Banking New England 2020 Issue 4

BANKING ISSUE FOUR 2020

NEW ENGLAND T H E R ES O U R C E F O R N E W E N G L A N D ’S F I N A N C I A L L E A D E R S

> Kathy Underwood WINNER OF THE 2020 SANDRA J. PATTIE AWARD

THE

WOMEN IN BANKING ISSUE

A PUBLICATION OF AMERICAN BUSINESS MEDIA

T H E R ES O U R C E F O R N E W E N G L A N D ’S F I N A N C I A L L E A D E R S

CO NT E NTS

4 Letter From The Publisher

Innovation goes viral

5 Branches

The personal touch is not gone forever

7 Best Banks

In New England

The Banking Choice Awards show which banks do it best in the region.

10 Cover Story

Our profile of Kathy Underwood, president/CEO of Ledyard National Bank, and this year’s winner of the Sandra J. Pattie Award.

14 New England

Women In Banking

Profiles of the 13 women nominated by our readers as among the best in New England when it comes to banking.

>> visit us online

bankingnewengland.com

22 On The Move

Local professionals making their mark in New England banking.

A P U B LI C ATI O N O F A M E R IC A N B U S IN ES S M ED IA

Issue Four | September 2020 | BANKING NEW ENGLAND 3

LE T T E R F RO M T H E P U B LIS H ER

Innovation Goes Viral

B

anks and credit unions across the region have been in fullon innovation mode now for months. If ever there was a time that tried an organization’s strategic planning committee, this is surely it.

Redesigning branches, rethinking customer marketing, creating new employee plans, adding a huge new “plexiglass” line item to the budget, bolstering on-line app experiences are all a start. But then leaders also need to be looking at overall economic issues. What will the effects of the COVID-19 virus do to the small business base? Will an explosion of layoffs tank loan repayments? Does the bank’s branch network now make sense?

VINCE VA LVO Will foreclosures spike as unemployment benefits dissipate?

The banking community is often pilloried by those who rail against financial inequity. But community banks and credit unions are critical pillars of economic stability and aid in times of crises. And our communities are undoubtedly in crisis now.

It’s important for consumers and businesses to see that their banking institutions are sound, that capital remains available, and that there are people willing to sit down and talk through finance with those who are fearful.

So maybe, while bankers work diligently to keep their institutions relevant and safe, available and accessible, they should also take a moment to step back and think about all they are doing to help their neighbors, friends, colleagues and co-workers make it through this pandemic. While few take the time to thank their banker, they can thank their stars that their banker is there for them.

AND ONE SMALL NOTE While appreciating the efforts of our community banks and CUs, we should also all take note of the herculean work our local Small Business Administration officials have done throughout the whole Paycheck Protection Program. The SBA processed more loans in one week than it usually does in a year, and local contacts were there with daily communications, personal help and even admission when they didn’t have clear news, simply by saying so. A multibillion-dollar loan program rolled out in short order was going to have problems.

Having our local SBA contacts help us through was a tremendous aid.

VIN CEN T M. VALVO

Publisher & CEO

4 BANKING NEW ENGLAND | Issue Four | September 2020

STAFF

CEO, PUBLISHER & EDITOR Vincent M. Valvo ASSOCIATE PUBLISHER Beverly Bolnick MANAGING EDITOR Keith Griffin GRAPHIC DESIGN MANAGER Stacy Murray USER EXPERIENCE DESIGNER Billy Valvo INTERACTIVE DESIGN DIRECTOR Alison Valvo ONLINE CONTENT DIRECTOR Navindra Persaud MARKETING & EVENT ASSOCIATE Melissa Pianin ENGAGEMENT AND OUTREACH Andrew Berman

Submit your news to editorial@ambizmedia.com If you would like additional copies of Banking New England Call (860) 719-1991 or email info@ambizmedia.com

www.ambizmedia.com ©2020 American Business Media LLC All rights reserved.

Banking New England magazine is a trademark of American Business Media LLC. No part of this publication may be reproduced in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system, without written permission from the publisher.

Advertising, editorial and production inquiries should be directed to: American Business Media LLC 345 North Main St., Suite 313 West Hartford, CT 06117

BR ANC H E S

M

The Personal Touch Is On Pause, But Not Gone Forever

ansfield, MA-based NES Group has helped hundreds of banks and credit unions implement their brand identity through design while gaining customer recognition.

The firm specializes in designing and building functional facilities that have a customer friendly atmosphere and which complement the surrounding area. NES analyzes each client’s current branch performance to help them find the right location to build a new branch or main office or provide cost effective renovations to an existing building.

The company has received numerous awards, including the Gold Certificate for Best Building Design/Architect and Bank Design Construction from Bankers & Tradesman for the past eight years.

Gregg H. Rosen, president and principal, talked to contributor George Yacik about the future of the branch after COVID-19 and what it will look like. Gregg brings over 30 years of experience and knowledge to his leadership role at NES Group. He was an educational speaker at Bank World on “Putting Retail Back into Retail Banking.”

Gregg H. Rosen What is the biggest change going to be for bank branches after COVID-19?

Prior to COVID-19, bank branches were transforming and progressing in a more interactive and technology-based versus a transactive manner. Universal sales agents were cross trained to focus more on face-to-face conversations from the moment the customer entered the branch. This allowed them to get to know the customer or member on a more personal basis to grow their loyalty and offer more solutions and services. Unfortunately, since COVID-19, there will be changes that need to be made to make sure that the customer or member feels safe, but this does not mean going backwards. COVID-19 has been a harsh reminder to nearly every industry that we can have a bump in the road, but we must plan to continue to move forward and progress.

We learned a very large lesson that we must be prepared to have the technology in place to allow businesses to run at all times even during a pandemic. Branches must have the technology to allow 24/7 access to their accounts, and banks and credit unions must have a formal plan in place to handle operations during every event that faces us.

