The Miles Foundation (“TMF”), a U.S. 501(c)(3) charitable social enterprise organized in 2004, is innovating social network, crowdsourcing and online marketplace platforms for volunteers, missionaries and at-risk communities confronting life adversities to receive on-demand financial and non-financial support from individuals and organizations worldwide.
In response to the coronavirus pandemic, TMF has shifted resources to promote coronavirus awareness and offer support services by leveraging social networking, crowdsourcing and online marketplace capabilities from its ongoing initiatives. We intend to mobilize contributors and reliably source community-based data to help those infected and vulnerable populations to community spread.
TMF was funded solely by the financial contribution of Randy Miles, President, CEO and Chairman (retired) of State Bank of the Lakes in Chicago’s northern suburbs. The Executive Director of TMF is Audra Miles Jentel. As Randy’s daughter, she carries the family torch in actively supporting technology-enabled initiatives that improve and save lives.
In 1984, Randy negotiated the acquisition of State Bank of the Lakes f/k/a State Bank of Antioch, a $500 million community bank headquartered in Antioch, Illinois, at the age of 33 on behalf of the Miles family. He became President, drastically improving the bank’s asset quality, capital ratios and profitability and expanding the bank’s presence in contiguous markets of Lake County and McHenry County, renaming the bank to State Bank of the Lakes in 1989 to reflect its larger footprint. Randy shifted the bank from a below-average regulatory rating prior to acquisition to a very strong rating and strengthened Tier 1 capital from 5.5% to over 9% while growing deposits 3 to 7% annually, diversifying the loan portfolio, and reducing loan delinquencies and charge-offs.
In 1994, Randy became Chairman of the Board as well as President, and held these offices until the sale of the Bank in 2005 and steadily grew the Miles family’s ownership of State Bank of the Lakes from 80% to 100%. He negotiated the sale of the Bank to Wintrust Financial Corporation without the involvement of an investment banking firm, obtaining the highest cash price, as a multiple of book value or earnings, in the Chicagoland area in the last two or more decades. State Bank of the Lakes continues its strong history of profitability as one of the two most profitable banks of the 15 Wintrust charters. State Bank of the Lakes has not experienced one month of negative earnings since the Miles family’s acquisition in 1984.
Randy obtained his graduate degree in banking from the University of Wisconsin–Madison, bachelor’s degree in biology with a minor in business from the University of Dubuque and attended the University of Illinois-Champaign-Urbana.