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Mary McGovern, incoming president of Country Bank.

Mary McGovern, incoming president of Country Bank.

 

When asked why Country Bank supports local nonprofits, incoming President Mary McGovern gave a simple answer. “It’s a way for us to make a difference in our community.”

Then she elaborated.

“We have a tagline we adopted two years ago, ‘made to make a difference.’ We feel that encapsulates what Country Bank is all about, trying to make a difference in our community. It’s something we’ve done over the history of Country Bank, and we continue to make a positive impact by supporting local nonprofits, specifically the kind that rely on donations from their local businesses to help support them.”

Those efforts have focused in recent years on a number of priorities, she added, including food insecurity, health, education, and financial literacy, as well as homeless shelters, senior-serving programs, youth organizations, and more.

To that end, Country reported more than $1.2 million in donations in 2023, with 463 organizations receiving grants. One highlight last year was a partnership with (and $30,000 donation to) the Wonderfund, which aims to improve the lives of individuals in the Department of Children and Families system.

That large number of supported nonprofits resonates with Matt Bannister, senior vice president of Marketing and Corporate Responsibility at PeoplesBank, who was named a 2024 Difference Maker by BusinessWest last month for his extensive role in the bank’s community-support efforts. PeoplesBank recorded $1.6 million in donations last year to more than 550 area nonprofits, making the average grant just under $3,000.

“We continue to make a positive impact by supporting local nonprofits, specifically the kind that rely on donations from their local businesses to help support them.”

“We give a little to a lot of groups. We don’t tend to do large capital campaigns,” he said. “One big ‘yes’ often means a lot of little ‘no’s.’ So many nonprofits out there are doing good work, so it feels wrong to say ‘no’ to people.”

So, outside of a few big splashes — like a major donation to help the Food Bank of Western Massachusetts build its new headquarters — spreading the wealth around is a guideline the bank tends to stick with.

“The overall philosophy for our funding is we want to level the playing field — give opportunities to those who are disadvantaged and need more help,” Bannister added. “We have funding areas — food insecurity, housing, economic development, etc. — and the overarching principle of all these funding areas is to level the playing field.”

Many area institutions share their donation figures each year; Pittsfield Cooperative Bank donates nearly $200,000 — a striking number, considering it boasts around $385 million in total assets — through its charitable contributions to regional scholarships, youth mentorship programs, and nonprofit, economic-development, and health and human-service organizations.

Meanwhile, the Liberty Bank Foundation granted $1,453,742 to local nonprofits in 2023, including $10,000 as an annual ‘holiday gift’ from the bank, with the recipient chosen by bank customers. And Greenfield Savings Bank (GSB) gave more than $1 million in 2023 to more than 300 organizations.

Peter Albero, GSB’s chief financial officer and treasurer, noted that, while profits have been challenged over the past couple years by rising interest rates, the bank has not cut back on its financial support in the community, or its level of employee volunteerism.

Freedom Credit Union President Glenn Welch (right) presents a check to John Beaulieu

Freedom Credit Union President Glenn Welch (right) presents a check to John Beaulieu, president of the Westover Galaxy Community Council, one of the recipients of Freedom’s Month of Giving campaign.

“Profitability may be reduced, but we have not reduced our commitment to our communities. I think we are a pillar of Greenfield and the broader community,” Albero said. “So we continue to reinvest in the community, and everyone benefits from that.”

A.J. Bresciano, first vice president and commercial loan officer at GSB, agreed.

“Even in a higher-interest-rate environment, we’re taking measures to ensure our impact in the community is not being impacted and not deteriorating. So many local organizations throughout the Pioneer Valley rely on contributions of time, talent, and treasure. We make supporting those organizations a priority at Greenfield Savings Bank, and we want our team members to invest going forward.”

 

Philanthropic Priorities

Bannister made it clear that banks are required, to some degree, to be involved in their communities in a charitable way, noting that bank examiners make sure a bank’s locations and loan activities are representative of where it does business — meaning not just serving and lending to those with high incomes or profits — and they also ask how the institution gives back to the community.

“The challenge with that is there’s no right answer. We just have to go to the examiners each year and say, ‘here’s what we did.’ And when we give, we make sure a substantial amount that we give away benefits LMI — lower- to middle-income communities.”

Area banks and credit unions have increasingly inspired employees and customers to involved in giving efforts as well. In 2023, Freedom Credit Union contributed $181,898 to more than 70 charitable organizations throughout the four counties of Western Mass.

Of that, corporate charitable giving accounted for $130,432, but throughout the year, Freedom also conducts Month of Giving campaigns, in which customers can support a specific organization each month; those programs raised $17,316 in 2023. And local branch and department giving contributed an additional $34,150 to local charities.

“Our members and staff are passionate about supporting the community where we live, work, and serve,” Freedom Credit Union President Glenn Welch said. “In 2023, we were proud to donate funds for a wide variety of deserving institutions.”

“We give a little to a lot of groups. We don’t tend to do large capital campaigns. One big ‘yes’ often means a lot of little ‘no’s.’ So many nonprofits out there are doing good work, so it feels wrong to say ‘no’ to people.”

Other institutions take customer involvement to the polls. Both Florence Bank and Monson Savings Bank boast popular programs — called the Customers’ Choice Community Grants Program and the Community Giving Initiative, respectively — that complement other bank philanthropy by letting customers vote for nonprofits to support.

Through that initiative, Florence Bank awarded $150,000 to 46 area nonprofits in 2023, the 21st year of the program; the higher-than-usual total commemorated the bank’s 150 years in business.

“It’s amazing to see so many community organizations being recognized, and the fact that the recognition comes from Florence Bank customers in the form of votes is really special,” President and CEO Matt Garrity said.

Meanwhile, in the 14th year of its community-giving program, Monson Savings Bank awarded a total of $15,000 to the 10 top vote-getting nonprofits.

PeoplesBank employees volunteers

A team of PeoplesBank employees volunteers at Kent Memorial Library in Kent, Conn.

“Everyone’s passion for our annual Community Giving Initiative is always so exciting,” said Michael Rouette, the bank’s executive vice president and chief operating officer. “As a locally operated bank, Monson Savings has a great desire to support the residents, businesses, and nonprofits of the communities that we work in and live in.”

President and CEO Dan Moriarty added that “these organizations are worthy nonprofits that supply important resources to our communities. It is clear why they were chosen by our community members to receive support from Monson Savings.”

 

More Than Money

But community banks and credit unions in Western Mass. aren’t just giving money; many also emphasize a culture of volunteerism, even providing time for their employees to get involved in the community.

For example, employees at UMassFive College Federal Credit Union raised more than $18,000 for two local nonprofits last fall — $13,677 for the UMass Cancer Center via participation in the UMass Cancer Walk and Run, and $4,800 for the Food Bank of Western Massachusetts via participation in Will Bike 4 Food.

A supporter of the UMass Cancer Walk and Run for more than 20 years — during which time it has raised more than $186,600 for the cause — UMassFive employees join together annually as Team UMassFive to raise funds, both personally and in branch locations. In 2023, fundraising efforts included raffle baskets, bake sales, candy sales, and art and jewelry sales, and the credit union’s corporate partners also pitched in.

Will Bike 4 Food is a more recent priority at UMassFive, as employees have taken part since 2020, raising a total of $17,500 in just four years, which equates to providing 70,332 meals to neighbors in need.

“We are so proud of our employees for supporting local causes that they care about,” said Cait Murray, Community Outreach manager at UMassFive. “Together, our team can make a more significant impact than if we all participate in events on our own. These organizations make such a big difference in our communities, and we are thrilled to support those efforts.”

Country Bank reported that its team members volunteered 1,255 hours of community service in 2023, while 37 team members served on 65 nonprofit boards and committees.

“Oftentimes, we can supplement or replace a monetary donation with volunteers, whether it’s picking vegetables at a local farm to be donated out, or helping nonprofits clean up the facility, or doing outdoor work like volunteering with Habitat for Humanity,” McGovern said. “We’re still putting the bank’s dollars to work, but the hands of our employees are helping to sustain some of these nonprofits as well.”

Liberty Bank reported 13,721 employee volunteer hours, including nearly 170 hours at Connecticut Foodshare, the aforementioned recipient of the bank’s holiday gift in 2023. The bank also actively solicits nonprofits to share information on what types of volunteer help is needed — whether working on a project or serving on a board or committee — and aims to meet those requests.

At PeoplesBank, employee volunteerism is considered part of the bank’s culture, Bannister said — part of its DNA, in fact, and something made clear to job applicants.

“We report volunteer hours to the bank examiners, and we were third in the state last year in hours volunteered per employee. It’s something that’s expected, and it’s something that builds camaraderie,” he said.

And it’s something that community banks simply should do.

“We’re more engaged in the community, where national banks are not known for that as much,” Bannister told BusinessWest. “And we consider it a competitive advantage. When you’re choosing a bank, hopefully the bank’s values are something you consider, and hopefully that volunteerism reflects well on the brand.”

 

Class of 2024

Senior Vice President, Marketing and Corporate Responsibility, PeoplesBank

He Goes Well Beyond the Job of ‘Playing Santa Claus’

Matt Bannister

Matt Bannister likes to say that he has “one of the best jobs at the bank,” although some might consider it the worst.

His title is senior vice president of Marketing and Corporate Responsibility, a position that comes with many responsibilities, including a rather large role in determining and then implementing PeoplesBank’s philanthropic strategy, duties he described this way: “I get to play Santa Claus.”

Indeed, he’s part of the team that essentially determined how the bank apportioned $2.3 million in giving in 2022 and another $1.6 million in 2023, with donations averaging roughly $3,000 presented to more than 500 nonprofits and causes meeting some of the region’s most critical needs, such as food insecurity, housing, economic development, and literacy.

More on all this later, because this work is not why Bannister has been named a Difference Maker for 2024. OK, it’s a small part of the reason why.

The much bigger reason is the manner in which he has gone well beyond playing Santa Claus and well beyond helping decide to whom the bank will write checks — rather, he’s become closely involved with helping to meet some of those needs listed above.

Since joining the bank in 2015, he has served as a board member for agencies including Link to Libraries, EforAll Pioneer Valley, the Greater Northampton Chamber of Commerce, the Springfield 9/11 Memorial fundraising committee, the Public Health Institute of Western Massachusetts, Hilltown Community Health Center; the American Red Cross, and Revitalize Community Development Corp. (CDC), where he is current co-chair.

“You can say that he manages the pocketbook and he helps us disperse funds in the right ways, but when you see that expense report and you see that mileage — that’s not giving out money as much as it is participating and being part of the community.”

Involvement with the health-related agencies on that list continues a pattern to focus his time, energy, and talent on matters related to health and well-being (and he puts Revitalize CDC squarely in that category, as we’ll see).

Before coming to PeoplesBank, Bannister was executive vice president of Corporate Communications and Brand Content for the American Heart Assoc./American Stroke Assoc., and before that, he was vice president and group account director at Arnold Worldwide, working on integrated marketing campaigns with a focus on anti-tobacco efforts for clients including the Massachusetts Department of Public Health, the FDA, and the American Legacy Foundation.

PeoplesBank President Tom Senecal, who nominated Bannister as a Difference Maker, says he can quantify and qualify how much of an impact his colleague has made. For both, he turns to statistics the company keeps on just how many hours each employee devotes to volunteer work — with Bannister logging at least twice as many on bank-sponsored activities, in his estimate — and especially the expense reports Bannister turns in.

“I see the expense reports; they’re three pages long with his volunteer mileage — three pages per month,” he said, adding a verbal exclamation mark. “You can say that he manages the pocketbook and he helps us disperse funds in the right ways, but when you see that expense report and you see that mileage — that’s not giving out money as much as it is participating and being part of the community.

Matt Bannister, seen here at the PeoplesBank booth

Matt Bannister, seen here at the PeoplesBank booth at Junior Achievement’s Teen Reality Fair last year in Chicopee, has become actively involved in the community.

“He goes well above and beyond what we ask him to do to represent PeoplesBank,” Senecal went on, adding that this involvement, this commitment to backing up the checks the bank writes with his work on boards and mowing lawns for Revitalize CDC, explains why he’s been chosen as a Difference Maker for 2024.

 

By All Accounts

Bannister loves to tell the story about his participation in career day at his then-9-year-old daughter’s elementary school. It conveys a little about what he was doing at the time — this was when he was with Arnold Worldwide working on ad programs to help curb smoking among young people — and a lot about why he has been chosen as a Difference Maker.

“Kids at that age don’t really have a strong sense for what their father does for a living,” he said, recalling that his daughter introduced him by saying simply, ‘this is my dad … he saves lives for a living.’

“I thought that was really cool,” he told BusinessWest, adding that this description of what he did certainly helped inspire some of his next career steps. “I said, ‘I want more of that,’ and it helped me go from doing the anti-tobacco work at the agency to the American Heart Association.”

“Our philosophy is to give a little to a lot of groups, and not a lot to a few groups. That’s because almost every nonprofit is worthwhile and doing good work.”

Tracing his work history, Bannister said he worked for the ad agency Hill Holiday in Boston and later with Arnold Worldwide, working on accounts ranging from Volkswagen to Puma to Ocean Spray. In the late ‘90s, he was promoted and told he’d be working on the Department of Public Health account.

“I initially said, ‘that doesn’t sound like a promotion,’” he went on, adding that this was at the time when a 25-cent tax was put on every pack of cigarettes sold, with the money going toward smoking-cessation programs and preventing youth uptake.

