Most outside directors of a commercial bank or thrift come to the role knowing little about the industry, which for someone who is expected to protect the interests of shareholders and make sure the institution is abiding by the law is a distinct disadvantage. Banking is a complex and heavily regulated industry and it will take time for any new director who doesn’t have a banking background to learn enough to be an effective board member. Still, it helps to know in advance what some of the more difficult challenges are for new directors, and how to handle them. The...