Now, as the world begins to reopen its doors, we must be able to make people feel safe and back at home at their local branch. Though the faces may look a little different with masks on, and appointments may be preferred due to limited

occupancy, it will not change the at-home feeling we want our customers to always have. There will be other changes – the interior of the branch will have some distinct new features, like social distancing signs, decals on the floor telling people where to stand, multiple hand sanitizer stations, and sneeze/cough guards to name a few, but it will still be your local branch ready to serve you. Safety will be the number one priority, but close behind that will be continued education on how customers can use the technology in place to always have access to their accounts.

What aspect of the branch has gone away forever?

I don’t like to say that things go away forever because sometimes things just get put on temporary hold. For instance, many of us assumed the colors of the 70s and 80s were gone, but now they are making a comeback.

How is security affected with new bank branches?

Does less people in a branch make them less safe or more so?

I have to admit that it feels like a double-edged sword. When we think about safety precautions outlined by the CDC and local and state guidelines, wearing masks is now required when you go out in public. This would normally trigger a big red flag in a branch. Prior to COVID-19, a person wearing a mask into a branch would most likely result in pressing an emergency silent alarm and asking questions later. Now we are breaking the law if we do not wear one. This will create the need for new policies and procedures on how to allow masks to be worn while keeping the branch safe from both criminals and COVID-19.

When it comes to how many people can enter at one time and will customers and members be safer with more or less people, this decision will be guided by each states’ phasing plan and guidelines. Calculations will be based on the number of customers divided by your lobby square footage. The goal is to not overwhelm a lobby with too many people but to keep everyone safe and abiding by the social distancing guidelines.

If the guidelines are followed, and your staff has been trained and your lobbies prepared with safety precautions, including proper cleaning, it is everyone’s hope that we will all be safe.

Is the walk-up window going to make a return? How challenging are those to construct?

Since the pandemic began, we have spoken to hundreds of our clients. Many of those conversations have turned into long discussions about when they will reopen and what changes may be needed to open safely. I can count on only one hand how many clients asked me about a walk-up window. In my 34 years of being in this industry I have replaced one walk-

Issue Four | September 2020 | BANKING NEW ENGLAND 5

up window, and that was 30 years ago. Walk-up windows may seem like a safer solution from a social distancing standpoint, but it is not an overall safer solution in the grand scheme of things. Walk-up windows come with challenges, such as finding the right place for the window to make sure that people using them are safe from cars and other pedestrians. Today, as we build smaller branches, space becomes an issue on where to locate a walk-up window and how to service it with staff. Unfortunately, one cannot compare a walk-up window at a bank or credit union to a walk-up window at an ice cream or coffee shop.

Are drive-in windows going to make a comeback, or was this only a temporary measure?

For some banks and credit unions drive-in windows have never gone away. The thinking is that the personal touch still matters. They feel it is important to be able to have their customers and members be able to drive-up and personally interact with someone––see a face and hear a voice. This is not to say that it is everyone’s philosophy, as we know the ATM, and now ITMs, have become the solution for replacing drive-up windows, but not everyone believes it is time to say good bye to them …yet.

With that said, having a drive-up window has been a savior for many banks and credit unions to be able to conduct business during this time. Additionally, as our doors reopen, people will be hesitant and they will be nervous, and though we plan to follow the rules and

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regulations that have been set forth by the states and the CDC, we also want people to be able to get back to their normal banking experience. For some people this may mean staying in their car.

Some bank presidents are hesitant to reopen their branches because appointments alone don’t protect employees. What is your sense on that issue? Will branches reopen slowly?

We closed our branches because it was the safe and right thing to do, and we will reopen our branches because it is the safe and right thing to do. This pandemic put a halt to how society functions and lives normally because the world needed to be safe, but it is now time to slowly and safely reopen society. Though there may be a “new normal” for a while, we cannot allow this pandemic to stop us from living our lives, as long as we do it safely and follow the rules and regulations. Appointments may not be the only solution.

Our goal must be to offer our customers and members options so we are all safe. They can visit the branch by appointment or walk in based on what their state guidelines allow. And of course use technology. While people are being pushed towards the digital age, there is so much to be said for face-to-face interactions. I think something that many people have learned throughout this pandemic is how much they crave and need human interactions, and we are going to continue to make that possible.

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The BEST Banks

A

In New England

Our Annual Survey Shows What Customers Think The Top Banks Are

nnually, the prestigious Banking Choice Awards are presented by American Business Media, publishers of “Banking New England,” and Rivel Banking Benchmarks.

Vincent M. Valvo, president and CEO of American Business Media, said, “Customers can choose to bank wherever they want. The Banking Choice Awards determine which banks do it best.”

The Banking Choice Awards are based upon the results of the Rivel Banking Benchmarks, the largest and most comprehensive measure of banking customer experience in the world. The benchmarks are conducted independent of any financial institution biannually by Rivel (www.rivel.com), the marketing and investment community research firm and pioneer in the online measurement and tracking of customer experience for banking institutions.

Bruce Paul, Rivel’s managing director, said, “The Rivel Banking Benchmarks, part of our CXLign division, help banks increase revenue by giving them a clear, objective view of what their customers really think of them. We eliminate the bias of internal bank surveys in which happy customers are five times more likely to respond than unhappy or ambivalent ones, thus creating skewed (and unrealistic) results. We put your ratings in context, showing the banks exactly how their scores compare to those of their competitors within their local trade area – not to an irrelevant basket of similar-sized banks from other parts of the country.”

banks at a small fraction of the cost.

“We strongly believe that customer loyalty is a bank’s primary asset. To improve that loyalty, you must measure and track it. The Benchmarks therefore enable banks to understand exactly what their customers and prospects think of them, their people, their channels, and their products so banks can make customer-centric decisions to grow their business,” added Paul.

