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Up Next – Talent We’d love it if we never have to write an editor’s letter like this again. In banking today, it’s all about succession, and who shows up. In the last several decades, an increasing number of the people who have shown up in the banking industry are women. Christina P. O’Neill Editor, Banking New England


anking has had more than its share of economic and legislative stressors in the past few years. There’s an increasing meeting of the minds on succession issues and sustainability. Bank leaders who care about the soundness of their organizations, and who want the best prospects for the people who work for them, are recognizing the contributions of women in ways not seen when most of the women now in leadership roles started their careers. The evolutional change is stunning over the last two generations. In our cover story, Sarah Cowan recalls an early career rebuff that drove her away from banking for a period of two

years. That turned out to be two years of lost opportunity for the institution for which she could have worked. And she’s not the only one. Women now in key banking positions in other states recall similar early setbacks. We know, because The Warren Group, publisher of Banking New England and several other bank-related magazines, has heard their stories. In banking as in other industries, there’s not only room for talent – there’s a genuine need for it. So when talent shows up, it’s an opportunity not to be missed. So don’t make us say it again. BNE

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It Takes an Analytic Village to Make a Commercial Loan












Banks, SBA Help Vets Open Franchises

The Technology Advantage Snapshot of a Miracle

Attracting the Younger Customer

How to Choose the Right Path to Branch Prosperity in 2013


Claremont Savings Bank, City of Claremont Open Community Center




Takeovers Don’t Have to be Hostile Reducing The Risk Of Culture Clash in M&As











SALES Timothy M. Warren Jr.

David B. Lovins


George Chateauneuf

Joanne Lee



David Harris



Claire Merritt and Kelsey Bell


Cassidy Norton Murphy

Christina P. O’Neill

James Cronin


Bottini Scott Ellison Michelle Laczkoski GRAPHIC DESIGNER Amanda Martocchio and Tom Agostino



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It Takes an Analytic Village to Make a Commercial Loan BY CHRISTINA P. O’NEILL Editor, Banking New England


t isn’t only the borrower’s standalone financial risk that should be considered when making a commercial loan – it’s the health of all the counterparties, writes John Baer, senior director for Moody’s Analytics, in an article, “Are You Structuring the Best Commercial Loan Deal Possible?” The key information needed to determine the overall health of the parties includes not only their borrowing limits, exposure and collateral values, but also specific covenant terms, allocation of collateral, guarantees and loan term structure. The challenge to lenders is the ability to compile this holistic data in a timely way when making commercial loan decisions, Baer notes. That’s because the constellation of counterparties can include the anchor tenant of an income-producing property, for example – information about which is often timeconsuming to retrieve. 6


Then, there’s guarantor soundness. Credit-rating changes of guarantors must be related across the entire spectrum of lender stakeholders, because of its potential to result in covenant breaches and to increase credit risk, Baer writes. Centralizing counterparty data helps the development of default risk assessment. Comparing loan risk against current standards can contribute to a smoother relationship with regulators in a climate where the lender is expected to assume extended responsibility for loan performance. In a separate article, “Beyond Regulations: The Value of Building an Effective data Analytics Infrastructure,” Baer suggests a central dashboard to review the total relationship with the borrower and affiliated counterparties, in order to deliver real-time information to lenders. The dashboard must support data feeds from multiple market and credit risk sources, and

easy access is critical to this endeavor. The data must be accurate and consistent; outof-box templates can ensure consistency. The structure must also be scalable, to reduce calculation times and the possibility for human error. Risk is not managed by covenant breach alone, he says. The ability to recoup collateral losses resulting from a credit risk event, as well as an approach that includes timely override decisions and policy exceptions, are all essential to keeping lenders’ knowledge of their portfolio status current. In sum, there’s more to data analytics than meeting regulatory requirements. Baer’s writings retell lessons that we should have learned in the financial crisis of 2008. The admonishment not to invest in anything which is not completely understandable is somewhat timeless. It points out the value of sound and sustainable financial relationships, as long as those financial relationships are done right. BNE

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Call in the Troops Banks, SBA Help Vets Open Franchises

BY CHRISTINA P. O’NEIL Christina P. O’Neill is editor of Banking New England

120,000 Veterans already returned from Iraq and Afghanistan

100,000 Expected to return

20 to 25 Eventual number of franchisors Franchises involved in the program:




s the wars in Iraq and Afghanistan wind down, tens of thousands of veterans are returning home to a questionable civilian economy. An estimated 120,000 vets returned from the war theatre between 2008 and 2012, and tens of thousands more are yet to come. The Small Business Association, the International Franchise Association (IFA), franchisors and participating banks are teaming up to help U.S. veterans become franchise owners. TD Bank is one of them. Across TD Bank’s Maine to Florida footprint, franchises such as Dunkin’ Donuts, Domino’s Pizza, Baskin-Robbins and Papa Murphy’s will be able to offer a streamlined loan application process, a packaging fee waiver and lower interest rates from TD Bank for U.S. military veterans. It’s a pilot program for TD Bank, according to Rich Bradshaw, head of SBA lending at the bank, who is also a retired Navy Reserve intelligence officer. Bradshaw says the bank’s goal is to ultimately involve 20 to 25 franchisors. “We want this to be right for the vets, to make sure it’s aligned and done right,” he says. If it does go right, the program will be expanded in TD Bank’s footprint. Participating franchises will be able to offer veterans information about financing with TD Bank, as well as other participating banks, when a veteran approaches the

franchise about becoming a franchisee. “Any capacity that gets vets into the franchise space is great,” Bradshaw says. “A franchise is consistent; it has standard operating procedure that’s the same in California as it is in New Jersey,” including, in many cases, wearing a uniform. A franchise also offers the opportunity to develop management skills without becoming an owner. Bradshaw notes that young ex-military personnel, especially those with families, may not be leaving the service with a

sufficient severance or reserve pay, but they can work for some of the larger operations and build a management record by becoming general managers of five or 10 stores. “They have a mini-company within a company. It’s an opportunity for them to rise and be stars.”

