Banking New England May/Jun 2018

MAY/JUNE 2018

INSIDE: ENSURING BANK CYBERSECURITY BEYOND TECHNOLOGY

NEW ENGLAND

THE RESOURCE FOR NEW ENGLAND’S FINANCIAL LEADERS

For CCBA, The Future is Now Conn. Community Bankers Association Marks Three Decades

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A P U B L I C AT I O N O F AM ER I C AN B U SI N ESS M E D I A

CONTENTS

NEW ENGLAND

THE RESOURCE FOR NEW ENGLAND’S FINANCIAL LEADERS

CCBA Celebrating 30 Years 08

12

KEEPING THE SPIRIT ALIVE

CCBA 30TH ANNIVERSARY Community Bankers, Standing Together

10 CCBA

CCBA member memories

04

BANK PROFILE

Katahdin Trust Celebrates 100 Years of Service to the Great State of Maine

06

Ensuring Bank Cybersecurity Beyond Technology

16

Welcoming More Women in the Workforce

18

PERSONNEL FILE

20

COMMUNITY GOOD WORKS

IT SECURITY

WOMEN IN BANKING

Photo Credit: Anne Day for Banking New England

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PROTECTING BANK PROFILEVULNERABLE CLIENTS

Katahdin Trust Celebrates 100 Years of Service to the Great State of Maine

BY LINDA GOODSPEED

M Jon J. Prescott President and CEO

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BANKING NEW ENGLAND

aine’s Katahdin Trust Company, which turned 100 this year, is a small-town bank that has grown into a statewide presence by staying true to its roots and the state it serves.

Founded on March 7, 1918, at the base of Mount Katahdin just to the south of Maine’s northernmost county, Katahdin has enlarged its footprint north through Aroostook County and east and south to cover the greater Bangor and Portland regions. It now has a statewide footprint with 16 branches and total assets in excess of $795 million. It offers a full array of banking products and services to individuals and businesses throughout Maine. While most of its future growth lies in the Bangor/Portland area, Katahdin has not forgotten its mountainside home.

“We value our roots very much,” said Jon J. Prescott, president and CEO. “We serve a lot of different markets, some very small, some larger.

Maine is not necessarily growing population-wise.

The economy varies widely. We need to serve whoever comes across our door. We don’t cater to any one demographic or socio-economic sector. The state is not built that way.”

Like the bank he leads, Prescott traces his own roots back to northern Maine and Aroostook

County. A lifelong Mainer, he has worked at Katahdin since graduating from the University of Maine at Orono in 1989. At the young age of 30, Prescott was elected president and CEO in September 1997.

“The bank was very much rooted in Patten and Island Falls – small towns, great towns – but it really hadn’t grown much since it was founded in 1918,” Prescott said.

That changed in the late 1980s and 1990s when the bank expanded into the southern and central Aroostook communities of Houlton, Presque Isle, Mars Hill and Caribou. The bank continued to grow in 2000 when it acquired several Aroostook County branches of Peoples Heritage Bank (now TD Bank), doubling its locations and increasing assets by 62 percent. Then the bank purchased Maine Financial Group, located in the southern Maine community of Scarborough outside Portland, in 2007. It continues to operate it as a commercial loan office. It opened a second commercial loan office in the eastern Maine community of Bangor in 2008. The bank has since expanded its presence in Bangor with three fullservice branch locations.

“I like our footprint right now,” Prescott said.

“Even though the Maine economy has been

Teachers and school children gather outside for grand opening of Patten branch in 1918.

Henry C. Rowe Katahdin Trust’s first President.

relatively flat, we’ve been able to grow the last few years. We’re certainly committed to [Aroostook County], but other markets, like Bangor and Portland, are growing at a faster clip. I won’t rule anything out, but we’ll likely add more people rather than bricks and mortar in those markets.”

A preferred lender for the Small Business Administration (SBA), Katahdin last year received the Outstanding Partner Award for originating a significant number of SBA-guaranteed loans.

Its total loan portfolio of $662 million grew by $38 million, or 6.2 percent, in 2017, much of it fueled by commercial real estate. More than threequarters of the bank’s loan portfolio (76 percent) consists of municipal and commercial real estate loans.

Prescott said the bank was looking to grow its home equity and residential mortgage portfolio, and later this year will begin offering secondary mortgage market loans. Historically, it kept all residential mortgages in-house. Opening up the secondary mortgage market to bank customers will “give us more diversification, access to a customer base we haven’t serviced in the past, another arrow in our quiver,” he said.

A second major initiative the last few years has been growing local deposits.

“Maine historically has been a state where loan growth outpaces deposit growth,” Prescott said.

Last year, Katahdin changed that equation by growing local deposits by $41 million to $648 million. Local deposit growth funded all of the bank’s loan growth in 2017. Expense control and credit quality are other major initiatives.

“When you’re a small bank, or any bank, credit quality has to be premier,” Prescott said. “We’ve been riding a good cycle in asset quality, but there will be a downturn at some point. We want to be prepared.”

Katahdin has about 180 employees. Like the bank they work for, employees are dedicated to their communities. Last year they donated some 7,800 volunteer hours to more than 230 nonprofit organizations. The bank donated another $275,000 in monetary and in-kind donations.

Community banking space in Maine is very robust and competitive, Prescott said; “there are a lot of good banks, strong banks that do a good job.

We compete head-to-head with a lot of them. You really have to be on your toes in Maine.”

But after a century of serving the Pine Tree State from top to bottom, Prescott is optimistic about Katahdin’s future.