“Every ad agency had a beer, a car, a fast-food chain … now, a brand-new category was created — a $100 million category because of all the revenue that was being created,” he went on. “And it was untilled, fertile soil.”

In his role, Matt Bannister is often the face of PeoplesBank

In his role, Matt Bannister is often the face of PeoplesBank, such as at this occasion marking the bank’s donation — $250,000 over five years — to the building of a new facility for the Food Bank of Western Massachusetts.

Overall, it was more rewarding work than selling cars or cranberry juice, he said, adding that he changed course, career-wise, and joined the American Heart Assoc., serving eventually as executive vice president of Communications at its national headquarters in Dallas.

“At the ad agency, you’re selling pizza, sneakers, and sugar water — you’re selling a product,” he explained. “In public health, you’re selling behavior change; you’re selling ‘eat right, don’t smoke, exercise more.’ It’s not something you buy, it’s behaviors, and it’s marketing that’s a lot more challenging and rewarding.”

Desiring a return to the Northeast — he was born in Dedham and attended UMass Amherst — Bannister accepted the role of senior vice president of Marketing and Corporate Responsibility at PeoplesBank, a position with a broad job description that includes corporate responsibility but now also includes marketing, media relations, and social-media management.

And when it comes to charitable giving, he said the bank’s goal is to “say yes as often as you can,” he noted.

“Our philosophy is to give a little to a lot of groups, and not a lot to a few groups,” he explained. “That’s because almost every nonprofit is worthwhile and doing good work.”

Elaborating, he said that, while he supports a wide array of nonprofits and causes, within the giving strategy is an emphasis on certain areas, such as economic development, literacy, food insecurity, and public health, which translates into larger donations to some groups, such as the Food Bank of Western Massachusetts, Girls Inc. of the Valley, and Revitalize CDC.

 

An Involved Process

These have, in fact, become Bannister’s personal points of emphasis as he chooses the organizations and causes to get personally involved with — and there are many invitations to weigh.

As noted earlier, this involvement is the primary reason why he is part of the Difference Makers class of 2024. He said it’s a part of his job, and also a way to see first-hand the work being done in some of the areas listed above, and be a part of that work.

“The more I can roll up my sleeves, the better I feel about who we’re giving to,” he told BusinessWest, adding that he is certainly selective about the groups and causes he gets involved with.

“In the beginning, it was because they asked me,” he said with a laugh. “Now, it’s more the groups that are working boards that have a vibrant cross-section of the community involved, and that I think we can benefit by being involved.”

Since joining PeoplesBank, Matt Bannister has donated his time

Since joining PeoplesBank, Matt Bannister has donated his time, energy, and talents to several nonprofits and causes, including Revitalize CDC.

That includes Revitalize CDC, which undertakes a number of projects that fall into broad category of public health, including critical repairs on homes of low-income families with children, the elderly, military veterans, and those with special needs, but also initiatives involving interventions for adults and children with asthma, nutrition programs, and making home improvements that allow seniors to remain in their homes.

He is active with all those intiatives, but has carved out his own niche.

“My favorite thing is mowing the lawn — no one thinks to do that. It’s the curb appeal,” he said with a laugh. “I’m not a skilled laborer, and mowing the lawn is hard to screw up.”

Turning serious, he said the organization’s work is critical to improving health and quality of life in the region.

“Their work involves prevention more than treating the symptoms, which is what a good public-health person cares about,” he said. “It’s not as glamorous, and it’s harder to quantify, but it’s much more important work.”

As he talked about what he does for a living and within the community, Bannister made sure to thank the bank for giving him the opportunity to be part of a winning team, and to thank his wife, Sharon, for … well, being understanding and tolerant of a schedule that has him on the road a lot, maybe three or four days a week and sometimes for several events on the same day during the busy season.

It’s a big part of the job, he said, adding quickly that the job, the travel, and the events involve two states and a much larger radius now that the bank has made a push into Connecticut, one that promises to involve more zip codes in the years to come.

What’s not necessarily part of the job — and this becomes clear in Bannister’s expense sheets and Senecal’s reaction to them — is his commitment to getting very involved with several of the organizations that the bank ultimately writes checks to.

He admits to gradually learning how to say ‘no’ to those who ask him to serve on boards, but often, the answer is still ‘yes.’

 

Bottom Line

If Matt Bannister had to introduce himself at a third-grade career day, he might start by saying what he often tells people about his role: “I work at a bank, but I’m not a banker. And I absolutely love my job at the bank.”

Others who really know, people like Senecal and Colleen Loveless, president and CEO of Revitalize CDC, might be tempted to borrow the line used by his daughter and say that he saves lives.

Or … they could keep it very simple, yet powerful — and introduce him as a Difference Maker.

That says it all.

Daily News

HOLYOKE — PeoplesBank announced its final total for 2023 philanthropic grants to area nonprofits and causes was $1.6 million, for a cumulative total of $14 million over the past decade.

“Community support, whether it be financial support or volunteer efforts from our associates, is in our DNA and is a large part of both the mission of the bank and a competitive differentiator for us, both in serving our customers and communities and also in attracting and retaining associates who want to be part of an organization with such a commitment,” explained Brian Canina, president and COO of PeoplesBank. “We are a mutual bank, chartered to serve our customers and the communities they live in. As a mutual bank, we do not have stockholders who would divert profits. Therefore, we are able to significantly support nonprofits and other community causes.”

Canina added that, as a large regional employer whose values include community service, PeoplesBank is able to increase its support to the community and social-service organizations through volunteerism. “We have a lot of talent in our organization, and because of that, we have a significant presence on area nonprofit boards of directors. We also look for opportunities to roll up our sleeves and serve, and we spend thousands of hours each year doing that.”

The $1.6 million was donated to more than 550 area nonprofits, making the average grant just under $3,000. With a philosophy of giving a little to a lot of groups, PeoplesBank is able to support a wide variety of causes, although most are within the bank’s funding focus areas of housing, food insecurity, literacy, economic development, and social services.

More information on PeoplesBank corporate responsibility and how to apply for a donation, including a link to the 2024 grant application, can be found at www.bankatpeoples.com/community.

Banking and Financial Services

Lending Perspective

 

Tom Senecal has been president, CEO, and chairman of PeoplesBank since 2016, and moving forward, he’s shedding the ‘president’ part of that title. But that doesn’t mean he’s slowing down.

“It’s more of a transition of the daily responsibilities,” he said, explaining why Brian Canina has been promoted to president and chief operating officer, and Hayes Murray has been promoted to executive vice president, chief financial officer, and treasurer, taking on some of Canina’s former duties.

“I reassigned to Brian three or four different responsibilities, but when you look at both of us, it’s still a lot on both our plates,” said Senecal, who retains his CEO and chairman titles. “This is a recognition of Brian’s success and talent and the timing of the growth that we’re going through. And quite frankly, the operational side of things needs more daily attention. And Brian really has the fortitude, the wherewithal, the work ethic, and the strategy to execute all the daily operational things. So it just made sense at this point in time to transition those responsibilities.”

Tom Senecal

Tom Senecal

“This is a recognition of Brian’s success and talent and the timing of the growth that we’re going through.”

After working together for almost 15 years — Canina as CFO and controller, Senecal as president and CEO — it just made sense to reward Canina for him efforts, Senecal added, “and, quite frankly, to make sure that we have our eyes on the ball as we continue to grow.”

Canina said he has prepared for this transition over the past year or two, operating in more than just a CFO role, and more like a COO, driving strategic initiatives and monitoring and managing the strategic plan of the bank along with Senecal.

“That will continue to be a focus of mine going forward, taking more responsibility away from Tom in terms of administratively managing the strategic plan and working with him as he identifies other strategies that he’s working on,” Canina explained. “So it’s not really a significant change; it’s something that we’ve been working toward, and with the size of the bank and how we’ve grown, it was a good timing to make this more formal change.”

The leadership changes will provide Senecal with more opportunities to plan and manage the growth and revenue activities of the bank, including retail operations, consumer lending, small business, municipals, and commercial and industrial divisions. Canina will continue to be responsible for finance, facilities, PeoplesWealth, the Business Solutions Group, and information technology. In his new role, he will also be responsible for human resources, marketing, and corporate responsibility.

“I’ve kind of shed some meeting responsibilities and a few of the operational responsibilities, but my focus is on growth,” Senecal said. “We have both an organic strategy of growing the bank by opening branches, and also non-organic opportunities. We’re constantly having conversations with other banks, and we will never be bought or sold, but we are looking at opportunities with other banks that might want to partner with PeoplesBank.”

Connecticut in particular continues to present growth opportunities. After adding branches in East Granby and Suffield through acquisition, then expanding the bank’s branch footprint into South Windsor and West Hartford, the bank’s board of directors has approved plans to open banking centers in Glastonbury and Avon, in addition to seeking other opportunities for future expansion.

Brian Canina

Brian Canina

“It’s something that we’ve been working toward, and with the size of the bank and how we’ve grown, it was a good timing to make this more formal change.”

“Our commercial-lending business has been extremely successful in the Connecticut market,” Senecal noted. “We’ve hired some commercial lenders and residential lenders in the Connecticut market. We’ve always had a large presence on the commercial side, but since we’ve developed the retail side, it has brought us some synergies in the relationships with those commercial customers, bringing them in as retail customers as well. It’s been hugely successful.”

Canina agreed. “We’re at a very important time right now to really continue pushing the growth of People’sBank down into Connecticut and looking into other areas to grow. That’s what we’re really focused on, and I feel confident we’re going to have a lot of success.”

 

Soaring Assets

The numbers tell the story of PeoplesBank’s recent upward trajectory.

“When I took over as president and CEO in 2016, we were a $1.8 billion bank,” Senecal told BusinessWest. “We ended 2023 just shy of $4.1 billion. So we’ve more than doubled in those seven years.”

The bank also boasts more than 300 employees and operates 20 banking centers across Massachusetts and Connecticut, with an additional five locations when its headquarters, ATM, and VideoBankerITM locations are included, he noted. “That’s quite a bit of recent growth, which is a credit to the hard work of our entire team.”

Over the past couple years, PeoplesBank also began partnering with Zynlo, a digital bank, Senecal said. “That is starting to really take off. When we talk about growth, traditionally, brick and mortar has been our main source of banking growth. With the digital bank, that has taken on a whole different perspective.

“We’ve got different lines of business, and we’re starting a personal banking division of the bank,” he added. “We have the PeoplesWealth division. Those weren’t in existence a few years ago, so these different banking channels are really what’s driving some of our growth.”

Other expansion opportunities exist because of the merger-and-acquisition environment among large banks and how that disrupts a marketplace, Canina said, citing as one example M&T Bank’s acquisition of People’s United Bank. “That acquisition opens up opportunities for us to jump in on the disruption down in the Connecticut market and, in some cases, Western Massachusetts as well, but mostly down in the Connecticut market, which is why we have our sights set on organic growth down there.”

Opportunities will also arise from banks that aren’t faring as well as PeoplesBank, he said, due partly to the compression on interest margins coupled with increased costs for human resources and compliance, as well as coming regulatory changes.

“Some of these smaller banks are really going to be challenged,” Canina explained. “And I think that we’re at a size — more than $4 billion in assets — where we’re in a very good position to partner with another bank that’s smaller and having challenges, so I think there’s going to be opportunity there for us.”

Of course, PeoplesBank continues to grapple with those same headwinds, he added.

“The challenges right now are coming from the interest-rate environment, where the margins have really compressed from the short-term rates coming up and long-term rates coming up a bit, but not as much as the short end of the curve. So we’re paying deposits on the short end and then lending out on the long end, and there’s not a big spread there. It makes it challenging, not just for us, but for all banks.

“At the same time, a lot of the pandemic deposits that came in have started to flow out; people started spending more money, and they have the ability to to move deposits anywhere they want very easily,” Canina continued. “So the industry has been challenged with managing the interest-rate environment and maintaining deposit levels, and I see that continuing into 2024. Depending on what happens with interest rates, it’s not likely going to let up until we see the short end start to come down. And then we’ll face some different challenges when that happens, because most likely there will be some potential recessionary concerns.”

On the residential side in particular, Senecal added, “I think it’s tough for every bank these days, even though interest rates have come down a little bit from their all-time highs in the last 20 years or so. But there’s no inventory. So, even though interest rates are high, what we’re seeing is, when something comes on the market, it sells, and it’s financed. It’s just that the inventory is so low. And that will be a challenge heading into 2024 for almost all banks.”

 

Hometown Focus

As he broadens his responsibilities in dealing with these issues and working with Senecal and other bank leaders on growth strategies, Canina added that he aims to continue — and grow — PeoplesBank’s commitment to the communities it serves, noting that the bank’s charitable giving continues to be a strength, with almost $6 million donated over the past three years alone, and more than $11 million over the past 10 years.

“I think what really separates us from the larger regional banks and the national banks — we’re so invested in the communities that we’re banking with, and even though we’re contributing the amount of dollars we are back to the community, we’re still paying interest rates that are competitive with any other bank out there.”

Meanwhile, employees donate thousands of hours of volunteer service to area nonprofits and charitable causes, he noted. “More than half of our bank is on a nonprofit board of some sort, and the amount of volunteer hours is very strong; that’s something that all of our employees hold near and dear to them and really keeps them engaged.”

Daily News

Tom Senecal

HOLYOKE — The PeoplesBank board of directors voted to approve the following leadership changes: Tom Senecal is now chairman of the board and CEO, while Brian Canina has been promoted to president and chief operating officer, and Hayes Murray has been promoted to executive vice president, chief financial officer, and treasurer.