‘Skills they can use’

The program addresses some barriers to entry in the franchise space – reducing or eliminating entry fees that can run into the tens of thousands of dollars, reducing annual royalty fees for the first years

“They can work for some of the larger operations and build a management record by becoming general managers of five or 10 stores. They have a mini-company within a company. It’s an opportunity for them to rise and be stars.” — Rich Bradshaw, head of SBA lending, TD Bank

in a franchise, and for businesses that require inventory, providing the initial supply of inventory at reduced or no cost. The bank-related program is another addition to a wide array of veteransupport programs to help veterans get established in civilian life. For example, the IFA has established a fund for veterans who qualify for SBA loans but who lack the equity. They can apply for funds through the program and subordinate that obligation to the

SBA loan. Steven Caldeira, president and CEO of the IFA, has said that the organization’s goal is to help facilitate ownership or jobs for 75,000 veterans and spouses by 2014, when the Iraq and Afghanistan wars wind down. Both Bradshaw and Jeppson say that prospective franchise owners should contact the franchisor before contacting the SBA or a participating bank, to get a firsthand experience of whether a particular franchise is right for them

– and that they should request the franchise’s last three years of financial performance and its closure rate. Veterans come out of the service with skills they can use, and there are resources at the state level to help them develop those skills. Jeppson adds that focusing on a small-business mission can help alleviate the effects of post-traumatic stress disorder by giving veterans something that demands their full attention. “When you’re down-range, the mission is focused 24/7,” he says. “When you come home, you lose that focus, but anyone who knows about running a business knows it’s full time, and it replaces some of that.” “This groundbreaking initiative will help accelerate the number of veteranowned franchise businesses along the Eastern seaboard,” Caldeira said in a statement. “Veterans have a proven track record in franchising, and with more than 1 million troops returning to the civilian workforce in the coming years, we continue to work hard each and every day to extend career opportunities to our nation’s veterans.” BNE

Photo: Chris Corwin




The Technology Advantage Snapshot of a Miracle


Every business textbook recounts the collapse of the railroads. Their focus on moving goods and people by rail prevented them from expanding into Robert Bessel is the public newer transportation modes. Banks have to ask if their relations director for Avon., is processing transactions or providing valuable based COCC, Inc. financial services, counsel and execution. The answer should simplify our discussions about mobile banking. Providing a full range of high value financial services in today’s business environment requires information, flexibility, and access to expertise. It requires equally comprehensive capabilities and integration. Without everything working together, most banks have a hard time selling their financial planning, cash management, and hundreds of other financial services. Many banks have acknowledged the critical role of financial counsel in the high value service model. They are beginning to spread the cost by installing video feeds throughout their branch networks, enabling customers in bank branches to interact with their financial advisors located in the main office, call center or elsewhere. Better yet if the customers can interact with their advisor while reviewing their current financial situation on screen. The Internet is well equipped to deliver simultaneous video connectivity and data modeling. In fact, Internet banking may soon give the customer more freedom than the branch to access bank resources when needed. We might soon see the day when multiple resources are available to bank customers via the Internet banking channel to consult on complex issues. Could mobile banking support similar “Your Go to Resource to Solve the Benefit Puzzle” financial power conferences on the customer’s tablet? That would be a miracle! Executive Compensation/Benefits Butwe need to have bandwidth, apps, and 360-degree views of the customer’s financial • Attract/Retain Executives & Directors situation, plus the ability for each everyone on • Financing Strategies to Offset Costs and Increase to Earnings the call to model scenarios in real time. CRM and risk management will have to be built • Compliance/Monitoring into these processes as well as profitability, underwriting, and many more bank functions The Pangburn Group – all necessary for the successful delivery of financial services. Completely Independent fee only record keeper and compliance partner. Mobile banking is an opportunity for Represents over 750 financial institutions across the nation. banks to create a branch in the palm of their customers’ hands. Not the same old branch, but a conduit to terrific customer experiences that …. Thirty years of success protecting corporate Human and Financial will redefine banking services to all customers Resources. and “Solving the Benefits Puzzle” via all channels. This brave new world goes far beyond Millennial fads and straight to banking’s future. Kaeding & Company - Leader in Integrated Employee Benefits 420 Lakeside Ave | Suite 303 | Marlborough, MA 01752 | 508.460.0165 | Wouldn’t that be a miracle? BNE BY ROBERT BESSEL


s mobile banking the miracle we envisioned years ago? The media started pumping mobile banking in early 2006, when ViVOtech Inc. announced its NFC pilot in Atlanta. Nokia jumped in with NFC-equipped phones, followed by Monitise, Qpass and MobileLime. Many of these companies and products have since vanished. But a recent study by Juniper predicts 1 billion people worldwide will bank via mobile phones by 2017. Will physical banks eventually shrink into mobile apps? Perhaps. But if so, it’s pretty ironic that banks and credit unions continue to buy and build branches, and that Internet banking is actually gaining functionality. It’s time to take a snapshot of our mobile banking miracle. We are in year seven of the mobile banking phenomenon – hardly the pace of a blockbusting breakthrough. This is not to say that mobile banking should be disregarded. It has created huge ripples through the banking industry. But I would argue that the industry’s focus on mobile banking needs to be less on the channel and more on its purpose.

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Attracting the Younger Customer Where’s the growth? Who’s buying? How one bank found out BY THOMAS J. LEETCH Thomas J. Leetch is president and CEO of Peoples Federal Savings Bank, headquartered in Brighton, Mass.

“More than selling products, we were suggesting banking services that we knew would help the customer. Every conversation was based on customer need. We didn’t have quotas, just a focus on service.”



s a well-established community bank, we at Peoples Federal Savings Bank have long understood the need for younger customers. But two years ago, we were surprised to learn that our customers, with an average age of 55, were considerably older than we thought. It really was a wakeup call for the bank, where I am president and CEO. Our market area is the city of Boston and its surrounding communities of Allston, Brighton, Brookline, Jamaica Plain, Norwood, West Newton and West Roxbury. We have been serving these neighborhoods for 120 years. But two years ago, we knew

we needed to do something different. We began to ask ourselves – how could we attract younger people to our bank, especially in a challenging economic environment? Unlike the largest banks operating in Boston and its affluent suburbs, we knew that our community bank, now at $577.4 million in assets as of yearend 2012, couldn’t provide every service to every market segment. We needed to be smarter, to target markets where our brand could shine and focus our marketing efforts there. We turned to two partners – COCC, our advanced financial technology service, and the

Long Group – a well-known financial service research firm. COCC provided data about our current customers. The Long Group enhanced the data using their CustomerLab program – a predictive model built from information gleaned from 20 years of market surveys. The combination enabled us to translate our core processing data into information, that information into knowledge and that knowledge into strategy and action. Our strategy was based on knowledge of our bank, as well as our market. We became aware of what product lines represented growth opportunities to the bank, what

markets the growth was going to come from and who was going to do the buying. We were able to prioritize our prospecting efforts among customers for cross-selling and non-customers for prospecting. The results were immediate and sustained. We saw a 200 to 300 percent sustained increase in sales volume. We immediately began to attract a younger client base in numbers and we witnessed full percentage point increases in household penetration in each of our markets. The Long Group’s analysis showed that our products didn’t need to change. Our customers didn’t want 17 different checking products governed by complex tiered interest rates. They wanted solid banking products and great customer service.