In New England, the interviews, reviews and institutions represented broke out this way among the four states covered: · Massachusetts: 11,099 interviews and 313,842 reviews and 281 institutions · Connecticut: 6653 interviews and 180,130 reviews and 148 institutions · Rhode Island: 2329 interviews and 56,868 reviews and 62 institutions · New Hampshire: 2657 interviews and 59,849 reviews and117 institutions

Survey respondents are part of a statistically representative sample of households and businesses in each state. The total respondent pool is representative by geography, gender, income, ethnicity, and age profile of the state, based upon the most recent government census. Given the large sample size, the results are also representative of household penetration and business penetration of each banking institution within each state.

The survey is double blind: respondents are not told the subject of the interview beforehand, and we do not know which ‘We eliminate the bias of internal bank surveys in banks they use before initiating the interview. which happy customers are five times more likely This approach minimizes bias and provides to respond than unhappy or ambivalent ones, thus the most objective results possible. creating skewed (and unrealistic) results.’

The Customer Experience Benchmarks ask respondents to evaluate up to 53 different metrics about each institution they use for The Rivel Banking Benchmarks were developed by banking services. These include the following metrics Paul, one of the most respected experts in banking used for the Banking Choice Awards: overall quality, research who developed the CX tracking and brand customer service, tools & technology. research programs for seven of the top 15 North The Prospect Brand Benchmarks ask respondents American banks. The Benchmarks use the same bestabout their impressions of banks they do not yet use. in-class approach used to build the CX programs for These marketing and brand metrics include community the world’s largest banks, now provided to community contribution, measured in the Banking Choice Awards.

Issue Four | September 2020 | BANKING NEW ENGLAND 7

OVERALL QUALITY Greater Boston, MA StonehamBank, A Co-operative Bank The Village Bank Needham Bank Reading Cooperative Bank Middlesex Bank Rhode Island Milford Federal Bank Freedom National Bank BankNewport Washington Trust Company Centreville Bank New Hampshire Savings Bank of Walpole Kennebunk Savings Bank Ledyard National Bank Newburyport Five Cents Savings Bank Mascoma Bank

West, CT Salisbury Bank and Trust Company The Torrington Savings Bank Thomaston Savings Bank Ion Bank Newtown Savings Bank

North Shore, MA BankGloucester Institution of Savings Cape Ann Savings Bank Beverly Bank Salem Five Cents Savings Bank

Central/ Eastern, CT Thomaston Savings Bank Collinsville Bank Windsor Federal Savings and Loan Association Liberty Bank Hometown Bank

South Shore, MA The Cape Cod Five Cents Savings Bank Martha’s Vineyard Savings Bank Baycoast Bank Cape Cod Cooperative Bank HarborOne Bank

West, MA bankESB Monson Savings Bank Florence Bank Country Bank For Savings MountainOne Bank Central, MA Cornerstone Bank Webster Five Cents Savings Bank Hometown Bank Main Street Bank North Brookfield Savings Bank

won

COMMUNITY CONTRIBUTION Greater Boston, MA Commonwealth Co-operative Bank Wellesly Bank Charles River Bank The Village Bank Bank of Canton

all

When we all work together as a team, everyone wins. At Rollstone, we’re proud that our team’s community contributions have been recognized and that we’re part of an industry that shares our commitment to helping neighbors in need.

Giving our all for our customers – and giving back – is what we do here.

rollstonebank.com Member FDIC

8 BANKING NEW ENGLAND | Issue Four | September 2020 RBT090_PrintAd_NewEngland_7.25x4.75_4C.indd 1

978.767.9936

Member DIF

8/19/20 9:41 AM

COMMUNITY CONTRIBUTION (continued) Rhode Island BankNewport Washington Trust Company Centreville Bank Bank Rhode Island HarborOne Bank New Hampshire Savings Bank of Walpole Claremont Savings Bank Meredith Village Savings Bank Woodsville Guaranty Savings Bank Passumpsic Savings Bank

West, CT Northwest Community Bank Litchfield Bancorp The Torrington Savings Bank The First Bank of Greenwich Savings Bank of Danbury Central/ Eastern, CT Stafford Savings Bank Chelsea Groton Bank Central/ Eastern, CT (con’t) Hometown Bank Essex Savings Bank Collinsville Bank West, MA Greenfield Cooperative Bank The Pittsfield Co-Operative Bank Greenfield Savings Bank Adams Community Bank Lee Bank Central, MA North Brookfield Savings Bank Country Bank for Savings Rollstone Bank & Trust Millbury National Bank Savers Co-Operative bank

North Shore, MA Institution of Savings Newburyport Five Cents Savings Bank Haverhill Bank Salem Five Cents Savings Bank Marblehead Bank South Shore, MA Cape Cod Co-Operative Bank The Cape Cod Five Cents Savings Bank Martha’s Vineyard Savings Bank Rockland Trust Company South Shore Bank

Send us your news! editorial@ambizmedia.com

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Issue Four | September 2020 | BANKING NEW ENGLAND 9

COVER STO RY

Four Decades Of Service Kathy Underwood Shows Leadership For Banking And The Community

K

BY K EN L I EB ESK I N D, S PEC I A L TO B A NK I NG NEW E NGL A ND

athy Underwood was toiling away in A GREAT CAREER a Maine grocery story while a college After college, Underwood started her career with student. One of her accounting professors Key Bank. Her employment path would take her approached her and told her to seek to president of the bank’s operations in Maine. “I more lucrative employment. He made an started as a loan collateral clerk processing loan introduction to a banker friend not knowing he had documents and ran the private banking department laid the foundation for a 43-year career. before becoming president of the bank in 2000 and While completing her economics degree, maintained that position until 2005,” she recalled in a Underwood worked part-time as a Portland Savings telephone interview.