The leadership changes will provide Senecal with more opportunities to plan and manage the growth and revenue activities of the bank, including retail operations, consumer lending, small business, municipals, and commercial and industrial divisions. Canina will continue to be responsible for finance, facilities, PeoplesWealth, the Business Solutions Group, and information technology. In his new role, he will also be responsible for human resources, marketing, and corporate responsibility.

“We surpassed $4 billion in assets in 2023. We have more than 300 employees and operate across two states with 20 banking centers, with an additional five locations when our headquarters, ATM, and VideoBankerITM locations are included,” Senecal said. “That’s quite a bit of recent growth, which is a credit to the hard work of our entire team.”

Brian Canina

Canina added that “our commitment to the communities we serve has also grown. Our charitable giving continues to be a strength for us, with almost $6 million donated over the past three years alone, and over $11 million over the past 10 years. Our employees are also a volunteer strength in the market, donating thousands of hours of volunteer service to area nonprofits and charitable causes. It’s the power of a mutually chartered bank that allows us to achieve such records. Our purpose will continue to be to serve the banking needs of our customers and the communities where they live.”

Senecal and Canina both underscored the importance of increasing the bank’s presence in the market. To that end, the board of directors also approved plans to open banking centers in Glastonbury and Avon, Conn., in addition to seeking other opportunities for future expansion.

Senecal joined PeoplesBank in 1995 and held positions in finance and commercial lending before being elected as president, CEO, and chairman in 2016. He is a graduate of Isenberg School of Management at UMass Amherst and attended the Tuck Executive Program at Dartmouth College. He serves on the Massachusetts Bankers Assoc. board of directors and is also a corporator for both the Loomis Communities and the Horace Smith Fund.

Hayes Murray

Canina joined PeoplesBank in 2009 and served as executive vice president, chief operating officer, and chief financial officer prior to being appointed to his current position. He is a graduate of Bryant University and formerly served as a certified public accountant. He is also a graduate of the ABA Stonier Graduate School of Banking and a recipient of the Wharton Leadership Certificate, as well as president of the Finance and Accounting Society of New England. He serves on the board of directors for Helix Human Services.

Murray has more than 20 years of experience in the financial-services industry. He is a graduate of Gordon College and earned a master’s degree in accounting from Western New England University. He is also a certified public accountant. Prior to joining PeoplesBank in 2021, he served as chief financial officer of a de novo bank in Western Mass. and spent more than a decade in public accounting. He is a member of a Finance and Accounting Society of New England.

Daily News

HOLYOKE — PeoplesBank has been recognized as a Top Corporate Charitable Contributor for the 16th year in a row by the Boston Business Journal.

Only 100 companies throughout the state are recognized, and PeoplesBank shares the spotlight with such national brands as Procter & Gamble, AT&T, and Dell Technologies, as well as local names like the Red Sox Foundation, Blue Cross Blue Shield, and MassMutual.

PeoplesBank supported more than 450 nonprofits in the communities it serves in 2022, with both financial support and volunteerism from the associates.

Banking and Financial Services Community Spotlight Special Coverage

An Uphill Climb

Dan Moriarty was among the participants in the recent IRONMAN competition that wound its way through many Western Mass. communities.

The president and CEO of Monson Savings bank, Moriarty is also an avid biker, and decided to take things up a notch — or two, or three — with the IRONMAN, which featured a mile swim, downstream, in the Connecticut River; a 56-mile bike trek; and a half-marathon (13 miles and change).

Moriarty said his time — and he doesn’t like to talk about time — was roughly seven hours, and joked that that he believes he met what was his primary goal: “I wanted to come in first among all the local bank presidents.”

As things are turning out, the IRONMAN isn’t the only test of endurance he will face this year and next (yes, he’s already scheduled to take part again in 2024). He and all other banking leaders are facing another stern challenge, and where they finish on this one … well, there are several factors that will ultimately determine that, as we’ll see.

Indeed, the past year or so has been a long, mostly uphill, upstream stretch for banks, which are being severely tested by unprecedented interest rates hikes implemented by the Fed, which have a domino effect on banks — and their customers. For banks, these moves are squeezing margins that were already tight, with some margins off 50 basis points or more from last year. And for public banks, their stocks have, for the most part, been hammered.

This domino effect involves everything from the huge increase in interest paid to customers on their deposits to the manner in which those interest-rate hikes have brought the home-mortgage business to a virtual standstill.

To quantify that increase in interest paid to consumers, Tom Senecal, president and CEO of PeoplesBank, recalled a quote he read from the president of a large national bank that put things in their proper perspective.

“I won’t even call this a short-term problem anymore when it comes to profitability. It’s a medium-term problem that we’re all having to adjust to.”

“He said, ‘my raw-material costs have increased 600%,’” Senecal noted. “His raw materials are the funding for deposits for his wholesale assets, which have literally gone up 600%. If you look at any business and their profit margins — our raw materials have gone up 600%, so that squeezes our margins.”

Meanwhile, with interest rates more than double what they were a year or so ago, the refi market has obviously disappeared, said Kevin O’Connor, executive vice president of Westfield Bank, adding that, with home sales, those who might be thinking about trading up wouldn’t want to trade a 2% or 3% mortgage for one closer to 7% mortgage, so they’re taking what could be called a pause.

As is the Fed, which is taking a close look at the impact of its interest-rate hikes before deciding what to do next, although most experts expect at least one more rate hike this year.

And that will keep banks on this current treadmill, said Jeff Sullivan, president and CEO of Springfield-based New Valley Bank, adding that, while there has been talk that rates might start coming down this year, that likely won’t happen until at least early next year.

By then, the country may well be in recession, adding new levels of intrigue, said Moriarty, noting that the yield curve is currently inverted, a historically accurate predictor of recession.

“We’re going to eventually get into a recession in the third or fourth quarter of this year,” he said. “We were anticipating it might happen a little earlier with hopes that the Fed would have cut rates before of 2023, but now, we’re guessing that interest rates are going to be elevated another year out until they start cutting.”

Tom Senecal

Tom Senecal says unprecedented interest-rate hikes have put a great deal of pressure on banks large and small.

Overall, banks’ fortunes are tied, ironically enough, to how well the economy is doing, and they are in the unusual position of hoping that things cool off a little, said O’Connor, adding that, like the Fed itself, banks don’t want to see efforts to curb inflation throw the economy into reverse.

The biggest question, among many others, concerns when the pendulum might start swinging in the other direction and things will improve for banks. There is no consensus there — not with the economy still doing well, a presidential election looming in 2024, and other factors.

But the general feeling is that the uphill portion of this trek won’t be over soon.

“I won’t even call this a short-term problem anymore when it comes to profitability,” Sullivan said. “It’s a medium-term problem that we’re all having to adjust to.”

Moriarty agreed, noting that, while the first two quarters of 2023 has been a difficult year for most banks, the rest of this year and 2024 might be an even more of an uphill climb.

 

Points of Interest

Senecal told BusinessWest that, as he was heading home for the first weekend in March, he planned to take a break from his phone and spend a few days unplugged.

And he did … until news broke that Silicon Valley Bank (SVB) in California had failed after a bank run on its deposits.

So he started looking at his phone again. And he kept looking at it.

“The weekend that SVB failed, the four largest banks in the country took in roughly $140 billion in new deposits, and community banks, in general, lost $130 million in deposits. There was a huge move to larger institutions out of fear.”

Indeed, there were many discussions with other leaders of the bank about how to communicate with customers and convince them that their deposits were safe.

“That whole weekend, myself and our commercial team and our retail people were on the phone explaining what was going on, answering their questions, and putting their minds at ease,” he recalled. “And I talked to a number of my competitors, and they were doing the same thing.”

Such discussions were necessary, he said, because even though those deposits were becoming far more burdensome, cost-wise, as he noted earlier, all banks need them to have the money to grow their loans, and consumers were getting skittish.

Jeff Sullivan

Despite the interest-rate hikes, the economy is still humming in many respects, Jeff Sullivan says, meaning the Fed may still have some work to do to slow it down.

“The weekend that SVB failed, the four largest banks in the country took in roughly $140 billion in new deposits, and community banks, in general, lost $130 million in deposits,” he said, citing a combination of concern fueled by social media and the ease with which consumers can now move money electronically as the dominant causes. “There was a huge move to larger institutions out of fear.”

Overall, there was less fallout in this region, said O’Connor, another of those banking leaders who was the phone to customers assuring them that their assets were safe, adding that the failure of SVB and a few other banks this spring, and the resulting fallout from depositors, were just one of the many speedbumps encountered by banks in 2023.

Indeed, this was a year the industry knew would be challenging — or more challenging — going in, especially with regard to rising interest rates. Just not this challenging.

“Just a year ago, rates were quite low, and everyone thought rates were going up a point and a half, maybe 2%, something in that ballpark — that was the consensus prior to August of last year, when Chairman [Jerome] Powell said, ‘no, we’re really going to stomp on the brakes,’” Sullivan said. “Up to that point, we thought that rates would go up slightly, and we were modeling our projections on that; I don’t think there’s anyone who projected that rates would go up 5% in seven months — that’s unprecedented territory, and that’s what is causing the squeeze.”

O’Connor agreed. A year or so, banks were paying maybe a half-percent interest on deposits, he recalled, adding that most new CD products being advertised are featuring rates in the 4.5% to 4.9% range on the higher end, while rates on money-market accounts are coming up as well, numbers that reflect both the need to garner new deposits and growing competion for those assets.

“You have competition from other banks, internet-only banks, the security brokers — everyone is clamoring for those deposits,” O’Connor said. “And that certainly puts pressure on all banks, including community banks.”

Institutions are adjusting to this landscape, said those we spoke with, but it’s going to take some time to fully adjust because the rate hikes came so quickly and profoundly.

And such adjustments take several forms, they said, including efforts to trade fixed-rate assets for variable-rate assets, initiatives that take time and come with their own set of risks — indeed, rates could, that’s could, go down quickly.

Dan Moriarty

Dan Moriarty says many ominous signs point toward a recession, which could bring more challenges for banks and their customers.

On the mortgage side of the equation, there aren’t many options. Senecal said PeoplesBank has been working to acquire mortgages written in areas that are still relatively hot, such as Cape Cod. Meanwhile, O’Connor said Westfield Bank and institutions like it are pushing home-equity loans, and there is a good market for them as homeowners look to take that equity and put it back into their homes or make other large purchases.

“It certainly doesn’t make up for what we’re losing in mortgages and refis, but it does help,” O’Connor said. “We’re seeing a lot of interest in home-equity loans.”

 

No Margin for Error

While banks cope with the present, there is just as much discussion, if not more, concerning what will happen next and when conditions will improve for this sector.

And most of that discussion obviously involves the Fed and what will happen with interest rates, because it’s these rates that determine what happens with all those dominoes.

There is some general uncertainty about what the Fed will do, said those we spoke with, because the jury is still out, in some respects and at least in some quarters, on whether it has accomplished its mission when it comes to slowing down the economy and curbing inflation. This uncertainty led to intense discussion at the most recent Fed board meeting, Senecal said.

“There are two schools of thought on this. One is, ‘let’s wait and see what our rate increases are doing to the economy, because it’s like steering a battleship — it doesn’t happen right away,’” he told BusinessWest. “So the Fed took this pause trying to gauge what happened, and what happened? Inflation came down little bit; it was up to 6 or 7%, and now it’s 3.5% or 4%. But their goal is to get it to 2%. So do they continue to raise rates and wait to pause, or do they raise and do a long pause to see if inflation comes down to their target level of 2%?”

“I don’t think there’s anyone who projected that rates would go up 5% in seven months — that’s unprecedented territory, and that’s what is causing the squeeze.”

While inflation slowed in June — the consumer price index rose 0.2% last month and was up 3% from a year ago, the lowest level since March 2021 — core inflation is still running well above the Fed’s 2% target. And Moriarty is among those saying there is ample evidence that the Fed still has work to do to slow the economy and further decrease inflation.

“Employment numbers are surging, and that’s an indication the economy is still moving fast and hot,” he said. “My uneducated crystal ball is telling me we might see a few more interest-rate moves, which means it’s going to be more difficult for the economy to continue on this path.”

Many are saying that the probable course will be another rate increase and then that pause, he went on, adding that there is more conjecture about what will then happen. Will rates stay where they are, or will they start to come down and perhaps reverse the trends seen over the past year or so?

Kevin O’Connor

Kevin O’Connor says rising interest rates have slowed the mortgage business — and destroyed the refi business.

“The consensus is that the economy is starting to slow down — not quickly, but it’s starting to slow down — and that rate cuts will probably start to happen in 2024 because inflation and economic growth both show signs of slowing down,” Sullivan said. “When that happens, we can start to price the deposit costs down.

“We’re probably not going back to where we were before,” he went on, meaning rates near zero. “We’re going back to normal, or what could be a new normal — deposit rates in the 3% range. They’re not going to be zero, and they’re not going to be 5%; they’re probably going to be somewhere in the middle once all this settles out.”

When things will settle down is another question that is difficult to answer because the economy is still chugging along, and, with the notable exception of the mortgage market, consumers are still borrowing money.

“Borrowers have gotten used to paying loan rates in the 6s and 7s — they’re not happy about it, but it doesn’t seem to be stopping anyone’s appetite for acquiring assets and borrowing money,” Sullivan said. “There’s still plenty of business out there, and that would support what Powell has been saying — that they haven’t really slowed the economy yet; in fact, it’s pretty darned good. We’re taking applications every day, and we’re writing loans every day; we’re running our business as usual.”