“We’ve got a good niche with our customers, both small businesses and consumers,” he said.

“We’ve got a great team here, a lot of good people.

I feel very confident about our ability to compete for customers and business.”

BNE BANKING NEW ENGLAND

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IT SECURITY VULNERABLE CLIENTS PROTECTING

CONTINUED FROM PAGE 6

Ensuring Bank Cybersecurity Beyond Technology

BY KONRAD MARTIN

Konrad Martin is co-founder and principal of Tech Advisors, a technology solution provider for small to mid-size businesses. He can be reached at konradm@tech-adv.com.

Konrad Martin

“

Given that banks are at higher risk for cyberattacks because they have what thieves are looking for, it only makes sense that these institutions fortify their technical security with the type of training and education necessary to be best-positioned for long, trusted client relationships.

W

hen considering the banking industry, it seems almost automatic that banks would have some of the latest technological strategies and software in place when it comes to protecting their organizations from cyberattacks.

In fact, all banks are subject to some form of personal data breach laws as well as FINRA (Financial Industry Regulatory Authority) oversight, which is a not-for-profit organization directed by Congress to protect investors by, in part, “writing and enforcing rules governing the activities of 3,700 broker-dealers with 630,000 brokers” and “examining firms for compliance with those rules.”

On its own, FINRA oversees up to 75 billion market transactions daily, and has implemented innovative technology including cloud computing combined with cutting-edge applications, programs and hardware to help identify and protect against cyberattacks. Combine the power of FINRA with each bank’s own cybersecurity efforts, and these financial institutions would seem to be impenetrable fortresses that could defend the most cunning hacker’s attack.

Yet given the scope of these institutions (i.e., money, lots of it and in various forms and 6

BANKING NEW ENGLAND

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currencies) and the potential payout if successful, banks continue to be the target of hackers’ efforts.

Extra security efforts are imperative to keep not only the coffers safe, but to protect against client doubt that they can trust a particular institution with, sometimes literally, their life’s savings. Technology safeguards are important for sure, but there is another oft-overlooked strategy to protect against would-be hackers: education.

Banks need to ensure they are providing their employees with the needed training to identify and thwart hacking efforts.

In fact, education is the easiest and best way for any organization to defend itself from cybercrime.

Even for organizations that have transitioned to cloud-based computing, which offers the most cyberprotection, this high-level technology still needs organizations to provide education to ward off hackers. These days, most hackers have evolved in sophistication; rather than depending on the brute force of a nefariously devised program to break through a firewall, a hacker understands that he or she will have much more success targeting individuals, luring them to click on some kind of link that, unknowingly to the user, allows the hacker access to the whole network.

Sadly, the weakest part of any financial institution’s security is the people. To fight this reality, employees should be educated on how to use the network and what attachments are okay to click on (and what attachments are not). This may sound easy; so easy, in fact, that many organizations skip this step and instead simply instruct their employees they can only open emails that come from people they know.

Unfortunately, hackers have come to expect this – and they can easily use personal information about an employee which they’ve gleaned from social media to create imposter accounts. (In addition, there is no way of knowing whether the person you know has been hacked, and therefore the user would be responding to a hacked email.)

Frequently, this is known as “spear phishing.” In these situations, a hacker can break into the email account of an administrator, by convincing the individual to click on something that seems harmless, but allows the hacker to either implant keylogger software to record when the user types their login name and password, or sometimes connect directly into the email server.

Then, when someone emails that administrator about a financial transaction, the hacker can respond as that administrator and offer alternative directions – wiring a deposit to a specific bank

account instead, for example. This is all done without the original intended’s knowledge of the matter – hackers can send emails and then delete the record of them right away or move emails to a mailbox the intended user doesn’t see or can’t access. Typically, by the time the true reality of these situations is realized, it’s too late to ask the bank to reverse the transaction, and the money is gone for good.

Email, internet, social media – all of these are luxuries that must be treated responsibly. It’s incredibly easy for a hacker to collect expansive information about an individual – including their address, names and ages of spouse and children, job, pets, and educational background – simply by spending a few minutes on Facebook (which, in addition to its issues with sharing user data, also experiences on average 600,000 hacks a day). Policies and procedures must be put in place so that employees know how to appropriately manage both their personal and professional technology – for the benefit of everyone.

Given that banks are at higher risk for cyberattacks because they have what thieves are looking for, it only makes sense that these institutions fortify their technical security with the type of training and education necessary to be best-positioned for long, trusted client relationships. BNE

Years David Lentini

Rick Cantele

Honoring tradition and history with an eye to the future success of a wonderful organization.

Congratulations to the CCBA on 30 years from Vince Valvo and the staff at American Business Media.

BANKING NEW ENGLAND

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CCBA 30TH ANNIVERSARY

MESSAGE FROM THE CCBA BOARD

Community Bankers, Standing Together PRESIDENT Richard J. Cantele, Jr. - President & CEO of Salisbury Bank VICE PRESIDENT Stephen L. Lewis - President & CEO of Thomaston Savings Bank SECRETARY Timothy P. Geelan - President & CEO of The Guilford Savings Bank TREASURER Rheo Brouillard - President & CEO of Savings Institute AT LARGE EXECUTIVE COMMITTEE MEMBER Barry Abramowitz - Executive Vice President of Liberty Bank AT LARGE EXECUTIVE COMMITTEE MEMBER Stephen Reilly - President & CEO of Northwest Community Bank AT LARGE EXECUTIVE COMMITTEE MEMBER Susan Shields - President & CEO of The Milford Bank IMMEDIATE PAST PRESIDENT George W. Hermann - President & CEO of Windsor Federal Savings PAST PRESIDENT Martin Geitz - President & CEO of Simsbury Bank

B

anking is a competitive field, and over the last 30 years it has only gotten more so. Especially for community banks, consolidation and the relaxation of branching rules has meant fewer institutions, each overlapping with more and more of their competitors. But in Connecticut, being competitive has not come at a cost of being collegial.

