THE EMPIRE STATE MAGAZINE FOR FINANCIAL EXECUTIVES & PROFESSIONALS • ISSUE FOUR 2019
REWIRING THE RULES NY Cybersecurity Compliance Gets Tangled
NEW CU LOANS Empower Transgenders
IBANYS Prepared to Fight CU Growth
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CONTENTS
SEPT ISSUE FOUR OCT 2019
STAFF CEO, PUBLISHER & EDITOR Vincent M. Valvo ASSOCIATE PUBLISHER Barb Dimauro
ONLINE CONTENT DIRECTOR Navindra Persaud GRAPHIC DESIGN MANAGER Stacy Murray GRAPHIC DESIGNER Scott Ellison If you would like additional copies of Banking New York Call (860) 719-1991 or email kschenher@ambizmedia.com
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4
IBANYS President's Update
Time to take a closer look at New York community banks
6
IBANYS Public Affairs Update
Community banks need protection from predatory credit unions
8
Cybersecurity
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COVER STORY: Cybersecurity Compliance
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26
See whose career is on the move in New York
Not Planning for an M&A is not an option
Try To Keep Up
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Lending
Did You See?
Highlights from the weekly Banking New York eNewsletter
IBANYS Conference
Getting recognition for your bank's strong community contributions
12
Lending
Ithaca credit union launches new initiative for the transgender community
Personnel
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21 24
A look at the Banking Exectuvie Symposium
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Rebublic Bank sees How unconscious bias customer service as it hurts your organization opportunity in Manhattan
Seeing through the blizzard of cybersecurity
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Strategy
Anything But Banking
Daniel Reininga, President and CEO at Lake Shore Savings Bank, Dunkirk, New York
Giving
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PAGE
OPERATIONS MANAGER Kurt Schenher
PAGE
MANAGING EDITOR Keith Griffin
Specialty Loans for the Transgender Community Issue Four | 3
IBANYS PRESIDENT’S MESSAGE | By John Witkowski
Time To Take A Closer Look At New York Community Banks
W
ith the change of seasons upon us and the final quarter of 2019 underway, it’s a good time to pause for a reminder about New York community banks: Who we are, what we do, and how we play a vital role in the economy and social fabric of our state and our local communities. Today’s banking environment offers a growing number of options and choices to consumers and businesses. With large mega banks, regional banks, community banks, credit unions, “non-bank” banks, online services and more, what is there about community banks that stands out … how do we provide that “something extra” that distinguishes us from the competition? To begin with, community banks offer many of the same products and services as the largest financial institutions provide to small businesses – but, deliver them in a highly personalized manner. Loan decisions are made locally, with an understanding of the customer’s needs and what drives the local economy. Community banks are usually defined as institutions with under $10 billion in assets. We operate with state or national charters, as commercial banks
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“COMMUNITY BANKS REPRESENT A STRONG ECONOMIC ENGINE THAT DRIVES GROWTH IN NEW YORK AND THEIR PERFORMANCE IS REMARKABLE. SMALL BUSINESS IS THE ENGINE OF JOB GROWTH AND MOST SMALL BUSINESS LOANS COME NOT FROM THE BIG NATIONAL BANKS, BUT FROM COMMUNITY BANKS.” – Governor Cuomo
or thrifts, with public, private or mutual ownership. In releasing the New York State Department of Financial Services (DFS) 2013 report on community banking in our state, Governor Cuomo stated: “Community banks represent a strong economic engine that drives growth in New York and their performance is remarkable. Small business is the engine of job growth
and most small business loans come not from the big national banks, but from community banks.” The DFS report found community banks are vitally important to the New York State and our local economies. Lending throughout markets we know and understand well, we stay committed to the future of small businesses, farmers, home buyers and consumers in every corner of New York. With locally based ownership and a commitment to our communities, we are very close to the economic pulse of New York’s cities, towns and villages. We are involved in our local municipalities not only through our financial investments, but by our “human investments” – our officers, employees and directors are local, and engaged in civic, charitable and philanthropic activities to support the community. Community Bank Directors are mostly made up of local businesspeople who understand the problems local businesses encounter. In many instances, at a community bank the entire bank, not just a department, is focused on helping the local community and local businesses grow. Community banks are not defined only by our size, but – as the DFS report noted, “At its essence, community
banking is based on a simple and traditional business model. Community banks focus on gathering deposits from the communities they serve and exclusively lending back to those communities. In doing so, community banks leverage their ability to: (1) attract local retail deposits; (2) forge strong relationships with their customers through personal service; and (3) effectively gauge “soft” criteria, such as an applicant’s character, ability and reputation. This type of service is particularly valuable when borrowers lack lengthy credit histories …” Our business model is good for the local community and customers we serve. Our relationship banking philosophy is ingrained in the way we conduct business, one loan— one customer—at a time. Local reinvestment helps small businesses grow and helps families finance major purchases and build financial security. Deposits from the community are returned to the community. Community banks also use new technology platforms, supporting new methods of payments and advocating tougher security standards to protect small-business owners and customers from hackers and other criminals. As the DFS report also noted: “The impact of this business model has been significant particularly in the area of small business and farm lending. Indeed, while community banks hold approximately 22% of all the assets of the Federal Deposit Insurance (FDIC) banks in the State, they provide nearly 55% of all small business loans and approximately 90% of small farm loans in the State. Smaller community banks ---those
with assets of $1 billion or less--hold only about 6% of all FDIC insured banking assets in New York yet make almost 28% of all small business loans, including 43% of small farm loans in the State.” The report further stated that New York’s community banks grew during the financial crisis by continuing to lend to small businesses and homeowners, even as larger banks pulled back. Community banks are strictly regulated at the state and federal levels in terms of compliance, safety and soundness and community reinvestment (CRA). They are required to document their CRA activities (unlike credit unions, which are not mandated to do so). Similarly, while credit unions pay no taxes and offer the same products and services as community banks community banks, which pay their full and fair share of taxes – a major contribution to the state’s economy and tax rolls. So, as the menu of choices continues to expand, it’s important to remember that community banks in New York State have been meeting the local home ownership, consumer or small business needs of our neighbors for well over a century. ■ John Witkowski is president and CEO of the Independent Bankers Association of New York State. He may be reached at johnw@ ibanys.net or (518) 4364646. JOHN WITKOWSKI
IBANYS BOARD OF DIRECTORS Chairman Thomas Amell Pioneer Bank, Albany, NY Vice Chair Michael Wimer Cattaraugus County Bank, Little Valley, NY Secretary/Treasurer Thomas Carr Elmira Savings Bank, Elmira, NY Immediate Past Chairman R. Michael Briggs USNY Bank, Geneva, NY ______________________________ John Buhrmaster First National Bank of Scotia, Scotia, NY Randy Crapser Bank of Richmondville, Cobleskill, NY Anthony Delmonte Bank of Akron, Akron, NY Director Emeritus Ronald Denniston First National Bank of Dryden, Dryden, NY Christopher Dowd Ballston Spa National Bank, Ballston Spa, NY John Eagleton Steuben Trust, Hornell, NY Robert Fisher Tioga State Bank, Spencer, NY Gerald Klein Tompkins Mahopac Bank, Brewster, NY Douglas Manditch Empire National Bank, Islandia, NY Mario Martinez Catskill Hudson Bank, Kingston, NY Paul Mello Solvay Bank, Solvay, NY Theresa Phalon North Country Bank Anders Tomson Capital Bank/ a division of Chemung Canal Trust Company, Albany, NY Kathleen Whelehan Upstate National Bank, Rochester, NY Steven Woodard Alden State Bank IBANYS STAFF John J. Witkowski President and CEO Stephen W. Rice Vice President of Government Relations and Communications William Y. Crowell III Legislative Counsel Linda Gregware Director of Administration and Membership Services
Issue Four | 5
PUBLIC AFFAIRS UPDATE | By Stephen W. Rice
Community Banks Need Protection From Predatory Credit Unions
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t’s no secret that community banks have long viewed competition from credit unions as unfair and unequal, due to the fact that they offer many of the same products and services that taxpaying banks offer – but pay virtually no taxes, and are not governed by the same strict regulatory oversight – including the fact that they are not subject to the Community Reinvestment Act (CRA). Credit unions were originally granted a federal tax exemption back in the 1930s when they were established by Congress to serve those of modest means who share a common bond. to provide small-dollar loans to close-knit groups of “people of modest means.” To encourage credit unions in that mission, Congress exempted them from federal income taxes. Yet today, it has become extremely difficult to distinguish many credit unions (especially the larger ones) from taxpaying, strongly regulated community banks. They bear very little resemblance to the 1930s industry that received
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its special tax exemption. Many of the bigger credit unions have leveraged their taxpayer subsidy to aggressively grow. Today, it is a $1 trillion industry … and, as the credit union industry expands, it does so at the expense of all taxpayers. The latest example of this challenge is the recent rash of larger credit unions buying up smaller community banks, a troubling trend for many local communities. It basically represents a taxpayer-funded credit union shopping spree, and it poses the risk of a negative impact on the tax base of states and localities. Taxpayers suffer because earnings on the bank’s assets become tax exempt when bought by a credit union. Further, the credit union’s tax-exempt
status, and capital and other rules, allow it to pay a higher price for the bank than another bank could. Every credit union purchase of a community bank diminishes tax revenues and further solidifies a publicly subsidized sector of the financial services industry. We believe Congress and regulators should share our concerns. Representing community banks in New York State, IBANYS supports the efforts of our partners on the national stage, the Independent Community Bankers of America (ICBA) in urging Congress to level the tax and regulatory playing field between community banks and credit unions – and, in opposing the National Credit Union Administration’s
EVERY CREDIT UNION PURCHASE OF A COMMUNITY BANK DIMINISHES TAX REVENUES AND FURTHER SOLIDIFIES A PUBLICLY SUBSIDIZED SECTOR OF THE FINANCIAL SERVICES INDUSTRY.