 

Taking Account

Well … not quite usual at most institutions, especially with regard to mortgages and refis, a huge part of the success formula for the region’s community banks and credit unions.

In this environment, O’Connor said, Westfield Bank and institutions like it are putting even more emphasis on customer service, attracting new customers and retaining existing customers.

“We have to make sure that we’re the bank of choice and remain that,” he said. “We work hard at the commercial relationships, the consumer relationships … our branch teams, our cash-management teams, our lenders, everyone is out there being very available to our customers and working hard to attract new customers from other banks.”

Banks are always working hard on attracting and retaining customers, he said in conclusion, but this year, and in this climate, there is even more emphasis on such initiatives.

It’s all part of a broad response to something that is a little more than your typical economic cycle. It’s somewhat unprecedented, in fact … and certainly a long, uphill climb for most banks.

 

Daily News

HOLYOKE — The arrival of spring means sunshine, warmer weather, and, of course, the annual Earth Day tomato-plant and garden-seed giveaways hosted by PeoplesBank at four of its banking centers.

This year, those who attend Earth Day events at a participating banking center can also enter to win $50 gift certificates to local garden centers, farmers’ markets, and farmshares from community-supported agriculture farms.

Earth Day Events will be held on Friday, April 21 from 10 a.m. to noon at the following PeoplesBank banking centers: 1866 Northampton St., Holyoke; 468 Newton St., South Hadley; 30 Bridge St., Suffield, Conn.; and 102 LaSalle Road, West Hartford, Conn.

The events are open to the public. Seed and plant quantities are limited and will be distributed only while supplies last and only at the designated PeoplesBank banking centers.

PeoplesBank has sponsored Earth Day events for the past 10 years as part of its corporate-responsibility and community-support efforts. In 2022 alone, the bank donated a record $2.3 million to civic and nonprofit causes in Massachusetts and Connecticut.

Daily News

HOLYOKE — OneHolyoke Community Development Corp. announced a $20,000 donation from PeoplesBank to support OneHolyoke’s Working Families – Rent Stabilization initiative. The lead grant from PeoplesBank has allowed the organization to freeze rents for those in OneHolyoke housing units.

“At a time when housing costs are spiking and rents are becoming unaffordable for many, OneHolyoke has maintained our rents without any increase over the past year,” Executive Director Michael Moriarty said. “We are able to accomplish this due to the community partnerships we have formed leading to grants such as this $20,000 gift from PeoplesBank. PeoplesBank understands the importance of community, and we appreciate their partnership in this important initiative to keep housing that is affordable to families in Holyoke.”

OneHolyoke manages more than 160 units of non-subsidized housing in the Holyoke neighborhoods of the Flats, Churchill, and South Holyoke.

According to Matt Bannister, PeoplesBank’s senior vice president, Marketing and Corporate Responsibility, “we were founded in Holyoke, and supporting the city has always been one of our top priorities. In these difficult times, that has become even more important to us. We hope that enabling the residents of these neighborhoods to have a little bit of extra assistance will provide some relief and contribute to strengthening the community. We applaud OneHolyoke CDC for their efforts.”

Daily News

HOLYOKE — For a second year in a row, PeoplesBank set a new annual record for donations to civic and charitable causes. The bank tallied $2.3 million in donations for 2022, which is $1 million dollars more than last year’s record. Since 2011, the bank has donated well over $13 million to area causes.

“Supporting the community is essentially what we were set up to do,” said Tom Senecal, president and CEO of PeoplesBank. “We are a mutual bank, chartered to serve our customers and the communities they live in. As a mutual bank, we do not have stockholders who would divert profits. Therefore, we are able to significantly support nonprofits and other community causes.”

As a large regional employer whose values include community service, Senecal added, PeoplesBank is able to increase its support to the community and social-service organizations through volunteerism. “We have a lot of talent in our organization, and because of that, we have a significant presence on area nonprofit boards of directors. We also look for opportunities to roll up our sleeves and serve, and we spend thousands of hours each year doing that.”

Kris Allard, vice president of Development and Communications at Square One, noted that “I can’t really point to anything Square One does that doesn’t have PeoplesBank’s stamp on it.”

Likewise, “over 15 years, I can’t think of a way that PeoplesBank has not been there for us,” said Suzanne Parker, executive director of Girls Inc. of the Valley.

Collen Loveless, president and CEO of Revitalize CDC, also underscored the bank’s volunteerism and impact. “PeoplesBank has been a tremendous sponsor over the course of these many years.”

More information on PeoplesBank Corporate Responsibility and how to apply for a donation can be found at bankatpeoples.com/community.

Daily News

HOLYOKE — The new Girls Inc. of the Valley headquarters and program center is one big step closer to reality thanks to a new financing package developed by MassDevelopment and PeoplesBank.

Girls Inc. recently announced the closing of financing on a $2,275,000 MassDevelopment revenue bond for the new program center in Holyoke. PeoplesBank was the purchaser of the bond, continuing the bank’s longtime support of Girls Inc. of the Valley. MassDevelopment enhanced the bond with a $455,000 mortgage insurance guarantee.

The newly renovated, 16,000-square foot facility will allow the organization to consolidate its programs at one location. It will include a cutting-edge STEM makers’ space, a library, two multi-purpose rooms, a teen lounge, a kitchen and dining area, and administrative offices.

“We are thrilled to be able to continue our support of Girls Inc. of the Valley and be a part of this exciting project,” said Vicky Crouse, senior vice president, Commercial Banking at PeoplesBank. “Their mission to inspire all girls to be strong, smart, and bold by providing them the opportunity to develop and achieve their full potential is one that we embrace as well.”

Dan Rivera, president and CEO of MassDevelopment, noted that “Girls Inc. has a proven track record of supporting girls in all their academic and social endeavors, while also empowering them to unlock the best version of themselves. We are pleased to partner with PeoplesBank to help this nonprofit purchase a new building in Holyoke to call home.”

Added Suzanne Parker, executive director of Girls Inc. of the Valley, “what a powerful statement this makes to the youth we serve, that so many of our leaders on this project, from engineering and design to financing and legal, to construction and capital campaign, are strong, smart, and bold women.”

Business Talk Podcast Special Coverage

We are excited to announce that BusinessWest has launched a new podcast series, BusinessTalk. Each episode will feature in-depth interviews and discussions with local industry leaders, providing thoughtful perspectives on the Western Massachuetts economy and the many business ventures that keep it running during these challenging times.

Go HERE to view all episodes

Episode 139: December 5, 2022

George Interviews Tom Senecal, PeoplesBank President and CEO

Tom Senecal

The economy. Inflation. Interest rates. Quiet quitting. The housing market. The outlook for 2023. These are just a few of the subjects that BusinessWest Editor and PeoplesBank President and CEO Tom Senecal touch on in a wide-ranging installment of BusinessTalk. It’s all must listening, so tune in to BusinessTalk, a podcast presented by BusinessWest in partnership with Living Local 413 and sponsored by PeoplesBank.

 

Sponsored by:

Also Available On

Daily News

HOLYOKE — With home heating costs expected to spike as much as 60% this coming winter, many low-income individuals struggling to pay utility bills could face shutoff just as the cold weather sets in. Responding to this need, PeoplesBank has donated $45,000 in total to three local nonprofit organizations.

Although there are several government assistance programs designed to address this need, there is always a gap between the need and the available resources, as well as the ability to receive such funds in a timely manner when shutoff dates are looming. The bank’s Simple Emergency Fuel Assistance program aims to help fill those gaps.

“We understand that some of the most vulnerable residents of the communities we serve are at risk because of spiking fuel costs,” said Tom Senecal, president and CEO of PeoplesBank. “That’s why we partnered with these organizations that could help us create a simple way to get help quickly for those in need.”

In response to this emergency need, PeoplesBank is working with the following organizations to provide fuel assistance to the communities the bank serves:

• Hampden County: Valley Opportunity Council, www.valleyopp.com/energy-assistance/fuel-assistance, (413) 552-1554;

• Hampshire County: Community Action for Pioneer Valley, www.communityaction.us/fuel-assistance, (800) 370-0940; and

• Hartford area: Operation Fuel, operationfuel.org/gethelp, (860) 243-2345.

Daily News

SPRINGFIELD — Representatives from PeoplesBank visited the Gray House to present the agency with a donation to cover the cost of replacement doors and frames that were damaged last May during a robbery.

“We couldn’t be more thankful for the generous support of PeoplesBank,” Gray House Executive Director Kristen McClintock said. “The break-in we experienced in May was devastating. Not only did our agency lose critical supplies — such as food, infant formula, and diapers — that we distribute to our neighbors in need at no cost, but we were left with substantial property damage. After learning of the unexpected expense to replace the damaged doors and frames, PeoplesBank immediately stepped up and offered to cover the associated costs.”

PeoplesBank has supported 331 different nonprofits and charitable organizations and donated $10,736,943 in the past decade. Furthermore, its employees collectively volunteer an average of 10,000 hours per year, illustrating the bank’s commitment to service within the community.

While the robbery was distressing, McClintock chooses to focus on the outpouring of love and support received from clients, volunteers, and community partners like PeoplesBank. “I take great comfort in knowing that we live in a community that truly cares — where neighbors help neighbors, and where ‘corporate responsibility’ is more than just a catchphrase, but rather a genuine way of doing business.”

Daily News

HOLYOKE — More than 25 years ago, Dave Thomas, the founder of Wendy’s, began advocating for better adoption benefits in the workplace. Today, the Dave Thomas Foundation has continued his work through the Adoption-Friendly Workplace program, which recognizes organizations that strive to make adoption a supported option for every working parent.

The foundation recently named PeoplesBank to the Adoption-Friendly Workplace 100 Best 2022 list (54th overall and eighth with 100 to 1,000 employees). As the only bank in Massachusetts and Connecticut to receive the honor, PeoplesBank joins other leading national corporations such as American Express, Bank of America, Deutsche Bank, Paramount, Yale University, Microsoft Corp., 3M Co., and Johnson & Johnson on the list.

“Employees expect that their job brings purpose to their lives and expect an employer to help them meet this need,” said Amy Roberts, executive vice president and chief Human Resources officer. “To that end, it is critical to have adoption support for our associates and their families as part of our benefit package and corporate purpose.”

Along with a number of measures meant to ensure a family-friendly workplace, PeoplesBank provides a $5,000 grant to employees for each adoption.

“Adopting a child is one of the most wonderful things a family can do,” said Brian Rheaume, vice president of Information Technology at PeoplesBank, who is a parent of an adopted child. “Still, it is a very challenging and long-term commitment. It is simply amazing to work at a family-friendly employer like PeoplesBank, which also offers financial support for families who want to adopt.”

Employment Special Coverage

What’s in a Job?

team members at Big Y’s St. James Avenue location in Springfield

From left, Nadia Doyle, Leslie Soto, Anialys Gomes, and Michelle Martin, team members at Big Y’s St. James Avenue location in Springfield.

Michael Galat says Big Y has a story to tell, and its employees do, too. And sharing those stories goes a long way toward building and retaining workers in a job market slanted toward job seekers to an unprecedented degree.

“It has been a challenge. Everyone is fighting for top talent,” said Galat, Big Y’s vice president of Employee Services. “We’ve adapted by leveraging our existing workforce to share stories of why they work for Big Y. We’ve got a lot of long-tenured, dedicated people working here, and they’re our best recruiters. We focus on their testimonies, telling their stories about why they want to work at Big Y.”

The supermarket chain has bolstered its workforce efforts in other ways, to be sure, from streamlining the application process to college internships that expose students to career opportunities to hosting a recent series of on-the-spot hiring events. “That’s been a home run for us. Recruitment is an ongoing effort,” Galat said.

But the stories are important, he added, noting that it’s important to build a culture where people want to work when they have other options.

“We’ve updated our career page and social platforms with people’s testimonials — why they like working for Big Y, what makes us different, the flexibility we provide. All those things go a long way to retain people and attract new talent.”

Amy Roberts, executive vice president and chief Human Resources officer at PeoplesBank, says both the company and its employees have a story to tell, and creating the right cultural fit is key to building a stable workforce.

“We’re trying to be up front with individuals about our core values and who we are and that we’re looking for people who are interested in being a part of that,” she explained. “So the process is focused around asking the candidate to tell us stories, tell us things about themselves. We believe that’s really critical.”

After all, it’s not just about bringing in talent, but creating a team for the long run.

Amy Roberts

Amy Roberts

“I think it’s important not to oversell yourself and make the position or company something they’re not; if you do, ultimately a person is not going to stick around.”

“I think it’s important not to oversell yourself and make the position or company something they’re not; if you do, ultimately a person is not going to stick around,” Roberts said. “We try to be up front about who we are as an organization, what’s important to us, how we view success here, and hope that’s best match for the individual. We spend time in the process talking about that.”

For this issue’s focus on employment, BusinessWest spoke to five area employers — Big Y, PeoplesBank, the Center for Human Development (CHD), Bulkley Richardson, and Health New England (HNE) — to get a feel for how challenging the much-talked-about workforce crunch has been for their organizations, and how they’ve shifted their hiring and retention strategies to deal with it.

Carol Fitzgerald, vice president of Human Resources at CHD, admitted that 2021 was difficult, but “I feel like 2022 has gotten better, though there are still some challenges. In 2021, we were losing a lot of folks; it was not only hard to get folks, but our folks were making the choice to leave the field.