Bank teller. Then she transferred to Key Bank where She was hired as president of Ledyard National Bank she would stay for 25 years. in 2005 by Dennis Logue, the She’s now president/CEO chairman of the board at the of Ledyard National Bank, a time who said, “It was a difficult community bank based in negotiation but we stuck to it “It’s a great honor to Hanover, New Hampshire with and she has been remarkable six branches in the granite be recognized as being over the years.” state and one in Vermont. It’s Logue cited three helpful to my industry. a position Underwood has held characteristics that generate It’s been a great career, since 2005. success – mastery of the In spite of her professor’s tongue, enthusiasm and belief it’s never the same and advice to seek more money, in a higher power. “She has all it’s very rewarding to Underwood’s career has not three of these,” he said. “She help our clients in our been one built just seeking is quite articulate speaking renumeration. It’s a collection clearly in front of an audience communities.” of service to her profession and she’s done a good job and to the greater community. leading the bank. We faced It’s why she has been named challenges in 2008 but we the 2020 recipient of the continued to pay dividends.

Sandra J. Pattie Distinguished Leadership Award.

She did a good job of preparing us for what’s coming She joins a number of prominent New England and has done a great job of managing our financial women bankers who have received the accolade. advisors and leading the activities of a growth phase.”

The award is given to prominent New England Underwood oversees a bank that is currently women bankers in tribute to Sandra J. Pattie, the first achieving superlative numbers with record quarterly female CEO of BankNewport in Rhode Island. Previous earnings for the second quarter of 2020 and year to winners include Michelle Roberts, president and date. Total revenue for the quarter was $8,149,150, an community affairs officer of Bristol County Savings 11.6% increase over 2019 with total revenue for the first Bank in Massachusetts in 2017; Ellen Ford, CEO of the six months of $15,453,775, an 8.3% increase.

People’s Credit Union in Rhode Island in 2018; and “We’ve achieved record earnings for a number Cynthia Merkle, president/CEO of the Union Savings of years and we’re one of the top 200 community Bank in Connecticut, and Guilda Nogueira, CEO, East banks in the nation in the under $2 billion category,” Cambridge Bank in Massachusetts, in 2019.

Underwood said. “We have a strong wealth “It’s a great honor to be recognized as being helpful management department and commercial lending to my industry. It’s been a great career, it’s never the group and we’re hitting on all cylinders.” same and it’s very rewarding to help our clients in our The bank is operating efficiently during the communities,” said Underwood. coronavirus. “We’re refinancing mortgages and giving

10 BANKING NEW ENGLAND | Issue Four | September 2020

Underwood and Ledyard National Bank have receive accolades for their volunteer work.

two to three times as many loans as we’ve ever done with low rates and the commercial department is focused on PPP loans. We did over 300 in April, which is more commercial loans than we did all of last year and we just started a process of forgiving those loans.

We’re advising and hand holding our clients and want to be responsive and helpful.”

Logue said two of Underwood’s finest moves were providing company stocks for employees and invigorating the trust department. “Providing dividends to employees was a great morale builder and she brought in Dennis Mitchell, a colleague of hers, to build the trust department, which helped us develop private banking.”

“She is the fourth bank president I’ve worked with and far and away the best,” he noted.

Ledyard National is a community bank that serves the Upper Valley, Lake Sunapee and Concord region of New Hampshire, as well as a slice of Vermont. It’s a region Underwood is proud to serve. “As a community bank we’re tightly connected to the people and businesses in the community,” she said. “Our employees live here and are decision makers. We lend money to businesses in the community and donate

to non-profits so we’re dedicated to the health of the community, which is critical to all of us.”

SERVING THE INDUSTRY While President/CEO of Ledyard National, Underwood also served as a board member of the Boston Federal Reserve Bank, one of the central banks in the U.S. that conducts research and participates in monetary policy-making to promote sound growth and financial stability in New England.

In March, Underwood was appointed to the Boston Fed’s First District Community Depository Institutions Advisory Council after serving two terms on the Boston Fed’s nine-member board and was chairman of the Fed Board’s Audit Committee. She acted as a liaison between New England’s regional banks and the central bank. As a Reserve Bank board member for two previous terms she said she shared management news and best practices of Ledyard bank as she participated in national meetings.

Underwood also served on the national level. For two years, from 2014 to 2016, she was a member of the Consumer Financial Protection Bureau’s Community Bank Advisory Council. “I was there to insure that no

Issue Four | September 2020 | BANKING NEW ENGLAND 11

harm was done and no unintended consequences could occur on rules that were put in place to protect the consumer,” she said.

IN THE COMMUNITY

Honoring employees is an important hallmark of Underwood’s leadership style.

Underwood is also renowned for the work she has done to support the American Heart Association.

“My husband John was diagnosed with heart disease and needed a transplant and I joined the association in Portland because I’m interested in their mission. I chaired the first Go Red for Women event, which was very successful and it’s grown since then,” she said.

Go Red for Women is a comprehensive platform that increases women’s heart health awareness and serves as a catalyst to improve the lives of women.

She has incorporated the heart association’s mission at Ledyard National. “We have blood pressure checks for employees and put a defibrillator in the office. We also

offer healthy snacks for clients and provide educational materials.”

Ledyard National Bank was awarded the heart association’s FitFriendly Worksite Gold Achievement award in 2015 and invites other organizations to join them in the Ledyard Live Well Walking Challenge every fall.

The bank has also accelerated its charitable donations during the pandemic. “We’ve donated to non-profits and sponsor events like food pantries,” Underwood said.

“We support local hospitals and organizations that need us during these hard times.”

Kathy Underwood will be honored at the New England Women in Banking conference at the Wyndham Newport Hotel in Middletown, Rhode Island on Oct. 16. The event is presented by Banking New England.