“expansionist” agenda. ICBA has launched a Credit Union Task Force to address the trend of large credit unions increasing their taxpayer-subsidized footprint by buying up smaller, taxpaying community banks. As ICBA noted, it’s time for Washington to take action on this unbalanced arrangement and join many other countries around the world in taxing credit unions. The fact that credit unions are not subject to the full set of regulations that community banks face – including Community Reinvestment Act (CRA) rules – only emphasizes the inequity. The asset disparity of institutions involved in the recent deals demonstrates their inequities. According to S&P data on the nine credit unioncommunity bank acquisitions during the past year, the total assets of acquiring credit unions was $24 billion, while acquired community banks totaled $2.3 billion. Furthermore, a pending deal scheduled to close in the fourth quarter
would see a $1.6 billion credit union purchasing a $236 million community bank. The loss of tax revenue from credit unions can result in harm to local schools, hospitals, infrastructure and other important infrastructure projects necessary to local communities. The Congressional Joint Committee on Taxation last year listed the federal cost of the credit union industry’s tax exemption at approximately $10 billion through 2022. That’s an annual cost to taxpayers of nearly $2 billion … and that number is rising. We feel pretty sure that Congress did not intend to exempt credit unions from taxation in order to subsidize bank acquisitions and exacerbate industry consolidation. The inequity is exacerbated by the fact that credit unions are not subject to the full set of regulations that community banks face, including Community Reinvestment Act rules. The current rash of mergers is yet another indicator that tax-exempt
credit unions have become virtually indistinguishable from taxpaying commercial banks. It’s time for Washington to take action on this unbalanced arrangement, and join numerous other nations around the globe in leveling the financial services sector’s tax and regulatory responsibilities.■
Stephen W. Rice is Director of Government Relations & Communications for the Independent Bankers Association of New York State.
STEPHEN W. RICE
Issue Four | 7
CYBER SECURITY | Jay Hack, Senior Partner at Gallet Dreyer & Berkey, LLP
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Seeing Through The Blizzard Of Cybersecurity Compliance
ith New York State Department of Financial Services Regulations Part 500 having been adopted in 2016, and a twoyear gradual phase-in starting in March 2017, the past three years have been a blizzard of cybersecurity compliance work for state-chartered banks. National banks, although not subject to the DFS regulation, have also spent recent years bolstering their computer network protections. Threats, whether real or perceived, are constantly in the news from every corner of the globe, be it North Koreans allegedly funding nuclear weapons with cyber-attacks on banks to 20-somethings living in their parents’ basements around the world hacking computer systems for sport and profit. The final phase-in was in March 2019, when Section 500.11 regarding third-party service providers (let’s call them vendors for short) became effective. DFS can’t directly regulate your lawyers, your accountants, and the company that cleans your building at night. However, DFS does a pretty good job of it by telling you how your vendors must perform for you to remain their customer. State chartered institutions that haven’t already implemented the procedures discussed below regarding vendor compliance need to move fast before the next examination, and those who have adopted vendor cybersecurity programs should check them carefully because, as is always true, the devil is in the details when it comes
8 | Banking New York | September / October 2019
to regulatory exams. For national banks and federal thrifts, we recommend a strong dose of practical compliance. Even though not required for federally chartered banks, avoidance of reputation risk and “safety and soundness” concerns cannot be ignored. Not only will current compliance get federally chartered banks out in front of the issue, but it will also reduce the risk of liability under security breach notification laws now effective in all 50 states. Part 500.11 starts by requiring state banks and other “covered entities” (anyone with a charter, license, registration or permit under the banking, insurance or financial services laws) to have written policies and procedures designed to ensure the security of computer systems and non-public information that are accessible to, or held by, the bank’s vendors. Let’s parse that rule into its pieces. • First, there must be written policies and procedures. “Yes, we wrote a letter to all of our vendors asking them about their security procedures” is not enough. Your policies and your procedures must be documented in writing. • Second, you must address two separate issues: the security of your internal computer systems and the security of data. Why are these issued separate? Because a risk of a crypto-locker malware insertion forcing the choice between a shutdown or paying ransom is different from a risk that customer Social Security numbers will be lost by a vendor and then
spread over the dark web. • Third, you must address vendors who have access to systems or data as well as those who possess either of those two. Remember that big Target hack that resulted in the loss of millions of customer credit card numbers? It started with the theft of network access credentials given to an HVAC contractor. The contractor did not possess non-public data, but it had access to systems. Your first step in developing the policies and procedures should be an assessment of your own bank’s risks. As DFS constantly states, there is no one size fits all solution. You must review the products you offer, the systems you have, and whether a product is processed in house or by a vendor, in order to understand your bank’s exposure risk. One mistake some entities make in this risk assessment is they assume that products offered will be used for the intended purpose. You must also look at whether a product can be misused for some other purpose. You must not only worry about whether your night janitorial service can get customer data by dumpster diving in trash cans, but also whether a janitor with a grievance can access and destroy your computer system with one swing of a sledgehammer. Once you have done your risk assessment, you must then review ALL of your vendors to assess what they have and what they can access. Use your general ledger to make a list of vendors and consider all of them. Some are obviously high risk. Examples of high-risk vendors are your core system processor, the company that does off-site BSA/AML transaction screening, and the company providing disaster back for your system. So too are your accountants, your outsourced internal auditors and most, if not all, of your lawyers. There are many other vendors who get customer data or who have system access (check printers, fulfillment houses, mailing services, stock transfer agents and on and on) and you must consider the risks of all of them. Perhaps the vendor who delivers paper for your computer printers is very low risk, but not if the guy with a hand truck delivers the paper directly to a computer room. We had one client who had a large wire transfer diverted that was enabled when an unknown third party inserted a virus into an unattended computer using a flash drive. A brief note about incoming email. A review of DFS commentary on what it means to have access to a bank’s systems implies that anyone who has the ability to send email to a bank is deemed to have access to its systems. Not an outrageous position when you consider that emails are a common way to insert malware into computer systems. Hopefully, all banks already have email protection systems in place to avoid this problem. Make sure that your policies and procedures on vendor compliance specifically discuss the issue of incoming vendor emails, especially incoming email attachments, and describe the protections you provide against infiltration. We have seen examiners object when a
bank covered an issue in one written procedure when the examiners thought it should be discussed in a different document. What should your vendor policies and procedures cover? DFS gives you a roadmap: 1. How will you identify vendors? 2. What risk assessment will you perform on your vendors? 3. What minimum cybersecurity practices must your vendors meet in order to qualify to do business with you? 4. What due diligence will you conduct to evaluate the adequacy of vendor practices? 5. Wash rinse, repeat - periodic re-assessment of vendors based upon changing risks. Item #5 is especially important because this is not a static process. Don’t just write policies and procedures and put them on the shelf. Re-evaluate regularly. Make sure your new product policy includes a reference to a cybersecurity reassessment of risk when a new product is implemented. Make sure that your periodic reassessment of cybersecurity programs generally includes a reassessment of vendor risk. This is the classic, age-old problem of arms and armor. For every new protective armor that you implement, someone is trying to develop an armament that will pierce it. Good cybersecurity practices last year may be obsolete this year. If you change a product, even if it is not a “new” product, make sure that the change does not increase cybersecurity risk. When you add a new vendor, don’t wait until your annual reassessment to evaluate the new vendor. Perform the evaluation as part of the onboarding process. What issues should your vendors address in their own procedures? Again, DFS gives you a roadmap: 1. What are the vendor’s access controls? Do they use multi-factor authentication when appropriate? 2. What do they encrypt? Consider both data in transit and data at rest. 3. Do they agree to provide you with notice in the event of a successful cyber attack? 4. Do you have affirmative representations and warranties in your vendor agreement? The agreements that you have with your vendors should include cybersecurity provisions. Long gone are the days when vendors could say, “not my problem, just buy insurance.” Your policies and procedures should require satisfactory provisions in all vendor contracts. Lawyers are required to issue you engagement letters and the engagement letters should address the issue. So too should your retention agreements with your accountants and outsourced internal auditors. Agreements with computer service providers are obvious, but how about leases of space? There will probably be a provision allowing the landlord access to your space after
Issue Four | 9
IBANYS BANK
