environment, and other factors that have a meaningful impact on your customers, so you can offer that financial guidance and bring something extra that others don’t.

I’m proud to say that we have about $515 million in total assets and almost $360 million in loans. When I look through the loan portfolio and deposit base, there are very few people I don’t know or recognize.

Huntsville and North Alabama have seen significant growth in recent years. From your perspective, has that growth influenced the banking landscape? If so, how?

It’s attracted a lot of people to the market, both in business and the financial industry as well. I think we have a very optimal road of opportunity in front of us and are very blessed because of it.

Outside of work, what interests or activities help you recharge and maintain perspective?

I love golf. I like to quail hunt. Any time I can spend on my family’s farm where I grew up, is very recharging. My daughter has started playing golf and is on the team at her school. A Saturday afternoon where she and I can sneak off and go to the golf course is pretty special.

My wife and daughter have been extremely supportive. I couldn’t say enough about their support.

In your experience, what separates a good business idea from one that truly excels?

Number one, recognizing it probably won’t go 100% as you planned. Number two, you need to have a plan for what you’re going to do when it might not go that way. Three, I think just the unwavering commitment to it because you may have competition that tries to slow you down. You need to block that out.

You have to commit and believe, and quite frankly, grind it out when it might be easier to throw in the towel.

Also, having family support is important. If I have someone who’s contemplating a business opportunity sitting in front of me and they say that their wife or their family is a little concerned, I say, “You need to iron that out before you can move forward.”