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MONSON — The celebratory planning for Monson Savings Bank’s 150th anniversary continues, with the bank pledging to show extra support to nonprofits and have an extra level of community participation throughout the year. A large and very fun part of that support comes in the form of the Monson Savings Bank 150 Build-a-Bike Campaign. 

 

For this campaign, MSB will be purchasing more than $20,000 worth of children’s bicycles and helmets from the Family Bicycle Shop in East Longmeadow, with guidance from the shop’s owner Ray Plouffe.  

 

To gear up for the campaign, Monson Savings Bank has also teamed up with five local non-profits to identify children who are in need of a bicycle: the YMCA of Greater Springfield; the YWCA of Western Massachusetts; I Found Light Against All Odds; Educare Springfield; and the South End Community Center. 

 

Beginning this spring, MSB will be planning events hosted with each nonprofit. The bank’s team members will assemble the bikes, when possible alongside the very children who will be receiving them. Nonprofit employees will be welcomed to join the activity, and representatives from the Family Bicycle Shop will be on site to assist and ensure children are properly fitted with helmets and training wheels. Monson Savings Bank will provide and share a meal for attendees. 

 

“When exploring the various ways we could celebrate Monson Savings Bank’s 150th Anniversary, there were so many ideas,” said Dan Moriarty, president and CEO of Monson Savings Bank. “We wanted to be sure to do something that would make a difference on many fronts and spread some joy.  

 

“With the 150 Build-a-Bike campaign, we are able to connect with the vital community nonprofits and their leaders,” he went on. “Our team gets to work together on hands-on projects to further foster our culture of teamwork and community support. Plus, we are able to provide the children with the experience of building and riding a bike, a joy-filled activity, and something they otherwise might not have had the opportunity to experience. I could not think of a better way to commemorate our 150th Anniversary.” 

 

To see a full schedule of events for MSB’s 150th anniversary,  www.monsonsavings.bank/anniversary.  

Banking and Financial Services Special Coverage

They’re Still Goal-oriented

Dan Moriarty, left, and Mike Rouette.

Dan Moriarty, left, and Mike Rouette.

Michael Rouette says he keeps a copy of the 36-year-old news story in his office. He’ll take it out and read it on occasion, and will proudly show it others, usually without much prompting.

“Moriarty-Rouette Team Buys Ticket to Finals” is the headline over that item in the Palmer Journal Register from November 1984, which goes on to note how goals by Rouette, then a junior, and Dan Moriarty, a freshman, along with a “tenacious defense,” propelled the Monson High School soccer team to a 2-1 win over Monument Mountain, giving the Mustangs, as that headline noted, a ticket to the regional finals in Chicopee a few days later.

Today, the Moriarty-Rouette team is still focused on goals, but now as president and executive vice president and chief operating officer (a new position), respectively, at Monson Savings Bank. They are the leaders writing the next chapter in the bank’s history after the retirement of long-term president Steve Lowell.

As the two talked with BusinessWest earlier this month, just weeks before Moriarty was to add the title CEO to his business card (Lowell is still acting in that capacity until mid-February), they talked often about their time on various fields together — they were both three-sport stars — and made frequent use of sports terms and phrases.

Indeed, when talking about the transition in leadership at the top and work to make it seamless, Moriarty said he will try to act as a good referee would — “you don’t know he’s on the field during the game.” And the two of them made early and very frequent references to the importance of teamwork at this (and any) institution.

Meanwhile, when it comes to the pandemic and this transition in leadership, both said there is no playbook for a such a challenging passing of the baton, so they will essentially write their own.

“We’re driven, we’re motivated, but we’re humble enough to know that teamwork gets you further than individual performance.”

“As far as meeting with customers and being out in the community more, Mike and I haven’t had the opportunity to really do that, for safety reasons,” Moriarty said. “And that makes things more difficult, but we’re adjusting and preparing for that day when this is over.”

As for that article, both men say it conveys more than coincidence that two high-school soccer teammates, now in their 50s, are leading the bank headquartered in the town where they grew up. Much more. They say it conveys other ‘C’ words, including commitment to the community and continuity.

“That article reminds me of who we are and where we’re from, and not to ever forget that,” Rouette said. “But it also speaks to how we’ve grown as individuals, as friends, as co-workers, as partners, and as leaders. That article symbolizes how our lives have changed but really haven’t changed, and how success can be built on people who have the same vision, the same mindset, and the same family values.”