For Nutmeg State community bankers, the first Wednesday of the month is a highlight. It’s when the Connecticut Community Bankers Association meets. The CCBA’s purpose is not to lobby, but to give community bankers a social network. It’s where this community of bankers comes once a month to see each other, to learn from each other, to be supported by colleagues – and, yes, competitors – who all share the same mission of being the financial backbone of their geographic communities.

The idea for this group germinated three decades ago, and the exclamation point on it came when community banker extraordinaire David Lentini organized CCBA’s first Annual Meeting. A mixture of equal parts education, networking and celebration, David used to talk about how he had to call and beg

his compatriots to attend the first event. He never had to again. The Annual Meeting is always sold out, and is always the highlight of CCBA’s year.

David Lentini passed away a few years ago, too soon for all who knew him. But he set a tone and standard that we have worked hard to live up to. There is still a need to protect community banking, and we see at every gathering of the CCBA – whether it be the monthly or annual meetings – the women and men who believe in the mission of their community bank. These are the people who look to the CCBA to provide a home for the collegial sharing of problems and solutions, for inperson access to a support industry dedicated to helping them grow, and for the spark of ideas that comes when all the best gather together.

Banking is serious business. But it can be done with a smile, with a laugh, and with a passion that comes with being dedicated to our mission. David Lentini showed us that 30 years ago, and for many years afterward. His legacy that he still shows to us is what he built. And as a board, and as an association, we’re proud to follow the path he made, and to be there for community bankers, now and for decades still to come. BNE

“Coming together is a beginning; keeping together is progress; working together is success.” – Henry Ford Congratulations CCBA on your

th Anniversary!

860.859.4300 / dime-bank.com

8

BANKING NEW ENGLAND

Congratulations on 30 years of Camaraderie and Community!

MARK A. O’CONNELL, CPA PRESIDENT & CEO

At Wolf & Company, we understand the value of longevity and tradition.

We salute the CCBA as you celebrate this milestone and we look forward to being a part of the CCBA for many years to come.

CCBA MEMBER MEMORIES CLIENTS PROTECTING VULNERABLE

CCBA

member memories

Banking New England reached out to CCBA members for their stories and experiences with the CCBA. These are the anecdotes they shared.

CONTINUED FROM PAGE 6

The Music Man

In Cape Cod at the Wequassett Inn, I was chatting with one of the characters milling about in our cocktail hour and it turns out they were the Pink Flamingos who were the “band” for Saturday night party. One of them asked me if I played an instrument - I said the guitar - she told one of the guys and they said he was going to call me up to play - and lo and behold they did - I got to debut a hidden pastime... you have been stuck with me a few times since!

– Greg Shook of Essex Savings Bank

Helping Each Other

The community banking community in Connecticut is the most collegial and supportive of any I have seen across the country. While other states have differing levels of strife and divisiveness among community bank leaders, Connecticut leaders always appear genuinely friendly and willing to help one another out.

If only we could export the culture across the country!

– Bruce Paul of Customer Experience Solutions

Remembering David Lentini

The friendships and camaraderie that we enjoy in the CT Community Banking industry today would not have been possible without the foresight and passionate leadership of David Lentini. As the founding father of CCBA, David created an organization that provides CT Community Bankers and our vendor partners with important and relevant industry information interspersed with fun-filled times and lasting memories. The memories are too long to list, but one of my favorites was the “ Yankees vs Red Sox” game we played at Cooperstown with the legendary Goose Gossage on the field with us. We walked off the field with many great memories and thankfully no major injuries aside from many bruised egos! For this and the many other memories, we owe David Lentini a debt of gratitude along with many thanks to the current CCBA leadership for their work in carrying forward his vision and legacy.

– Stephen Reilly of Northwest Community Bank

Memories of the Annual Meeting

I have a number of great memories from my years of being active in the CCBA. We all forever owe a debt of gratitude to Dave Lentini who started, nurtured and ultimately grew this organization to what it is today. The CCBA will forever be a big part of David’s legacy. David’s goal was always to make the next year’s Annual 10 BANKING NEW ENGLAND

Meeting better than the year before and never was that more evident than five years ago for the 25th anniversary meeting.

Despite how ill he was at the time, David wanted to make that meeting the best one ever.

A number of us that were helping out with the meeting (when he would let us) were amazed at how despite his challenges he had every detail covered. We had a planning meeting a week before David passed away and he was on the cell phone with us giving us all our assignments.

I have been responsible for inviting industry leaders to speak at our annual meeting the last several years and every one of them has the same comment “this is the best meeting and most collegial group of bankers I have been around and have never had so much fun at a banking conference” followed by “I would love to come back here again.” I have had the privilege of traveling the country the last several years speaking to other banking associations nothing compares to this. Thank you David for creating this one of a kind organization.

– George Hermann of Windsor Federal Savings

Friendships Will Last a Lifetime

So many fond memories of past CCBA conferences. The friendships made will last a lifetime! What stands out the most was the warm reception and openness David Lentini extended to make me feel welcomed and a part of the CT team of bankers!