Broadening our reach

We also discovered that many of our

customer households had just one account. One of our strategies was to expand these single-service households into multi-service households. Our greatest challenge was to communicate our brand to the markets served by each branch. Boston is a very competitive market. Peoples Federal generated great success by using highly targeted marketing media – radio, cable TV, even advertising on the local buses. Our criteria was based on the media’s ability to reach and dominate our markets and key demographics. Believe it or not, we received the most comments from customers who lived or worked along the bus routes – they noticed our messages. The Peoples Federal brand really started to resonate. We communicated regularly with staff in each branch, showed them graphic snapshots of their market and our penetration. Everyone knew how they were

Partnering with lenders across Massachusetts

doing and the importance of every customer interaction. More than selling products, we were suggesting banking services that we knew would help the customer. Every conversation was based on customer need. We didn’t have quotas, just a focus on service. In two years, our focused growth strategy produced a sustained 200 to 300 percent lift in sales, and we accomplished it with a level-funded marketing budget. Better yet, the average age of our customers went from 55 to 41, which is actually a bit younger than the current demographic profile of our market area. That bodes well for the future. As our branch staff continues to provide outstanding service and we focus on the markets where we do best, we will continue to build a bright future for Peoples Federal Savings Bank. BNE

to strengthen families and communities, one home mortgage loan at a time.




Buy, Sell or Consolidate How to Choose the Right Path to Branch Prosperity in 2013

BY ANDREW GRINSTEAD Andrew Grinstead is senior vice president and senior bank strategist of bank intelligence solutions at Fiserv.



ranch growth used to be a fairly simple concept. If a financial institution wanted to grow its presence in a particular market, more branches were built. Today, growth strategies are more complicated. The economic landscape looks vastly different than it did a decade ago, and very few institutions are in a position to build new branches. Fortunately, value growth

via the branch is far from dead. It simply requires a different perspective. The challenge for bank leaders in 2013 is to determine the best strategy to drive their branches forward into a new era of banking – whether it’s increasing market presence through acquisition, consolidating branches for efficiency or selling facilities to offset weak performance.

Expanding branch presence through acquisition It’s a buyer’s market, given the number of bank failures in the last 24 months. But, while institutions purchasing a branch have a tremendous market advantage, it doesn’t mean it’s the best decision. Here’s why: Many executives make the

The key is knowing when to take action, and that requires keeping a constant watch on market position and market growth potential.

mistake of focusing the bulk of their due diligence analysis on fiscal health. Bank leaders must first ask themselves whether or not a branch purchase is, in fact, the right path to growth. Perhaps instead, financial institutions might be better served by optimizing their existing branch networks. By analyzing key metrics such as core deposits, revenue and accounts per office, executives may find they can increase revenues and market presence from within. Justifying branch acquisitions often involves more than just citing the need for financial gain. The business case for adding branches might be to attract new types of customers; in others, it could be to sell new offerings or establish a new business hub in a region. Alongside these incentives, institutions must evaluate what types of customers they serve well today and determine if the target branch is complimentary to those strengths. This forward-thinking analysis will expose incompatibilities, and improve the chances of a branch acquisition being profitable.

Consolidating branches for increased efficiency The stigma attached to branch consolidation no longer applies in today’s banking environment. If timed correctly, consolidation can be a strategic, positive move towards growth. The key is knowing when to take action, and that

requires keeping a constant watch on market position and market growth potential. Having up-to-date insight into which branches are operating at undercapacity levels and which markets and sectors are becoming oversaturated by competition, allows banks to easily identify consolidation targets before profit losses pile up. Once target branches have been identified, bank leaders need a strategic plan to minimize customer attrition. That takes knowing the most profitable customers and assigning the most knowledgeable associates to the task of migrating customers to other branches. Proactively working to retain VIP customers and making sure that skilled associates are in place to serve the consolidated customer base will go a long way in minimizing runoff.

Selling branches to offset weak performance Branch selling has become a tactical necessity for many institutions. But, like branch consolidation, it’s often a pit stop on the way to growth. With that in mind, the sale of branches that are underperforming should be handled just as strategically as a branch purchase. The ability to make branches more attractive for acquisition can be the difference between trimming the fat and holding onto dead weight.

One of the first steps in a successful branch sale is determining urgency based on the selling institution’s needs. A bank that needs to quickly improve capital ratios may have a shorter timeframe for success than a bank that’s simply trying to improve profitability. Regardless, banks must be prepared to mitigate the risk of losing high value customers to the acquiring institution. Many of these customers may be hesitant to leave a convenient branch location, thereby making them attractive targets for attrition. For that reason, bank or branch executives should identify select customers they want to transfer to other branches, and have a plan for motivating those customers to do so. The role that volume and real estate will play in a bank’s selling strategy should be carefully weighed. If a bank is trying to sell a group of several branches, it may make sense to package loans, deposits, and brick and mortar locations for one or two large buyers. If it’s just one or a few branches, banks should consider selling loans, deposits and facilities separately. And, given today’s commercial real estate climate, bank executives need to anticipate a scenario where they are not able to easily offload their physical location to another bank. In those scenarios, facilities may be more easily marketed to another type of buyer, for purchase or lease.

New era, new insight

The success of branch banking can no longer be defined by the number of new locations. Today’s economic realities demand banks grow through branch optimization, acquisition, rationalization and strategic closures. Those banks that make calculated decisions rooted in objective insight will be able to identify growth opportunities with speed and accuracy. BNE BANKING NEW ENGLAND






Pictured, from left: Julie Heffernan, vice president, community lending manager; Kerry Bolduc, vice president, senior community lender; Sarah Cowan, senior vice president; and Christine Sickles, assistant vice president, loan administration manager. Photos: Lee Kahrs

From Support Roles



Sarah A.P. Cowan, senior vice president at the National Bank of Middlebury and chair of the Vermont Bankers Association, and Madeline Gardner, a 50-year plus employee of the bank, sat down recently to talk about women and banking. BNE: What was your first job in banking? Gardner: When I started in 1961, the teller line was all male. Women were in bookkeeping, where I started, and secretarial positions. I finally got on the teller line by covering for one of the men at lunch. They would allow women to do that, but I had to give up my lunch hour. Cowan: By the time I started 20 years later in 1981, women were tellers, which is where I started. About six months after I started my first banking job after graduating from college, an assistant branch manager position opened up. I was interested in it, but when I went to apply, the personnel director sat me down in his office, closed the door and said, “I can’t let you apply for that position because women don’t make good lenders.” He told me he’d deny having said it, but I addressed the situation with a senior-level female manager and he was eventually removed from his position. But the damage was done. I left the bank and did not return to banking for two years. BNE: How have women’s banking careers changed over the course of your careers? Cowan: Today, it would be an exception to have a man on the teller line. A higher percentage of women work in banking – no question a lot of them still in support roles. There is still a dominance of men in commercial lending.