hours in an emergency. For many years, we have insisted on appropriate provisions requiring immediate notification and hands-off requirements for all business data. Those provisions should all now cover access to data and systems. In our recent experience, responding to vendor reticence with “Sorry, but DFS made me do it and we are prohibited from retaining you unless you play ball” will almost always generate satisfactory concessions. If you don’t get exactly what you want in a contract, make sure that you document what you asked for and your assessment of the adequacy of the vendor’s other controls. There are still areas of flexibility. For example, encryption at rest, which was once completely impractical because it slowed work to a crawl, is now more available. Encryption in transit, especially emails, is also now much more common. DFS states that you are not required to impose encryption requirements on your vendors if they are impractical, so long as “effective compensating controls” are implemented. If you do not encrypt your own data at rest, other provisions of the regulation require that you re-evaluate controls annually. We recommend that you also implement a similar re-evaluation of vendor alternate controls as part of your annual vendor review. As to incoming emails, we strongly recommend that, at a minimum, you use an email server that accepts TLS encrypted emails and you make sure that your vendors either send TLS encrypted messages or use other encryption software. In our firm, we get a periodic log of which outgoing emails have to be decrypted prior to delivery because the recipient does not accept TLS encrypted emails. 85% of our outgoing emails go to TLS accepting sites. All banks and major companies in the US appear to accept it. Who doesn’t? Stifle a laugh here . . . government offices are far and away the worst offenders, refusing to accept TLS encrypted emails and requiring that we decrypt the email before delivery. The next worst category for compliance is foreign email recipients. We have been dealing with cyber issues since negotiating an early computer data center contract between Community Savings Bank of Rochester and Ross Perot’s EDS in 1976. If you need any assistance on these Jay Hack is a senior partner in issues, we would be happy the New York City law firm of to talk to you. ■ Gallet Dreyer & Berkey, LLP
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EXECUTIVE SYMPOSIUM • SEPTEMBER 9 – 11, 2019
The Independent Bankers Association of New York’s Banking Executive Symposium was held on the shore of the Saint Lawrence River in Clayton, New York, at the Harbor Hotel 1000 Islands. About 75 banking executives, associated industry representatives, and guest speakers joined for an event that combined education and networking with a little bit of golf thrown in. At dinner the second night of the symposium, IBANYS president and CEO John Witkowski (right) presented Michael Wimer, president and CEO of Cattaraugus County Bank, with a ceremonial red gavel to mark his upcoming term as IBANYS chairman that begins Nov. 1. Photography by Keith Griffin, Banking New York Issue Four | 11
COMMUNITY | By Craig A. Ruark, Special to Banking New York
First-in-the-Nation Loan Program for Transgenders
Chris Cain, chief experience officer, Alternatives FCU. Photo courtesy of Alternatives FCU
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A
n Ithaca credit union is reaching out to one of the six adjoining counties. The applicant also must a growing demographic with a personal pass a creditworthiness check and present a letter from a loan program aimed squarely at the medical professional. While Planned Parenthood provides transgender community. It is among the the majority of the medical recommendations for the first of its kind in the nation. program, Alternatives FCU is reaching out to other medical Alternatives Federal Credit Union has professionals to alert them of this initiative. announced a partnership with Planned To launch the program, Alternatives FCU applied for Parenthood of Southern Finger Lakes to an Underserved Outreach Grant from the National Credit create the TransAction Financial Empowerment Program. Union Administration. The $23,000 grant provided the Through TransAction, an individual can apply for a personal initial funding for Alternatives FCU and Planned Parenthood loan to cover a one-time expense associated with a genderto research and design the TransAction program, develop affirming surgery. That includes costs for voice training, targeted outreach materials and a marketing program, wardrobe changes or the surgery itself. A line of credit is and cross train the personnel involved in the TransAction available to assist with ongoing costs such as medical care, program. emotional support and medications. According to a study by researchers The maximum amount offered is from Johns Hopkins Medicine and Harvard $20,000 for either the loan or the line University analyzing 15 years of data of credit. The loan structure includes a from hospitals across the country, a total Through TransAction, payback in monthly installments at an of 4,118 gender-affirming surgeries were an individual can interest rate that, “is a bit lower than performed. regular personal loan rates,� according The study also found the majority that apply for a personal to Chris Cain, chief experience officer at occurred between 2000 and 2011 involved loan to cover a Alternatives FCU. patients not covered by health insurance. The average cost for gender About half of the transgender patients in one-time expense reassignment surgery can vary greatly the study paid out of pocket between 2000 associated with a from $50,000 to $100,000, depending on and 2005. That number rose to 65 percent the extent to which the person wants to between 2006 and 2011. gender-affirming take their transition. However, between 2012 and 2014, the To qualify for TransAction, applicants number plummeted to 39 percent. Much surgery. must be a member of the Alternatives of that decrease, the study’s authors say, FCU residing in Tompkins County or is attributable to Medicare and Medicaid.
Liz Hudson, director of development, and Reiley Schoen, chief operations officer, are among the cheerleaders for the TransAction program at Alternatives FCU. Photo courtesy of Alternatives FCU Issue Four | 13
In May 2014, Medicare ended its 33-year ban on transgender surgeries. “Regardless of the patient cost,” said Cain, “for most of the people we have spoken with, this is not only a step in the right direction but is the kind of product that will actually help them move forward.” As far as pushback for the new program, “There hasn’t been any negative publicity, which is interesting because I think that we were kind of expecting that,” said Cain. “But we have had some folks who were just curious as to why this particular program and why it is specifically for transgender.” “One of the reasons that we chose this kind of program is because we’ve actually seen the transgender and non-binary people face on-going discrimination in the job and housing market, making economic well-being an up-hill climb. What we want to do is create a service that can level the playing field by providing fair transgender-related financing that goes hand and hand with our financial counseling,” said Cain. This program blends well with Alternatives stated mission -- to build wealth and create economic opportunity for underserved people and communities -- and vision -- to lead an economic movement to create thriving, empowered communities with financial freedom for everyone. Alternatives FCU is a Community Development Credit Union (CDCU), member-owned, locally controlled and self-supporting with 10,120 members and assets of $110 million. Metropolitan Ithaca has a population of just over 100,000. Since the TransAction is a pilot program, team members at Alternatives FCU have not set any goals for the number of loans they will issue.
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There’s also expectation of this being a profitable lending program. Cain said Alternatives seeks to level the economic inequalities for transgender and non-binary people by providing fair, transition-related financing paired with expert guidance from its financial counselors. Seeking equity helps Alternatives meet its mission of building wealth and creating economic opportunity for underserved people and communities. Offering a lower interest rate is one way to help level that playing field. Liz Weissbrot, RN, vice president of patient services at Planned Parenthood South Finger Lakes chapter, could not give an estimate of the number of residents who identify as transgender. A June 2016, report from The Williams Institute, using data from the Center for Disease Control’s Behavioral Risk Factor Surveillance System, found that nationally, “0.6% of U.S. adults identify as transgender. This figure is double the estimate that utilized data from roughly a decade ago and implies that an estimated 1.4 million adults in the U.S. identify as transgender.” Based on the percent of the population who identify as transgender in each state, Hawaii ranks number one with 0.78 percent (8,450 people), followed by California at 0.76 percent (218,400), and New Mexico with 0.75 percent (11,750). The state of New York ranks number 29 on the list at 0.51 percent (78,600 persons). Officials at Alternatives say there is a need for this program, not only in Ithaca but around the U.S. Cain spoke about the Ithaca experience at the Inclusiv Annual Conference in Los Angeles Sept. 16-18. The conference is the largest gathering of credit unions with a mission of financial inclusion. ■
ON THE MOVE
NEW YORK
TRY TO KEEP UP LOCAL PROFESSIONALS MAKING THEIR MARK IN NEW YORK BANKING
Devine Tapped As CBA Chair-Elect Dennis Devine, president of Consumer Banking at KeyCorp, has been tabbed chair-elect of the Consumer Bankers Association Board of Directors. Nitin Mhatre, executive vice president and head of community banking at Webster Bank, has been elected chairman. “CBA’s success is a direct result of our membership and our Board of Directors is second-to-none in serving the retail banking industry by promoting sound policy and preparing the next generation of bankers,” CBA President and CEO Richard Hunt said. “Just coming off our 100th anniversary, our goals this year reflect our industry’s commitment to serving consumers and ensuring regulations allow banks to keep up with the demands of our customers.” Devine is responsible for Key’s consumer, business banking, wealth management, and home lending lines of business nationally. He is also a member of KeyCorp’s Executive Council and Executive Leadership Team.
Dingman Named To Top HR Post at NY Fed Reserve The Federal Reserve Bank of New York announced the appointment of Lacey Dingman as executive vice president, head of the human resources group, and chief human resources officer. Dingman will also serve on the
bank’s executive committee.
As CHRO, Dingman will be a strategic partner to business leaders across the organization to ensure that all human capital programs and initiatives are integrated and effective. Dingman will work closely with the New York Fed’s leadership to develop comprehensive strategies around human capital, diversity and inclusion, and culture, and her portfolio will include the Office of Diversity and Inclusion and the Office of Minority and Women Inclusion.
Dingman has more than 20 years of experience working in public sector organizations including the Commodities Futures Trading Commission, the Securities and Exchange Commission, and the Federal Reserve Board of Governors. Prior to joining the Federal Reserve Board in 2018, she was the Chief Human Capital Officer at the SEC where she improved the commission’s “Best Place to Work” rating from #27 to #3. Dingman holds a Bachelor of Business Administration in accounting from the Henry Tippie School of Business at the University of Iowa.
Helen Keller Services Honors Cama Investors Bank President and Chief Operating Officer Domenick A. Cama was to be honored by Helen Keller Services at its 40th annual gala in Brooklyn, New York, on Sept. 26.