– Richard Ahlmeyer of M&T Bank

One Big Family

The wonderful memories spent together on a monthly basis at the Aqua Turf Club - where great leaders of community financial institutions come together as a family of one to share best practices and ways to navigate the different banking challenges, as well as opportunities that exist within the great state of Connecticut. Then of course, there is the special Annual Meeting as a means to come together with family and friends, relax, learn and look forward another rewarding year ahead.

– Karl Brorson of Performance Trust Capital Partners

Fond Memories

The success of the CCBA is the result of Dave Lentini’s vision 30 years ago that led to the creation of an association of community bankers that would promote the exchange of ideas and experiences and facilitate cooperative efforts on industry issues. Dave set high standards for programs and was the major organizing force behind our fun and informative annual

conventions. I have fond memories of working with Dave as a CCBA officer from 2005-2011.

– John Roman of Savings Institute

Belated Apology

I vaguely remember singing with Gerry Noonan on a balcony somewhere on Cape Cod in the wee hours. I believe the repertoire included a rousing rendition of “The Wild Colonial Boy.” If you were in rooms nearby, please accept this belated apology!

– Michael Herlihy of Resources Management Corp.

MASH and Jaime Farr

I remember 2010 at the Equinox, the theme was MASH and Jaime Farr was the guest. There were many Klingers that day but Mark O’Connell won the evening!

– Jerry Gagne of Wolf & Company, P.C.

The Inaugural Lentini Cup Golf Tournament

The year was 2014, the place Woodstock, VT. It was the inaugural Lentini Cup Golf Tournament. The winning foursome was Tom Mongellow, Marty Caine, Cheri Barton and Jerry Gagne. We christened the cup with Crown Royal as a tribute to Dave Lentini. See the picture of Caine and Gagne holding the cup, looks cold, doesn’t it? Later that night, Marty, Cheri and Jerry take the cup on a tour of the town, that’s what Dave would have wanted. Worried about the dignity of the cup, a team of CCBA board members meets up with the trio to check on its safety. Cup still looks cold!

– Jerry Gagne of Wolf & Company, P.C.

The Second Lentini Cup Tournament

2015, Cooperstown, NY. It was the second annual Lentini Cup Tournament. Having been on the winning team a second time (thanks to my teammates and my handicap) I was fortunate enough to drink from the cup again. This time, the cup was shared. I have numerous photos of CCBA board members and spouses drinking from the cup.

A lot of great memories. My favorite two are the picture with Barbara and the picture of the cup in the HOF, a fitting tribute to Dave given his love for baseball. I almost didn’t make it out, security thought I was taking an exhibit!

Congratulations to the Connecticut Community Bankers Association

30

– Jerry Gagne of Wolf & Company, P.C.

Here to Help

Like Klinger and the other MASH characters we’re here to help you when you need us.

– Ross Fingold and Bill Stokesbury of Stokesbury, Shipman and Fingold, LLC BNE

MEMBER FDIC

BANKING NEW ENGLAND

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COVER

Keeping the Spirit Alive 30 years of the Connecticut Community Bankers Association

BY KAITLYN KEEGAN

T

he Resolution Trust Corporation. Connecticut’s real estate bust of the early 1990s. Repeal of the Glass Steagall Act. The creation of mutual holding companies. Multi-town branching for community banks. The rise of mobile banking. The winnowing through bank consolidation. The Great Recession. The advent of the CFPB. The foreclosure crisis. TARP. Compliance creep.

The last three decades have presented community banks with more than their share of challenges. And while the region’s large money-center banks have huge staffs to deal with evolving regulatory and economic changes, community banks often find their best navigation through perilous times comes from leaning on each other.

And for the past 30 years, that’s been the sole mission of the Connecticut Community Bankers Association.

Connecticut Collegiality

It was 1988 when a community banker named David Lentini had the vision and the foresight to bring together Connecticut’s local bankers to develop relationships and share ideas and experiences to aid each other in a changing landscape.

“Dave had a unique ability to make everyone feel a part of the organization and bring people together,” said Rick Cantele, the current president of the Connecticut Community Bankers Association. “He got it.”

For small community banks in Connecticut, navigating the road of regulations and other issues can be difficult when traveling it alone. If you are one small bank competing against the big banks, it can be daunting.

That is where the CCBA steps in. As a group, collaboration and sharing solutions only makes each community banks stronger.

Unmatched by any group in the surrounding area, CCBA provides opportunities that foster better working relationships between community banking leaders in the state.

The mission of the CCBA is to “encourage the continuous improvement of safe and sound business principles and practices for its members to help them better serve the families and small businesses in their communities,” Cantele noted. And in the 30 years since the organization’s founding, he added, it hasn’t strayed far from that original goal.

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COVER

CONTINUED FROM PAGE 13

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Celebration of these milestones helps keep the spirit alive and helps new members understand and keep the tradition.

Facing Challenges Head-On

For community banks in the state, Cantele said the biggest challenge is how to stay relevant and grow in a meaningful way.

“There’s no question as an industry that we need to work together and provide a level of services, technology and security that the larger organizations can afford,” he said. “The only way to survive – and thrive – is by working together to develop ideas and share these ideas.”

Cantele said with increasing pressures for community banks, bank leaders must adapt,

”

and adopt technology and collaborate no matter where they’re located in the state and no matter what their charter.

The challenges are similar for every bank.

