When host Brian Love sat down with Brent Beardall, President & CEO of WaFd, Inc., he wanted to give a respected banking leader the room to tell the honest story of his rise, the version younger bankers rarely get to hear. What unfolded was that, and so much more. Brent traces his path from filing paperwork in a bank file room at 14 to becoming the youngest CFO of a publicly traded bank in the country, and eventually CEO of a 109-year-old institution.
Then, about fifteen minutes in, Brian springs a surprise. Simone Lagomarsino, the former President & CEO of Luther Burbank Savings, the bank WaFd acquired, joins to reunite with the man she calls family. What follows is a candid, often emotional conversation about leadership, M&A done with integrity, resilience through crisis, and why both of them still believe banking is a noble profession.
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Brent Beardall & Simone Lagomarsino: Chapters & Timestamps
00:00: Welcome, Football, and the Reason for This Conversation
Brian Love, Head of Banking & Fintech Search at Travillian, opens with Brent Beardall, President and CEO of WaFd, trading a little football banter before setting up the episode. He wants an honest look at a banking leader’s rise, told for the next generation of bankers, and he hints that a surprise guest will join about fifteen minutes in.
02:45: From Deloitte Auditor to WaFd, the “Backwards” Bank That Was Secretly a Powerhouse
Brent explains how an audit-side view of a low-tech, fax-machine-era thrift revealed one of the most profitable institutions in the country. He walks through the long-term, employee-ownership philosophy of doubling the bank’s value every decade, an approach that produced a 36,000% total shareholder return over 44 years.
07:06: Starting at 14, His Father, the File Room, and Learning Banking from the Ground Up
Brent shares the personal origin of his career. His father founded a bank in 1971 and passed away when Brent was 15, and his own first job had him filing paperwork and chasing down auto payments. Those early lessons about people still shape how he leads today.
10:00: Becoming the Youngest CFO of a Public Bank and Running Toward the Fire
When the sitting CFO abruptly retired, Brent outworked a slate of external candidates to win the role and became the youngest CFO of a publicly traded bank in the country. He unpacks his guiding principle of running toward the fire when others run away, and how mastering complex accounting rules set him apart.
13:37: Mentorship and “Other People’s Money,” the Lessons That Shaped Him
Brent credits former CEO Guy Pinkerton for teaching him to treat the bank’s money as his own and to scrutinize every dollar. Just as important, Pinkerton taught him to stay humble, reminding him that he could always go back to pumping gas.
16:32: Do Work You Love, and Hire for Character
Brian and Brent trade thoughts on doing tangible work you’re passionate about and why character, not pedigree, is the thing they hire for. Brent’s advice is simple. Get to know people, because everyone has a story and a north star worth understanding.
19:11: Advice to the Next Generation, Advocate, Don’t Wait, and Network with Substance
For younger bankers, Brent’s counsel is direct. Don’t wait for an opening, do the homework, take initiative, and remember that real networking requires substance rather than just showing up.
21:31: A Favorite Movie and a Magic Word, Setting Up the Surprise
As Brian preps the surprise, the two bond over films, including Brent’s all-time favorite, The Shawshank Redemption, and its unforgettable banker, Andy Dufresne.
22:35: The Surprise, Simone Lagomarsino Joins and “She’s My Sister”
Brian brings on a surprise guest, Simone Lagomarsino, former President and CEO of Luther Burbank Savings, the bank WaFd acquired. Brent’s reaction says it all when he calls her his sister. Simone explains how the two were first introduced by their investment banker.
24:08: Compatible vs. Complementary, How the WaFd and Luther Burbank Merger Came Together
Over a dinner at an industry conference, Brent and Simone discovered how closely their values aligned. They explain the principle that drove the deal, that a merger has to make one plus one greater than two, or there’s no point in doing it.
25:46: A Plane Crash, a Hospital Bed, and a Commitment That Never Wavered
Simone recounts one of the most moving moments of the deal. Brent, bandaged and recovering from a serious plane accident, reassured her from a hospital bed that the merger was still on. It’s a window into the trust and character that carried both organizations through.
27:41: Why M&A Is So Risky, and the Integrity Not to Renegotiate
Brent breaks down why mergers are so fragile once they’re announced, as competitors circle, employees worry, and customers wonder what comes next. He explains why, despite rising rates and an 18-month regulatory wait, neither side tried to renegotiate the original deal.
29:11: Thriving Together, Strong Results and Closing a Deal Through the 2023 Crisis
The payoff comes through in strong returns, aggressive buybacks of an undervalued stock, and double-digit loan growth. Simone adds the backdrop, finalizing the merger as Silicon Valley Bank and First Republic failed, and proving the combined bank was healthier together.
32:10: Banking as a Noble Profession, Leading for the Right Reasons
Brent and Simone make the case at the heart of the episode, that banking is a noble profession built on trust. When leaders inspire and care for employees, that care reaches the customer, and the work of helping people buy a first home, start a business, or save for retirement becomes the real point.
37:38: Cultivating the Next Generation and Leading People First
From restoring banking’s reputation with younger generations to a story about a branch security guard who suited up to meet the CEO, the two share how people-first leadership actually looks day to day, and why cutting through bureaucracy is a leader’s job.
43:24: Why Community Banks Are Banking’s Best-Kept Secret
Brian and Brent talk about why smaller institutions can be the most rewarding places to build a career, from the genuine cultures to the access and the room to learn. They land on why honest leadership, even in hard conversations, is what makes a bank feel like family.
45:48: Closing Reflections, Simone’s Next Chapter, and One Last Movie Game
The conversation closes warmly with a nod to Simone’s new chapter beyond WaFd and a reminder of why veteran stories matter to young bankers. It ends on a final movie game that lands on a fitting favorite, It’s a Wonderful Life.
If you want more from Brent Beardall, he also joined Ira Robbins for an earlier conversation on leadership and community banking.
Want to talk leadership, succession, M&A, or where banking is headed next? Brian Love and the Travillian team are always up for a conversation. Reach Brian directly at blove@travilliangroup.com.