BNE: Why is that? Cowan: Many reasons. I think men and women continue to have traditional family roles, and men often still have workplace continuity, without the disruption for having to care for children, and I think that has something to do with it. Also, women are typically more detail oriented, and that can get in our way sometimes. Men are more likely to rely on assistants to do detail work. We may not be as outgoing and sales oriented as our male counterparts. Commercial lending is a lot about relationships, but men and women lenders approach it in different ways. Men may rely more on the relationship or friendship they establish with the borrower, and may use their selling skills more effectively, while women are more apt to succeed in closing a deal by gaining the confidence and respect of their borrowers by being more systematic and diligent with details, an approach that also builds great relationships. We occasionally get customers who say, ‘I just don’t like that [lender].’ If that’s the case, it’s important for us to find a lender where there can be a better relationship. That’s why it’s very important to have a diverse sales force, and diversity is not just about male/female. It’s age, cultural background, ethnicity. BNE: Do you see more women aspiring to be commercial lenders? Cowan: Yes, I do. But there is no question, the higher up the ladder you go, the higher the percentage of men. BNE: Is there a glass ceiling? Leadership ambition gap? Something else holding women back? Cowan: I don’t think so. Continuity of career is an advantage for men, if they have not had to disrupt their career. It’s more difficult Continued on next page




From Support Roles to the C-Suite Continued from page 17

for a woman to jump back in after taking time out to have children. Also, I think people are attracted to people like them.


My husband is an athlete. His friends are athletes. I’m a banker. I’m friends with bankers. Does it go all the way to I’m male

She oversees credit risk management and loan production for the bank’s commercial and residential loan programs. She is a graduate of The Graduate School of Banking at Colorado and has a degree in psychology from Colby College, Waterville, Maine. Cowan is the current chairman of the Vermont Bankers Association, and past president of Addison County

Sarah A.P. Cowan, senior vice president

Economic Development Corporation,

of National Bank of Middlebury, has

past chair of Porter Medical Center and

been with the bank for more than 20

Porter Hospital. She has also served as

years, currently as senior lender and

president of the Vermont Chapter of the

loan department manager. National

Risk Management Association (RMA)

Bank of Middlebury is a $300 million

and on RMA’s national Chapters and

community bank in rural Vermont.

Leadership Council.


more than 25 years, she was officer, vice president and mortgage lender, retiring in 2010 as the bank’s top loan producer. She came out of retirement after only one year to assist the bank in an important document imaging project and continues that work today. Outside of her daily work, Gardner volunteers her time assisting many individuals with personal tasks; balancing checkbooks, assisting with bill paying,

Madeline E. Gardner began her banking

etc. She has also held long-term

career at National Bank of Middlebury

elected positions as treasurer for the

in 1961, working for more than 50 years

local school district and has served as

in almost every area of the bank. For

treasurer on several nonprofit boards.


or I’m female, and therefore I’m more attracted to somebody of my same sex? I think there’s some of that. I don’t see it necessarily as a glass ceiling, that women are being told they can’t have this job because they’re a woman, despite how my own career started. BNE: You said like attracts like. Are women consciously selecting the vocations to which they may feel the most adapted, e.g. operations and HR? Cowan: I’m [not the right] person to ask because that’s not the route I took. In fact, I shunned some of those positions as I was going through my professional growth. BNE: What do you think needs to change to get more women in the executive suite – would it be the women or the suite? Cowan: I don’t think it’s something that can be dictated. In Germany, there’s talk about mandating certain large corporations have at least two-fifths of the board be women. The question: are they just the token women? I think society is evolving and has been throughout my career. I see my kids’ generation incredibly tolerant of anybody, whether it’s women, ethnicity or some other difference. My children are much more tolerant than I see myself as being. I so admire them. So I think it is something that is evolving and will happen a lot more naturally. Let’s not dictate it. Let’s look for opportunities, whether it’s a woman or a protected minority. At my own bank, we talk about diversity. We emphasize it, and I think we are. Three of five of the executive officers of the bank are female. Yes, the president of the bank today is male. But three of five of us on the executive team are female, and I think it’s very likely the next president of this bank will be a woman. I’m not saying we should just sit back and let it happen, but I think it is an evolution we are going through. BNE: Bankers got a lot of the blame for the recent mortgage meltdown. Fair?

Cowan: Again, let’s talk about an evolutionary change. There was certainly some encouragement for more flexible lending practices so that more people could own homes. How much the political influence had in encouraging the broader mortgage world to loosen its credit criteria I don’t know. We remember a time when we had very little tolerance for credit card debt when we were reviewing mortgage requests. In the last 10 to 15 years, our tolerance for expanded personal debt changed. That was also part of the mortgage meltdown. People took on more debt, whether it was home debt or credit card debt or the two cars. People became more leveraged. There was a lot of financial pressure to make loans and sell loans and securitize those loans because every step of

the way somebody was making money. But let’s remember it all started with the buyer and the desire of that individual or family to own a home. We can tell you stories about the pressures put on us by our borrowers to convince us that even though they don’t meet the guidelines they can still borrow that money. The pressures carried through the whole system. We also have to talk about the broader industry, not just banks. We have competition in mortgage lending, which tends to be sales oriented, which is where a lot of the exotic loan products that were such a problem originated. I can’t blame anybody or any particular entity. It was to me, a virtual snowball that got bigger and bigger and all of a sudden broke and started to melt.