“Rising tides raise all ships,” Cantele said.

Since net interest margins are largely out of the control of banks, Cantele said those institutions must find ways to keep growing and continue to generate more revenue.

“We have to be smarter and maintain the essence of a community bank,” he said. “We continue to operate more nimbly, more flexibly and more creatively than the bigger banks.

The banks that will succeed in the future will navigate through that and stay relevant with their customers.”

One of the strengths of community banks that Cantele encouraged must continue is the relationship with their customers.

“We know our customers. We live, we work, we shop, we worship, we go to sporting events.

Each day we interact with our customer base,” he said. “It’s a unique thing for community banks and we need to continue to take advantage of it.”

Valuing All Contributors

One unique aspect of the CCBA is its relationship between members – the banks and associate members – the companies who provide goods and services to the banks. Where many associations keep associate members at a distance from the regular membership, CCBA meetings are a melting pot of both groups.

The associates interact in an informal setting with decision makers at community banks to build relationships. However, Cantele stressed, CCBA meetings are not for “selling.”

“There is a balance between vendors and bankers. We need the associate members for

Congratulations to the

YEAR ANNIVERSARY MEMBER

FDIC 14 BANKING NEW ENGLAND

EQUAL HOUSING

LENDER

this to work,” he said, meaning that banks need the associate members in order for the bank to offer their depositors and borrowers the best experience. “We try and stay true to our mission as an informal group that provides some educational opportunities and opportunities to develop relationships.”

Since starting out 30 years ago, the organization has grown to include between 80 and 90 percent of community banks in the state and this membership allows the organization to set itself apart.

“Given the size of the state of Connecticut being relatively small, we have a unique ability to include all of the community banks in this organization,” Cantele said. “There is no bifurcation of the geographic area.”

Friendly Competition

Although many of the banks compete against each other, Cantele said the thing that binds members together is the ability to collaborate.

“We respect each other from a banking perspective and work together collaboratively against the larger banks,” he said. “We can participate loans that may be too big for one bank, and you can only do that effectively with people you know and trust. CCBA helps bring that all together.”

Those relationships built through the CCBA are vital to community banks. When faced with a challenge, Cantele said, it’s as easy as making a call.

“You can pick up the phone and talk to a peer in the industry and bounce ideas,” he said.

“People are willing to share. We don’t get into customer discussions, but more discussions of ‘geez, I’m having this problem. How did you address it?’ It’s hard to quantify that relationship, but you know it’s there.”

Dave Lentini, center with his wife Barbara, left, and his son, Mark.

Lentini had always stressed an element of “fun” and shared experiences to further bond members.

“He had a unique ability to make everyone feel welcomed and important and instill a cooperative spirit among bankers in Connecticut,” Cantele said. “We all know each other and we all compete, but this is a step further.”

As the CCBA celebrates its 30th anniversary at its annual meeting this spring, Cantele said the board wants to focus on the organization’s history and keeping the spirit alive.

“As people come and go, it’s easy to lose the genesis of this and where it came from,” he said. “Celebration of these milestones helps keep the spirit alive and helps new members understand and keep the tradition.” BNE

Lentini’s Legacy Lives On

CCBA suffered a loss after Lentini’s passing in 2013. However, his vision and determination has lived on, especially through the Annual Meeting.

Each year, CCBA members and associate members gather with their significant others and spouses for a time of fellowship, education and networking. Lentini began the event and had been responsible for organizing it year after year. Cantele described the Annual Meeting as “highly organized, highly relevant and extremely successful in building and deepening those relationships.”

Thomaston Savings Bank Congratulates the Connecticut Community Bankers Association on their 30th Anniversary!

Call 860.283.1874 or visit: thomastonsb.com Member FDIC

BANKING NEW ENGLAND TSB Community AD for the CCBA 30th Anniversary Annual Meeting Size = 1/3-Page: 4.75” x 4.75”; Full-Color

15

WOMEN IN BANKING

Welcoming more

Women in the Workforce

By Neil (Dima) Berdiev

This is part two of a two-part series; part 1 appeared in the March/April issue of Banking New England. Part 1 presented results of a survey of commercial bankers and framed the issue of gender diversity in the industry; part 2 seeks and proposes solutions.

B

elow are ideas and suggestions on how to work through stereotypes and misconceptions of women not wanting to be in banking, if we want to create an environment for successfully balancing personal and professional lives. Just survey the women in your organization and you will find the answer.

Fear of Competition is Natural It is naïve not to expect that some men will be afraid of or hesitant to support more competition in the workforce, even if it comes from equalization long overdue. It is naïve not to expect that there will be more competition in the workplace as we create the environment for women to choose to stay and choose to pursue growth opportunities.

But we must recognize that providing equal opportunities for men and women is the right thing to do and it should have happened a long time ago. As it did not, we are responsible for championing this change.

Women Don’t Want to Be in Commercial Banking Let’s accept for the moment the idea that women do not want to be in commercial banking, including in positions of authority. If that were to be true (and it is not!), the industry is in serious trouble as it faces generational turnover. As noted in Women in Banking, Part I, women represent a majority of the population (51 percent), and represent 47 percent of the “employed in civilian labor force” ages 25 to 64.

If the industry cannot retain women from Gen X and Millennials, and cannot attract and retain women from upcoming generations, it will face significant labor shortages leading to a range of challenges.

These challenges will range from pressure to increase compensation in an industry with already compressed margins to loss of business and disconnect from younger generations. Add to this the fact that women account for an estimated 70 to 85 percent of consumer purchasing decisions, and not focusing on a critical element of the labor force is business suicide.