“As a large, human-service, behavioral-health organization, we are essential workers, and we work face to face with folks anywhere from birth to elders,” she explained. “And I think a lot of people were deciding during the pandemic not to do this work anymore. So we lost ground in 2021, but we’re gaining ground again. I feel optimistic; it feels less frenetic than it did last year, and it feels like things are improving. We’ve gained about 100 employees over 2021.”

Many of the current challenges are geographic, especially in rural settings, where CHD has dozens of locations. “It’s a lot of geography to cover, and there are fewer people in more rural places, so we’re having a harder time finding folks to do the work.”

Betsey Quick, executive director at Bulkley Richardson, had one of the most positive stories to tell about her law firm’s workforce situation, but, like at CHD, 2021 saw some turmoil.

“That was an unduly interesting time for us, as COVID made people retire faster,” she told BusinessWest. “People who had worked here 10, 20, even 40 and 50 years re-evaluated their work-life balance and said, ‘I don’t need to work until I’m 70. I want to spend money and travel; life is short.’ So we had a slew of retirements we wouldn’t have had, and that punched up our needs quite a bit.”

Carol Fitzgerald

Carol Fitzgerald

“I think a lot of people were deciding during the pandemic not to do this work anymore. So we lost ground in 2021, but we’re gaining ground again. I feel optimistic; it feels less frenetic than it did last year, and it feels like things are improving.”

When the firm started ramping up hiring last year, “all the news in every sector was stating how employees were being poached and salaries were way up; it was an employees’ market. I was fully prepared to have a difficult time because we needed attorneys, we needed staff, we needed management,” she went on. “And for maybe the first three months, I saw the tightness in the market. We weren’t getting responses. We considered going out to recruiters, which we never had to do here. But after about three months, résumés started flooding in.”

 

Passion for Purpose

Sarah Morgan, director of Human Resources and Organizational Development at Health New England, noted that the Great Resignation has affected all employers, but it has also been an opportunity to recruit talented people who are looking for new opportunities or are rejoining the workforce. And many are looking for greater purpose in their jobs.

“This is a competitive recruiting environment we face today; however, Health New England employees know they are helping our members to live more healthful lives and improving the health and well-being of the communities we serve,” she said. “Ultimately, people connect to our role as a hometown not-for-profit health plan and are excited about the possibility of joining that cause.”

At the same time, the pandemic showed all companies how much employees — both current and prospective — value flexibility, and Health New England was no exception.

“Even before the COVID-19 pandemic emerged, we recognized that our employees have different needs, such as around childcare, eldercare, transportation, and the like,” Morgan said. “We respect the individual needs of our staff members and offer flexibility when possible, including the opportunity to work primarily remotely when the business needs allow.”

Betsy Quick

Betsy Quick

“You don’t have to work 6 in the morning to 12 at night and drive people into the ground. People want something different.”

Galat agreed. “We’re highly focused on retention, so we provide flexible work schedules and work-life balance, which is very important in this day and age. People have busy lives; we understand and that try to provide that flexibility for childcare, eldercare, school activities, sports … those things are important, and having that ability to balance their personal life with work is more important than ever.”

At CHD, Fitzgerald added, “we definitely know flexibility is really something people are looking for. While we’ve always tried to be flexible, our jobs are face to face with people for the most part, so we need to be in certain settings. However, during the pandemic, we went to telehealth, and we are trying to maintain a small bit of flexibility for telehealth. Going forward, especially in remote settings, that might work best for us. For example, a clinic in Orange is posting for a position that can be primarily remote. Up there, our managers are willing to talk about any and every way to get somebody to come into work, whether that’s remote or a flex schedule where they can; they’re trying to be creative on an individual basis.”

She added that competition has changed over the past couple years as well. “A lot of service industries are paying a lot more, really crazy rates. So we had to get creative. We offer a lot of hiring incentives and bonuses to come in, and when our employees refer folks. We’re trying to be creative from a compensation standpoint as well.”

Galat says Big Y hosts employee roundtables and focus groups and conducts surveys to get feedback on how the work environment can improve and what employees are looking for, and that information is used as a retention tool. The company also implemented a wage increase in July that impacted 75% of the hourly workforce.

All these efforts are critical because, despite some success stories with hiring, the Great Resignation and a generation of young workers who feel they know their value and want to assert it have created a smaller pool of talent to draw from.

“The highly technical or skilled positions have gotten even harder to recruit for,” Roberts said, “because there’s probably a handful of people who have a certain skill you’re looking for, and they’re either going somewhere else or already have a job and are perfectly happy where they are. Trying to figure out recruiting for those positions has been tricky.

“We’ve engaged recruiting partners and firms to broaden our scope,” she went on. “We’ve had people express interest in 100% remote, and we don’t operate that way, but at the same time, managers who said for years, ‘I want them here on site’ are now open to a more flexible work arrangement, seeing how difficult it is to get people to fill positions.”

Meanwhile, Roberts said, “I think our benefit programs are some of the best around, and we’re always looking at that and asking what else we can be doing. How do we help our people learn and build a career with us? How can we bring in more educational opportunities and help them build their career paths and help them see they have a future here? That goes a long way toward retention, but also from a recruiting standpoint, people want to know they have growth potential with your company. Identifying that process definitely has been key for us.”

 

Culture Counts

As Bulkley Richardson has sought to grow, Quick said, it was clear that “we have a really strong older workforce and a really strong middle, and we didn’t have such a strong younger workforce. So part of our succession plan is to keep that younger personnel coming up behind the bigs so they garner all that knowledge.”

One strategy to bring in young lawyers has been a summer associate program that was revived a few years back. After on-campus interviews and an in-depth review process, three to five candidates are selected every summer, and at the end of the summer, if the fit is right, offers are extended. Of eight offers so far, seven are coming back, and the other one took a clerkship and plans to be back at Bulkley when it’s over.

“We feel like this is a desirable place to work,” Quick said. “There’s been a lot of effort from our executive committee to punch up our vibe so it’s about the humans that work for us, not just about billable hours like a lot of big law firms in big cities. You’ve got to have that component, but you don’t have to work 6 in the morning to 12 at night and drive people into the ground. People want something different.

“COVID has taught us that Bulkley Richardson has always had a super strong family vibe,” she added. “We appreciate your personal time, what happens to you in your life. We really feel that’s paying off. We’re good lawyers and good people, and I feel like this is a positive hiring time for us.”

Galat agreed that culture is key.

“We have employees ranging from 16 to 85. Our people make the difference. We look for individuals that enjoy working with people. This is a people business. We want individuals that want to learn and grow and want to develop others, want to provide exceptional customer service and support our inclusive and belonging culture. Through our employee resource groups, employees share ideas and have a voice in business initiatives and each other.”

At Health New England, Morgan said, “we have been more focused than ever on recruiting people with diverse identities and experiences. More than ever, people want to work for companies that value them for who they are and empower them to bring their full, true selves to their work. We see strength in that and want employees from all backgrounds so we can better serve customers from all backgrounds.”

To that end, Health New England aims to deepen its relationships within the community through participation in local cultural events, job fairs, leadership programs, sponsorships, and more, she noted.

Getting back to the idea of the right cultural fit, Fitzgerald said CHD isn’t looking to hire just anyone, even in a tighter-than-usual market.

“We want the soft skills, the people skills. the relationship skills. That’s important not only for the work we do, but for being able to work with folks who appreciate each other and appreciate differences and have great communication skills and can manage different conversations. These are the kinds of things we’re looking for aside from just technical skills. It’s got to be the right fit.”

After all, she added, the company can train employees on certain tasks, but soft skills and a cultural connection are more organic.

“To have the right mindset about work and fit into that culture, I think those are things that are really important to our people. They care about who they’re working with, who they’re working for, and that translates to how we treat clients and quality of care. It really matters.”

 

Joseph Bednar can be reached at [email protected]

Daily News

HOLYOKE — A record $1.3 million in contributions in 2021 marks a new level of charitable support for PeoplesBank, earning recognition from the Boston Business Journal and its Corporate Citizenship Awards for the 15th year in a row.

With a focus on food insecurity, housing, and literacy, PeoplesBank announced record donations reaching $1,315,000 in 2021, with a total of close to $11 million donated since 2011.

This marks a new level of contributions, making PeoplesBank the leading community bank for charitable donations in Western and Central Mass. The bank has doubled its donations in the last five years.

Headquartered in Holyoke, PeoplesBank increased its donations across its whole market of Massachusetts and Connecticut to assist the customers and communities it serves. Meanwhile, PeoplesBank’s associates donate 10,000 volunteer hours per year, and 74 of them have served on 54 nonprofit boards.

“As a mutual bank, giving back is part of our culture,” said Tom Senecal, president and CEO of PeoplesBank. “The human social responsibility is woven into the fabric of PeoplesBank, and we are committed to the communities that we serve.”

Daily News

HOLYOKE — PeoplesBank’s record-setting charitable contributions in 2021 earned recognition from the Boston Business Journal, as the bank secured a spot on the region’s Top Corporate Charitable Contributors list for the 15th year in a row.

In 2021, while focusing on food insecurity, housing, and literacy, PeoplesBank announced record donations reaching $1,315,000, with a total of close to $11 million donated since 2011. The bank has doubled its donations in the last five years.

“It is a big part of who we are as an organization, our employees, and how they volunteer in the community,” said Tom Senecal, president and CEO of PeoplesBank. “I see 2022 as a tremendous opportunity for us to give back and be committed to the communities that we serve.”

PeoplesBank’s associates donate 10,000 volunteer hours per year, and 74 of them have served on 54 nonprofit boards.

The region’s top charitable companies will be honored at the Boston Business Journal’s Corporate Citizenship Awards on the Sept. 8 at Revere Hotel in Boston.

Business Talk Podcast Special Coverage

We are excited to announce that BusinessWest, in partnership with Living Local, has launched a new podcast series, BusinessTalk. Each episode will feature in-depth interviews and discussions with local industry leaders, providing thoughtful perspectives on the Western Massachuetts economy and the many business ventures that keep it running during these challenging times.

Go HERE to view all episodes

Episode 116: June 13, 2022

George talks with Amy Roberts, executive vice president and chief Human Resources officer at PeoplesBank

BusinessWest Editor George O’Brien talks with Amy Roberts, executive vice president and chief Human Resources officer at PeoplesBank. The two discuss the ongoing workforce crisis and the adjustments area business owners and managers should make if they want stand out in this marketplace and effectively attract and retain talented individuals. Her best advice?  “Meet people where they are.” It’s all must listening, so join us for BusinessTalk, a podcast presented by BusinessWest in partnership with Living Local and sponsored by PeoplesBank.

 

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Daily News

SPRINGFIELD — PeoplesBank and Health New England have partnered to donate $20,000 to Gardening the Community (GTC) of Springfield. The money will support the non-profit’s urban garden, farm store, youth leadership program, and other programs.

The companies’ collaborative donation came about as representatives from each were discussing needs in the Springfield community and the non-profit organizations each supports. Both support GTC and, knowing that more than 15% percent of children in Hampden County are food insecure, the two companies agreed to help.

“We believe that this donation from two of our most valued corporate partners is an investment in our organization, economically and spiritually.  It is especially appreciated during this time of rising food costs, as we work to bring forth a just food system that works for all,” said Liz O’Gilvie of GTC. “We will use the funds to support our efforts to grow food that’s affordable while we help our young people to understand the inequities in our food. system.”

“PeoplesBank and Health New England are like-minded in our belief that companies have a responsibility to improve the communities in which they do business,” said Matthew Bannister, senior vice president of marketing and corporate responsibility for PeoplesBank. “In working with Health New England as our health plan, we found that we both supported several of the same area non-profits, including Gardening the Community. We decided to demonstrate our partnership with this combined donation.”

“Both Health New England and PeoplesBank know that our companies are part of a larger ecosystem – our community – and when it thrives, we thrive,” said Keith Ledoux, Vice President Commercial Line of Business and Business Development for Health New England. “Together, our support of Gardening the Community will not only fight hunger and promote good health but will bring opportunity to the Mason Square neighborhood.”

Gardening the Community (GTC) grows organic food on formerly empty lots increasing access to healthy food in food-insecure areas. They emphasize youth leadership development, racial justice, and intergenerational relationship building in all their work. GTC serves Springfield’s Mason Square neighborhood, a low income, predominantly Black and Latinx community as well as residents from across the city.

 

Daily News

Fresh off its successful launch in the center of West Hartford and the renovation of its Suffield Banking Center, PeoplesBank has announced that it will add to its Connecticut footprint by building a new 2,000-square-foot banking center at 50 Cedar Ave. in South Windsor. 

The banking center is expected to be the anchor for other adjacent development that may include a restaurant, coffee and retail shops, and a medical office building.  

Designed by Tecton Architects of Hartford, the banking center will feature many of the innovative technologies that PeoplesBank has rolled out at its other new and renovated locations, including two VideoBankerITMs and two EV charging stations. The new banking center will also utilize the bank’s Universal Banker approach, which allows its associates to provide a wide range of banking services to customers. 

“With all the recent merger activity, it’s clear that there is a need for more community banking,” said Tom Senecal, president & CEO of PeoplesBank. “As a mutual bank, we cannot be bought or sold. Our profits are not diverted to stockholders but, instead, are reinvested into services to our customers and support for the communities where they live. Our new South Windsor banking center will also be a catalyst for other nearby services, all of which will benefit the community.” 