“Domenick Cama is a devoted supporter of Helen Keller Services who brings to the gala his passion for service and impressive standing in the world of finance,” said HKS’ President and CEO Kim Zimmer.
In addition to serving as president and COO of Investors Bancorp and Investors Bank, Cama serves on the board of directors of both organizations and works closely with other members of the executive management team to manage the Bank’s daily operations. Brooklyn born and raised, Cama has supported the not-for-profit community and has received numerous honors for his service, including induction into the Italian American National Hall of Fame; honorary doctor of Humane Letters from St. Francis College in Brooklyn; the Good Scout Award by the Greater New York Council of Boy Scouts; and honoree at The Cathedral Club of Brooklyn’s Annual Gala earlier this year.
Changes Among AmeriCU Chief Leadership Team AmeriCU in Rome, N.Y., has announced the hiring of two new members to its Chief Leadership Team. Jin Gwak has been promoted to the position of Chief Information Officer and F. Michael Sisk has accepted the position of Chief Lending Officer within the credit union. “We’re pleased to welcome two individuals who have a proven track
Issue Four | 15
record of success,” said Mark Pfisterer, president/CEO for AmeriCU. “Their knowledge and leadership will help drive AmeriCU toward our central mission and help us to keep a resolute focus on what is best for our members.”
Gwak has been with AmeriCU for six years and most recently served as the assistant vice president for member technology solutions. As chief information officer, Gwak will provide vision and leadership as she manages all aspects of the credit union’s strategic technology initiatives.
Sisk comes to AmeriCU with 30 years of credit union leadership and lending experience, and a proven track record of success in the credit union industry. In his role as chief lending officer, Sisk will carry out growth strategies and development for all of AmeriCU’s lending operations, including residential mortgages, secondary marketing, and commercial and consumer loan portfolios.
Cosgrove Joins Chemung Canal Trust Co. Chemung Canal Trust Company announced that Peter K. Cosgrove has been hired as executive vice president and chief credit officer. He began his employment with the bank on August 12.
Cosgrove began his banking career with Fleet Bank, followed by 10 years of employment at The Troy Savings Bank, which was acquired by First Niagara Financial Group in 2004. At First Niagara, he held a number of key leadership positions and at the time of their merger with Key Bank, Cosgrove
16 | Banking New York | September / October 2019
was First Niagara’s managing director of commercial banking, covering eight markets across four states.
He served on the Key/FNFG merger integration leadership team and was named Key Bank’s regional sales executive for their East Region (Albany, Metro New York, Connecticut and Eastern Pennsylvania) in August 2016.
As chief credit officer, Cosgrove will lead the credit administration and collections functions at the bank, responsible for managing asset quality and assisting the efforts of the Business Services Division and other lending groups. As of June 30, 2019 the bank’s loan portfolio totaled $1.3 billion, comprised of commercial, residential mortgage and consumer loan relationships. Chemung Canal Trust Company was established in 1833 and is the oldest locally owned and managed community bank in New York State.
the word out about the SBA’s many products and services.”
SBA Atlantic Regional Administrator, Steve Bulger, who oversees the federal agency’s operations throughout New York, New Jersey, Puerto Rico and the U.S. Virgin Islands, said, “We are fortunate to have someone of Rob Piechota’ s caliber and experience step into this role. I’m confident that his expertise as well as strong and effective leadership will connect current and aspiring entrepreneurs with the abundance of resources the SBA offers.”
Since Oct. 1, 2018 (the start of FY 19), SBA has guaranteed more than 500 loans totaling over $187 million to Long Island small businesses.
Five Star Bank Adds Two Commercial Lenders
Piochetta Joins Long Island SBA Office The U.S. Small Business Administration (SBA) has appointed Long Island native Robert Piechota as the Branch Manager of its Hauppauge, Long Island Office that serves both Nassau and Suffolk Counties. Piechota joins the SBA after six years directing the New York City College of Technology Small Business Development Center (SBDC) in Brooklyn. Piechota also previously ran his own consulting business and is a U.S. Army Veteran where he served in the Military Police Corps. He is a graduate of the U.S. Military Academy at West Point.
“This is really a ‘coming home’ for me,” said Piechota. “I’ve had a great career and many opportunities to serve our nation abroad, but my heart’s always been on Long Island. That’s why I’m excited to serve Nassau and Suffolk’s small business community, helping get
Five Star Bank, subsidiary of Financial Institutions, Inc., announced the hiring of Thomas A. Halter and Marytherese Hayes. They were each named vice president, senior commercial banker. Halter and Hayes are responsible for managing and cultivating existing and new commercial banking relationships across the Bank’s operating footprint.
Halter is based in Five Star Bank’s Regional Administrative Center in downtown Rochester and Hayes’ office is in the bank’s commercial lending offices at 300 Spindrift Drive in Amherst. Halter is an experienced banker and financial executive having served as a vice president and relationship manager in commercial banking for HSBC Bank USA for more than a decade before transitioning to the role of CFO for Nymat Machine Tool Corp. He most recently served as CFO for R.W. Dake & Co., Inc. Hayes is a well-known and respected commercial banker in Western New
York with more than 30 years of experience at Bank of Akron, RBS Citizens Bank and HSBC Bank USA. She most recently served as Vice President and Commercial Relationship Manager at Evans Bank. Halter received a BS in Accounting from LeMoyne College and an MBA from Canisius College. Hayes received a BS in Business Studies from State University College at Buffalo.
OCC Announces Executive Assignments The Office of the Comptroller of the Currency today announced Beverly Cole would become the deputy comptroller of the northeastern district and Beth Dugan and Mark Richardson would become deputy comptrollers for large bank supervision. “Beverly, Mark, and Beth bring deep bank supervision and regulatory experience to these important leadership roles,” said Comptroller of the Currency Joseph Otting. “Together, they will supervise a significant portion of the banks and savings associations we oversee and will play a large role in our ability to fulfill this agency’s mission of ensuring the federal banking system operates in a safe, sound, and fair manner.” Cole will oversee more than 300 community banks and federal savings associations. She will manage a staff of more than 350 bank examiners and other professional and support personnel located in the Northeastern District Office in New York City and in field offices in Massachusetts, New Jersey, New York, North Carolina, Pennsylvania, Virginia, West Virginia, and Washington, D.C. She fills the vacancy created by the retirement of Kris Kiefer in June 2019.
Cole previously served as deputy comptroller for compliance supervision, responsible for developing and promulgating compliance operational protocols, examination strategies, and schedules. She oversaw a staff implementing bank supervision policy for compliance and establishes programs to ensure efficient bank supervision for compliance. Dugan and Richardson will each
supervise teams overseeing the largest, most complex banks in the nation. The banks they supervise hold trillions in combined assets and operate across the nation and internationally. They will be two of four deputy comptrollers for large bank supervision who report to the senior deputy for large bank supervision Maryann Kennedy. Dugan currently serves as the deputy comptroller for operational risk and oversees policy and examination procedures development addressing operational risk, bank information technology, cybersecurity and critical infrastructure, payments systems, and corporate and risk governance.
Richardson currently serves as acting deputy comptroller for large bank supervision and most recently served as the examiner-in-charge of JPMorgan Chase Bank, National Association.
Hudson Valley FCU Adds 2 New Managers The $5.2 billion Hudson Valley Federal Credit Union in Poughkeepsie, N.Y., hired two employees. Kristian Diaz was hired as branch manager at the Chester, N.Y., location, which is opening later this year. With more than 20 years of banking experience, he will be responsible for the business development and overall operation of the new branch. With a strong background in accounting and finance, Diaz holds a master’s in business administration from the University of Scranton and bachelor’s in business administration from Baruch College.
Dugan and Richardson took on their new duties in August. They fill vacancies created by the April 2019 selection of Kennedy as senior deputy comptroller for large bank supervision and the retirement of Kris McIntire.
Christian Trocki was also hired as branch manager. Trocki will be responsible for business development and member service at the credit union’s new Windsor, N.Y., branch. He holds a bachelor’s of science degree from Pennsylvania State University and has extensive experience in both personal sales and staff management.
Marocco Named VP At Ballston Spa National Bank
Dime Community Bank Announces Key Hires
Louis Marocco has been named vice president, commercial relationship manager at
Ballston Spa National Bank, according to Chris Dowd, president and CEO. In this position, Marocco will be responsible for developing and managing commercial banking relationships with a focus on commercial real estate financing, term loans for new equipment or capital improvements, and operating lines of credit. He will also serve his clients as a liaison for treasury management services and wealth management solutions.
Marocco has more than six years of banking experience in the Capital Region and has worked with businesses of all sizes as a business banking relationship manager. Marocco will be working out of the bank’s Guilderland branch office and looks forward to supporting BSNB’s employee volunteer program, Volunteers in Action.
