Former Indiana University basketball player Derek Elston figured a coaching career might be in his future.
After playing professionally overseas, Elston returned to IU in October 2015 as the director of player development, first working for his former head coach Tom Crean and then under former coach Archie Miller for two years.
“I never thought I’d be in banking,” Elston said. “(Former teammate) Victor Oladipo held a pro camp at IU, and I was a coach and we got to draft some donors and people that came in. I drafted the president and CEO of United Fidelity Bank and he said, ‘I have an opportunity for you if you ever want to get into something outside of basketball.’ It was different, but I thought I’d give it a shot. My wife and I wanted something outside of Bloomington. We wanted to start a family.”
After four years as community development officer for UFB in Carmel, the Zionsville resident joined Merchants Bank in Carmel as a treasury management sales officer in late 2023.
“The opportunity was a no-brainer for me, especially after talking to (Merchants Capital CEO) Mike Dury and (Merchants Bank President/CEO) Mike Dunlap, their vision and appetite for growth matched my energy,” Elston said. “It made perfect sense for me to take the leap and really grow in this career.”
Elston said people skills are essential in banking.
“The one thing I always took from Crean is you always shake hands, always make eye contact, always say hello and introduce yourself,” Elston said. “You build trust. Once I started to really adapt to the banking world, I just kind of fell in love with it.”
Elston played for the Hoosiers from 2009-13 and then played professionally in Malta, Portugal and England from 2013-15.
“I always said I was going to play basketball professionally as long as I could until the wheels fell off,” Elston said. “That happened sooner rather than later. Coaching was something I’ve always loved. I’ve been around basketball my entire life with my dad (Darrell) playing at the University of North Carolina.”
The 6-foot-9 Elston, who was an Indiana All-Star from Tipton High School, averaged 4.3 points in 115 games for the Hoosiers. As a junior, he shot 55.2 percent from 3-point range for the Hoosiers, who reached the NCAA Tournament Sweet 16.
“Everyone remembers the wins (at IU), but for me it was just the relationships,” Elston said. “I always joked that we had our own fraternity. They were all at my wedding. We just got back from Cody Zeller’s wedding a couple of months ago. Some of the best memories I have are gearing up from practice or gearing up for a game and the laughs we had in a locker room. Those memories will last forever.”
As an IU coaching staff member, relationships were important as well.
“I was with the guys a lot in the locker room and made sure everyone was on the same page,” he said. “As a former player, I was able to relate to them on a ton of different levels.”
Now, he wants to assist his clients at Merchants.
“I want nothing more than to make people’s futures bright,” Elston said. “We’re a national brand, so I’m able to get outside the border of Indiana and really make an impact. The IU network is huge. I am able to reach those people and see if there is any need with banking.”
Elston and his wife, Caroline, have two children, Parker, 2, and Emmy, four months.