Moriarty concurred. “We’ve known each other for so long, but the values are the same, even though we’re a long way from the soccer field. “We’re driven, we’re motivated, but we’re humble enough to know that teamwork gets you further than individual performance; we try to bring that culture to the bank and to our employees, and we try to lead by example. But we also understand that each individual in the bank is a contributor, and we want them to be part of the team and the success of the bank. We did that before we became leaders of the bank, and we’re just going to continue that and build on that culture of teamwork.”

The two take on their new roles at an intriguing time for the bank — and all banks. The pandemic has created both challenges and opportunities — certainly more of the former than the latter, and made some aspects of being a bank leader more difficult. Meanwhile, there is immense competition in a region described by most in the industry as ‘overbanked.’

Monson Savings’ newest branch, on North Main Street in East Longmeadow

Monson Savings’ newest branch, on North Main Street in East Longmeadow, was opened at the height of the pandemic last year, but it is nonetheless off to a solid start.

Both Moriarity and Rouette said that Monson Savings, now with more than $508 million in assets, has been on a steady growth trajectory and they are committed to moving the bank toward further expansion, geographically and otherwise.

 

They’re on the Ball

As noted earlier, Moriarty and Rouette were both three-sport athletes. While most noted for their exploits on their soccer field — both would go to play in college; Moriarty at Providence College and Rouette at Old Dominion — they were also teammates in baseball and basketball.

And as they recalled those days, they often leaned on some self-deprecating humor to make their points.

Indeed, when discussing their time as starting guards (and captains) on the hardwood, they made it clear they were not exactly go-to options when the Mustangs were looking for points.

“I was the point guard, and I couldn’t shoot,” said Moriarty, as he looked at Rouette, who nodded energetically, but said his front-court mate was ultimately the better alternative.

“I was pretty fast … I could steal the ball, but I could only dribble left-handed,” Rouette recalled. “I would have a breakaway, and our coach, Bill Devine, would essentially tell me to stop, hand the ball to Moriarty, and let him shoot it, because it would be like throwing a brick against the backboard when I let it go. I couldn’t put the ball in the ocean.”

Despite those references, the two were much-heralded for their exploits on various fields, and for their work together, even if it was only for two years.

Indeed, while Moriarty continued to make headlines at Monson High in the mid-’80s, Rouette was playing soccer at Old Dominion, majoring in Economics, and, when home from school in the summer and winter, working as a teller at Monson Savings Bank. During those short stints, he impressed those at the bank enough to get a job offer of sorts — specifically an invitation to become part of the lending team when he graduated.

“When I was a junior at Old Dominion, I already knew where I was heading,” he said, adding that he did join the bank and has been there ever since.

Moriarty, who would take a far more circuitous route to his hometown bank, has memories of seeing Rouette heading for a work in a suit while he was toiling for the town’s Highway Department while he was home from college for the summer. “It’s 95 degrees out, Michael’s going to work in a tie, and I’m thinking, ‘I want to work in air conditioning.’”

He would, first at Coopers & Lybrand in Hartford, and later at Aetna, HealthSouth, and then Unicare.

“But the attraction to Monson Savings was always in the back of my mind,” he recalled, adding that, during some conversations with Rouette, he brought up the possibility of joining the bank, and eventually did so in 1998 as an accounting manager.

The two have risen in the ranks over the years, with Rouette rising to senior vice president and chief lending officer, and Moriarty eventually climbing to senior vice president and chief financial officer in 2011.

When Lowell announced his intentions to retire not quite a year ago, both men sought to succeed him as president and CEO. Those titles would eventually go to Moriarty, but the two essentially form a new leadership team, one that brings complementary strengths and shared values.

Moriarty noted that, through his career at the bank, he’s been focused on the finance side of the equation, while Rouette has concentrated on lending and customer relationships, and, in his new role, will add retail to his list of responsibilities.

“Mike is very customer-focused, while I have somewhat different responsibilities — strategy, human resources, finance, marketing, compliance, and technology,” said Moriarty. “I think the bank is positioned to use our strengths in a proper way.”