Kenneth J. Mahon, President and CEO of Dime Community Bancshares, Inc., the parent company of Dime Community Bank, announced that Rosalind Sheron has joined the bank as senior vice president, municipal banking and Laurence Marchini has joined the bank as senior vice president, team leader (Manhattan). Sheron previously served as vice president and market manager for HSBC Bank USA, NA in Melville, New York. She has more than 40 years of banking experience, including Bank of America, Fleet Bank and National Westminister Bank USA. Marchini previously served as senior vice president and team leader for ConnectOne Bank. Prior to ConnectOne Bank, Marchini was a vice president of BankUnited, N.A., the chief lending officer at Greater Hudson Bank, and president and director of Gotham Bank of New York. ■
Issue Four | 17
BRANCHING OUT
Republic Bank Sees Customer Service As Its Opportunity In Manhattan By DAN CALABRESE, Special to Banking New York
18 | Banking New York | September / October 2019
I
f a bank with growth ambitions is looking to enter a market with a need, Manhattan might not seem at first glance like the place to go. It is certainly not lacking for banks. But Republic Bank, based in the Philadelphia/ New Jersey market, sees Manhattan as more than just the sum of its banks. Before making the decision to open its first Manhattan outpost, Republic looked at the level of customer service and assessed the likely consumer satisfaction level. The verdict? Manhattan may have a lot of banks, but it doesn’t have a lot of banks that excel at customer service. And to Republic, whose “Power of Red” tagline is heavily themed on customer service, that meant opportunity. “We have people waiting in lines to come in,” claimed Republic Bank CEO Harry Madonna. “People on social media let other people know we’re open, and we see that happening all the time. It doesn’t require the kind of mass advertising you see from big banks.” Madonna said Republic sees itself in many ways as a successor to Commerce Bank, which was sold to TD Bank more than a decade ago. There are plenty of reasons for that association, and the biggest is the fact that former Commerce Bank CEO Vernon Hill is a major investor and chairman of Republic’s board. And Republic’s first Manhattan branch is in the same location where Commerce once operated, which is one of the reasons Madonna sees a natural constituency in the form of former Commerce customers. “If you think about it, we’re following in the old Commerce footsteps,” Madonna said. “We’ve got a lot of customers who used to be Commerce customers saying, ‘When are you coming?’ We thought we’d make the leap into New York and we could fill in North Jersey and Long Island as part of the plan.” It starts in Manhattan, though, where Madonna says bigger banks have lost their appreciation for personal service amidst the rise of digital apps and so forth. He noted that TD used to have coin counters available for customers in their lobby, and claims now when you walk in they are covered. “New York has gotten kind of fat on their old ways,” Madonna said. “They’ve slipped back to high fees, less customer service, cutting costs. If you drive around, you see offices close. I laugh.” TD Bank asserts its customer service levels are exemplary. “TD Bank is renowned for our outstanding
customer service and retail products that meet the evolving needs and preferences of our customers in New York City and across our footprint, which is why Kiplinger recently ranked TD as the Best National Bank in the U.S. for the third year in a row and Money picked TD as the Best Bank for Seniors for the second consecutive year. TD has a strong, deeply rooted connection with the diverse communities that we serve across New York City, where we’re committed to delivering unexpectedly human service to thousands of loyal retail customers at our 141 TD Bank stores, virtually all of which are open seven days a week for everyone’s convenience,” said Matthew J. Doherty, vice president, corporate communications manager| corporate and public affairs, at TD Bank. Bruce Paul, CEO of Customer Experience Solutions LLC, said his group’s research backs up Madonna’s sense of the market and issues with customer satisfaction. Citing the New York Banking Benchmarks, Paul said Republic should be able to capitalize on clients’ concerns if it excels in customer service as Madonna vows it will. “We’ve interviewed hundreds of thousands of people about their banking experiences,” Paul said. “About 33 percent of them in Manhattan are unhappy with their bank. So, there’s a lot of opportunity.” Paul said his team’s calculations put the number of Manhattan bank customers ready to switch to a bank with better customer service at about 247,000. Of course, some existing Manhattan banks are better than others at customer service. “The percentage of vulnerable customers varies widely by institution,” Paul said. “There are some that have a relatively high percentage like Santander, HSBC and NY Commercial Bank. On the other hand, there are others that have much lower levels of vulnerability like Chase, Amalgamated and TD. New entrants like Republic could gain decent market share if they target vulnerable customers with the right marketing message.” Republic currently has about $3 billion in assets, Madonna said. The bank is not publicly targeting a specific growth figure going forward but is seeking to open about seven new branches per year – although that requires exploration of as many as 15 per year because not all of them will come to fruition. “A lot depends on what happens in New York,” Madonna said. “If New York takes off the way we think it will, with the size of deposit growth we see, in two
An estimated
247,000
customers are ready to switch to a bank with better customer service.
Issue Four | 19
“Manhattan offers growth potential far beyond what Republic has seen in the suburbs of Philadelphia.” Peter Ostrowski Ostrowski & Company
20 | Banking New York | September / October 2019
or three years we could be doing more than seven or eight per year.” Peter Ostrowski, managing director of Ostrowski & Company, said Manhattan offers growth potential far beyond what Republic has seen in the suburbs of Philadelphia. “Manhattan’s a totally different place in terms of what you can generate,” Ostrowski said. “You see branches on the street corner and they’re at $300-to-$400 million. You can’t generate that in the suburbs. The amount of business you can do in a small area is pretty significant given how packed Manhattan is.” A decade after Commerce Bank’s sale to TD, however, Ostrowski doesn’t think all its old former depositors and clients are automatically coming “home” to Republic – although the opportunity is there. “They’ve got to be competitive in terms of their products and services,” Ostrowski said. “If customers are dissatisfied, they’ve got to bring them back. Nobody’s going to just come running to them.” If Republic is going to pull in those customers, Madonna said it won’t be through the kinds of huge traditional media buys that are often associated with the bigger banks. He believes more personal methods like word of mouth and social media are going to get the word out. And Madonna recognizes the potential for Manhattan to drive some serious growth goals for the bank. “New York stores should be growing at a rate of $75 million a year,” Madonna said. “If that happens, your asset size is going to dramatically increase. We’re going to continue to open stores in the Philadelphia area, but the growth rate there can’t match the growth rate in New York.” While Madonna did not rule out the possibility of acquisition being part of Republic’s growth strategy, he did not see it as likely to be a major focus. “It’s possible you could do an acquisition, but the problem is that our growth depends on having branches that are similar and uniform, and can offer the same kinds of service,” Madonna said. “When you acquire another bank, you get something else. Organic growth, I think, is the major direction of our future, abut in this world you never know.” Republic does not plan to add any new lines of service as it enters Manhattan, as the bank believes it already offers a full line. Rather, it’s differentiation strategy is all about the way customers experience dealing with the bank. “You try and bury the stupid rules,” Madonna said. “I get this question all the time: ‘Why can’t I do this?’ And you look at it and you say you know what? There’s no reason you can’t do it.” That philosophy, he’s convinced, will get people to move: “They make a choice. They move with their feet.” ■
DID YOU SEE?
Banking New York publishes a weekly digital newsletter that rounds up the latest news and information affecting banks and credit unions in the Empire State. Here are some of the top stories from recent editions. To subscribe, share your news, or advertise in the Banking New York newsletter, contact us at info@ambizmedia.com.
ATM TURNS 50 The now ubiquitous automated teller machine has hit the half-century mark. The occasion was celebrated last week in Rockville Center, N.Y. with the man who made it all happen: Donald Wetzel. Wetzel told Long Island Business News the idea came about because of his impatience. He was at his local bank trying to withdraw some cash for a trip. “It was noon time, and pay day for some,” recalled Wetzel, who at the time was a vice president of product planning at Docutel, a subsidiary of Recognition Equipment Inc., a technology automation company that made automated baggage handling equipment. “The line was really long and all I wanted to do was get cash,” he added. “I was getting irritated. The thought occurred to me that tellers at a bank – all they do is cash checks and accept deposits. I thought we ought to be able to build a machine to do that a lot faster.” The first machine was sold to Chemical Bank, which in the 1990s merged with Chase Manhattan. Chemical at the time chose to install the first ATM at a branch in Rockville Centre, back on Sept. 2, 1969. As ATMs caught on, banks recognized that they were a competitive advantage, and the sell “became easier as time went on,” Wetzel said. COMPLAINT ALLEGES IMPROPER POLITICAL ACTIVITY BY BANK FOR EMPLOYEE Pathfinder Bank stands accused of making improper political contributions to one of its employees who is running for mayor of Fulton, N.Y. The complaint alleges Pathfinder has exceeded the amount it can donate annually. Oswego County Today reports Fulton City Democratic Chair
Jim Rice has filed a complaint with the enforcement division of the NY State Board of Elections in Albany. Rice told the news site, “The law is clear. corporations are not allowed to contribute more than $5,000 all together to candidates, committees and PACs in a calendar year. Pathfinder reached its legal aggregate contribution limit on February 26, 2019, thereby making all other contributions after that date including contributions to Deana Michaels and the Oswego County Republican Committee illegal.” Deana Michaels is a Pathfinder Bank manager and Republican nominee for mayor. In response to Rice’s complaint, Michaels claimed both she and her committee have followed the law and have made no violations. Neither Pathfinder Bank nor the county Republican party responded to the news site. BANKS SEEK EXIT FROM LIBOR LAWSUIT Banks are asking to depart from a federal lawsuit that accuses them of working together to rig the Libor rate. They base their claim on what they deem “manifold” deficiencies in the suit. Law360.com reports allegations that more than a dozen big banks and the owner of the New York Stock Exchange have “engaged in a tightly coordinated and continuous five-year conspiracy” to depress the London Interbank Offered Rate, or Libor, is implausible. Connecticut-based Putnam Bank and a Michigan city’s retirement system — which form the plaintiff side of the consolidated suit — are trying to mischaracterize “financial benchmark reform efforts and compliance with regulatory mandates as purported evidence of a nonexistent antitrust Issue Four | 21
conspiracy,” the banks said in their filing in New York federal court. The “closed-door meetings” that the suit accuses them of having to plot the alleged scheme were actually “fully transparent Libor reform meetings” that were “convened and attended by regulators and other market participants,” with agendas and minutes that are public, the banks said. IS UBER ENTERING THE BANKING WORLD? Uber is reportedly expanding its financial services efforts after hiring fintech professionals in New York. That Uber has aspirations to get into financial services should come as no surprise. After all, everyone and their mother thinks they can be a bank these days. According to CNBC: By building out its financial ecosystem, the company can increase its lead over rivals like Lyft. The efforts are likely to be focused on ways to increase engagement and loyalty to the Uber platform. Creating a bank account has been discussed at a high level at Uber but may be years away, or the company could decide against it. If it pursued a bank account, Uber would likely partner with an existing FDIC-insured bank rather than get its own charter. Most fintech firms rely on a small group of institutions like Cross River and Celtic Bank to offer banking services.” If, as the report indicates, Uber partners with existing FDICinsured banks for its own charter--and can get digital banking services from any number of providers--then why does it need more than 100 people and 300,000 square feet of prime office space in New York (at a cost of about $24 million per year)?