BNE: Would it have been a different outcome if more women were at the top levels of banking? Cowan: There’s no question women’s performance is high. There are more female valedictorians, more women earning college and graduate degrees. We want good grades. We want to do things right. We pay attention to details. So if we had been at the top more, could we have avoided this mess? Who knows? We probably would have known a little bit more about why we were in the mess. BNE: You said at a recent conference that the meltdown gave you a renewed interest in the opportunity for improvement of the market. Can you expand on that? Cowan: I think it had to do with the Continued on next page




Women in Banking Continued from page 19

fact that we stayed in the mortgage game without having bought into the exotic loan products that ultimately became such a problem. That’s true of community banks in general. We weren’t writing the interest-only mortgages, the reverse amortizations, and no-doc loans. I’m not saying we never wrote them, but we didn’t write them at the levels that they were being written elsewhere, mostly by non-bank originators. After the meltdown and severe tightening of the markets, there was no longer an outlet to sell those loans, and a lot of the mortgage brokers couldn’t exist anymore. So we were left in the market with some pretty basic plain vanilla products that we’ve always had. I hope that we as an industry don’t have such short memories that we forget what got us into that debacle. We have to remember the basics and why those basics are there. Gardner: And care about people. If you really and truly care about someone, you’re not going to set them up to fail. Cowan: We are not interested in manipulating the terms of a loan just to ‘get it to qualify’ if the fundamentals of the transaction aren’t strong enough. So we have seen opportunity and it’s been good for us. It hasn’t been without pain on the part of our borrowers because they will tell you that we put them through too many hoops and that we’re making their lives miserable with all the extra documentation resulting from tightened underwriting standards over the last two to three years. BNE: Did you have a mentor, and was that person helpful in your career? Cowan: Early in my career, it was a senior officer of the bank, who I think was assigned to me and told to take me out to lunch every once in a while. She was a taskmaster, not warm and fuzzy, but I learned a tremendous amount from


her, including professionalism. The other place where I’ve had tremendous support, and grown and learned a lot is my associations with organizations for bank professionals. BNE: Do you think the role of mentors is overly stressed for women? Cowan: I think it comes back to those types of relationships you have with people and where they’re going to help you advance in your career. Do women feel they need that more than men? I can’t argue that in general, yes. But it hasn’t been part of how I got to be where I am. BNE: What is the ideal mentor relationship? Cowan: As effective leaders we have to walk the walk and talk the talk. What I mean by that is that you can’t just say you’re going to do something, you have to do it. You have to act as we say we want others to act. At the same time I think it’s important that you teach, not just in the classroom setting, but across the desk. You insist and perform at a best practice level. To me, that would be a strong mentor relationship. BNE: Is there a subtle semantic difference between women being ‘mentored’ and men being ‘groomed’? Cowan: To me, grooming has a negative connotation. Gardner: I agree. Cowan: The definition of grooming is that they’re the next heir apparent, regardless of their accomplishments or how smart they are. I’ve seen that happen not just with men, but with women. So I guess I have a problem with that. I prefer a mentor relationship, but again, I think it comes down to we as people in more senior level positions have to be leaders and it doesn’t matter whether it’s men,

women, black, yellow, white. We have to be leaders and show strong leadership. BNE: Where should women look for mentors? Cowan: I don’t think they are always the people you work for. They can very definitely be outside your direct place of work. People should look for mentors who are strong leaders and it doesn’t have to be just an individual. It could be a group, a nonprofit board role. So I think there are a variety of places where people can be mentored in a variety of ways. BNE: Do women put more emphasis on seeking mentors while men are more willing to take risks? Cowan: In my experience, both men and women find having mentors very valuable. Do we have different mentors? Is my mentor going to be more detail oriented and less risk averse than the typical male mentor? I don’t know. There could be a difference in terms of our risk tolerance. I can experience the conflict between balancing risk and making a deal. Would I be more conservative in that regard than a male might be? I don’t know. I might approach it differently. BNE: Does that diminish women’s prospects for leadership? Cowan: I don’t think it’s the risk tolerance or the difference in mentorship that might limit women’s prospects of reaching a higher level. Once again, it’s about relationships and people being more comfortable around people like them. My relationship with my boss and our board members will influence my career. Hopefully, my performance in producing quality work is going to be the largest influence on my career, but my relationship with people is a huge part of that.

We invest a tremendous amount of money in training people, supporting them in learning their job, and always live in fear that we could lose that individual to another organization or career change. It comes back to my discussion about relationships. I hope that this generation of people coming into the workforce will value those relationships as I do. BNE: How do we get them to value those relationships? Cowan: By being good leaders, being mentors. The culture is evolving, and we can’t expect people to spend their entire career here. At the same time, having continuity in our workforce is very, very important. Institutional memory is important. We need people to remember that back in 2006 we went through a really tough time, and learn from that. You can’t learn that out of a textbook.

Sarah Cowan and Madeline Gardner

BNE: Did you ever make a wrong bet? Cowan: I wish I could say no. BNE: How did it turn out? Cowan: Well, a couple of them turned out to be losses for the bank. We all say it’s a good loan when we make it. Do I regret it? Well, we had a big loss. From the financial perspective, yes, I regret it, but at the time we thought it was the right thing to do. We made a loan to the buyer of a failing business. We thought the buyer could turn the business around and that we would be part of saving over 50 jobs in our community. Our hearts were in the right place, but we should have

more closely examined the fundamentals of the credit. If we had, we would have approached the transaction differently which would have limited our loss. BNE: Does the industry cut men a little more slack when they make a wrong bet? Cowan: I guess I don’t have any example that would speak to that. BNE: As you look ahead, any concerns? Cowan: I’m a little concerned that the youngest generation in the workforce today don’t have the loyalty to their work place, to their industry, to each other. That was important to Madeline and myself in our careers.

BNE: What is your advice to young women entering the banking industry? Gardner: The most important thing is to get a good education. If you have a good education and work ethic, you can be anything you want to be. Cowan: I would absolutely agree with that. And again, education doesn’t have to be college. You need a broad education, and some of that comes formally, some of that comes from the work we do, some from life experience, some from mentors. It’s also important to broaden beyond just your focus. There are very few jobs in banking that are so specialized that you don’t have to know a lot about what’s going on around you. I may not tell people this, but I expect 110 percent. I expect people to not just be clock punchers. They’re here to get a job done, and do it very, very well, and with a high level of integrity and honesty. Finally, get involved in your community. Get out and get involved. BNE




Claremont Savings Bank, City of Claremont Open Community Center


ew Hampshire-based Claremont Savings Bank not only pledged $3 million toward the construction of the city of Claremont Parks and Recreation building – it also donated the property. The pledge was made five years ago during the bank’s 100th anniversary celebration. The gift covered a substantial portion of the $10 million total cost for the development and construction of the new building. The property, at the corner of Broad Street and South Street in Claremont, had been a long-vacant lot owned by the bank, that was not completely compatible with its needs. Rather than selling it, the bank’s leadership decided to do something to improve the life of its community. “It was an amazing experience to see the building grow out of the lot that had been vacant for so many years during the summer, fall and winter of 2012,” commented CSB President and CEO Sherwood Moody. “ As the pools, gymnasium, track and exercise rooms started to take shape, the vision that the trustees had six years earlier finally started to take on a reality.” Construction of the Claremont Savings

Bank Community Center began in early 2012 after a very mild winter allowed for an early ground breaking. A grand opening celebration on March 2 saw more than 500 citizens viewing the facility for the first time. “After the ribbon cutting, laughter

emanated from the pools, basketballs started bouncing on the gymnasium floors, people started walking and running on the track, and the exercise equipment was put to good use. The halls were filled with people wanting to see this beautiful facility,” Moody said. BNE

CSB President and CEO Sherwood Moody, NH Governor Maggie Hassan, CSB Trustee Mark Thompson at the March 2 grand opening of the Claremont Savings Bank Community Center.