PeoplesBank set an institutional record in 2021 by donating $1.3 million to charitable organizations that focus on food insecurity, housing, and literacy in Connecticut and Massachusetts. Further, PeoplesBank’s associates volunteer thousands of hours per year, and 74 of them have served on 54 nonprofit boards. 

The new South Windsor Banking Center is expected to be open in early December, 2022. 

Daily News


HOLYOKE — The arrival of spring means sunshine, warmer weather and … the annual Earth Day (today) tomato plants and garden seeds giveaways hosted by PeoplesBank at four of their banking centers. This year, each banking center will also be giving away kids gardening kits. All giveaways are while supplies last. 

Gardening enthusiasts can also register to win gift certificates to Dickinson Farms, Rooted Flowers, and Arethusa Farm Café. 

PeoplesBank will give away tomato plants, garden seed packets, and kids gardening kits starting at 10 a.m. at the following locations: 

 

Massachusetts Locations 

1866 Northampton St., Holyoke 

56 Amity St., Amherst 

 

Connecticut Locations 

102 LaSalle Road, West Hartford 

30 Bridge St., Suffield 

The events are open to the public. Seed and plant quantities are limited, will be distributed only while supplies last and only at the designated PeoplesBank offices. 

For more information on getting your garden growing, please visit the bank’s Gardening Tipspage. 

Business Talk Podcast Special Coverage

We are excited to announce that BusinessWest, in partnership with Living Local, has launched a new podcast series, BusinessTalk. Each episode will feature in-depth interviews and discussions with local industry leaders, providing thoughtful perspectives on the Western Massachuetts economy and the many business ventures that keep it running during these challenging times.

Episode 98: January 31, 2022

George Interviews Tom Senecal, president and CEO of PeoplesBank

BusinessWest Editor George O’Brien has a lively, wide-ranging discussion with Tom Senecal, president and CEO of PeoplesBank. The two talk about everything from the regional economy and the forces that will determine its direction in 2022, to the pandemic and how it has inspired banks, and especially his institution to ratchet up their philanthropic efforts across the region. It’s all must listening, so join us on BusinessTalk, a podcast presented by BusinessWest in partnership with Living Local.

 

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Daily News

HOLYOKE — With a focus on food insecurity, housing, and literacy, PeoplesBank announced a record level of charitable contributions, with donations reaching $1,315,000 over the past year with a total of close to $11 million donated since 2011. The bank has doubled its donations in the last five years.

“It is a big part of who we are as an organization, our employees, and how they volunteer in the community,” said Tom Senecal, president and CEO of PeoplesBank. “I see 2022 as a tremendous opportunity for us to give back and be committed to the communities that we serve.”

PeoplesBank’s associates donate 10,000 volunteer hours per year, and 74 of them have served on 54 nonprofit boards.

“I can’t really point to anything that Square One does that doesn’t have PeoplesBank’s stamp on it,” said Kristine Allard, vice president of Development and Communication at SquareOne. “They are amazing experts in the field of banking, so they offer their expertise to us in terms of our operational needs. But when it comes to the philanthropic side of things, there’s very little that happens at Square One that isn’t somehow impacted by PeoplesBank.”

Chris Conway, executive director of the West Hartford (Conn.) Chamber of Commerce, noted that “businesses look for two things with the Chamber of Commerce: what can I get out of the relationship as far as exposure and networking opportunities. PeoplesBank is interested in that, of course, but they also want to know how they can be helpful and contribute. They have certainly done that. I know they’ve worked with a number of nonprofits, and they’ve worked within their neighborhood and beyond.”

Colleen Shanley-Loveless, president and CEO of Revitalize Community Development Corp., added that “they get great turnout and participation — from the president of PeoplesBank, Tom Senecal, to all the departments and all of the branches. We could not do the work we do without the help of PeoplesBank.”

Suzanne Parker, executive director of Girls Inc. of the Valley, added that “I can’t think of a way that PeoplesBank has not been there for us. We actually had a field trip to the PeoplesBank headquarters, and I’ll never forget the picture of our girls sitting around that big boardroom table. That was a meaningful, special experience for them that exposed the girls to the world of banking.”

More information on PeoplesBank’s corporate responsibility and how to apply for a donation can be found at bankatpeoples.com/support.

Banking and Financial Services

Some Moves of Interest

 

For a bank that’s been around for 136 years, PeoplesBank came across commercial lending fairly recently.

“My predecessor, Doug Bowen, started commercial lending at PeoplesBank probably 35 years ago,” Tom Senecal, the bank’s president and CEO, told BusinessWest. “We didn’t do any commercial loans until then, and we started out with just commercial real estate. And we stayed conservative with real estate, and never went into the C&I side because we didn’t have a lot of expertise. Just by virtue of what our comfort zone was, we focused on the real-estate side.”

That’s all changed, as PeoplesBank has made a strong push into the realm of C&I (commercial and industrial) business lending over the past two years.

“A little over two years ago, we started talking about our strengths and weaknesses and who we are are and what we do as the largest mutual institution in Western Mass.,” Senecal explained. “We have a very successful commercial real-estate portfolio. What we didn’t have was the C&I side. So we started talking about how to get into the C&I business.”

The reason the bank hadn’t done so sooner came down to expertise, which it had in spades on the real-estate side but much less so in C&I, where “you’re financing equipment, you’re financing lines of credit, there’s different types of collateral, it requires more monitoring, more analysis … we didn’t have that experience,” Senecal said. “It’s a very complex and very different lending skillset than commercial real estate.”

That’s why Senecal started talking with Frank Crinella, who has decades of experience in lending in the region, about bringing over a group of individuals from a large regional bank to spearhead a push into C&I lending.

“We have a very successful commercial real-estate portfolio. What we didn’t have was the C&I side. So we started talking about how to get into the C&I business.”

“We talked for several months about his group of people coming over, and we brought over five people that have an enormous amount of experience on the C&I side,” Senecal said. “Real estate is much more transactional, and we wanted to develop relationships in our home market much better than we ever had in the past, and C&I, to us, was the way to do it.”

Crinella is now the bank’s senior vice president and senior lender, and will also take the title of senior credit officer when Mike Oleksak, the institution’s longtime senior lender and senior credit officer, retires at the end of the year.

“C&I typically brings over the relationship more than just the real-estate transaction. And now that we have the group of people that we have, I think it’s going to be tremendously successful, not just for the Western Mass. market, but for our growth strategy going down into Connecticut as well,” Senecal said. “Frank and the group of people who came over have been here just over a year and have been enormously successful in that period of time, starting to build relationships here in Western Mass.”

Crinella saw great potential in what PeoplesBank was trying to do.

“What attracted us to Peoples was really the culture,” he said. “And C&I is all about relationship lending, the team approach. We have a very strong credit culture, but we also have a lot of depth on the cash-management side, and our branch network is very strong and plays well to the companies here in Western Mass. and Northern Connecticut.”

The commercial-lending department is now up to 50 people, Crinella noted. “The team complements each other so well. They brought in a lot of credit analysts that have C&I experience, so we’ve got depth now on the underwriting side.”

He was also drawn to a lending model at Peoples that prioritizes the ability of lenders to make quick decisions (more on that later).

“We talk about speed to market around here — we make all our decisions here on Whitney Avenue, so we can turn around a loan request quickly, and kind of outmuscle the big boys in that way … and, with the depth that we brought, outmuscle the local competition as well.”

 

Lending Support

Senecal said he knew PeoplesBank could excel at C&I lending based on its culture and ability to forge relationships through its branches.

“C&I is small business,” he explained. “And the interconnectivity between our branch network and our C&I lending is extremely important. It’s very difficult to develop a relationship on the small-business side without a branch network. So, in a lot of my conversations with Frank, we’re focused on our growth strategy and continuing to have the brick-and-mortar strategy, which complements the C&I side.”

Retail banking, Senecal noted, is moving in the direction of digital modes like mobile banking, online bill pay, and ITMs.

“When you talk C&I lending and small-business lending, you can’t do all that digitally online. You need a relationship. Accounts are very different for small businesses than they are on the retail side, between needing cash-management services, wires, positive pay … there are a lot of different functionalities small businesses utilize, more than the typical retail customer. A lot of services need to be communicated, and you can’t do that necessarily digitally. So the branch network has a huge impact.”

Crinella called it “delivering the bank.”

To explain that concept, he noted that, “when a relationship lender goes out to visit a customer, oftentimes they’ll bring the banking-center manager as well as the cash-management professionals, so the customer gets the entire bank when they’re meeting with the relationship lender. That’s really the difference between C&I and commercial real-estate lending. That’s what we’re trying to capture when we talk about relationship lending.”

The relationships customers already had with the lenders who moved to Peoples have generated some business as well, Senecal said.

“When you transition a group of five people from one institution to another, you create some loyalty from those customers who had relationships with them, and you can tell that the relationship means a lot. We’re getting great, positive feedback as a result of that.”

Crinella agreed. “They become valued advisors to the customer,” he said. “They take the time to understand their business and make informed decisions. Again, I think speed to market has been a huge competitive advantage. We get there quick. We can get a term sheet out in 48 hours, and that’s something, competitively, the big boys have a tough time competing with.”

With Oleksak, and soon with Crinella, it was important that both titles — senior lender and senior credit officer — fall under the same individual, Senecal said.

“From a customer’s perspective, when Frank shows up at the table, he has the decision-making authority for quite a few loans. Certainly, when loans get larger, we have a committee, we meet and talk, but Frank has the ability to sit at the table and make decisions immediately with customers based on what he sees.

“That doesn’t occur at most larger institutions,” Senecal went on, “where the lender goes out and gets the loan, develops the conversation, and then goes back with all the information and says, ‘OK, this is the deal. This is the terms of the deal I’d like to do.’ And they sit around with other people — adjudicators, other credit people, who say, ‘yeah, I don’t like that deal. You need to do this, you need to get that.’ And it becomes a group decision.”

That’s not the best or most efficient experience for the customer, he said.

“When you sit in front of a customer and you make the customer believe we’re going to do the deal, then you go back to the office and all of a sudden five different people have their opinions on what it should look like, it’s really hard to go back to the customer and say, ‘yeah, the deal’s changed.’”

That’s why it’s important to empower people, not committees, to make decisions, Senecal explained. “If the loan is a large loan, yes, it goes up to committee discussion. But in my 25-plus years at the bank, maybe two loans didn’t get through loan committee — because the lenders know what they’re doing.”

 

By All Accounts

When commercial lenders at PeoplesBank were focusing solely on real estate, they excelled at deals for warehouses, multi-family facilities, mixed-use properties, and strip malls. With C&I, they’re talking to manufacturers, healthcare practices, nonprofits, lawyers, accounting firms, and many more entities. And that requires specialized knowledge and, yes, strong relationships.

“You’re not lending on the building, you’re lending on the business,” Senecal said. “In real estate, we lend the money and hope to get paid back. If we don’t, we have the real estate. On the business side, it’s a whole different aspect of trying to understand, ‘how are you going to pay the loan back?’ When you get into all these other industries, it takes a unique skillset to identify whether or not it’s viable and the loan is a good loan or not.”

It’s a skillset the bank plans to further grow as it evolves its lending presence in the region’s C&I landscape.

 

Joseph Bednar can be reached at [email protected]

Daily News

SPRINGFIELD — Behavioral Health Network Inc. (BHN) announced it has received a $25,000 donation from PeoplesBank to benefit the Katherine B. Wilson Staff Excellence Fund. It is the first installment of a $125,000 commitment over the next five years.

BHN established the Katherine B. Wilson Staff Excellence Fund to support the career and professional development of the organization’s workforce and assist in achieving social-justice objectives. Through community partnerships, valuable in-kind services, and generous donations, BHN seeks to address a variety of staff professional-development opportunities. The fund will provide support for scholarship funds and forgivable loans for staff to further their education at local colleges, along with licensure support.

“BHN made a compelling case that the engagement/skillset of their workforce has an enormous impact on their ‘end users’ – something we know to be true, even in a seemingly different industry such as banking,” said Matthew Bannister, senior vice president, Marketing and Corporate Responsibility at PeoplesBank. “It is the ‘hand up, and not handout’ to these vulnerable populations that hews most closely to our giving philosophy, so we are comfortable that this program will produce those desired results.”

Steve Winn, president and CEO of BHN, added that “we are deeply grateful to PeoplesBank for their generosity and partnership. Through this commitment, PeoplesBank demonstrates understanding of the importance of ensuring high-quality behavioral-health services to the Western Massachusetts community. Supporting BHN’s essential workforce accomplishes that goal.”

Daily News

HOLYOKE — Thousands of voters chimed in recently for the Daily Hampshire Gazette’s Readers’ Choice consumer polls, and PeoplesBank was named a winner in several categories, including Best Local Bank, Best Local Online Banking, Best Mortgage/Home Loan Provider, Best Green Business, and Best Place to Work.

“PeoplesBank is proud to play a role in making this a better place to live and work,” said Matthew Bannister, senior vice president, Marketing and Corporate Responsibility. “We truly thank our customers for their votes.”

PeoplesBank has made significant investments in customer service in recent years, adding new digital and contactless banking opportunities such as VideoBankerITMs as well as expanding its banking-center network in Northern and Central Connecticut. In each market it serves, the bank is well-known for its charitable and civic support.

Meanwhile, at the other end of Massachusetts, the Boston Business Journal named PeoplesBank a Top Corporate Charitable Contributor again in 2021.

“I really think what we do for the community, how active we are in the community, what we do for the environment, the level of engagement with employees — it shines, and it shows what an amazing place it is here at PeoplesBank,” said Michael Gay, vice president, regional manager.