Go to nebankwomen.com to information and to register.

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Issue Four | September 2020 | BANKING NEW ENGLAND 13

HONORING THE BEST A Recognition Of The Top Women In Banking

At Banking New England, we honor the growing impact that women are having on the banking industry. This special feature shines a light on the many trailblazers who are leading the way for others in this once maledominated area.

The women being honored were selected thanks to readers’ nominations. They let us know who makes significant contributions in the credit unions and community banks across New England.

Please read their stories on the following pages to see what they have accomplished both professionally and in civic and volunteer capacities to impact their institutions, industry and communities!

Visit bankingnewengland.com 14 BANKING NEW ENGLAND | Issue Four | September 2020

KATELIN CWIEKA

PAMELA FEINGOLD

AVP - Communications Manager Avidia Bank How did you get into this field?

What keeps you motivated to stay?

I came into banking from a digital marketing and web design agency. At the time, Avidia Bank was looking to undergo a digital transformation, so I was brought on board to help with those initiatives. I’m really proud of what we have accomplished and there’s so much more that lies ahead, which is why I’m excited to keep doing the work that I do.

What is the importance of mentoring and is this something that you focus on?

Mentoring is so important, especially for women. It keeps us focused on the goals ahead and open doors to new connections and opportunities. Mentorship goes beyond providing guidance, it also involves listening when things get tough and advocating for a person even in sometimes the subtlest of ways, all of which makes a dramatic difference.

What do you consider your greatest success?

While it’s difficult to pinpoint one moment because I often find that success is found in consistent moments of satisfaction, one of my biggest moments was getting on stage at the ABA Bank Marketing Conference in Nashville to speak.

Senior Vice President and Group Director of Community Development Lending Eastern Bank How did you get into this field?

What keeps you motivated to stay?

My career in community development lending began in 1992 when I [went] to a meeting with the late Kip Tiernan, founder of Rosie’s Place.

Kip was my inspiration for taking this social agenda to another level by using my professional skills and knowledge. I don’t think of this line of work as solely banking—it’s more of a mission. That’s what keeps me motivated—collaborating with others to provide safe, stable, and affordable homes.

What is your favorite book?

My favorite book is “The Middle Place” by Kelly Corrigan.

It’s about the author’s experience with balancing the responsibilities and pressures of being a parent and a caretaker of elder parents, while also having breast cancer. As a cancer survivor, her story resonated with my experience. I loved that she had a humorous outlook.

What do you consider your greatest success?

When I reflect on my career, I feel proud about having built a vibrant team of nearly a dozen deeply committed lenders. They’re not just lenders, but also community advocates.

Doing good takes great leadership.

Eastern Bank is proud to congratulate all of the New England Women in Banking honorees and our very own Pamela Feingold, Senior Vice President, Community Development Lending Group Director.

As a true pioneer in the banking industry, Pamela has spent almost 35 years developing lending solutions for safe and affordable homes. She has dedicated her career to creating stronger communities for us all.

Pamela, from all of us at Eastern Bank, thank you for inspiring us with your achievements every day.

Join us to make a difference at easternbank.com

Issue Four | September 2020 | BANKING NEW ENGLAND 15

MARIA HESKES-ALLARD

COURTNEY JINJIKA

Senior Vice President / Senior Lender Bay State Savings Bank

Senior Vice President/ Regional Retail Leader KeyBank

Have you had any great female mentors? What is the importance of mentoring and is this something that you focus on?

One of my biggest supporters and first mentor was one of my first managers. I was just a twenty something year old starting in my first real job and knew very little about banking. My boss could have treated me differently or dismissed me. He recognized my drive to learn, my willingness to work very hard, and my strong work ethic.

In the 10 years I spent reporting to him, I learned more than I could have ever imagined.

How did you get into banking, and what keeps you motivated to stay?

My brother encouraged me to go into banking as that was his career as well. Our focus at KeyBank is financial wellness and that mirrors what keeps me personally motivated. My strong desire to help others comes into focus daily in my professional life. KeyBank provides me resources to best support my community and ensure that each day we make an impact on a client that can change lives.

What is your favorite movie?

I have so many great memories of watching “Sound of Music� with my mother and my sister. It is such a happy and just makes me sing. We need more joy and song in our days.

What do you consider your greatest success?

Worcester has been going through a renaissance, including the immediate downtown real estate market, significant renovation projects, and construction of Polar Park. Bay State Savings Bank is excited to be located in the middle of this activity.

Have you had any great mentors along the way?

What is the importance of mentoring and is this something that you focus on?

Through my years in banking I have had many great formal and informal mentors. My greatest mentor is my father who encourages me, allows me to talk through things, and is a great sounding board. My most recent mentor, Brian Fishel, KeyBank chief human resources officer, encourages me to research, learn, and approach a question from multiple standpoints. Being a mentor is also very important to me. I consistently encourage KeyBank employees to utilize our internal program Keys2Mentor program where I serve as a mentor as well.

BAY STATE SAVINGS BANK

congratulates

MARIA HESKES-ALLARD

Senior Vice President - Senior Lender

Congratulations, Maria, and to all of the honorees recognized among this year's New England Women in Banking.

We are thankful for your leadership, vision, and positive community impact.

16 BANKING NEW ENGLAND | Issue Four | September 2020

WENDY E. KAGAN

TERESA KNOX

Executive Vice President, Director of Employee and Community Engagement BankNewport

Senior Vice President, Chief Operating Officer, American Eagle Financial Credit Union

How did you get into this field?

What keeps you motivated to stay?

I came into the banking profession through the human resources world. Now that I have been in banking for over 20 years I can say with confidence I consider myself a “banker.” I am motivated to stay in banking because I have continued to stretch the “status quo” … to continuously try new things, and reach new challenges.

What is your favorite book?