Claremont Parks and Recreation Director Scott Hausler, City Manager Guy Santagate, CSB President and CEO Sherwood Moody, CSB Trustee Joseph Gorman, and Past City Council President Deborah Cutts.


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Takeovers Don’t Have to be Hostile Reducing the Risk of Culture Clash in M&As

BY DANIEL DWORKIN AND SUZANNE FRANCIS Daniel Dworkin and Suzanne Francis are consultants with Schaffer Consulting, a management consulting firm specializing in merger integration, leadership development, strategy execution and executive coaching.


ergers and acquisitions are high-stakes business. Ironically, Dodd-Frank legislation shields taxpayers from undue exposure to the risks of mergers and acquisitions, but bank leaders have no such protective blanket to ensure their deal investment pays off. Despite the lessons of countless case studies, failure to consider the cultural compatibility of integrating companies remains a common pitfall. Avoiding the culture clash trap is possible by implementing a robust integration process. Following are five rules for driving successful culture combination:

Ensure culture is on the radar from the start

Cultural compatibility will never be a deal driver. Like most organizations, banks explore business combinations for growth, not alignment of ways of working. Yet time and again, failure to consider cultural synergy as an input to M&A strategy dooms combinations before they even begin. The earlier leaders embrace the fact that integration success hinges on more than just financial fit, the better equipped they will be to build and execute integration plans that drive results. For example, when a global insurance company considered acquiring a high-performing vendor, its leaders began by codifying the cultural attributes to be maintained through combination. Integration plans included


specific steps to limit cultural disruption, including retention of key leaders, continuation of compensation plans, and even maintenance of unique office design elements.

Expand due diligence to assess culture alignment

By analyzing “the human element” alongside balance sheets, regulatory issues and market intelligence, leaders develop the insights they need to make informed decisions about fledgling deals. Expanded due diligence may include analysis of culture assessments, engagement surveys and talent reviews. This additional insight helps leaders assess cross-company compatibilities, refine the integration combination approach, prioritize actions to maintain the stability of the day-to-day business and accelerate the financial and operational benefits integration is expected to deliver.

Agree on the desired future state

Combinations that work start with a vision – a detailed description of what the newly integrated organization will look like one to two years after close. The vision must go beyond strategic and financial targets to include operational and organization goals. Organization thinking should surpass workforce planning to layer in a culture component, too. As integration planning begins, leaders from both businesses must agree the behavioral norms, traditions, and symbols they wish to carry over following combination. the integration manager may then use the vision to onboard workstream leads and team members to ensure they begin their work with a clear end-state in mind.

Initiate a steady stream of two-way dialogue Communication is at the heart of strong acquisition integration. Clarifying the

TOP FIVE TIPS FOR A SMOOTH MERGER • Ensure culture is on the radar from the start • Expand due diligence to assess culture alignment • Agree on the desired future state • Initiate a steady stream of two-way dialogue • Drive for results, not just behaviors

vision and process for moving forward, and providing forums for dialogue along the way are critical for maintaining employee engagement and productivity through change. GE Capital’s “rapid integration” methodology exemplifies a best in class listening approach, including interviews with acquired leaders, focus group discussions, a survey of acquired management and staff, followed by analysis and a “cultural workout” session with both sides. These interventions build trust in leadership and inform refinement of the integration process.

Drive for results, not just behaviors

Articulating behavioral expectations

in the new organizational reality is necessary, but insufficient on its own. The most powerful way to drive cultural alignment is to challenge cross-business teams to identify the most important, high-payoff integration opportunities, and to launch a collaborative effort to accomplish results in 100-day cycles. Here are some examples: • Achieve $5 million in incremental revenues from sales of wealth management products in the fourth quarter as a combined company • In 90 days, speed up average time to approve customer credit applications from 14 days to three days. • Maintain a helpdesk satisfaction score of 95 percent or higher through the first 100 days of integration.

These employee teams should then be charged with the responsibility of doing what is necessary to attain these goals. Partnering on short-term performance sprints supports attainment of immediate business impact, speeds up the pace of cross-organizational understanding, and helps leaders identify top talent in the new combined enterprise. There will always be an element of risk in combining companies, but leaders can load the dice in their favor by factoring culture into their deal planning and integration processes. “Soft” matters should not trump “hard” ones. But they can’t be ignored, either. Successful M&A strategists clearly define and work towards specific combination synergies – financial and cultural. BNE




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. For submission information, see page 27.

Featured Banks • Bay State Savings Bank • Berkshire Bank • Bridgewater Savings Bank • Eastern Bank • Rockland Trust • Saco & Biddeford Savings Institution • Sovereign Bank • StonehamBank • Stoneham Savings Bank • TD Bank

StonehamBank and Stoneham Savings Bank

StonehamBank and Stoneham Savings Bank are selling Stoneham Strong t-shirts in an effort to raise funds for the recently established Stoneham Marathon Victims Fund. “The Patriots’ Day Marathon attack has had a profound effect upon all of us.” says StonehamBank President Janice Houghton. “It has especially and horribly affected several individuals with ties to Stoneham whose lives will never quite be the same. In response, the StonehamBank family has established the Stoneham Marathon Victims Fund to assist those in our town that were directly impacted by those acts. It is our hope that this action will help to ease the process of healing and give our community an opportunity to offer support.”

Berkshire Bank

Berkshire Bank and its charitable arms, Berkshire Bank Foundation and Berkshire Bank Foundation – Legacy Region, contributed $258,530 to local United Ways as part of its 2013 workplace campaign. In addition to monetary giving, the foundation oversees the bank’s growing Employee Volunteer Program, which carries out group community service projects benefiting schools, non-profit organizations and communities within its service area. In 2012, Berkshire Bank employees completed 95 volunteer projects in which over 50 percent of its 1,000 employees participated by donating over 37,000 hours of service through both company-sponsored and individual volunteer efforts to help their local communities.