Banking and Financial Services Special Coverage

Open for Business

Romika Odedra says the branch’s layout emphasizes the customer experience.

Holyoke-based PeoplesBank recently expanded its presence in Connecticut with a branch in West Hartford. The new location is projected to help the bank grow its already considerable portfolio of consumer and commercial business from south of the border, especially in an ongoing climate of mergers and acquisitions.

 

When PeoplesBank opened its newest branch in West Hartford on August 30, it wasn’t exactly its first foray into Connecticut’s capital region. Far from it.

“This is a retail opening in West Hartford, but half of our commercial business is in Connecticut already — actually, about 60%,” said Matt Bannister, the bank’s senior vice president of Marketing & Corporate Responsibility.

“Some is up in the Granby-Windsor-Suffield area,” he went on, alluding to PeoplesBank’s first three Connecticut locations, in East Granby, Suffield, and West Suffield. “Some is down here in the Hartford region, and it actually goes all the way down to the shore. We’re kind of catching up with this retail storefront because the commercial customers want a presence here. They’ve been saying to us, ‘come down to Connecticut.’ And West Hartford just makes sense; it’s a great community, and a good place to be.”

Aleda De Maria, executive vice president of Consumer Banking and Operations, said a growing commercial presence in Hartford County cried out for a full-service physical branch.

“The banking centers are there for when they need a little more contact, when they have a little more complexity, or they just want to expand their relationship. We need to make sure we have everything.”

“We absolutely need it. The majority of our new accounts are still opened at brick-and-mortar locations. For more complex conversations, customers want to talk to a person, and they want to have that live interaction. There still is a need for that face-to-face contact.

“I think what the industry is trying to do with the self-service channels — with online, with mobile, with video bankers — is give people the ability to do the quick, day-to-day transactions when they want to, without having to park and go in and talk to somebody, and get it done quickly,” she went on. “The banking centers are there for when they need a little more contact, when they have a little more complexity, or they just want to expand their relationship. We need to make sure we have everything.”

Michael Oleksak, executive vice president and chief lending and credit officer, said all those Connecticut dollars in the bank’s commercial portfolio have not come mainly from the Granby-Suffield area, but predated those physical locations.

Matt Bannister with one of the West Hartford branch’s two interactive video teller machines.

Matt Bannister with one of the West Hartford branch’s two interactive video teller machines.

“We have a significant amount of business in the Greater Hartford area, specifically in the Farmington, Glastonbury, West Hartford communities and downtown Hartford, but we also go as far as New Haven and Greenwich. So our tentacles are fairly long when it comes to our Connecticut presence.

“Most of that is in commercial real estate, which tends to be more transactional,” he went on. “We are able to do a lot of full-service banking for these commercial real-estate customers because of our cash-management expertise and the different products we have, but without a branch presence, it’s really difficult to do business banking.”

The branch presence in West Hartford allows the team to do more commercial and industrial (C&I) lending, and complements a recent expansion of the bank’s C&I team with former TD Bank veterans, Oleksak noted.

“We have a very strong following now, and I think by having a physical presence there, we’ll become a more visible part of the community,” he went on. “We do support our current borrowers, including with a lot of their philanthropic initiatives, but it’s kind of behind the scenes because we don’t have a presence there. But with a physical presence, and with the disruption in the market with the M&T acquisition of People’s United, it will really open the door for us to be a bigger part of the community.”

De Maria agreed. “We’ve already created such a solid foundation with our name and then with the physical presence from the acquisition we did in Suffield in 2018,” she told BusinessWest. “And now, with our West Hartford presence, I think we have a solid opportunity to bring the service we provide for our commercial customers to our retail-customer world, and really marry those two sides together and make an impact.”

 

Making Contact

Many visitors to the new branch will first notice the interactive video tellers, one in the entry and one in the drive-thru lanes, bringing the bank’s total number of such machines to 22 at 17 locations. Users can call up a live teller in Holyoke who manages four or five machines at once.

“That way, we can be open seven days a week and have extended hours and not have to have people physically in the branch. And the video banker can do almost any transaction,” Bannister said, noting that Peoples is the only bank in the Hartford to offer the service. “Part of our technology story is good, consumer-facing technology.”

Romika Odedra, vice president and regional manager, said customers appreciate face time with a live person rather than interacting with a machine and the more limited options available at an ATM. And Bannister added that, with the pandemic still raging, many customers appreciate being able to conduct complex transactions in a contactless way.

“We are able to do a lot of full-service banking for these commercial real-estate customers because of our cash-management expertise and the different products we have, but without a branch presence, it’s really difficult to do business banking.”

“Video tellers are something we’re proud to bring to the market,” De Maria said. “It brings seven-day-a-week banking to West Hartford and our surrounding areas.”

Once inside the branch, customers will see pods instead of traditional customer lines — a model Peoples and other banks have been implementing for years. Customers can stand beside the teller and even see what he or she is looking at on the computer screen, if necessary. “In the beginning, people were like, ‘where do I go?’” Odedra said. “But it’s so easy — it’s warm, it’s welcoming, it’s not ‘there’s the line.’ It’s nice to have that one-on-one experience.”

The branch also employs a ‘universal banker’ model, Bannister said. “Any bank employee you see out here can do all the transactions. You can go to a teller pod or pop into an office if it’s more convenient or you just want privacy to have a conversation.” In other, more specialized offices down the hallway from the main area, he added, the bank will offer a mortgage expert, a wealth adviser, and other ancillary services.

And in front, at the main entrance, is a high table, couch, and coffee bar. “We’re trying to say to people, ‘come on in and hang out; get to know us a little bit,” Bannister said. “The thought is, we want to have sort of an open storefront.”

That’s partly to reflect the neighborhood the branch is in, with restaurants and small shops lining the streets and the shopping and dining mecca Blue Back Square just down the road.

“This area really is hopping with foot traffic,” he said. “And if you’re a bank with a retail storefront, you want foot traffic.”

Those who drive to PeoplesBank will appreciate the free parking lot the bank shares with the town’s Post Office.

“I used to work at a different bank, and that was the biggest issue we had, the parking,” Odedra said. “I’m so glad we have the parking we have. We don’t have to rush the customer out; we have time to have that one-on-one with them and invite them to have a cup of coffee.”

Bannister said West Hartford has been an enthusiastic town to work with, from its Chamber of Commerce to local economic-development leaders.

“Right from the start, when we were saying we wanted to come down, they were like, ‘how can we help?’ We’re in a lot of communities, and some of them are very welcoming, and some are maybe not so much. This one has been great to work with.”

 

Opportunity Knocks

The branch is fully staffed as well, with a mix of on-site and hybrid workers, reflecting the current makeup of the entire PeoplesBank organization. Some are West Hartford natives who know the market, Bannisher said, while some were attracted by working near all the nearby restaurants and other neighborhood amenities.

Aleda De Maria

Even in an age of mobile banking, Aleda De Maria says, people still want face-to-face interaction at branches for many services.

There’s room to expand in Hartford County, he added, with plans to open at least two more branches in the next couple of years.

“We’re coming in with a message of ‘we’re here, and we’re here to stay, and we can do everything the big banks do, but with a local feel and local decisions,’” De Maria said. “And I think that’s what’s missing in banking in general nowadays — being able to bank how you want to bank but also at a community bank where you don’t have to worry about who’s going to buy them.”

That presence means civic involvement and philanthropy as well, Bannister said, noting that PeoplesBank plans to give close to $60,000 in the first month alone to local organizations like Habitat for Humanity, Hands on Hartford (which assists with food pantries and the homeless population), the United Way, Foodshare, and even two West Hartford community events the bank will sponsor this fall and next summer.

“Right from the start, when we were saying we wanted to come down, they were like, ‘how can we help?’ We’re in a lot of communities, and some of them are very welcoming, and some are maybe not so much. This one has been great to work with.”

“We feel like we’re leading with the values we want to be known by in the community, which are innovation, technology, customer service, and the community support.”

De Maria agreed with Bannister than broadening the bank’s footprint in Connecticut is a must. “We will continue to actively look for physical locations, primarily in Hartford County,” she said. “We’re not opposed to outside Hartford County should it make sense, but in Hartford County, we feel we have an opportunity for our brand to really make an impact in the community.”

And that means expanded business, including commercial lending, Oleksak said. “I think there’s tremendous opportunity in this market for us, given our size and the experience of our lending staff. We’re very diverse, and between small business, large commercial real-estate loans, and now C&I expertise, I think we bring a lot to the table. It’s a great opportunity for us.”

 

Joseph Bednar can be reached at [email protected]

Daily News

SPRINGFIELD — Western New England University (WNEU) announced the recipients of the 2021 PeoplesBank Award. The award, first given in 2020, is made possible by a grant to WNEU from PeoplesBank to advance innovation and entrepreneurship across the university and the entire Pioneer Valley ecosystem.

Mary Schoonmaker, associate professor of Marketing and Entrepreneurship at Western New England, applauded the students’ spirit and innovation. “We continue to be encouraged to see the breadth of businesses that have applied for awards this year. It is rewarding to see these student-led ventures made possible through this PeoplesBank grant.”

Matthew Bannister, first vice president, Marketing and Corporate Responsibility at PeoplesBank, congratulated each of the student-business initiatives. “We are pleased that our grant could assist these student teams in continuing to develop their businesses. Small businesses, powered by entrepreneurs, are vital to the economic health of our region, and we congratulate these six new ventures and Western New England University for their efforts in this area. This is exactly what we hoped would transpire when we formed this partnership with Western New England.”

This year, the PeoplesBank Award at Western New England University went to the following innovative and entrepreneurial student teams:

• Jeremy Bowler, a computer engineering major, for his work on an electronically controlled, continuously variable transmission (ECVT) for small-engine applications. The funding is being used to continue to advance the prototype;

• Tytianie Brown, a sciences major, who runs a full-service beauty-services business. Brown is using the funding for beauty-services equipment;

• Caleb Miller, a mechanical engineering major and the co-founder of Woodside Getaways, an RV rental startup. Miller is using the funding to provision the RV and complete the rental unit, which is already booked for summer travel by Woodside’s clients;

• Dante Talamini, an engineering major and team leader for Frost Alert, a wearable smart device that monitors skin temperature and alerts the wearer if they are beginning to experience frostbite. The team will be using the funding to continue to advance their prototype development;

• Ethan Valdes, an entrepreneurship major with a minor in health sciences, who co-founded Bus Boiz, a social-media experience startup that captures travel experiences. The team was awarded funding for a drone to assist with aerial shots from their travel adventures; and

• Shemika White, an MBA graduate student and founder of Notes of Beauty chemical-free beauty products. White is using the funding to purchase materials and product testing.

Western New England University aspires to develop students’ entrepreneurial mindset with its innovation and entrepreneurial programs. Through co-curricular efforts, such as Startup Weekend and the Product Development and Innovation course, students are able to create innovations that have market potential. The Center for Innovation and Entrepreneurship, located on campus, is a dedicated space for student startup teams, club meetings, and maker space for student-led innovations. Past WNEU student teams have advanced their innovations by participating in the Harold Grinspoon Foundation Spirit Awards, the Valley Venture Mentors Accelerator, and Draper Competitions.

Daily News

HOLYOKE — PeoplesBank has announced the planned April 26, 2021 opening of its newest banking center, located at the corner of Newton St. and Lyman St., South Hadley, along with two adjacent drive-thru VideoBankerITM’s (Interactive Teller Machines), bringing the newest banking technology and seven-days-a-week banking convenience into the community.

The newly constructed banking center, measuring 1,900 square feet, is a modern, aesthetically pleasing addition to the neighborhood, offering a combination of in-person service using the Universal Banker system, where each associate is specially trained to assist with almost all banking transactions, enabling shorter wait times and more efficient servicing, as well as offering the latest in banking technology, the VideoBankerITM.

The two VideoBankerITMs at the location will be open seven days a week, and provide an opportunity for customers to interact with a PeoplesBank associate via video from a remote location. VideoBankers can perform virtually all banking transactions, including cashing checks down to the penny, accepting loan payments or any other common transaction.

The two existing locations in close proximity in South Hadley (at Village Commons, 7 College St., and at 494 Newton St.), will both be closed, with the locations now combined into this one new, state-of-the-art banking center. The 494 Newton St. banking center will be permanently closed at the end of business on April 24 while the Village Commons location will be shuttered on May 24. However, PeoplesBank will retain a retail banking presence at the Village Commons, with the conversion of the ATM into a VideoBankerITM, which will also offer real-time video banking with a PeoplesBank associate, 7 days a week.

Daily News

HOLYOKE — The arrival of spring means sunshine, warmer weather and, of course, the annual Earth Day tomato plants and garden seeds giveaways hosted by PeoplesBank at four of its banking centers today. Gardening enthusiasts can also register to win one of five $50 gift certificates to Dickinson Farms in Granby.

The bank will give away tomato plants and garden seed packets starting at 10 a.m. at the following locations:

• 300 King St., Northampton;

• 547 Memorial Ave., West Springfield;

• 1936 Memorial Dr., Chicopee; and

• 1 Turkey Hills Road, East Granby Connecticut

The events are open to the public. Seed and plant quantities are limited, will be distributed only while supplies last and only at the designated PeoplesBank offices.