My favorite book is “Ahab’s Wife” written by Sena Jeter Naslund. It is an uplifting, beautifully written story of a woman’s spiritual journey, filled with humanity, wisdom, tragedy and triumph, all wrapped in our New England history.

What do you consider your greatest success?

Honestly, I consider my greatest success the credibility and reputation that I have built in the community. And at the core of my being I take pride in demonstrating authentic leadership with my teams and colleagues, through openness, trust, and reinforcement of their individual and collective value – and how together our commitment to the bank and its mission truly does impact our communities.

Highlights from the nomination for Teresa: As chief operating officer and highestranking woman at American Eagle Financial Credit Union, Teresa Knox led many initiatives that now define the credit union in 2020.

During her 17-year tenure at American Eagle, Teresa led the expansion of the credit union’s branch network to 18, having overseen 10 new office openings, including its first one in New Haven County. Today, American Eagle serves 155,000 members in Hartford, Middlesex, New Haven, Tolland counties in Connecticut and Hampden County in Massachusetts.

Teresa’s commitment to business excellence is also apparent in her myriad community endeavors. She is a board member of Credit Unions Building Financial Independence, a nonprofit foundation of the Credit Union League of Connecticut dedicated to building economic capacity, community impact and financial inclusion. Teresa participates in Financial Reality Fairs, a hands-on experience in which students, after identifying their career choice and starting salaries, are provided a budget sheet requiring them to live within their monthly salary. Teresa refers to this as a “labor of love” in providing real world advice and “adulting” to more than 34,000 Connecticut high school students, to date.

Congratulations!

We proudly congratulate

Patty Ostrout

Senior Vice President of Retail Banking and all of the New England Women in Banking.

We are very proud of Patty for her leadership and her commitment to our bank and our communities.

www.NorthBrookfieldSavingsBank.com

Issue Four | September 2020 | BANKING NEW ENGLAND 17

P

PATTY OSTROUT

Senior Vice President / Retail Banking North Brookfield Savings Bank How did you get into this field?

What keeps you motivated to stay?

I entered initially as a teller when I crossed paths with my high school acquaintance’s mother, [who] mentioned a position was available at Spencer Savings Bank … and that was the beginning of my 34-year journey in banking. The relationships I have built with those that I have helped, served, worked with, learned from, mentored, and cared for, [have kept me] motivated over my career.

Have you had any great female mentors? What is the importance of mentoring?

I have had many female mentors throughout my career. Donna Boulanger, the president and CEO of North Brookfield Savings Bank, … is a very strong businesswomen and leader. She has a wealth of knowledge and experience that she shares with her staff.

I am very focused on mentoring and find it essential to the success of any business or individual.

What do you consider your greatest success?

My family. As a mother of two sons and one daughter, a grandmother to five, and a dog mom to my Great Danes, I consider my greatest success my family.

JENNIFER PENSA

EVP, Director of Operations and Technology Chelsea Groton Bank How did you get into this field?

What keeps you motivated to stay?

I found my way to Banking through a role as the Executive Director of a Chamber of Commerce. In that role I worked closely with the leadership of the local community Bank and when I needed to work more than part time I joined their team and found a fantastic fit with my skill set. The past several months have been the most challenging of my career, but I think overcoming these challenges as a team has motivated me to work harder and smarter each day.

What do you consider your greatest success?

I am tough, I have high expectations and I push hard. I feel successful when my team has worked side by side, aligned to our bank strategy and we are having fun!

Honestly, my greatest professional success was having my team recognize me through the nomination of this award. That means more to me than anything else. At the end of the day, my role is to guide, mentor and provide resource for them so that we can meet our goals.

Jennifer Pensa

EVP, Director of Operations and Technology at Chelsea Groton

and all recipients of the 2020 New England Women in Banking Award!

860-448-4200 | chelseagroton.com Feel good about your bank 18 BANKING NEW ENGLAND | Issue Four | September 2020

JANET D. RAYMOND

MARIANNE STOWELL

Executive Vice President | Chief Lending Officer St. Mary’s Bank

First Vice President, Commercial Banking Relationship Manager Berkshire Bank

How did you get into this field?

What keeps you motivated to stay?

In the summer following my first year of college, in the mid 1970’s, I was working part-time. I wanted more hours so I stopped at a bank to see if I could fill up my time. Banking is dynamic and never boring or stagnant.

Highlights from the nomination for Marianne: Marianne Stowell is an extremely dedicated and hard-working banker. She has been in banking for her entire 30-year career. In addition to her role at Berkshire as a first vice president and commercial relationship manager she has always been involved with community, especially with economic development effort.

What is the importance of mentoring and is this something that you focus on?

Early in my career, I found myself choosing to be the mentor of young women in banking, although few were entering the male dominated industry in the 1980’s and I still find that to be the case today. We think we have come so far, however, there still are few women executives in commercial banking and banking / credit unions in general. Young women need to see someone like themselves succeed, allowing them to imagine their future as an executive.

In her role at Berkshire for the past seven years she has been involved with the Berkshire Bank Foundation in terms of identifying and maintaining levels of support in the local community. Also, she worked with internal partners and some not for profit clients to identify needs and try to work towards solutions to make banking services available to more people.

What do you consider your greatest success?

I like to thing my greatest success has been making women leading in banking look natural and influencing the careers of many accomplished women.

The current situation is a challenging one and Marianne rises to the challenge. She exceeds in credits analysis, commercial banking and she has a lot of common sense to understand the situation. The amount of times that she dedicates to review packages and providing solutions is amazing.

Marianne, a graduate of Westfield State University with a degree in Business/Finance, is always there to provide assistance.