Bridgewater Savings Bank

Bridgewater Savings Bank donated $1,000 to the East Bridgewater Police Department in support of the Drug Abuse Resistance Education (DARE) program. Pictured left to right: Suzanne Blom, Bridgewater Savings executive assistant; Mark Harvey, East Bridgewater Police Department school resources officer and DARE officer; and Russell F. Dupuis Jr., Bridgewater Savings branch and client relationship officer. 26 BANKING NEW ENGLAND

Eastern Bank

The Eastern Bank Charitable Foundation donated more than $1 million in grants to 69 local nonprofits at its ninth annual Community Quarterback event at bank’s corporate headquarters in downtown Boston. Eastern Bank chairman and CEO Richard E. Holbrook and Doug Flutie, the bank’s spokesman, honored the organizations before about 100 guests during a ceremony where a representative from each organization was presented with a Doug Flutie-autographed football – a token of appreciation of their leadership. All organizations received a grant of $10,000 or more from the Eastern Bank Charitable Foundation. Eastern Bank also funded trips – through a $10,000 grant to the Forsyth Institute – for another van, staffed by dentists and hygienists, to visit Lynn and provide preventive dental care for underprivileged children.

Pictured, from left: Eastern Bank chairman and CEO Richard Holbrook, Kathie Clark of Lazarus House Ministries of Lawrence, and Doug Flutie at Eastern Bank’s ninth annual Community Quarterback event. Lazarus House received a $15,000 grant.

Rockland Trust

Rockland Trust has donated $12,187 to the Salvation Army’s Massachusetts Good Neighbor Energy Fund. The program is a cooperative effort between Massachusetts energy companies and the Salvation Army of Massachusetts that provides energy assistance to those in temporary crisis. Rockland Trust made the donation as a result of the bank’s fourth annual Warm for the Winter drive, collecting contributions in its nearly 80 branches from Nov. 13 through Dec. 31, 2012. Over the four years it has participated in the program, Rockland Trust has gathered nearly $40,000 in donations to the Good Neighbor Energy Fund. “We are thankful for Rockland Trust’s support for the fourth consecutive year,” said Major David Kelly with The Salvation Army. “With the support of our partners at Rockland Trust, we’re glad to be able to assist so many in

Massachusetts who continue to struggle economically.” The Massachusetts Good Neighbor Energy Fund assists those throughout the state who do not meet federal and/or state assistance guidelines, yet experience a temporary need for assistance due to unforeseen circumstances. Since its inception in 1985, the program has assisted more than 80,000 families and raised more than $18 million. Rockland Trust donated $12,000 in 2012 as well.

Saco & Biddeford Savings Institution

Bay State Savings Bank

On April 20, the Grafton Street branch of Bay State Savings Bank hosted a “Secure Your ID Day,” shredding event, in partnership with the Better Business Bureau of Central New England. The event was open to the public and offered patrons an opportunity to bring up to 5 boxes or bags of personal documents for shredding. The shredding was done onsite by P. Pellegrino Trucking Company’s mobile document shredding truck. Volunteers from Dynamy and staff from the Better Business Bureau took boxes and bags of paper from the trunks of patrons’ cars, emptied them into barrels and delivered them to the shredding truck, where they were destroyed. The traffic was nearly uninterrupted for two hours, and more than 100 people took advantage of this free service.

Keith Dawson, head of the Greater Portland Christian School, accepts a $1,000 donation from Melanie Lee, branch manager, Saco & Biddeford Savings Institution, and Donald Lauzier, director of community relations, Saco & Biddeford Savings Institution. The donation will be used for the school’s computer lab.

Sovereign Bank

Sovereign Bank N.A., has committed $100,000 to The One Fund Boston in support of those impacted by the Boston Marathon tragedy. “As Sovereign Bank’s national headquarters, Boston holds a prominent place for all of us – including many team members who ran the marathon in pursuit of their dreams and in the name of their loved ones,” said Jorge Moran, Santander US Country Head and Sovereign Bank president and CEO. “Sovereign Bank and Santander Group join all those who love the city of Boston in expressing our sorrow for those affected. The spirit and unity of the city, reflected in the marathon, has always been its strength and will undoubtedly contribute to a successful recovery.”

TD Bank Better Business Bureau staff (left) and Dynamy volunteers (center and right) gather in front of the shredding truck provided by P. Pellegrino Trucking Co. Inc. during the “Secure Your ID Day” event at Bay State Savings Bank (Grafton Street branch).

TD Bank opened its Penny Arcade coin counting machine free of charge through May 12 to all customers and non-customers in Massachusetts, Rhode Island, New Hampshire, Maine and Connecticut to donate to The One Fund Boston. TD Bank waived all non-customer Penny Arcade fees and gave all donations to The One Fund Boston to assist victims and their families. In addition to the ‘Coins for Caring’ campaign, TD Bank Group donated $50,000 to The One Fund Boston in April.

SEND US YOUR GOOD NEWS! Does your bank have news of its community support activities? Whether it’s a cash donation, a financial literacy initiative, a nonprofit organization volunteer day or another creative outreach, we’d like to recognize it in Banking New England. Please send press releases and accompanying photos to: Christina P. O’Neill, custom publications editor, via email at




Career achievers in banks across New England are constantly on the move, with their professional journeys reflecting a combination of mobility and longstanding service. We acknowledge them, and welcome readers to submit news of their own staff. For submission information, see page 29.

Featured Banks • BankNewport • Claremont Savings Bank • First Colebrook Bank • Optima Bank & Trust • Rockland Trust • Saco & Biddeford Savings Institution

Appointments and Elections

Joseph Horvath

Sonya L. Merritt

Optima Bank & Trust Optima Bank & Trust has named Joseph Horvath as a vice president and commercial loan officer, at its Portsmouth headquarters. He has more than 25 years of commercial banking experience, and will be developing and maintaining banking relationships with small- and medium-sized businesses in the New Hampshire Seacoast and Maine markets. Sonya L. Merritt has joined Optima Bank as director of human resources. Merritt has more than a decade of experience in human resource management and also in the financial services industry.

Clarement Savings Bank

Claremont Savings Bank has appointed Steve L. Monette to the board of trustees. He has served as CFO and treasurer of Valley Regional Hospital in Claremont, for the past eight years, and as a Claremont Bank corporator for the past two years. His community activities include an active membership in the Walpole Community Garden, the NH Brewers senior league baseball team, the Greater Claremont Chamber of Commerce Board, Big Brothers, Big Sisters of Western New Hampshire, and the Sullivan County United Way Investment Committee. He is also a member of the NH-VT chapter of the Healthcare Financial Management Association.