the industry’s next shakeout. “If what’s happened to the real estate market here since 2008 is your benchmark, or from 2000 to now, you may have a false sense of comfort,” Maher warned. Maher reckons that even a “garden-variety recession” would have a major impact on the hedge funds, private equity firms and others that started lending big to real estate operators after the last downturn. He expects these firms will suffer larger losses than they anticipate once the economy starts to wobble, which would force them to rein in lending—creating an opportunity for OceanFirst, a small institution with $8 billion in assets. To prepare for that scenario, Maher is getting as many boots on the ground as he can. On Aug. 9 OceanFirst agreed to buy Manhattan-based Country Bank for $102 million—a hefty 44% premium over its market value. OceanFirst already had a commercial-lending office in the city, but Country Bank will bring about 50 employees to OceanFirst and five branches. Fun fact: About a fifth of Country Bank’s loans are to Irish pubs.
TD BANK LAUNCHES NEW PROGRAM FOR WORKERS RE-ENTERING THE WORKPLACE TD Bank is offering a new program for financial professionals who are re-entering the workplace after a career break. TD's Commercial Bank will offer a career program for return-towork professionals in the metro New York City area who have been out of the traditional workforce for two or more years. This program, which is a first for TD Bank, offers professionals a successful pathway back into financial services. A study by the Harvard Business Review shows that up to 43 percent of women leave the workforce to raise a family, take care of aging parents or for personal health reasons, but many eventually seek to return to work. Qualified financial professionals in commercial lending and credit management selected for the program will participate in a 16-week career transition program that includes refreshing skills, mentoring, coaching, networking and personal development. TD Bank is working with iRelaunch, a leader in creating successful career re-launch programs.
NY FED MORALE DIPS FOLLOWING DEPARTURE OF LONGTIME OFFICIALS New York Fed Leader John Williams shook things up after relieving two longtime officials of their duties. The sudden departure of two longtime officials shook staff, sank morale and drew attention to the leadership of the New York Fed under John Williams as he enters his second year at the helm. On Wall Street, questions arose again a couple of weeks ago when a speech he gave inadvertently whipsawed markets. The story involves Simon Potter, who ran the all-important markets desk, and Richard Dzina, head of the financial services group. Both were abruptly relieved of their roles in late May by Williams. Little explanation was given, but according to current and former New York Fed employees, as well as those close to the bank, the nature of the exits, by fault or design, seemed to be a warning: fall in line. A spokesman for the New York Fed declined to discuss the circumstances surrounding the departures. When reached by phone, Potter referred questions to the bank, while Dzina didn’t respond to multiple requests for comment. The New York Fed plays a powerful role. It is the central bank’s eyes and ears on Wall Street. And as the only regional bank with a permanent vote on rate decisions, it has outsize influence in the financial system. The selection of Williams, a widely respected and oft-cited monetary economist who ran the San Francisco Fed for seven years, for the top job in New York raised eyebrows from the outset. A finance-industry background has traditionally been seen as a key qualification, something he lacked.
OCEANFIRST BANK STRENGTHENS ITS NY PRESENCE OceanFirst Bank is looking to compete with the best of the NY banks as it strengthens its presence in the city. Christopher Maher launched his career at the Dime Savings Bank of New York in the late 1980s, when the institution was brought to its knees by bad real estate loans. Today, as chairman and chief executive of OceanFirst Bank, he’s bringing the New Jersey-based lender to the city in order to capitalize on
INVESTORS BANCORP EXPANDS LONG ISLAND FRANCHISE WITH GOLD COAST BANCORP ACQUISITION Investors Bancorp has signed a definitive merger agreement to acquire Gold Coast Bancorp, ultimately expanding its Long Island Franchise. Consideration will be paid to Gold Coast stockholders in a combination of stock and cash valued at $63.6 million, inclusive of outstanding dilutive securities and based on
22 | Banking New York | September / October 2019
Investors’ closing price of $11.20 on July 23, 2019. Upon completion of the transaction, Investors will add six branches in Nassau and Suffolk counties in suburban Long Island and a branch in Brooklyn, NY. Founded in 2008, Gold Coast had assets of $563 million, loans of $463 million and deposits of $486 million at March 31, 2019. Under Investors’ ownership, Gold Coast customers will have access to an expanded product and services offering, with the strength and enhanced lending capabilities afforded by Investors’ larger balance sheet. “We are pleased to partner with Gold Coast, a commercial bank with deep ties to the Long Island community and a strong track record of growth,” said Investors’ Chairman and CEO Kevin Cummings. OCC ANNOUNCES RECENT EXECUTIVE ASSIGNMENTS Beverly Cole has been named the Deputy Comptroller of the Northeastern District in the latest announcement from the Office of the Comptroller of the Currency. She joins a list of other new appointments made by the OCC. Beth Dugan and Mark Richardson will become Deputy Comptrollers for Large Bank Supervision. Cole will oversee more than 300 community banks and federal savings associations. She will manage a staff of more than 350 bank examiners and other professional and support personnel located in the Northeastern District Office in New York City and in field offices in Massachusetts, New Jersey, New York, North Carolina, Pennsylvania, Virginia, West Virginia, and Washington, D.C. She will report to the Senior Deputy Comptroller for Midsize and Community Bank Supervision Toney Bland and will assume these duties in August 2019. She fills the vacancy created by the retirement of Kris Kiefer in June 2019. COMMUNITY BANK SYSTEM AND KINDERHOOK BANK MERGER COMPLETE Community Bank System and Kinderhook Bank have completed a merger, giving Community Bank System a boost in its Capital District presence. Community Bank System acquired Kinderhook in an all cash transaction representing total consideration valued at approximately $93.4 million. The merger added 11 branch locations across a five county area in the Capital District of Upstate New York. Upon completion of the transaction, Community Bank System will have over $11.0 billion in assets and over $9.0 billion in deposits. “We are pleased to welcome the customers and employees of Kinderhook Bank to Community Bank. Kinderhook Bank has an impressive 165-year history of service to its customers, its communities and its stockholders, and
its values align closely with those of Community Bank. This acquisition has created an exciting opportunity for Community Bank to establish a broader and deeper banking presence in the Capital District to further support our efforts to grow our retail and business banking businesses in the Capital District,” said Mark E. Tryniski, president and CEO of Community Bank System. SUFFOLK FCU LANDS NAMING RIGHTS DEAL NY-based Suffolk Federal Credit Union signed a naming rights deal with Suffolk County Community College naming the health, sports and education center to Suffolk Federal Credit Union Arena. The 60,000-square-foot facility, which is on the school’s Brentwood campus, includes multi-purpose courts, sporting fields, indoor and outdoor running tracks, a swimming pool and a fitness center. Financial terms were not disclosed. “The Suffolk Federal Credit Union Arena will not only serve as the Home of the Sharks but will continue to serve as a destination for community groups, professional organizations, trade associations and of course, the students of Suffolk County Community College,” Suffolk Community College Foundation Chairperson Belinda Alvarez Groneman said. “This landmark partnership joins two great organizations of our region and I am grateful for the support of the men and women of the Suffolk Federal Credit Union for their generosity and commitment to our community college.” ■
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Register Today: aba.com/CS13 Issue Three | 23
GIVING | By Bruce Paul, Special To Banking New York
Do You Get Recognition For Your Bank’s Strong Community Contributions?
M
any community banks and credit unions pride themselves on the contributions they make to their communities. This includes supporting local charities, funding scholarships, planting trees or otherwise helping their neighbors. While these great acts can certainly be their own reward, community banks also deserve public recognition for their great works. Other than the obvious benefits to the community, the contributions a bank makes to its community have two strong benefits for the bank itself. The first is the influence on prospects, or non-customers. Many prospects learn about potential banks from advertising or from community involvement. Our studies show that advertisement is generally more effective at raising awareness among prospective customers than community works alone. Indeed, this is why many banks set aside large budgets for traditional marketing campaigns. However, our studies of bank customer behavior show that while ads are better at driving awareness, community contribution can be more effective at driving consideration. The latest results of the New York Prospect Brand Benchmarks® show that strong community contribution increases
24 | Banking New York | September / October 2019
prospects’ consideration of your bank by an average of 162 percent. Not a bad side-effect! And for smaller banks with lower awareness, the increase is even higher. Community contribution increases consideration by prospective customers by 162 percent across the State. The second area of impact is the influence on current customers. When current customers see their bank’s involvement in the community, it can improve the esteem they already have for their bank. Our interviews with hundreds of thousands of customers across New York show the positive impact can increase their loyalty to the bank, meaning they are less likely to
leave and more likely to increase longterm spending with their bank. The Benchmarks® show that recognition of community contribution increases customers’ share of wallet significantly with their bank and their long-term loyalty goes up by 88 percent.