Address the Needs of the Talent Pool Besides attracting, developing, retaining and promoting women as a large talent group in a way that it is equal to men, another part of the challenge is women who may choose to leave the industry and their jobs to take care of their children, elderly family members and other family-related needs. This often happens because there is no other option for balancing their careers. This talent pool is so large and their needs will be only more urgent in the years to come, which is yet another reason and motivation to accommodate their needs, even if it means changing the way we’ve always done business, changing our corporate cultures and redefining our workflows.

As Millennials and Gen Z are joining the industry in increasing numbers, their expectations for flexible work arrangements, short commutes, dual-income families and balancing personal and professional lives risk driving talent shortages even further.

Organizations that focus on talent pools that the majority pass on

will have the early mover advantage in shaping their talent pipeline. If others do not follow, while it will hurt the industry overall, it will be a tremendous benefit to those organizations that can adapt.

Look at the Data Data is hard to argue with, and there is plenty of it.

U.S. Bureau of Labor Statistics data show that, in 2014, women in the broader “finance and insurance” group accounted for 56 percent of employees. The comparable number for “banking and related activities” was 62 percent, and for “savings institutions, including credit unions” it was a sizable 72 percent. Yet data indicates that women are less employed compared to men, tend to be in more administrative positions or in roles with HR and marketing responsibilities than as heads of industry’s business lines. At the senior executive and board levels, women are a meager minority, often not exceeding the 20 percent threshold.

What can organizations do to truly change the situation? Educate employees, men and women. During various team-building, town hall meetings and diversity-promoting events, ask women if they would be willing to share their stories of how hard it was to climb the ladder, how much longer it took, how they had to overcome stereotypes, the kinds of abuse they faced – from overt to subtle – and how at times it was impossible to maintain a job, let alone a career, while successfully balancing professional and personal responsibilities. Why? Because many men, even those with a sense of compassion and understanding, find it difficult to relate to their female colleagues’ experiences without having lived them. Even those in younger generations find it hard to truly understand the reality faced by their female peers.

Will these be uncomfortable conversations? Absolutely! Will colleagues be inclined to be politically correct and not to be honest?

Quite likely! However, if we want to move forward and overcome challenges that historically prevented women from having successful careers through societal structure and expectations, it is the first and important step.

In Conclusion To all the men who honestly questioned whether women actually want to be (commercial) bankers, thank you. It is important to understand how people feel before tackling stereotypes and inequity.

When the playing field is truly level – and I believe this day will come in my lifetime – should some women (and men) decide to give greater preference to their families and other personal situations over careers, at least we will know that we’ve truly created equal opportunities for everyone to thrive, and that they made the career tradeoff by choice – and not because they had no choice. We will know that we’ve encouraged them, provided flexible work and personal life arrangements, and given everyone equal opportunity devoid of archaic, misguided social norms, stereotypes and historical injustice. BNE Neil (Dima) Berdiev is managing partner and founder of DNB Advisory LLC, a Boston-based firm. He may be reached at dnb@dnbAdvisory.com.

BANKING NEW ENGLAND

17

PROTECTINGFILE VULNERABLE CLIENTS PERSONNEL

Career achievers in banks across New England are constantly on the move, with their professional journeys reflecting a combination of mobility and longstanding service. In this space, we acknowledge them, and welcome readers to submit news of their own banks’ efforts and endeavors to Managing Editor, Kaitlyn Keegan at kkeegan@ambizmedia.com

Featured Banks • BankNewport • Bar Habor Bankshares • Bar Harbor Bank and Trust • Dedham Institution for Savings • Envision Bank & Mortgage • Federal Reserve Bank of Boston • HarborOne Bank • Katahdin Trust • Kennebunk Savings • KeyBank • Lake Sunapee Bank • Ledyard National Bank • Newburyport Five Cents Savings Bank • New Hampshire Mutual Bancorp • Norway Savings Bank • The Cooperative Bank of Cape Cod

Appointments and Elections Ledyard National Bank

Kathy Underwood

Kathy Underwood has been appointed to the Independent Community Bankers of America 2018-19 board of directors as treasurer.

She was the only nominee from the New England states.

Newburyport Five Cents Savings Bank Newburyport Five Cents Savings Bank elected Lloyd Hamm Jr. as president and CEO. Hamm comes to the bank after five years as the president and CEO of Homefield Credit Union. Hamm was also the COO and dean of the business school at Anna Maria College in Paxton. Prior to his time at Anna Maria College, he had 26 years at Eastern Bank in business line management and development, technology, operations and administration.

Federal Reserve Bank of Boston Pittsfield Cooperative Bank President and CEO J. Jay Anderson has been appointed to the Federal Reserve Bank of Boston’s First District Community Depository Institutions Advisory Board (CDIAC). Established by the Federal Reserve Board of Governors in 2010, the CDIACs in the 12 Federal Reserve districts provide a diverse perspective on the economy, lending conditions and other issues facing thrift institutions, credit unions and community banks with different charters and regulators (including state member, state nonmember and national banks).

John Fulone, senior vice president and chief strategy and marketing officer of The Cooperative Bank of Cape Cod, has been appointed to the Cape Cod Association board of directors.