An active volunteer, she currently serves on the board of directors for the Seacoast Repertory Theatre and is a former member of the board of directors for the American Red Cross and the Dover Adult Cindy Eaton Learning Center. Cindy Eaton has been named loan administration supervisor at Optima Bank’s Portsmouth headquarters. Eaton, who has more than 20 years in mortgage banking experience, will be responsible for working with the bank’s vice president of loan administration, as well as supervising loan administration specialists. Cheryl L. Preston has joined Optima Bank as a mortgage loan underwriter. Having worked in the banking industry for more than 25 years, Preston’s responsibilities at the Portsmouth headquarters include underwriting work and analyzing credit information for residential loans and home equity lines of credit.


OceanPoint Financial Partners has announced the appointment of Janet L. Robinson to its board of trustees and to the board of directors of its subsidiary, BankNewport. Robinson retired as Janet L. Robinson president and CEO of The New York Times Company in 2011, after serving for 28 years in a variety of leadership positions with the company. She became the first woman to be named president and CEO in 2004. Before she joined the Times Company, Robinson was a public school teacher in Newport, RI and Somerset, MA.

New Arrivals


Claremont Savings Bank

Claremont Savings Bank has hired Brandy Blackinton as vice president, retail lending manager, working its main office in Claremont. She has more than 17 years of local banking and lending experience in fields such as deposit relationships, retirement, consumer lending, business banking services and lending. She holds a bachelor’s degree, has completed the Northern New England School of Banking, and is currently in her last year of the New England School of Financial Studies at Babson College. Brandy is an instructor for the Center for Financial Training and has been part of the Greater Claremont Chamber of Commerce Board of Directors for the past seven years.

Rockland Trust

Rockland Trust has appointed Matthew Roddy to its investment management group as vice president and portfolio manager in the Greater Boston area. He brings more than 15 years of experience to the IMG team.

Matthew Roddy

Saco & Biddeford Savings Institution

James Whelan and Kevin Shangraw have joined Saco & Biddeford Savings Institution. Whelan is a vice president and business loan officer for the bank’s business lending department. Beginning in 1990, he was asset manager at Coastal Bank (now Norway Savings) and subsequently served James Whelan as the regional manager for Princeton Properties. Most recently, Whelan was responsible for commercial real estate mortgage originations. Whelan earned a political science degree from the University of Maine and is past president and current board member of the Maine Real Estate & Development Association. Shangraw has been hired as residential loan officer. He was previously a mortgage Kevin Shangraw loan officer with both Downeast Mortgage and North American Mortgage. Shangraw earned a bachelor’s degree in political science from the University of New Hampshire and is currently pursuing a master’s degree in business administration.

First Colebrook Bank

John Pratt has been promoted to executive vice president of First Colebrook Bank. After spending over 32 years in Portsmouth-area banks, Pratt joined Southern New Hampshire-based First Colebrook Bank in 2007. He previously served as the president of the Olde Port John Pratt Bank in Portsmouth, as well as the senior vice president of First National Bank of Portsmouth. Pratt also served as the president of the Siwooganock Bank in Lancaster. He holds a bachelor’s degree from Franklin Pierce College.

Saco & Biddeford Savings Institution

Saco & Biddeford Savings Institution (SBSI) recently promoted three team members: Julie Cyr, Caitlin Binette and Michele Tanguay. Cyr was promoted to iInformation services specialist. Cyr joined SBSI in 2003 as a full time teller. Since, she has been promoted to customer service representative and customer service officer. Cyr holds an associate’s degree from Southern Maine Technical College. Binette was promoted to loan servicing clerk. Binette joined SBSI in 2006 when the Biddeford branch first opened. She has her certified teller certificate. Tanguay was promoted to business operations specialist. Tanguay has served SBSI as a customer service representative and business portfolio assistant. She is a former board member of the Heart of Biddeford and the committee chairperson for Big Brothers and Big Sisters of York County. BNE

SEND US YOUR PERSONNEL NEWS Does your financial institution have individuals who deserve recognition as they celebrate a career milestone? If you’d like to see them recognized in Banking New England, please send press releases and accompanying photos to: Christina P. O’Neill, custom publications editor, via email at coneill@ NOTE: Photos should be in color, jpeg format, file size no smaller than 400 KB.




Featured Banks

Bristol County Savings Bank Opens Two Branches

• Bristol County Savings Bank • Wellesley Bank

From left: Michele Roberts, executive vice president and community relations officer, BCSB and clerk for BCSCF; Len Sullivan, first

executive vice president and senior loan officer, BCSB; Robert Trahan, vice president and CFO, Southcoast YMCA; Frank Duffy, executive director, Fall River YMCA; Patrick Murray, president and CEO, BCSB and president, BCSCF; Gary Schuyler, president and CEO, Southcoast YMCA; Jean MacCormack, chairperson of the Southcoast Advisory Group, BCSB; Peter Bullard, chairman of the board, Southcoast YMCA; William Flanagan, mayor, city of Fall River; Dennis Kelly, chairman, BCSCF; Karen Almeida, chief of staff, Sen. Michael Rodrigues’ office; and Jim Mathis, director of development, Southcoast YMCA. Bristol County Savings Bank, based in Taunton, Mass., marked the opening of its first full-service banking office in Fall River, Mass., and its second and third branches in New Bedford with ribbon-cutting ceremonies on April 17. The former Admirals Bank branches are located at 215 Pleasant St. in Fall River and 37 Rockdale Ave. and 1657 Acushnet Ave. in New Bedford. As part of the ribbon cutting at the Fall River branch, the Bristol County Savings Charitable Foundation made a grant in the amount of $250,000 to the YMCA Southcoast to help fund the Fall River YMCA Capital Project.

From left: Karen Almeida, chief of staff, Sen. Michael Rodrigues’ office; Dennis Cody,

chairman of the board, BCSB; Len Sullivan, first executive vice president and senior loan officer, BCSB; William Flanagan, mayor, Fall River; Patrick Murray, president and CEO, BCSB; Anthony Cordeiro, president, Anthony Cordeiro Insurance Agency and property owner; Frank Wilhelm, Fall River branch manager, BCSB; and Roger Cabral, vice president and commercial loan officer, BCSB.

Wellesley Bank Plans First Downtown Boston Branch Wellesley Bank plans to open a new branch at 1 Federal St. in Boston’s Financial District, the company’s first foray into the largest central 30 BANKING NEW ENGLAND

business district in the region. The bank, which currently has three branch offices in Wellesley, will occupy 3,000 square feet of the 38-story office tower’s vacant ground floor retail space. The branch is scheduled to open in the fourth quarter of 2013. BNE

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Banking New England May/June 2013  

Women in banking; attracting younger customers; and how franchisees are supporting returning veterans.

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