 

Net Results

All this prompts more flashbacks, and the inevitable analogies, to 1984 and that soccer semifinal against Monument Mountain, where Moriarty notched the first goal of the game, and Rouette, then the all-time scoring leader for the Mustangs, recorded the game clincher.

As for the finals game … that did not go as well — a loss to an undefeated Wahconah team that still stings three and half decades later. (Moriarty wasn’t able to play in that contest due to a broken ankle he suffered in the semifinal.)

But while they do like to look back, Moriarty and Rouette are obviously far more focused on the present and the future.

As for the former, that means everything from coping with the many aspects of COVID-19 to growing the bank’s latest branch, on North Main Street in East Longmeadow, which opened last summer, in the middle of the pandemic.

That timing wasn’t perfect — many branch lobbies were still closed — but the new facility is off to a solid start.

“We had a good core group of customers in Longmeadow and East Longmeadow,” Moriarty said. “We transitioned them internally to the East Longmeadow branch, so we had a good start, and we’re looking to have that branch in a good position in a shorter period than you normally would in a new market.”

As for the pandemic itself, it’s been a time for the bank to play to its strengths — yes, that’s still another sports phrase — and use its focus on customer service to not only take care of (and retain) existing customers, but also gain some new ones. This has been the case on all fronts, but especially with the commercial lending portfolio and the bank’s strong track record handling applications for Paycheck Protection Plan (PPP) loans.

“We basically got out in front of it,” said Rouette as he explained the bank’s basic strategy with the PPP program and its commercial customers in general. “We knew that that they [customers] couldn’t be chasing us. We had a great team effort to reach out to all our business customers; we said, ‘we know there’s an issue, we know PPP is coming down the road, and when the spigot opens, we’ll be there for you.’ And we did it.

“People needed to hear your voice,” he went on, adding that every commercial customer was called in an effort to gauge their needs and concerns and update them on the status of their application. “And that calmed people, that they weren’t on voice mail or weren’t able to get through.”

This high level of customer service enabled the bank to handle PPP loans for non-customers, gains that both Moriarty and Rouette chalked up to word-of-mouth referrals that should have some long-term benefits for the institution as a new round of the program begins later this month.

Dan Moriarty, left, and Mike Rouette both found a common denominator

Dan Moriarty, left, and Mike Rouette both found a common denominator between their soccer squad from the ‘80s and the staff at Monson Savings — the importance of solid teamwork.

Looking back, and ahead, Moriarty said he was mentored by his two immediate predecessors, Lowell and Roland Desrochers, and he understands what has made the bank successful — especially its employees and community-bank look, feel, and operating values — and has no intention of altering the game plan.

“The vision for the bank is to continue to be the community bank that these communities need,” he told BusinessWest. “From a business side, commercial customers as well as retail customers, we want to stay competitive in our delivery systems — digital, mobile … we can have people bank with us from Monson to the Cape and into Connecticut. We want to be relevant in the communities we serve for not just today, but for years to come.

“The culture will remain the same,” he went on. “And we’re just going to leverage the talent we have inside the bank.”

Meanwhile, both men intend to continue their active involvement in the community, which mirrors the work of Lowell, Desrochers, and others that came before them. This work comes in many forms, with Moriarty devoting time and energy to several groups, including the East of the River Chamber of Commerce (he’s a board member), the Baystate Health Community Benefits Advisory Council, the Community Foundation of Western Massachusetts, the Brightside Golf Classic, and Monson High School, where he’s the assistant varsity soccer coach.

As for Rouette, he is similarly involved, but focuses most of his time on the YMCA of Greater Springfield, with which the bank has long enjoyed close ties. “Everyone has a passion, and that’s mine,” he said, adding that he’s been a long-time board member and supporter on many levels.

 

Bottom Line

Summoning still another sports analogy of sorts, Moriarty said it is customary, at least with good teams, to look ahead, not back, when a season ends.

“Because it’s January, we say, ‘last season’s over … we finished December, we did well, but now it’s 0-0, and we’ve got a new season ahead of us,’” he noted, adding that, given the many variables confronting banks — and all businesses, for that matter — it’s impossible to know how this new season will go.

What these two do know is that Monson Savings Bank will, as noted, continue to play to its strengths, honed over many years and under leaders that these two have learned from.

In short, there’s a winning formula at the bank, and their only real plans for the future are to continue using it.

