The Iowa-based Malvern Bank loves to support racing. They sponsor a dirt late model tour — the Malvern Bank Super Late Model Racing (SLMR) West Series — and late model drivers Brian Kosiski, of Omaha, Nebraska, and Jesse Stovall, of Billings, Missouri. The bank’s president, Jay Burdic, also races dirt late models. But, perhaps most importantly, Malvern Bank makes its greatest impact in the sport behind the scenes by helping racers get to the track by financing their haulers.
One of the Few Independent Banks Remaining
Malvern Bank opened for business in 1892. Eugene W. Burdic bought the bank in 1946, and the Burdic family has owned it since then. The third-generation, Eugene’s grandson, Jay Burdic, now serves as Malvern Bank president.
Malvern Bank derives its name from the location of its one and only branch — Malvern, Iowa. Malvern is roughly 35 minutes southeast of Omaha, Nebraska, with a population 1,142. In today’s world of big banks and ever-increasing consolidation of the industry, Burdic said he hopes to keep Malvern Bank independent for years to come.
“There are not a lot of banks left like us,” Burdic said. “We’re going to remain independent and privately owned for as long as we can. I’m 56 years old. I don’t want to retire. I have absolutely no desire to do nothing.”
A Banker Who Races
Burdic loves racing. When his father, Allan Burdic, served as president, Malvern Bank sponsored the late models raced by National Dirt Late Model Hall of Famer Steve Kosiski during the 1980s. The elder Burdic also owned the local McCreary tire dealership from the late 1970s to early 1980s, where Jay Burdic spent much of his teenage years.
“Every Friday, Saturday, and Sunday, I was at the racetrack, selling tires and helping my dad,” said Burdic. “I grew up around the sport.”
Burdic started racing in 2000, at the now-defunct Sunset Speedway in limited late models. He then progressed to crate late models, frequenting I-80 Speedway in Greenwood, Nebraska. Burdic stepped out of the car in 2008 to raise a family. He returned to wheeling race cars in 2019.
“[Racing today’s cars has] been hard for me — just the way they drive so differently,” Burdic said. “You got to drive them so hard into the corners, which, back 10 years ago, that was not how I drove. I turned more with the brakes and now you turn your car with the gas.”
For 2021, Jay Burdic will race as a teammate to Malvern, Iowa, dirt modified ace Jesse Sobbing on the Malvern Bank SLMR Series.
“Jesse will help me with setups and driving, and speed up that learning curve,” Burdic said.
Regardless of how Burdic performs on the track, he still enjoys racing.
“I look forward to going to the track every time, whether I’m just watching or I am driving,” said Burdic. “I don’t know what I’d be doing with my life if I wasn’t involved in the sport.”
Photo Credit: Todd Boyd
Finding a Niche with Racing
With a background in racing, Burdic saw a need for a bank dedicated to offering loans for race car haulers.
“There is no other bank that knows what race car haulers are,” Burdic said. “If you go to another bank and tell them that you’re going to buy a 2017 Peterbilt for $350,000, they’re going to look at you like you’re crazy. I know what that truck’s worth. I understand the conversion on the back of that truck and what that is worth. I’ve been keeping track of these things for years.”
Race car hauler loans make up roughly a sixth of the loans on the books for Malvern Bank.
“It is a sizeable amount,” said Burdic of the sum of race car hauler loans for the bank. “Those are the loans that allow us to sponsor racing. Twenty-million dollars of race car hauler loans allows us to sponsor the Malvern Bank series, Brian Kosiski, Jesse Stovall, or any of the other things we sponsor in racing.”
In addition to race car hauler loans, Malvern Bank offers a full range of banking services. That includes PPP (Paycheck Protection Program) loans. Malvern Bank actively stays up on the latest financial assistance programs available from the U.S. government.
Photo Credit: Glen Starek
Working with Racers for Hauler Loans
Among the many race car hauler loans Burdic has provided include ones for World of Outlaws Morton Buildings Late Model Series driver Dennis Erb Jr. and car owner Donald Bradsher, who co-owns the team that Tim McCreadie drivers for on the Lucas Oil Late Model Dirt Series.
“[Jay] was real helpful when I decided to get my hauler a couple of years ago,” said Erb, of Carpentersville, Illinois. “We discussed a few options. When I was ready to purchase, [the loan process] went real smooth. He’s involved in racing, he knows what these [haulers] are, and he knows what he’s doing. That made things a lot easier.”
Bradsher echoed Erb’s sentiments.
“It’s super easy,” Bradsher, of Burlington, North Carolina, said regarding obtaining loans from Malvern Bank. “With all the big banks, you got to jump through so many hoops. [With many banks,] you’ve got to spend an hour explaining [what kind of hauler you are trying to buy], and then you got to [provide] all kinds of pictures and information. Where with Jay, who has specialized in this, when you call in, he knows exactly what you got. They make it one, two, three easy.”
Malvern Bank features a streamlined loan approval process as well.
“With a bank our size, we make our decisions here in Malvern, Iowa,” said Burdic. “Most banks can’t say that. We don’t have to run it up the flagpole. We don’t have to go to corporate headquarters. If you call me and ask for a loan, the decision is made by me and the people here in this bank and my loan committee.”
For Jay Burdic and Malvern Bank, two things matter most to them.
“I know what butters my bread — the town of Malvern and dirt-track racing,” Burdic said. “Those are the two most important things in my life that I have to make sure that I take care of. What makes this bank so successful are the people of Malvern, Iowa, and the people of dirt-track racing, both of whom have embraced this bank.”
Source
Malvern Bank
Malvern, Iowa
877-DIRTBNK (877-347-8265)
dirttrack.bank
Outside Groove Note of Transparency: Malvern Bank paid for the production of this article. The content was subject to approval of Malvern Bank.
The Outside Groove Executive Editor has covered motorsports since 2000. His many awards include the 2019 Eastern Motorsport Press Association (EMPA) Jim Hunter Writer of the Year and the 2013 Russ Catlin Award for Excellence in Motorsports Journalism.