Congratulations Jan Raymond

St. Mary’s Bank Chief Lending Officer

2020 New England Women in Banking Award Recipient Our warmest congratulations to Jan for this well-deserved honor.

1.888.786.2791 | www.stmarysbank.com

JanWomenBankingAd.indd 1

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CARMEN F. SYLVESTER

President and CEO Southern Mass Credit Union Highlights from Carmen Sylvester’s nomination: Carmen joined Southern Mass Credit Union as president and CEO in August 2017. Carmen quickly realized the credit union was a diamond in the rough in an area that had great growth potential. When she joined there was not a formal organizational chart and she knew the credit union would need a strong management team to take SMCU to the next level. Over several months, she hired a team of six knowledgeable, experienced banking professionals to lead in lending, accounting, human resources, marketing, operations, and information technology.

When Carmen joined the credit union, assets were $205 million, and the year ended with assets at $210 million and lending originations at $35 million. With the diversification of the loan portfolio in 2018, assets grew to $222 million and lending originations grew by 97% to $67 million. During 2018 and 2019, additional changes were implemented within product offerings, and operational efficiencies were realized through streamlining several processes. 2019 ended with $251 million in assets, and originations grew by 35% to $91 million. As of June 2020, assets were $281 million: a 37% growth in three years.

20 BANKING NEW ENGLAND | Issue Four | September 2020

AMY WALSH

Senior Vice President, Senior Relationship Manager Bank of America How did you get into this field?

What keeps you motivated to stay?

My first real job was as a management trainee in the consumer bank. I realized quickly that my passion is helping small business clients. It started with interest and motivation in hearing how and why folks started their businesses and evolved into helping owners and senior managers realize their financial goals and helping their employees.

Have you had any great female mentors? What is the importance of mentoring and is this something that you focus on?

The first and most important role model was my mother. She raised three girls as a single mom (while working at a bank!). Qualities that I look for are: someone who is trustworthy, with some kind of expertise, significant experience and lots of patience! I also agree to mentor when asked.

What is your favorite book? Why? Eckhart Tolle’s “A New Earth” I read it ten years ago and I am reading it again. It takes forever to get through a chapter. Each time I pick it up I gain new perspective and understanding. It is an amazing, transformational book!

AILEEN ZEC

Senior Vice President & Chief Operating Officer North Easton Savings Bank How did you get into this field?

What keeps you motivated to stay?

I started my career auditing banks and was hired part-time by a client to manage their accounting department. This arrangement afforded me the luxury of having time to spend with my young children and advance my career at the same time. The best part is that I love what I do. I take a lot of pride in and derive a great amount of satisfaction from the work that we do.

Have you had any great female mentors? What is the importance of mentoring and is this something you focus on?

I can think of two: an accounting professor I had at Simmons College and my boss at the audit firm. They showed me it was possible to be compassionate, professional, and perform with high standards.

Mentoring is a huge part of my responsibility here at the bank. Fostering a relationship of mutual respect, teaching by example, encouraging people to be creative and go out of their comfort zone, offering my advice are all things I strive to be good at every day.

SEE THE WINNERS COMPLETE PROFILES CLICK HERE

They Have More To Share About Their Great Careers!

OC TOBE R IS WOME N ’S SMALL BUSINESS MONTH WE SALUTE ALL WOM EN - OWN ED S MALL B USI N ESS ES

C A M B R I D G E S AV I N G S B A N K ’ S FINANCIAL EDUCATION PROGRAM 2020 OVE R ALL BAN K WI N N E R

Issue Four | September 2020 | BANKING NEW ENGLAND 21

ON THE MOVE

TRY TO KEEP UP

LOCAL PROFESSIONALS MAKING THEIR MARK IN NEW ENGLAND BANKING Berkshire Announces Executive Leadership Transition

Berkshire Hills Bancorp, Inc., the parent company of Berkshire Bank, announced that Richard M. Marotta stepped down from his position as president and CEO of the company Sean A. Gray and CEO of the bank, as well as from his role as a director to pursue new opportunities.

The bank’s leadership succession planning process concluded with the board choosing Sean A. Gray, current senior executive vice president of the company and president and chief operating officer of the bank, to serve as acting president and CEO for the company. The board will initiate a CEO search process to consider candidates inside and outside of Berkshire, and Gray will be a candidate in that search process.

According to the Worcester Business Journal, https://www. wbjournal.com/article/berkshire-hills-president-and-ceo-stepsdown Marotta is the second CEO to suddenly step down from the bank since 2018. His predecessor, Michael Daly, abruptly resigned as president and CEO in November 2018, with little explanation for the departure. Daly received $7.5 million as a severance package.

As CEO, in addition to the implementation of the Bank’s Be FIRST values, Marotta led the launch of Reevx Labs, the bank’s initiative for investment in local communities to help individuals and small businesses access banking services and capital.

Under Marotta’s tenure, the bank expanded its outreach to diverse communities, achieved greater diversity in its executive/ senior management ranks, and has been recognized as a leader among its peers in environmental, social & corporate governance rankings.

Naylor Hired As VP To Oversee New Valley Branch

Malissa Naylor

New Valley Bank & Trust, the first new bank in Massachusetts in the past decade, opened its expanded downtown Springfield branch. Malissa Naylor has joined the bank as vice president, relationship manager to oversee the new office and to continue the bank’s business development efforts.

22 BANKING NEW ENGLAND | Issue Four | September 2020

“Malissa is an experienced banker who brings a high level of community involvement to our team,” said Jeff Sullivan, New Valley’s president. “Malissa is eager to solve problems for customers; she leverages her 15 years of experience in banking to creatively bring answers to the table.”

Naylor will be working with the bank’s commercial banking team to advise and implement cash management solutions to its customers. New Valley’s online banking platform combines many customer-friendly features such as single sign-on for all cash management, remote deposit, wire and ACH functions, an online dashboard to view and transfer from outside financial institutions as well as between New Valley accounts, and full mobile banking functionality.

