In September, Elizabeth Mineo took over as president for Greater Worcester and Eastern Connecticut for Berkshire Bank, becoming the only woman to lead one of the bank’s six regions.
In September, Elizabeth Mineo took over as president for Greater Worcester and Eastern Connecticut for Berkshire Bank, becoming the only woman to lead one of the bank’s six regions. In February, Berkshire rebranded as Beacon Bank, following its merger with Brookline Bancorp in Eastern Massachusetts.
How did you end up in banking?
When I was attending college, I got sick and had to leave. I ended up working entry-level for a bank and fell in love with it. I’ve been in banking ever since.
It is beyond a job for me. Every day, I get up and love what I do. I love the people who work for me, and I love our clients.
Why do you love it so much?
I came to Berkshire Bank 16 years ago. I was leading private banking for another bank and ended up starting the private banking division for Berkshire.
Private banking is really about understanding the needs of high-net-worth individuals. You need to balance being an advocate for clients and being an advocate for the bank. You really develop great relationships along the way. It is essentially a 30-year friendship with clients.
This past Saturday, I was at the Bruins hockey game with a client. At one point, my husband said to me,” Are you working?” I said, “This has never felt like work.”
What is your role like as president for Beacon in Greater Worcester?
Within what is now Beacon Bank, there are six regions, run by a different president. It's like I’m the CEO of this region. Every employee in this region reports directly to me, which is a bit unusual in the banking industry. I’m very involved in the day-to-day operations here. Hiring decisions. Lending decisions.
Within that model, I get to understand from talking to clients about what is important to them and learn more about the community.
It’s important to me to be a champion of this community.
The Worcester community is different from Boston, different from Springfield, different from Albany, different from Rhode Island.
There aren’t many women banking leaders. What unique challenges does that pose?
I’m proud to be the only female president for one of Beacon Bank’s six regions, especially if my voice and role help other talented women see a path to leadership. If someone earlier in their career sees my path and realizes that leadership roles like this are attainable, that is very meaningful to me.
I have worked with leaders over the years who were willing to trust my abilities and give me a chance to step into bigger roles. My approach has been to stay focused, collaborate, and deliver results.
Do you view yourself as a trailblazer for women in banking?
To me, there is an implicit expectation to serve as a role model for other women in our organization, and by doing so shape our culture and develop talent. I have always believed that progress in a career comes from being willing to step into new challenges, lead through change, and focus on delivering results for clients and our community.
What are the areas of growth in Greater Worcester?
We’re bullish on the Central Massachusetts market. This is a growth market for the bank.
On the lending side, we’re seeing the development of a lot of multi-family housing, including market-rate housing and affordable housing. In real estate, we are seeing the conversion of historic buildings and office space into housing.
We have very strong economic anchors in this market, particularly in the healthcare and education institutions. Worcester is attractive to professionals because of those anchors, and housing is more affordable than Greater Boston.
Why did Berkshire rebrand as Beacon?
It was really carefully selected as our name. After the Berkshire merger with Brookline, our visions of the combined organizations were very similar. We have 200 years combined of proven financial strength.
We feel the bank is acting as a beacon for our customers to guide them through their financial journey.
What are the benefits of the merger?
Larger network of branches. More lending power. That allows us to offer a larger range of products and services. The merger will create operational efficiencies, and our footprints complement each other.
Because of Beacon’s regional model, that gives the backing of a big bank but the local connection of having people on the ground.
This interview was conducted and edited for length and clarity by WBJ Editor Brad Kane.
