Bill Crawford is CEO of Glastonbury-based United Bank, which has done business as Rockville Bank since 1858. Rockville adopted its new name ”“ United Bank ”“ after what it terms “a merger of equals” with Massachusetts-based United Bank of West Springfield became official April 30.
It is already upping its Fairfield County presence and plans a new Westport footprint. As part of the expansion that will witness a new commercial loan presence in Westport, United Bank hired former TD Bank executive Maureen Hanley-Bellitto as its senior vice president and commercial team leader. United Bank first entered the Fairfield County market this year when it opened a mortgage loan office in Fairfield led by Joe Antonios, vice president of private mortgage banking.
Hanley-Bellitto and Antonios together have more than 45 years of lending experience in the Fairfield County market. In a statement, the bank said its “willingness to lend and grow market share will certainly build a competitive edge for United Bank in Fairfield County.”
The Fairfield County Business Journal asked Crawford and Hanley-Bellitto a series of questions about the growth in Fairfield County and what it means for the bank and the market.
You are expanding with a physical footprint in Westport. What are you building, why Westport and when will it open?
Hanley-Bellitto: “We weighed many factors when deciding on Westport, including the balance of business-sector activity and lending needs against traffic patterns (yes, traffic). We do not want our employees spending hours on the road to just get from point A to point B, and we wanted the location to be convenient for our customers. The construction will commence shortly and we anticipate a November opening, with an official launch celebration in the spring.”
You have two lending groups now active in Fairfield County, one for mortgages and one for commercial lending. We hear a lot of talk of recovery. Is it real and is it comparatively equal, based on what you see on the mortgage versus the commercial side?
Hanley-Bellitto: “The recovery is real. We are rebounding and there is a lot of demand out there on both sides of the lending spectrum.”
Given similar loan applications for which all the i”™s are dotted and t”™s are crossed, is there a business sector for which money is most readily available? Is there a sector that appears most sluggish and perhaps most starved for loans?
Hanley-Bellitto: “I believe our competition has not served the region effectively across all business lines. In fact, some sectors have been disenfranchised. Recovery for Fairfield County has been slowed by fear and overreaction to regulations. We are looking at all sectors of business and we are prepared to make quality loans within the present regulatory framework.
“As the ”˜big banks”™ continue to specialize and build segmentation while adding layers of management, you lose the relationship piece of commercial lending that business owners desire and demand. They want the one person they can call if they have a problem. That”™s the customer experience that United Bank and our team bring to the table: successful banking relationships with first-class lenders and local decision-making on loans.”
You were Rockville Bank before a United Bank of West Springfield merger, “a merger of equals” initiated last November and completed in April. What advantages come with the merger?
Crawford: “Our strategic merger significantly improves our operating and capital efficiency, which positions us to better serve clients and control our destiny in the long term.
“About four years ago, I was interviewing to become Rockville Bank’s CEO. For me, it’s always been about building something great where the best bankers are empowered to pursue excellence in serving their clients in a personal comprehensive manner.
“Clients bank with us because they want to know someone at the bank who can get things done for them. With the new United we are just getting started, even though Rockville and United have been in business since the 1800s.
“The big banks will always struggle to accommodate many of their best bankers and clients and small banks will continue to look for strategic partners. We will choose the path which fits best for our clients, bankers, communities and shareholders. Fairfield County is a terrific market for commercial and private mortgage banking.”
You are dropping the 1858 Rockville Bank and Rockville Financial Inc. names. Does the loss of such a historic name pose a marketing challenge?
Crawford: “Rockville Bank has been loved by its core customer base since 1858. So we have some upset loyal customers when it comes to the name change in our original core markets.
“Hopefully, they will agree the name change will not impact the great service they have become accustomed to. We tell them that everything they liked about Rockville Bank, they will love the new United.
“In terms of marketing, we are forming a new bank with this merger so we are rebranding the combined company beginning later this fall. In terms of name recognition, neither Rockville nor United were household names outside core legacy markets. We will gradually change this over time in New England.”
We have an election next month. What regulatory or anti-regulatory advice would you give to the next governor?
Crawford: “We all know a lot went wrong to create the 2008 financial crisis. It’s human nature to attempt to fight the last war and correct all the deficiencies. Every regulatory endeavor has a potential benefit, cost and unintended consequence.
“I cannot prove it but intuitively I believe excessive regulation and government prosecution has created a financial system which is now systemically overly conservative. As a result, it is now hurting America’s job growth and exacerbating income inequality. American banking regulators are very capable. Let them do their jobs with less political pressure.”
