Page 21 - BusinessWest September 18, 2023

“If you’re a sophisticated business owner, you understand that you need
a branch at the end of your street; you need
a relationship manager, a loan officer who is going to be at your business when you need him, to speak with him, to work with him.”
communities within the Berkshires, Fraser told BusinessWest that it would be “challenging to invest in a branch location in a market that has a declining population base and is already overbanked,” and that the bank’s strategy is, as he said, geared more toward technology.
But he noted quickly that the Berkshires has seen an uptick in population in the wake of the pandemic, with some choosing more rural areas over larger cities, as well as some demographic shifts, with more young people moving to the area, and a surge in entre- preneurship, in part because of COVID and how it prompted many to pursue long-held dreams of working for themselves.
And all of these trends are certainly positive signs for the Berk- shire County market and its business community.
Indeed, as they talked about the next chapters in MountainOne’s history, Fraser and Lauro noted that, independent of what is hap- pening with the economy, interest rates, and other factors, there are many reasons for optimism when it comes to broadening the book of business and gaining additional market share.
Some of this has to do with COVID-related population surges, demographic shifts, and that aforementioned surge in entrepre- neurship, the size and scope of which are still to be determined. But much of it comes down to what the bank can bring to the table beyond what all banks can provide — money.
“Hospitality is the number-one industry, and we’ve been involved in a number of projects involving hospitality-related businesses, but we also have a number of commercial accounts that involve mean- ingful employers and well-known companies in the Berkshires,” Fraser said. “And I think there’s a greater opportunity for us over time to continue to expand in that market as we see younger entre- preneurs establishing roots in the Berkshires. Businesses may be looking for an entity that is based in the Berkshires, is local, and obviously has a commitment to the region; we’ve been here since 1848.
“Being a mutual organization, we can look a little bit longer-term
strategically than if we were a stock-owned company,” he went on. “It’s just a different
MountainOne
Continued on page 37
>>
Matt Lauro says the considers the Berkshires to be overbanked but its commercial customers underserved, leaving opportunity for MountainOne.
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