Community contribution increases current customer loyalty by 88 percent. Community contribution increases current customer loyalty by 88 percent. While it is probably not a big surprise
Establish Nonprofit Partnerships In one specific suburban market, two community banks had equivalent amounts of community involvement in terms of (a) gifts to charity, (b) hours volunteered by their staff, and (c) the total number of sponsorships. However, one of the two banks was rated 275 percent higher in terms of community contribution by their respective customers and 388 percent higher by non-customers (prospects). While each bank made similar levels of contribution to the community, one was using much more efficient channels and coopting local nonprofit partners to get the word out. Not coincidentally, the bank with the better outreach is currently achieving stronger growth in new customers, especially commercial customers.
to some that contribution to the community has an impact on the top and bottom lines, many banks are not actually getting the benefit they should be. Many community banks and credit unions spend a lot of money and effort contributing to the community, but their current and potential customers simply don’t know about it. This is very frustrating to marketing and community giving leaders in some banks, and a wasted opportunity for many. It is very important to know just how much recognition you are getting for your good work, and how you can improve that ROI. The challenge for banks is breaking through the clutter to ensure your customers and prospects appreciate your contribution. THE FIRST STEP to getting the maximum credit (and business impact) from your community contribution, is to understand how you currently stand with customers and prospects, in your specific market and in relation to your competition. • Do your current customers see and appreciate your good work? • Do your prospects? THE SECOND STEP would be to make reasoned adjustments and tweaks to the programs to see what the impact is. A bank may need to • improve its community outreach to gain greater recognition, or • it may need to emphasize different types of community involvement to broaden its exposure. Spring, summer and the holiday season are times of increased giving and involvement in community affairs so recognition can go up. But it can also be harder to differentiate since other institutions are increasing their involvement as well. THE THIRD STEP is to measure the impact: • How much do the changes move the needle in terms of recognition of community contribution? • How much does that recognition impact awareness of the bank and consideration to use the bank in the future?
Tracking your ratings over time will show you exactly how your community contribution, and all other marketing efforts, are truly impacting how your prospects and customers view you. This will allow you to fine tune your programs, so you get the maximum benefit for the bank while doing the maximum good for the community. So as competition for mindshare increases, consider your community involvement activities – what are you currently doing? Are you sure you are getting the credit you deserve? What can you do differently? And most importantly, what you can you do to make sure your current and prospective customers see what you’re doing? ■ The New York Banking Benchmarks® are based on 337,900 unbiased consumer and business reviews across all 62 counties and 932 towns. Specific data on individual banks and information about ongoing subscriptions to all customer and prospect ratings is available by contacting info@ cescx.com.
Bruce Paul
Bruce Paul is president and CEO of Customer Experience Solutions, which produces the semiannual Mid Atlantic Banking Benchmarks.
*Community Contribution Rankings, as rated by banked adults and businesses in New York: Western New York 1. M&T Bank 2. KeyBank 3. Bank on Buffalo 4. Evans Bank 5. Lake Shore Bank Central New York 1. Tompkins Trust 2. Savannah Bank 3. Steuben Trust 4. Canandaigua Bank 5. Tioga State Bank Capital Area 1. Glenns Falls Savings Bank 2. Adirondack Trust 3. National Bank of Coxsackie 4. Saratoga National Bank 5. Ballston Spa Bank Mohawk Valley/North Country 1. Carthage Savings Bank 2. Watertown Savings Bank 3. Adirondack Bank 4. Community Bank 5. Glenns Falls Savings Bank
Hudson Valley 1. Jeff Bank 2. Sawyer Bank 3. Putnam County National Bank 4. Catskill Hudson Savings Bank 5. Rondout Savings Bank New York City 1. Country Bank 2. The Berkshire Bank 3. Richmond County Savings Bank 4. Chase Bank 5. Citibank Long Island 1. American Community Bank 2. Chase Bank 3. Dime Community Bank 4. TD Bank 5. Citibank
*This is the contribution that the public perceives and does not necessarily line up with the actual level of community contribution due to related marketing campaigns (or lack thereof).
Issue Four | 25
STRATEGY | By Kimberly B. Snyder, Special To Banking New York
The Ostrich Effect
NOT PLANNING FOR AN M&A IS NOT AN OPTION
THINGS MOVE QUICKLY
Many boards, CEOs and CFOs may find themselves at the M&A table in an unexpected turn of events. Once
26 | Banking New York | September / October 2019
there, the pace accelerates so quickly that if the board and management team have not spent a considerable amount of time thinking through all aspects of this scenario as a viable option, they may be surprised at the number of items they miss prior to signing the definitive agreement (“DA”). For example, do your compensation programs align with each other and provide the protection desired for key executives and the employee base as a whole? If not, it may be too late to make changes to them once you are having discussions with potential partner(s), especially if you are a public company due to SEC filing requirements. Your investment bankers and attorneys will be focused on the financial terms of the transaction (as they should be), and not necessarily the operational or social issues. However, most deals fail to achieve the desired financial results due to poor planning of social and operational issues. At the end of the day, mergers are truly about people. As with any transaction, sellers have a certain amount of leverage prior to signing the DA. Nevertheless, once the DA is signed and the transaction is announced, 100 percent of the leverage shifts to the buyer. Anything that is not included in the DA is
OVER
M
ost, if not all, community banks are wholeheartedly committed to remaining independent in order to better meet the needs of their respective communities. However, banks must also be mindful of alternative paths that have the potential to provide an increased return to shareholders. Over the past several years, there have been more than 250 bank acquisitions annually. Community banks with total assets of less than $500 million have been involved in more than 75 percent of these transactions. Planning for a possible merger or acquisition is extremely important, but many community banks’ plan is to simply not have a plan, avoiding the topic altogether. Savvy bank leaders recognize the importance of mergers and acquisitions (M&A) planning, and while it may be uncomfortable, recognize how critical M&A planning is to the future success of the institution. All too often, boards and management teams fail to discuss and plan for a potential sale transaction for fear that the planning might actually make it happen. It’s similar to how individuals are often reluctant and uncomfortable discussing estate planning, wills and trusts with their aging family members. No one wants to “plan” for the death of a lovedone, but most responsible adults understand the importance of being prepared for the transition.
250
now up for determination by the buyer.
A PREPAREDNESS PLAN
We believe it is best practice to develop a M&A Preparedness Plan, not necessarily to “plan” for the sale of the company, but to be prepared in the event that an offer comes your way that you cannot refuse, similar to a Crisis Communication Plan. You hope you never have to execute one, but it is a good feeling to know you have one in place if necessary. Here are a few human element considerations that if handled incorrectly, or not planned for appropriately, could negatively impact the overall transaction’s chance for success: • What percentage vote is required for a merger or acquisition? Do non-votes count as no-votes? • Do your key employees have active employment agreements that have change-in-control protection? Does everyone (board members and those key executives) understand the financial implications of this protection? Are change-in-control triggers single or double? • How will the severance amount that exceeds the IRS 280G
# OF BANK ACQUISITIONS ANNUALLY.
limitation be handled? Do you know who may be negatively impacted by the 280G limit? • Do those employees understand the limit and how it is calculated? Have you considered how to increase the 280G limit for key employees? • What role does your current CEO want to have with the surviving entity? • Who will be responsible for preparing due diligence materials and how will it be handled in a confidential manner? To be clear, most likely it will not be your CEO. • How important is reverse due diligence? • Do your company-wide compensation plans work as intended under the lens of a sale? Do they protect the employee base as a whole? • Which employees are critical to “tie up” to make the merger successful? • Have you identified the critical operational employees to ensure a successful conversion to the new core system? How will you retain them when they most likely will not be offered permanent positions with the surviving entity?
IF DEVELOPED PROPERLY, YOUR M&A PREPAREDNESS
PLAN WILL BECOME A DETAILED ROADMAP TO FOLLOW THAT WILL ENSURE THE IMPORTANT ISSUES WILL BE ON
THE TABLE FOR DISCUSSION DURING THE NEGOTIATION. • How do you want the process and timeline for the purchaser to decide on which employees will be displaced to be handled? Do you want input? If so, be prepared!
issues in a thoughtful manner. If this decision is made, it will be the most important decision in the company’s history. Don’t be like an ostrich and get caught with your head in the sand by letting unpreparedness re-write the bank’s legacy. ■
These items truly represent a small fraction of the number of issues that should be considered when developing your M&A Preparedness Plan. If developed properly, your plan Kimberly B. Snyder is president will become a detailed roadmap to and founder of Roanoke, follow that will ensure the Va.-based KBS Results, important issues will be a financial services on the table for discussion consulting firm with the during the negotiation. focus of helping banks solve While it doesn’t guarantee problems. Prior to founding you will get everything you KBS, Snyder was with Valley want out of the negotiation, Financial Corporation and it does guarantee you will Valley Bank in Roanoke, Va, be prepared and will have Kimberly B. Snyder worked through the various where she was EVP and CFO.