Naylor is a graduate of Westfield State University and holds a Bachelor of Science degree in business administration. She is a board member of Home City Housing, Inc., an affordable housing development company, and is also involved in numerous community organizations in a volunteer capacity.

Montgomery-Rice To Serve As Chair Of Maine Bankers

At the 127th annual meeting of the Maine Bankers Association - held virtually this year - the member banks elected Robert S. Montgomery-Rice, president & CEO of Bangor Savings Bank, to head the association as chair Robert Montgomery- beginning July 1. Also elected as association vice chair was Curtis C. Rice Simard, president & CEO of Bar Harbor Bank & Trust.

Montgomery-Rice served as vice chair of the Maine Bankers Association this past year and has been a member of the executive committee since 2016. He also serves as a trustee of the Maine Financial Institutions Insurance Trusts. He joined Bangor Savings Bank in 2004 as the director of human resources. He was the chief operations officer before being named President & CEO in 2015.

Simard joined Bar Harbor Bank & Trust in 2013 and has worked in the banking industry for 28 years. He was originally elected to the executive committee in 2014 and served a threeyear term. He was reelected to the executive committee in 2019.

Tony McKim, president & CEO, First National Bank will continue to serve as the immediate past chair. In addition to the leadership, others elected to the executive committee include

“Rosemary is eager to build upon the past successes of the bank and lead the company into its next chapter.”

–Dr. Dewey J. Tiberii Glenn L. Hutchinson, president & CEO, Bath Savings Institution; Stephen deCastro, president & CEO, Gorham Savings Bank; Jeanne Hulit, president & CEO, Maine Community Bank; and Timothy J. Thompson, president & CEO, Franklin Savings Bank.

Murphy To Succeed Forte As Head Of Massachusetts Bankers

The Massachusetts Bankers Association board of directors announced that Kathleen M. Murphy will become the next president and CEO of the Massachusetts Bankers Association.

She will succeed Daniel Forte who has Kathleen M. Murphy led the association as president and CEO since 1997, having joined in 1985.

Murphy joins the bankers’ group after 20 years as president and CEO of the Maryland Bankers Association and leading the Maryland banking industry, comprised of community, regional and nationwide banks at a time of significant economic, legislative, regulatory, technological and demographic change.

Prior to the Maryland Bankers Association, Murphy served at the American Bankers Association, Washington, D.C. as director of the Community Bankers Council, representing this constituency group before federal policy makers, regulators, media, community groups and other external partners. She currently serves on the ABA Foundation board of directors, the Independent Community Bankers of America Large Community Bank Council, the Maryland Coalition for Financial Literacy’s executive committee, and is former Chair of ABA’s State Bankers Association Alliance.

Patriot Bank Names New President & CEO

Patriot National Bancorp, Inc. the parent company of Patriot Bank, N.A. announced that Robert G. Russell, Jr. has been named president and CEO of both the bank and its parent company, Patriot.

Russell joins Patriot from Millington Robert G. Russell, Jr. Bank of Morris and Somerset counties of New Jersey, where he served as executive vice president and chief operating officer. Russell has more than 30 years of community banking experience. Previously, he served as president and CEO of NJM Bank, and before that, as its chief financial and investment officer. Russell has led both institutions to achieve significant growth and increases in profitability.

Michael Carrazza, chairman of Patriot said, “Robert Russell has a strong community banking track record that overlaps with the leadership Patriot needs to continue its growth and unlock the intrinsic value of Patriot’s banking franchise. His skillset and the community banking experience he brings will allow us

to continue building our franchise and enhance the banking services and experiences for our clients.”

In June Patriot reported that the institution’s total assets, as of the first quarter 2020, increased 2% to $999.6 million, its net loan portfolio increased to $808 million, deposits grew a strong 4.4 percent, or $33.7 million, to $803.2 million, and net interest income was up 1.9%.

Picard Named President & CEO Of Savers Bank

Savers Bank announced that its board of directors has named Rosemary Picard as the company’s next CEO and president. Picard succeeds past CEO and President Joe Coderre who retired after 35 years with the company.

Picard was the bank’s chief operating Rosemary Picard officer and chief financial officer since 2014. Prior to joining Savers Bank, she served as CFO and treasurer for Dean Bank. Picard’s 20 years of banking experience which includes Beneficial Finance & Mortgage and State Street Bank & Trust. She is a certified public accountant and worked as a senior accountant for Piccerelli, Gilstein, & Co LLP located in Providence.

“Rosemary is eager to build upon the past successes of the bank and lead the company into its next chapter. Her forwardthinking ideas to improve the bank efficiencies along with providing leading bank customer financial solutions will insure that Savers Bank is among the top leading community banks in Central Massachusetts.” said Dr. Dewey J. Tiberii, board chairman.

Picard graduated with honors from University of Massachusetts Dartmouth with a Bachelor of Science degree in Accounting.

Franklin Savings Bank Hires Commercial Credit Risk Officer

Franklin Savings Bank announced the appointment of Amy Hebert to the role of commercial credit risk officer. Throughout her career, Hebert has gained an extensive amount of exposure in virtually all aspects of the commercial banking world, including Amy Hebert compliance, lending and credit analysis.

“The combination of Amy’s varied experience and thoughtful, professional approach align well with the culture at Franklin Savings Bank, and we believe she’ll be a strong addition to our team and play an important role in our future growth,” said Derek Hayes, senior vice president, director of commercial lending.

Hebert earned a master’s degree in business ethics and compliance from New England College of Business as well as a Bachelor of Science in Business Administration and Management from the University of Southern Maine. She spent that last 17 years working for another Maine-based financial institution.

Hebert lives in Southern Maine with her three children.

Issue Four | September 2020 | BANKING NEW ENGLAND 23

Needham Bank in Boston, MA