Daily News

HOLYOKE — PeoplesBank announced that its charitable giving to nonprofits in the Pioneer Valley and Northern Conn. in 2020 surpassed its previous record high, set in 2019, making this the largest amount ever donated in any year in the bank’s history. Contributions totaled $1,300,000 in 2020, representing almost a doubling of annual contributions over the past five years (from $714,000 in 2016), and a cumulative total of $6 million over the past five years (2016 to 2020).

“While the COVID pandemic impacted many areas of our local economy, we were proud to increase our level of giving to the communities we serve, especially during such a time where people within our communities are in such need,” said Tom Senecal, president and CEO of PeoplesBank. “As a mutual institution, we have a special responsibility to our depositors and our communities, and our strong support of so many worthy causes is one of the ways we demonstrate our commitment.”

Highlights of the support from the past year included grants to 292 unique nonprofits in the region, with an average donation of approximately $4,500 per cause. While the long-standing funding priorities of PeoplesBank include academic excellence, community vibrancy, and environmental sustainability, support in 2020 also included donations to COVID emergency relief funds and to purchase PPE for frontline responders, to organizations fighting food insecurity and homelessness, and to many area youth groups and early-childhood education centers.

“Way Finders is privileged to be a long-time beneficiary of PeoplesBank’s charitable giving and volunteer programs. Year after year, they make significant investments in programs and services that advance our communities,” said Keith Fairey, president and CEO of Way Finders. “In 2020, individuals and families in our region faced extraordinary challenges as a result of COVID-19. We know we can count on PeoplesBank to invest in meaningful solutions that will help people who are facing crisis now, and that they will also partner with us long-term as we work toward and advocate for equitable recovery.

Importantly, it is not just cash contributions that the bank has provided to assist these efforts — or, more specifically, that the bank’s employees have provided. The bank’s associates have consistently contributed more than 10,000 hours per year to local causes, with service ranging from board membership to volunteering in food pantries and survival centers, and within schools and youth groups. Though this number dropped considerably in the current environment due to social-distancing restrictions, it has long been a tradition for the bank to not only enable, but also actively encourage, volunteerism throughout the ranks.

“PeoplesBank has been an enthusiastic supporter of our work to help repair homes for low-income families with children, the elderly, military veterans, and people with special needs for many years,” said Colleen Loveless, president and CEO of Revitalize Community Development Corp. “They roll up their sleeves to volunteer and donate, not just the bank but their employees as well.”

PeoplesBank was once again recognized by the Boston Business Journal as a Top Charitable Contributor for the 13th consecutive year, and was once again the top-ranked bank headquartered in Western Mass.

“We believe that we ‘punch above our weight’ in the region,” Senecal said, “and, as an institution that is determined to remain independent — we will never be bought or sold — we look forward to continuing, and growing, our philanthropic giving in the years to come.”

Daily News

HOLYOKE — PeoplesBank announced the following nine promotions.

Christina Bordeau has been promoted to assistant vice president, banking center manager for the High Street, Holyoke location. She has more than 24 years of financial-services and banking experience, having served in various retail banking roles.

Michael Gay has been promoted to vice president, banking center manager for the Amherst location. He has more than 20 years of retail and banking experience.

Jacquelyn Guzie has been promoted to vice president and regional manager. She has more than 20 years of financial-services and banking experience, having served in various retail banking roles, including managing the Suffield Banking Center.

Clare Ladue was promoted to vice president and regional manager for the Holyoke region. She has more than 25 years of financial-services and banking experience, having served in banking center management, administration, and commercial lending. She previously served as banking center manager for the Hadley Banking Center and was promoted to assistant vice president, regional manager, in 2019.

Aneta Lombardi was promoted to finance officer. She has more than 15 years of financial-services and banking experience, including serving in various positions in the finance division, most recently as financial analyst.

Nicole Nelson was promoted to banking center manager at the Windsor Locks location. She has more than eight years of banking experience, including serving as assistant manager of both the East Longmeadow and Windsor Locks banking centers.

Steve Parastatidis was promoted to first vice president, commercial banking. He has 16 years of banking experience.

Brenda Rodriguez was promoted to assistant vice president, banking center manager of the Chicopee location. She has more than 14 years of financial-services and banking experience, having served in various retail banking roles, including most recently as banking center manager for the St. James Avenue, Springfield location.

Danielle Rosario was promoted to vice president, banking center manager, for the Chicopee location. She has more than 17 years of banking experience.

Business Talk Podcast Special Coverage

We are excited to announce that BusinessWest, in partnership with Living Local, has launched a new podcast series, BusinessTalk. Each episode will feature in-depth interviews and discussions with local industry leaders, providing thoughtful perspectives on the Western Massachuetts economy and the many business ventures that keep it running during these challenging times.

Episode 37: Nov. 2, 2020

George Interviews Tom Senecal, president and CEO of PeoplesBank

Tom Senecal

George talks with Tom Senecal, president and CEO of PeoplesBank. The two discuss the state of the local economy, how the pandemic is impacting the business community specific sectors of the economy, the short and long-term impacts of state and federal stimulus initiatives, and what lies ahead in 2021. They also discuss the impact of the pandemic and falling interest rates on the banking industry. It’s must listening, so join us on BusinessTalk.

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Daily News

HOLYOKE — According to President and CEO Tom Senecal, PeoplesBank wanted to bring something new to the Ludlow market. Then COVID-19 hit, and suddenly PeoplesBank’s investments in technology had a whole new meaning and value.

“It’s about as close to curbside banking as you can get, except with way better hours,” Senecal said in describing the drive-thru VideoBanker ITM that will be a feature of the new Ludlow banking center located at 450 Center St. “Customers can do pretty much anything they can with a teller — except they do not have to enter the banking center. This new technology also allows us to extend the banking day, and they will be available seven days a week, including Sundays. Customers are finding a whole new level of convenience by banking when they need to as opposed to when they have to.”

Currently, the PeoplesBank VideoBanker ITMs are the only such service in Ludlow. The new banking center is slated to open on Oct. 15.

“While we apply the design template differently every time we build a new branch, the basic elements are the same: new technology, an open interior, and an empowered universal-banker team of associates all housed in an extremely efficient footprint,” Senecal added.

PeoplesBank wanted to develop a team of associates for the new banking center who had strong community connections, said Aleda De Maria, senior vice president of Retail and Operations at PeoplesBank. “Ludlow is a close-knit community where trust is granted based on what you do, not what you say. And we hit it out of the park when Scott Ganhao joined us as our Banking Center Manager in Ludlow. Not only does he speak fluent Portuguese, he has incredibly strong community connections from serving in roles of responsibility in a variety of charitable organizations, including Festa.”

“Ludlow is a hardworking, close-knit community comprised of many cultures,” Ganhao noted. “PeoplesBank is a great community partner. We are going to bring technology that people have not seen, and I think Ludlow is going to embrace that.” Ganhao is the president of the Our Lady of Fatima Preservation Society, a 501(c)(3) organization, and is a member of the board of directors of the Wilbraham Rotary Memorial Foundation Inc. and the Lusitania Institute. He is a member of the Wilbraham-Hampden Rotary Club and served as chairman of the Our Lady of Fatima finance committee, president of the Our Lady of Fatima parish council committee, and director of the Our Lady of Fatima Festa committee.

Daily News

HOLYOKE — Tens of thousands of voters in recent consumer polls have named PeoplesBank a winner in several categories.

PeoplesBank, the largest community bank employer headquartered in Western Mass., was a second-time winner of the Best Place to Work in one area poll.

“We are a strong work family with goals and values,” explained Christine Phillips, First Vice President, Human Resources at PeoplesBank. “Making sure our associates’ professional and personal needs are met, that’s what being a family is all about. We value them, the work that they do, and this award would not be possible without them.”

With 21 offices, including its new Ludlow office, which will open in October, another area poll named the bank  Best Local Bank for the eighth time.

“It’s not enough for us just to operate here, we are a part of the community and a part of what makes our local community vibrant and successful,” Jacqueline Charron, Senior Vice President & Chief Risk Officer at PeoplesBank. “I’m out in the community at the grocery store, and people stop me to say ‘you’re from PeoplesBank’ and it’s a great feeling for someone to say that…it really makes you proud to work here.”

Also, innovative services like mobile banking and a complete, contactless mortgage application process earned PeoplesBank the Best Mortgage Lender for the ninth time in that same poll.

Nadine Maggi, Consumer Lending Operations Manager at PeoplesBank commented, “I think it’s our focus on service and our commitment to the community. Our mortgage lenders are out doing first time home buyer seminars. We have a digital mortgage process, so if a customer wants to work with a mortgage lender they can or they can go online to their own personalized portal. At the end, they close faster, and we do what we can for the customer because it’s all about them.”

Daily News

HOLYOKE — PeoplesBank announced the appointment of Scott Ganhao as the manager of its new banking center located at 450 Center St. in Ludlow. He has more than 13 years of financial services and banking experience. In his new position, Ganhao will aim to ensure the banking center meets and exceeds service and sales goals, provides excellent customer service, operates according to all bank policies and procedures, and serves as a leader within the community.

“We are excited to have Scott lead our new Ludlow team,” said Aleda De Maria, senior vice president of Retail and Operations at PeoplesBank. “With his strong connections to the community, he has been instrumental in helping us open our newest banking center and introducing customers to our innovative banking technology.”

Ganhao earned a bachelor’s degree in business management from Western New England University. He is the president of the Our Lady of Fatima Preservation Society and a member of the board of directors of the Wilbraham Rotary Memorial Foundation Inc. and the Lusitania Institute. He is a member of the Wilbraham-Hampden Rotary Club and has served as chairman of the Our Lady of Fatima finance committee, president of the Our Lady of Fatima Parish council committee, and director of the Our Lady of Fatima Festa committee. He is fluent in spoken Portuguese.

Daily News

HOLYOKE — PeoplesBank announced the appointment of Jennifer DeBarge as assistant vice president of Marketing. She has more than 22 years of financial-services and marketing experience. In her new position, she will provide strategic direction and execution for various marketing projects, supporting the lines of business and brand.

“Jennifer is an asset to our team and brings a tremendous depth of bank marketing experience,” said Matthew Bannister, first vice president, Marketing and Corporate Responsibility at PeoplesBank. “We are looking forward to her contributions as she will be helping us communicate and connect with our customers and communities.”

DeBarge earned an MBA in entrepreneurial and innovative thinking from Bay Path University and a bachelor’s degree from Westfield State University. She also received a certificate from the ABA School of Marketing & Management. She has a history of community service and currently serves on the board of directors for the Westfield Boys & Girls Club.

Daily News

HOLYOKE — PeoplesBank issued its 2020 annual Corporate Green Report in recognition of the 50th anniversary of Earth Day. Through its green values and actions to support environmental sustainability, PeoplesBank believes it can help make the region a healthier place in which to live, work, and raise a family. The bank puts these values to work throughout the year through its charitable donations, volunteerism, support of green-energy projects, and construction of LEED-certified offices.

“A lot of things have been canceled or postponed because of the coronavirus. Earth Day is not one of them,” said Tom Senecal, president and CEO of PeoplesBank. “Environmental sustainability is really the meeting place of all of our corporate values. This year might be a remote celebration, but we will not forget our commitment to the community and the environment.”

PeoplesBank is also a longtime leader in sustainable-energy financing, and the bank’s commercial lenders are recognized for their expertise in creating financing packages for green-energy power generation. To date, the bank has financed more than $188 million in wind, solar, and hydroelectric power-generation projects.

Over 2019-20, PeoplesBank supported several green community projects in Western Mass., including the Center for EcoTechnology’s ‘eco fellows’ and more than 100 community-education events; the Community Involved in Sustaining Agriculture (CISA) Food for All campaign; e-recycle and shred day at the bank’s Suffield Banking Center; Grow Food Northampton; the Harold Grinspoon Foundation’s Local Farmer program and awards; scientific environmental education at the Hitchcock Center for the Environment; a mobile farmers’ market that travels to underserved/food-desert areas of Springfield and surrounding communities; the Source to Sea Cleanup of the Connecticut River, which also includes hands-on participation by a team of volunteers from the bank; and ValleyBike Share, the region’s new bike-sharing program.

Community banks, like PeoplesBank, are not generally known for building green offices, but PeoplesBank has a LEED Gold-certified office in Northampton, a LEED Gold-certified office in West Springfield, and a LEED Silver-certified office in Springfield. The LEED-certified office in Springfield, the first of its kind in the city, won a Green Seal from the city of Springfield. The bank will pursue a fourth LEED certification for its Pedlar Banking Center in Holyoke in the near future.

Three PeoplesBank offices (Northampton, West Springfield, and 330 Whitney Ave. in Holyoke) have electric vehicle-charging stations. The bank also launched a “Choose to Reuse” campaign designed to eliminate the use of disposable paper products internally.

In the past, PeoplesBank has been recognized by Independent Banker magazine for its environmental sustainability efforts and voted a five-time winner of “Best Local Green Business” by Daily Hampshire Gazette readers. PeoplesBank is also a past recipient of the Sustainable Business of the Year Award and the Associated Industries of Massachusetts’ Sustainability Award.

PeoplesBank has traditionally commemorated Earth Day by giving away tomato plants and seeds at several banking centers throughout the region. Due to the extenuating circumstances this year, in lieu of those customer giveaways, a donation will be made to the Food Bank of Western Massachusetts to assist in its COVID relief outreach.

“A business’ responsibility is to try and influence their communities toward being more sustainable,” said Matthew Bannister, first vice president, Marketing and Corporate Responsibility at PeoplesBank. “The environment is a core belief that is built into the fabric of our organization. That goes a long way toward what we do in the community.”