September 15, 2014
Shop Talk
Q&A with Todd Tallman, President & CEO, Southbridge Savings Bank
Todd Tallman, president and incoming CEO of Cornerstone Bank
By Rick Saia
Following a long-running show isn't easy. Just ask Jimmy Fallon, who succeeded Jay Leno as host of “The Tonight Show,” and Leno himself, who moved into Johnny Carson's seat after his 30-year run came to an end in 1992. Todd Tallman, president and CEO at Southbridge Savings Bank, is also following a long tenure: that of Philip Pettinelli, a Southbridge native who retired in May after 42 years with the bank, the final 21 as its leader.
What are the biggest advantages for a bank such as Southbridge Savings in a market such as this?
The greatest advantage is our commitment to the community and the closeness we've always had through our volunteerism and our charitable giving. And we really encourage all of our employees to be very connected. It's a big part of who we are. When you look at some of the bigger banks, that's one thing they can't do that I can do. We can make a personal decision or really be involved at a very detailed day-to-day level with our customers.
And what about the biggest challenges?
The industry hasn't gotten any simpler. Between technology and certainly the compliance rules that a bank has to live with these days, it's not as simple as it once was. Technology has changed (things to a point) where it's easier for customers to do business with the bank but harder for us to make a personal connection. When it comes to the compliance end of things, it's just harder to do business. The rules are there to protect people, but it really makes it very difficult to make things streamlined and simple sometimes.
Like Dodd-Frank?
I always felt that the compliance rules always have the best interests (of the consumer) at heart … But sometimes you make rules to fix one thing and there are unintended consequences of those decisions. You make it harder to do something else until you put it in a real-life environment. I think that's been the hard part about Dodd-Frank.
Your predecessor sat in your chair for more than 20 years. Does that alone put any undue pressure on you?
I don't think so. I think it creates an opportunity for me to really go out and let people know who I am. I'm not new to the area (he's been with the bank since 1998). I built up some of those relationships. But having my predecessor here for so long provides me the opportunity to reach out to people (who) have been long-time customers of the bank (and) utilize that opportunity to introduce myself and meet them.
Had you always aspired to run a bank?
No. As a kid, most people want to be a policeman or a firefighter or something. But I can't image that “bank president” is at the top of people's lists. I was an accounting major, which ultimately led to a career in accounting, which was a job I loved. At the time, a lot of my clients were banks, so it became a natural transition. The profession doesn't go back in my family (and) it wasn't something I decided when I was 5.
Where does the bank make the biggest difference with its business customers?
What it comes down to is the opportunity to really sit down and understand the business and understand what their needs are, whether it's their lending needs and our ability to either structure the proper lending arrangement, or whether it's the deposit side or the cash management side. That's something that we really built — and we're incredibly proud of, quite frankly — over the last decade or so.
And every business is a little bit different. Some need remote deposit capture, the ability to electronically send in checks, and sometimes it's the need to structure a lending deal that really works for them.n
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