With Contracts That Often Break the Bank, One NBA Player Has Now Bought One

SAN ANTONIO — San Antonio Spurs forward Harrison Barnes has added another title to a résumé that includes NBA champion and longtime investor: bank owner.

Barnes committed $25 million to acquire Community State Bank in Paton, Iowa, about 40 minutes from his hometown of Ames, according to reporting by the San Antonio Express-News. The acquisition gives the 34-year-old NBA veteran direct ownership of the community bank, which has operated for about seven decades.

“This is not a vanity project,” Barnes told Yahoo Sports. “We want to be Iowa’s next great bank.”

The acquisition represents the latest step in Barnes’ growing involvement in banking and finance, an interest that dates back more than a decade.

Barnes and his wife, Brittany, established Barnes & Co., a family office overseeing their investments, business interests and philanthropy, in 2012, according to the Express-News.

Through Barnes & Co., Barnes has invested in several banks and has served on the boards of First National Bank in Ames and Dallas-based Triumph Bancorp.

Barnes Attended Iowa School of Banking

Barnes took his banking education further last spring when he enrolled in the Iowa School of Banking, taking online courses through the Iowa Bankers Association, the Express-News reported.

Barnes, who previously served on the National Basketball Players Association board, told the American Bankers Association that his experience with the players association helped prepare him for serving on bank boards.

“I had some sense of what to expect, and the bank boards were not much different than the NBPA’s player board,” Barnes told the ABA.

Barnes also has brought experienced banking executives into his investment operation. In 2024, Barnes & Co. hired former Iowa banking superintendent Jeff Plagge as managing director to oversee its investment strategy.

Plagge told the ABA that the discipline, commitment and long-term perspective required for Barnes’ NBA career translate well to community banking.

Barnes drew a similar comparison between basketball and banking.

“Patience and risk management are huge pillars of successful banking,” he told the ABA. “These same concepts appear in basketball, with different names — for example, shot selection.”

Pandemic Helped Spur Banking Interest

Barnes said his interest in community banking deepened during the COVID-19 pandemic, when he saw Iowa financial institutions help small businesses navigate the economic disruption.

“I saw community banks act as economic first responders during COVID,” Barnes told the ABA.

Barnes said successful community banks need a strong understanding of the markets and people they serve, something he also views as essential to effective philanthropy.

The NBA veteran said he intends to continue developing his knowledge of the industry while building relationships with other Iowa bankers.

“I’m motivated by developing a peer group with young Iowa bankers, with whom I can grow in this industry,” Barnes told the ABA.

Barnes, who won an NBA championship with the Golden State Warriors in 2015, signed a one-year, $8 million contract this summer to return to the Spurs for a third season, according to the Express-News.