 

George O’Brien can be reached at [email protected]

 

Banking and Financial Services Sections

Happy Returns

Since taking over as president of Monson Savings Bank seven years ago, Steven Lowell has overseen an impressive growth pattern, including striking success in commercial lending and ever-rising assets. He credits that success to a number of factors, from a willingness to embrace technology to a customer-focused culture to an emphasis on financial literacy aimed at making sure the customers of tomorrow are well-positioned to share in the bank’s success.

Five years ago, Monson Savings Bank opened its fourth branch in Ware, to go along with offices in Monson, Wilbraham, and Hampden.

And that’s where the branch total stands today: Four. Which would be a meager haul in one of the big-bank acquisitions that have become so commonplace.

So why is MSB growing at such a healthy rate? President Steven Lowell has a few ideas.

“A lot of people are saying that small banks can’t survive, that they need to be bigger, they need to merge. And we’ve seen some of that. But Monson Savings Bank isn’t just surviving; it’s thriving,” Lowell said, noting that the institution has grown by 7% to 8% every year since he took the reins seven years ago.

“That’s a strong number,” he added, noting that the bank’s assets have risen from $230 million seven years ago to $365 million today.

“People think a bank needs a certain asset size to afford the expenses that every bank has at this point in time,” Lowell said, specifically citing increased regulatory and compliance demands in an industry that’s increasingly heavily regulated. “But we haven’t merged with anyone or had anyone merge into us; we’ve been successful in attracting new customers and developing new relationships.”

We’re performing better than many billion-dollar banks are. We’re living proof that small banks can do it, and do it well.”

He noted that MSB’s return on assets, or ROA — which measures a bank’s profits in relation to its overall resources — was 0.6 last year, while Massachusetts-based banks in MSB’s asset class — $250 million to $500 million — recorded an average ROA of 0.27. Meanwhile, banks in the $500 to $1 billion range averaged an ROA of 0.53 last year, and banks with more than $1 billion in assets averaged 0.72.

“We’re performing better than many billion-dollar banks are,” at least by the ROA metric, Lowell noted. “We’re living proof that small banks can do it, and do it well.”

A few different factors account for that success, he told BusinessWest. First was the determination made several years ago that the strongest market for the bank is commercial lending, and since then, commercial loans have risen from 40% of the total portfolio to around 65%.

“That’s been a significant driver for us,” he said. “We focus on what we do well; we don’t try to be everything for everyone. At our size, we can’t do that. But we know we’re good at commercial lending — and residential lending — and good at providing high-touch customer service. Everything we do goes back to, ‘is this good for the customer?’ We want to make sure we don’t lose that closeness with the customer.”

With all the mergers that have taken place in recent years, he suggested, business owners are looking for a banking partner they know is going to be around, and don’t like it when their loan officer keeps switching.

“We’ve been the beneficiary of a lot of these mergers,” he went on. “And we’ve developed a reputation as a bank that’s easy to do business with. We’re up front with customers and try to be as fast and efficient as we can, and that reputation starts to get around. Now we’re getting phone calls: ‘I was talking to so-and-so, and he raved about you guys, that you’re easy to do business with.’ That reputation is very important to us and has helped us spread our reach much farther.”

He also praised his team, which hasn’t necessarily grown larger — technology has created efficiencies for all banks, and, as noted earlier, MSB’s branch count is only four — but the team is peppered with long-timers who understand the customer-focused culture, a culture Lowell expects to continue to build more organic growth.

Early Adopters

Speaking of technology, MSB has consistently been an early adopter of innovations that make customers’ lives easier, from mobile banking to remote check capture. “We’re not large enough to be an innovator — we can’t be creating new software — but we’ve been right there, so as soon as a product is proven, we’ve adopted it successfully,” Lowell explained.

Some recent products speak to that success. Mobile check deposit allows far-flung cutomers to make deposits from home or anywhere else, on weekdays or weekends.

“Not only our retail customers, but our commercial customers are very comfortable not having a branch within five miles,” he noted, adding that these capabilities have allowed customers — such as a landscaping company on Cape Cod — to access services without needing a physical branch.

“We’re not marketing ourselves on Cape Cod or in the Boston area,” he noted, “but if someone has ties to Western Mass. and wants to do business in one of these areas, we can accommodate them, and they love that.”

