Fresh perspective on a fast-growing bank
Banks have gotten a lot bigger over the years, but establishing strong local relationships remains a vital objective, says Christopher Bramley, who heads TD Banknorth∈s operations in Massachusetts.
From online transactions to financial literacy campaigns, the challenges facing banks have multiplied dramatically, notes Christopher Bramley, president and CEO of TD Banknorth Massachusetts. WBJ: What are the biggest changes you’ve seen in banking? Bramley: My career goes back to 1965, and the two biggest changes have been bank consolidations and advances in technology. Forty years ago, banks were restricted in Massachusetts to countywide operations. Now we have statewide, regional and even national banking. At the same time, the number of commercial banks has declined, due primarily to consolidations, from 15,000 to well under half that. In technology, banks were primarily paper-based 40 years ago. Computers were just beginning to come on line with the IBM 1401, as were automated check clearing services. Since then, computers have been a major enabler for the consolidation that has occurred, and online banking has become commonplace.
Roots: Born 1941 in Worcester.
Education: BA in economics and history, Yale University; MBA, University of Chicago.
Career Start: Commercial lending, Worcester County National Bank
Proudest Career Achievement: Leading the financial turnaround of Safety Fund National Bank in 1994.
Biggest Current Challenge: In December, Bramley will retire from his 41-year banking career. Mark Crandall, executive VP and Regional Commercial Lending Manager, will succeed him as CEO of TD Banknorth Massachusetts.
Just for Fun: Golf, hiking, reading, activities with grandchildren.
WBJ: How has this affected bank customers? Bramley: Convenience has always been a key driver for banks, and we can offer many more channels to customers. Most banks have increased their branches and expanded their telephone and online banking services. Customers want all of these channels, which is a challenge, because it is expensive. WBJ: What are some of the key programs that TD Banknorth has introduced in recent years for businesses? Bramley: We’ve greatly expanded our services in cash management, and in the last three years have added more capability in international banking, reflecting the fact that more businesses operate globally and do more importing and exporting. We offer more automated services through online banking. Companies can also educate themselves on business topics through online workshops. In addition, we’ve put much more emphasis on developing relationships with small companies, which is the fastest growing segment of our business. WBJ: How big are TD Banknorth’s operations in Massachusetts? Bramley: In the last 10 years, we’ve seen enormous growth, including more than a dozen acquisitions. TD Banknorth employs about 2,500 people in the state, operates 155 branches and has $8 billion in deposits and $6.6 billion in loans. We have a five percent market share, fourth in the state behind Bank of America, Citizens and Sovereign. WBJ: What’s the focus of your "Berkshires to the Beaches" campaign? Bramley: Launched in June of 2005, it’s a program in which our bank has partnered with the Commonwealth under the leadership of State Treasurer Tim Cahill. We offer a preferred loan rate - prime minus 1% – to small business owners who are adding jobs, and we’ve already lent more than half of the $75 million targeted for the program over three years. WBJ: What other major programs fall under your community reinvestment efforts? Bramley: The acquisitions mentioned earlier include several local banks with long-established programs for improving their communities. We run an annual competition in which we provide grants to organizations that are planning affordable housing programs. For small business, we are working with the Massachusetts Association of Community Development Corporations on a new statewide SBA Community Express loan program. It is designed to help businesses in low- and moderate-income neighborhoods, as well as firms owned by veterans, minorities and women. Another focus is financial literacy. TD Banknorth employees conduct about 200 seminars a year in their communities on such topics as credit, budgeting, consumer fraud and homebuyer issues. We’re also rolling out a new education program together with a national nonprofit group, Neighborworks America, to inform consumers about the high costs associated with non-traditional financial services, ranging from check-cashing outlets to pawn shops. WBJ: How do you differentiate TD Banknorth from other large banks? Bramley: We follow a community banking philosophy. Local loan officers are charged with developing customer relationships and are empowered to make decisions, including approval authority on most small business loans. But these local operations also have the power and resources of a large organization behind them. So we’re prepared to grow right along with our business customers, from startup to maturity. This interview was conducted and edited for length by WBJ Contributing Editor Larry Maloney.
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