The Cooperative Bank of Cape Cod appointed six new corporators to the bank: • John Allen, executive director, John F. Kennedy Hyannis Museum Foundation • Gene Guill, managing partner, GPS Risk Management Advisors • Beth Marcus, business manager and owner, Cape Cod Beer • Rob McPhee, president, McPhee Assoc. of Cape Cod • Aaron Polhemus, president and CEO, Polhemus Savory DaSilva • Anne Van Vleck, chief development officer, Housing Assistant Corp.

Dedham Institution for Savings Kyle Lewis has been elected loan originator at Dedham Institution for Savings. He has four years of experience working at Dedham Savings in retail positions.

Envision Bank & Mortgage Stoughton-based Envision Bank & Mortgage has appointed Paul O’Reilly as vice president and residential lending manager.

O’Reilly has over 31 years of experience in the mortgage industry.

Promotions Katahdin Trust

Rebecca Potter has been promoted to commercial services officer at Katahdin Trust. Based at the bank’s Bangor location at 52 Springer Drive, she will be responsible for business lending and development in the greater Rebecca Potter Bangor area. Rebecca started her career with Katahdin Trust in 2008 as a commercial services assistant. In 2012 she worked as a customer service representative before returning to her role as 18 BANKING NEW ENGLAND

The Cooperative Bank of Cape Cod

commercial services assistant in 2013, the position she has held since this recent promotion.

BankNewport

Betsy L. Salisbury was promoted to senior vice president, retail lending operations manager.

Salisbury joined BankNewport in 2013 and most recently served as vice president, residential lending operations manager. She Betsy L. Salisbury is responsible for directing all residential and consumer lending activities at the bank,

Promotions

New Arrivals Katahdin Trust

including the oversight of daily operations, product offerings, processes and policies, special projects and the development of the residential and consumer lending teams.

BankNewport

Kenneth R. Burnett was promoted to senior vice president, director of commercial relationships.

Burnett began his career with BankNewport in 2012 and most recently served as senior vice president, manager of commercial lending. He is responsible for directing all aspects of commercial lending, including development and oversight of the commercial Kenneth R. Burnett lending team and the bank’s commercial lending portfolio throughout Rhode Island and southeastern Massachusetts.

Jamie Haining

Jamie Haining has joined Katahdin Trust as business development officer. Based from the bank’s Hampden branch, Haining will be responsible for business development of all types with a concentration on deposit services for small business, commercial and nonprofit entities in the greater Bangor area.

Ledyard National Bank

Chris Eddy has joined Ledyard National Bank as a senior investment consultant with Infinex Financial Group in March, bringing with him over 20 years of financial planning and investment management experience.

Chris Eddy

Kennebunk Savings

Kimberly Nason

Lara Horner

Lorraine Ivers

Bar Habor Bankshares

John Williams

Four employees have been promoted to senior vice president: Kimberly Nason, Lara Horner, Lorraine Ivers and John Williams. Nason will be retail lending support manager, Horner is director of trust operations, Ivers is chief compliance officer and Williams is enterprise risk management and project management.

HarborOne Bank

Brockton, Massachusetts-based HarborOne Bank promoted Scott Sanborn from senior vice president of commercial lending to executive vice president. Sanborn continues to drive the bank’s strategy and growth for all commercial and small business lending activities. Sanborn joined HarborOne Bank in 2014. Prior to joining HarborOne Bank, Sanborn served as regional vice president at TB Bank where he built and led a team of eight commercial relationship managers for the Metro Boston and Rhode Island Markets.

Lake Sunapee Bank

Lebanon, New Hampshire-based Lake Sunapee Bank, a division of Bar Harbor Bank & Trust, promoted two employees to the title of assistant vice president: Marion Steiner, assistant vice president, branch relationship manager and Michael Hannon, assistant vice president, mortgage loan originator. The bank also promoted Sherry Seskin to vice president and treasury services sales officer.

Dennis Tuttle

KeyBank

Gregg D. Vaillancourt

Gregg D. Vaillancourt has been hired as senior payments and solutions in its Enterprise Commercial Payments group. In his new role, Gregg will establish new and deepen existing business banking relationships through the delivery of customized treasury and payment solutions to meet clients’ cash management needs. He is located in the Manchester branch.

Bar Harbor Bank and Trust

Charles W. Seugling IV

Charles William Seugling IV has joined Bar Harbor Bank and Trust as vice president, regional market manager for the Southern New Hampshire region. Charles will provide direct, local leadership and support for branch managers, ensuring the delivery of a superior customer experience. Branches under his management include Concord, Nashua, Peterborough, Hillsborough and Milford.

Retirements New Hampshire Mutual Bancorp

Nancy Swenson, vice president, digital banking, retired April 6 after 43 years with the organization.

Norway Savings Bank

Maine-based Norway Savings Bank promoted Amanda Dyer to branch manager of the Freeport, Maine office. Dyer joined Norway Savings Bank in 2011 as a financial solutions specialist at the Yarmouth office before working her way to assistant branch manager of the Freeport office in January 2017.

Dennis Tuttle has been hired as chief information officer and senior vice president. With over 30 years of experience in the technology field, Tuttle was most recently with Covenant Health out of Tewksbury, Mass. With a background in network administration in the retail, banking and health care industries, his experience is relevant to today’s banking needs.