Issue Four | 27
PERSONNEL
How Unconscious Bias Hurts Your Organization COULD CAUSE TALENT AND FINANCIAL DEFICITS
By KAREN KIRCHNER, ELLEN KEITHLINE BYRNE, and DENISE D’AGOSTINO, Special to Banking New York
H
aving a diverse workplace has been proven to result in greater creativity, better decision making and a healthier bottom line. And yet, despite many well-intentioned diversity efforts, we still find mostly white men at the top of organizations. WHAT’S GETTING IN THE WAY? Unconscious bias is one important factor. According to Catalyst, the global non-profit focused on women’s advancement, “Unconscious biases can have a significant negative impact on workplaces, leading to differences in who gets hired and recruited, who gets offered new opportunities, and whose voice is listened to in meetings.” Although we focus on gender bias in this article, unconscious bias is equally harmful in the areas of race, ethnicity, and other ways in which we are different. Research shows us that if unchecked, our biases cause us to underestimate women’s performance and overestimate men’s. In one study, replacing a woman’s name with a man’s name on a resume improved the odds of getting
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hired by more than 60%. If your organization is falling into this trap, you’re probably not hiring the best people for the job. And your results are likely suffering as a result. Business professors Cristian Deszö of the University of Maryland and David Ross of Columbia University studied the effect of gender diversity on the top firms in Standard & Poor’s Composite 1500 list, a group designed to reflect the overall U.S. equity market. First, they examined the size and gender composition of firms’ top management teams from 1992 through 2006. Then they looked at the financial performance of the firms. In their words, they found that, on average, “female representation in top management leads to an increase of $42 million in firm value.” They also measured the firms’ “innovation intensity” through the ratio of research and development expenses to assets. They found that companies that prioritized innovation saw greater financial gains when women were part of the top leadership ranks.
HOW CAN WE LESSEN THE IMPACT? If we accept that unconscious bias has a negative impact on organizational performance, what do we do to lessen its impact, or eliminate it altogether? The tricky thing about biases is that we all have them. In her Harvard Business Review article, “How to Reduce Personal Bias when Hiring,” Ruchika Tulshyan explains, “we are, in fact, biologically hardwired to align with people like us and reject those whom we consider different.” This comes from the days when a quick judgment about friend or foe meant the difference between life or death. Now, those primitive parts of our brain aren’t so helpful. Increasing our awareness of when biases may be influencing us and questioning our assumptions is critical. We can do this by inviting others to challenge our thinking, or by “flipping the script” and asking ourselves if we’d be making the same decision if someone of a different profile were involved. For example, if you are hesitating to promote a female team member because you’re not sure she has what it takes to succeed at the next level, ask yourself: • What skills are critical in the new position? • What opportunities have this candidate been given to demonstrate these skills? • What kinds of challenges has she successfully overcome in the past? • And most importantly, if she were a man, would I have the same doubts? UNWITTING BARRIERS Here at Her New Standard, we have developed a sixmonth women’s leadership acceleration program with the goal of helping women to increase their influence. Companies send their high potential women to us because they want to fast track their development. And yet our participants tell us about the barriers that organizations unwittingly put in their way. One woman who works on the trading floor of a global financial firm explained how her male peers invited a client she works closely with to play golf and didn’t think to include her. When asked why she wasn’t invited, they told her they assumed she didn’t play golf. Being left out of these informal bonding opportunities makes it hard for women to build the trust and relationships that
result in lucrative deals and subsequent advancement. Executives often believe they are hiring and promoting people fairly when in fact, they are missing the mark. In the Harvard Business Review article, “Numbers Take Us Only So Far,” Maxine Williams cites research that shows that individuals who believe they are objective are often those most likely to apply unconscious bias. So, what can leaders do to ensure they are making decisions based on the criteria that really matter? Catalyst suggests taking these actions to combat unconscious bias: 1. Enlist stakeholders from a range of backgrounds to help make decisions more inclusive, including equal numbers of men and women. 2. Give others – particularly those different from you – a chance. Be open to learning from them as much as they can expect to learn from you. 3. Intentionally mentor and sponsor people who are not like you. 4. Call it out when you see others making judgments based on vague criteria such as cultural fit. Find out what’s really at the root of their discomfort. The more we question our assumptions and become aware how we use unbiased information to make our decisions, the greater the chance we will give opportunities to those who can get the best results for our organizations. That way we can all thrive. ■ Her New Standard LLC was founded by, from left, Denise D’Agostino, Karen Kirchner and Ellen Keithline Byrne, a team of organizational leaders, executive coaches and a PhD, who create programs specifically for women leaders to help them rise up in today’s competitive world and make their mark. For additional information, visit www.hernewstandard.com. Issue Four | 29
ANYTHING BUT BANKING | By Keith Griffin
Daniel P. Reininga,
“I’m always saying – attitude determines your altitude. Mind over mountain.”
President and CEO at Lake Shore Savings Bank, Dunkirk, New York
Dan Reininga first joined Lake Shore Savings Bank in 2010 as its chief operating officer, after serving as an outside board member for 16 years. In 2011 he was named president and CEO. He has a B.S. Economics, an MBA, and a graduate degree in Banking from the American Bankers Association Stonier National School of Banking. Banking New York caught up with him as he drove to his wife’s birthday dinner.
FAVORITE SPORT: Hiking and mountain climbing are my two great passions. I have climbed the 14,411-foot Mount Rainier in Washington State twice: once as a 15-year old with my twin brother and uncle, and later with my oldest son Mark. I’ve also tackled the 14,505-foot Mount Whitney in California with my middle son Parker. Next up is Tanzania’s Mount Kilimanjaro, which has an elevation of 19,341 feet. This trek will be accomplished in January 2020 with my youngest son Alex. I embraced the sport as an adult to lose weight. Tipping the scales at 340 pounds, I knew I had to do something. I developed a training program for the climb that included better nutrition and regular exercise. Slow and steady wins the race. When I started the ascent to Rainier, I was down to 250 pounds. MUSIC: I listen to a variety of music. I like country and western. I played the tenor saxophone for many years, however do not play it currently. MOVIES: My 3 sons are in the industry in Los Angeles, but I don’t really watch a lot of movies.
Dan's Mt. Whitney Climbing Team celebrating their success. L to R, Dan's son Parker, me, Paul Wallenhorst, his son Mark, Captain Rob Thering and Dr. Kevin Przybyla.
TELEVISION: That’s an easy one: The Last Alaskans on the Discovery Channel. It’s a reality TV show that tracks 7 cabin owners who reside in the Arctic National Wildlife Refuge. It’s a program about living in the wild Alaskan frontier. BOOKS: In the last 12 months, I’ve read, “On Fire,” “Overwhelming Odds,” “Start With Why,” and “Goliath's Revenge.”
Dan's family: L to R, sons Parker and Mark, grandson Daniel, son-in-law Jonathan, Belarusian 'daughter' Yulia holding granddaughter Lily's hands, son Alex, wife Wendy holding granddaughter Joanna, Dan and his daughter Elizabeth.
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WHAT TOPS YOUR BUCKET LIST? Mount Kilimanjaro tops my bucket list. I would also love to own a small plane and use it to take patients with medical needs to their treatments. I would love to be involved in that. I would also like to hike the Adirondack
Trail or the Pacific Crest trail. That would be a nice supplement to my mountain climbing. My goal when I retire is to spend six months living in six different countries. The dream list of countries includes: Spain, New Zealand, France, England, and Australia to name a few. HOBBIES: Golf, even though I’m not good at it. Grandchildren are a great hobby too. I’ve been blessed with three grandchildren from my daughter Elizabeth and she has a fourth on the way. FAVORITE PLACE TO VISIT: Algonquin Park, Canada is my favorite place to be. We have a cabin that's approximately 150 miles north of Toronto, the last 3 miles of the trip are by boat. It’s been in the family since 1937. That’s paradise for me. The lake is so clean we can drink the water right out of it. We generate our own electricity with a propane powered generator. I love to split wood, canoe and go on hikes. It’s part of my outdoor life. I also love to travel to see my sons who reside in LA. CUISINE: I’m a bit of a gourmet. I love to cook. I love to make whole tenderloin seasoned with garlic, rosemary, and wrapped in pepper bacon and roasted whole on a grille. I also make a scrumptious breakfast slider when I am in Canada –bacon, eggs, cheese, and fresh buttermilk biscuits. Another great recipe is grilled romaine lettuce. I like to use macadamia nut oil, which gives the romaine good charred buttery flavor. I then add a little salt and pepper and grill it a minute and a half on each side. I then sprinkle the grilled romaine with goat cheese crumbles and drizzle balsamic reduction over it. ADVICE: My dad when he offered me the job at the family business said, “I can’t offer you much money, but you can get all the vacation you want.” The point was money isn’t everything, but the people are. Some people lose that perspective. SOMETHING YOUR CO-WORKERS DON’T KNOW ABOUT YOU: I’m pretty transparent in everything I do. Everybody knows a lot about me. ■
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32 | Banking New York | September / October 2019