Steve Lowell, Monson Savings

Steve Lowell says customers appreciate MSB’s stability at a time when many other small banks have merged or been acquired.

Another recent product, the CardValet mobile app, gives users complete control of their debit card, so they can essentially shut it off between uses, or if it goes missing. “There’s so much fraud in the world, and cybersecurity is a big concern,” Lowell said. “This is a great product, and we don’t charge for it; I think it’s going to be big.”

A new loan product marries the bank’s well-known financial-responsibility messaging by marrying a deposit account and a secured loan, the latter of which is deposited into an account accessible only when the loan is paid off. “From the bank’s standpoint, there’s no credit risk, and the customer is building credit, whether it’s for a down payment on a car or a first month’s security deposit. It’s a good product for people who are just starting out or running into issues trying to re-establish good credit.”

It slots well into MSB’s continued focus on financial literacy, which ranges from its Dollars & Sense program in elementary schools to workshops for college students and community members. A survey conducted by the National Foundation for Credit Counseling shows that 40% of the public would grade themselves a C or worse when it comes to their financial literacy, and that lack of knowledge can lead to poor financial planning and hurdles when it comes time to seek a loan.

“Financial literacy is really important to us,” Lowell said. “Day in and day out, our staff see people they have to turn down for mortgage loans, and they don’t like doing that; it’s not a fun part of the job.”

With that in mind, he went on “we’ve come up with ways to talk to people and help them improve their financial lives, whether it’s how important it is to build credit or how not to get in trouble with credit-card debt, or the importance of saving for retirement and contributing the most you possibly can to your 401(k), and paying yourself before paying others.”

Lowell feels like today’s parents, for whatever reason, don’t like talking about these matters with their kids, and when the kids grow up, they haven’t developed a comfort level, and may be at the mercy of predatory credit companies that aren’t looking out for their best interest. “It’s important for us to be talking about that so they know how to manage money and get into a good place.”

That Monson Savings Bank puts resources into these educational programs says a lot about its desire to be a complete community resource in the towns it serves, and to continue adding products and services that customers want.

“I believe one of our strengths, because of our size, is that we can be really nimble,” he said. “We’re able to come up with new initiatives and new products a lot quicker than some of the bigger banks. We don’t have quite the amount of red tape most banks have to deal with.”

One example, he noted, is MSB’s newest initiative, a foray into municipal banking. Since appointing an officer to lead that effort six months ago, the bank has posted $10 million in municipal deposits. “That decision was made because somebody very good became available, and we saw it as a growth opportunity that presented itself, and we didn’t want to lose that opportunity.”

Giving Back

Monson Savings Bank has invested in the community in other ways as well, most notably through annual donations to various nonprofits, which totaled more than $130,000 last year.

The year Lowell arrived, MSB launched an initiative to ask the public for help in selecting some of the nonprofits that would receive funding. The bank solicits nominations on Facebook and through other outlets, and the top 10 vote getters receive donations. More than 300 organizations received votes last year, and the top 10 were given grants between $750 and $2,000.

“People get really excited about it,” he said. “And I think community philanthropy is really good for business, and that has helped us be successful. We sponsor sports teams, we’re involved in most of the school systems, giving them money for various programs, we give some scholarships … people appreciate that.”

They also appreciate efforts by bank leadership to be accessible, he went on.

“We send a newsletter to all our customers, and my e-mail is on that newsletter. I give out my direct phone number to customers all the time. I’ve even given out my mobile number on the weekend. I think the accessible reputation of the bank is very important to our commercial customers in particular.”

Lowell said an emphasis on accessibility extends to the employees as well.

“Sometimes the people with the best ideas are the people on the front lines, so I’m talking to them, but I’m also asking what the customers are saying,” he told BusinessWest. “When a customer takes the time to send me an e-mail or give me a call because he’s not happy with us, that’s important for me to hear. Some of the best ideas come from a customer saying, ‘you guys did this, and I didn’t like it,’ and we’ve ended up changing it.

“I’ve had really good input from customers who were unhappy or felt we fell a little short,” he went on. “I’m convinced that’s how you get better. We’re in a competitive environment, so if you’re not getting better all the time, you’re losing ground — and we can’t afford to lose ground.”

Joseph Bednar can be reached at [email protected]

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