BNE

Nancy Swenson

BANKING NEW ENGLAND

19

PROTECTING GOOD VULNERABLE COMMUNITY WORKS CLIENTS

Financial institutions large and small have been making a difference in their communities for years. In this space, we acknowledge them, and welcome readers to submit news of their own banks’ efforts and endeavors to Managing Editor, Kaitlyn Keegan at kkeegan@ambizmedia.com

KeyBank

Featured Banks • Baystate Financial • Berkshire Bank • Charles River Bank • Cornerstone Bank • Katahdin Trust • KeyBank

KeyBank Foundation presented a $5,000 grant to the Springfield Rescue Mission. The mission provides meals, clothing, housing, medical attention, education, counseling services and job coaching services to over 2,000 men and women in the greater Springfield area. (caption) From left, KeyBank representative Joyce Ward, Springfield Rescue Mission Community Development Assistant Robin Gobeille and KeyBank representative Miguel Vasquez.

Katahdin Trust

• North Shore Bank • People’s United • Rollstone Bank & Trust • Saco & Biddeford Savings Institution • SIS Bank

To mark the occasion of its 100th anniversary, Katahdin Trust held a five-day bank-wide celebration in March. Hundreds of customers and community members stopped by to enjoy refreshments, special anniversary giveaways and enter to win the daily drawing including a $1,000 grand prize. Michael Barker from Washburn was the winner of the grand prize. Taking part in the award presentation with Barker are Katahdin Trust employees from Presque Isle. From left, Emerson Wright, Joe Clukey, Amy Turner, Barker, Katelynn Tardie-Cyr, Diane Green, Cathy Haley and Kathy Thompson.

Saco & Biddeford Savings Institution

SIS Bank

Saco & Biddeford Savings Institution has delivered more than $18,800 to food pantries across southern Maine recently to restock the pantries’ shelves. This year’s beneficiaries include 19 food pantries, meal programs, and other community pantries within Biddeford, Old Orchard Beach, Portland, Saco, South Portland, Scarborough and Westbrook.

SIS Bank Throughout 2017, SIS Bank’s Casual for a Cause days raised money for local organizations and charities. As a result, employees collectively raised over $8,200 in support of 25 local organizations for the year.

20 BANKING NEW ENGLAND

SIS Bank recently donated $2,500 to the Saco River Theatre to go toward maintaining and continuing the art center’s theatrical and artistic presentations. SIS Bank President Blaine Boudreau, left, presents Saco River Theater’s Artistic Director Dana Packard with a $2,500 check for the upcoming theater season.

SIS Bank

North Shore Bank North Shore Bank donated $1,000 to the Peabody Education Foundation. The full donation will go toward Peabody teachers and students to help fund resources and programs that are outside the regular school budget.

Charles River Bank Charles River Bank donated $1,000 to the Bellingham High School Fitness Center Renovation Project.

SIS Bank recently donated $500 to Sanford-based pregnancy care center, Alpha, as part of the bank’s March Employee Donation Program. Sarah Corriveau, a teller at the SIS main office in Sanford, is the 24th randomly-chosen employee to have the honor of selecting a charity to receive the donation. SIS Bank employee Sarah Corriveau, right, was selected as the most recent recipient for the bank’s Employee Donation Program. President Blaine Boudreau, left, presents a check for $500 to Alpha, her organization of choice.

Cornerstone Bank Cornerstone Bank donated $5,000 to Big Brothers Big Sisters of Central Mass/ Metrowest Inc. in support of the organization’s youth mentoring program.

SIS Bank

Baystate Financial

Baystate Financial, with 17 offices throughout New England, today announced that it raised $35,000 in the Fifth Annual Baystate Financial All-Stars versus Boston Bruins Alumni charity hockey game.

SIS Bank

SIS Bank recently allowed its customers to vote for their favorite area charities to win a donation from the bank. Fourteen local nonprofits received financial gifts from SIS Bank ranging from $750 to $3,500. Maine Children’s Cancer Program, Animal Welfare Society of Kennebunk and York County Shelter Program were voted the top three winners.

(Caption) A number of members from the 14 organizations selected gather with SIS Bank President Blaine Boudreau, middle left, as they receive their donations.

People’s United Forty-eight Eastern Massachusetts nonprofit organizations will receive a total of $303,234 from People’s United Community Foundation and People’s United Community Foundation of Eastern Massachusetts, the philanthropic arms of People’s United Bank, as part of its first grant cycle of 2018.

SIS Bank SIS Bank recently donated $1,350 to the Southern Maine Veterans Cemetery Association. The funds were collected through the bank’s Casual for a Cause jeans day.

Chairman of the SMVCA James Bachelder, SIS Main Office Manager Dee Richard, Secretary of the SMVCA Ron Rivard Past Chairman of SMVCA Ray Parent and SIS Marketing Director Deb Mullen.

Berkshire Bank Berkshire Bank awarded a $23,000 grant to Boston Cares through the Berkshire Bank Exciting Assists Grant program in partnership with New England Sports Network hockey coverage.

SIS Bank recently donated $5,000 as a platinum champion sponsor, to the SanfordSpringvale YMCA. SIS Bank President Blaine Boudreau presents Sanford-Springvale YMCA CEO and Executive Director Andy Orazio a check for $5,000 as part of the facility’s Champion Sponsorship.

BANKING NEW ENGLAND

21

IN CASE YOU MISSED IT

Business Intelligence

Merrimack County Savings Bank

Merrimack County Savings Bank has been named Small Business of the Year by the Hooksett Kiwanis. The award was given out at the Hooksett Kiwanis Community Leaders event on April 3. The Merrimack opened its second Hooksett branch, located at the intersection of Route 3 and the Route 28 bypass at 360 Londonderry Turnpike in May 2017. The Merrimack’s Hooksett Welcome Center branch which opened in 2015, is located at 530 West River Road. BNE

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