massachusetts banker 2q 2011

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Officers

Chairman: Kenneth C. Brennan, President

The Village Bank, Auburndale

Vice Chairman: Norman S. Seppala, President

Granite Savings Bank, Rockport

Treasurer: Dorothy A. Savarese, President

Cape Cod Five Cents Savings Bank, Orleans

President: Daniel J. Forte

Questions?Call: 617-523-7595

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Credit for Lifefair introduces Students to Saving . . . . . . . . . . . . . . . . . . . . . . . 12

LegiSLation Charting a Course to financial education . . . . . . . . . . . . . . . . . . 13

Private Banking outsources for growth . . . . . . . . . . . . . . . . . . . 14

dossierLike Clockwork . . . . . . . . . . . . . . . . . . . . 6on the Move . . . . . . . . . . . . . . . . . . . . . 22 good neighbors . . . . . . . . . . . . . . . . . . . 26MBa Calendar of events . . . . . . . . . . . . . 30

d e P a r t M e n t S

Chairman’s Column . . . . . . . . . . . . . . . . . . . . . . . 4Legislative review . . . . . . . . . . . . . . . . . . . . . . . . 8

goin’ MoBiLethe future is now: Mobile Banking . . . . . . 16

C o L u M n S

f e a t u r e S

T H E M A G A Z I N E O F T H E M A S S A C H U S E T T S B A N K E R S A S S O C I AT I O N

S E C O N D Q U A R T E R 2 0 1 1

Second Quarter 2011 n M a s s a c h u s e t t s B a n k e r 3

C o V e r S t o r Y

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Sometimes trends are easy to spot – they hit you over the head. Other times, you need

to connect the dots. there are three pieces in this issue of Massachu-

setts Banker that are more like the latter. You may need to read them and think about them sep-arately, and then perhaps you’ll have an “ah-ha!” moment, as I did.

the first is a comprehensive cover story written by former Bos-ton Herald business reporter Jay Fitzgerald about the meteoric rise of mobile banking technology, includ-ing one local bank that is offering not only the ability to pay bills from a smartphone, but the ability to de-posit a check – take a picture of the check from your phone, send it elec-tronically to the bank for deposit.

the second piece was contrib-uted by Massachusetts senators James eldridge and Barry r. Fine-gold about the need for financial education among today’s youth. the legislation they and other leg-islators are sponsoring, currently in committee on Beacon hill and sup-ported by the Massachusetts Bank-ers association, if passed, would mandate financial education in the commonwealth’s schools in grades kindergarten through 12. Yes, it’s hard to imagine, but in today’s complex financial world, many of our young adults are leaving high school for jobs or for college with-out any formal financial education.

the third piece I would draw your attention to is our quarterly Dossier feature. this issue’s focus is on Bristol county savings Bank and how its soon-to-retire ceO (and former MBa chairman) Den-nis kelly is passing the baton to Pat

Murray. What drew most of my at-tention, however, was Dennis’ re-flection on how much change he has seen in the banking industry since he entered the profession in the early ’70s and how his institu-tion adapted.

so, what’s the connection you ask? keeping up with change – or setting the pace.

Our young adults may be the early adapters of new technology like mobile banking, but if they are not sophisticated enough to under-stand the accounts they are manag-ing, they could be headed for a life of mismanaged finances, however convenient. similarly, if we bank-ers do not keep pace with innova-tions we’ll lose these same cus-tomers to the never-ending list of nonbanks attempting to grab our market share.

Opportunities abound if you take the initiative. Whether you are a banker or a student, to paraphrase, mix and mangle a couple of axiom-atic expressions, change is good and fortune favors the prepared.

FarewellIt’s hard to believe, but this is the

last chairman’s column that is com-ing to you during my chairmanship of the Massachusetts Bankers as-sociation. What a year! considering what our industry has been going through, I’m sure you would agree. I can’t say the challenges we faced were all pleasant, but that’s the na-ture of the beast. and we faced them together.

By far, what occupied most of our attention was the need to mit-igate substantial problems in the Dodd-Frank financial reform legis-lation. the potential impact on mu-tuals; loan-to-one borrower limits; the Fed’s ability to regulate com-munity banks; risk retention rules; the collins amendment on trust

preferreds; the mortgage cram-down language, and much more, all needed to be addressed. Your asso-ciation gained quite a few victories, and is still fighting the good fight in many areas (interchange chief among them).

this is not to say that it has all been drudgery with limited suc-cess. On the contrary, I am proud to say that it was such a delight to see the MBa make many other strides: 172 educational programs in 2010, the highest on record; fore-closure prevention initiatives; ed-ucating the media and the public about the difference between Main street banks and Wall street insti-tutions; favorable revision of the state’s 18/65 law; successful mar-keting of the suM program; push-ing to end duplicative and burden-some regulations; educating and engaging the senior bankers of to-morrow from within your own or-ganizations; spreading the word about the un-level playing field as we compete against tax-free credit unions; setting records in our char-itable giving through our mem-ber-supported foundation; control-ling health care costs; galvanizing more bankers into action through our grassroots program; commis-sioning and promoting the results of a small business lending study that showed Bay state community banks actually increased their lend-ing during the recession; expanding the MassBankMortgages website; and much more.

those are the kind of things that you should remember, as I do, about your trade association. as I exit as your chairman on June 30, I leave you in the good hands of your incoming chairman, norm seppala of Granite savings. (take a deep breath, norm, you’re in for quite a

keep the change

Chairman’s Column b y k e n n e t h c . B r e n n a n

4 M a s s a c h u s e t t s B a n k e r n Second Quarter 2011

continued on page 25

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Dossier

Outside of the old headquar-ters building of Bristol county savings Bank, just off

of taunton’s historic common, sits a giant pedestal clock that through many years has become synony-mous with the bank – so much so that it became part of the bank’s logo, and replicas are created when new branches open.

Yes, the hands of time keep mov-ing on. that might be the lament of e. Dennis kelly Jr., Bristol county’s soon-to-retire ceO, were it not for a pleasant reality: It’s easier to retire when you know that the company you have nurtured for 34 years will be in good hands.

as Dennis kelly leaves his beloved Bristol county savings Bank early next year for retirement, he is confi-dent that Patrick Murray will succeed in his footsteps when Murray be-comes the new leader of the 165-year-old taunton-based institution.

things have changed since 1846. Perhaps never so fast as in kelly’s tenure in banking that began in 1970 when richard nixon led the nation, the Vietnam War raged, and acting Gov. Francis W. sargent de-feated incumbent Boston Mayor kevin White in the Massachusetts gubernatorial election.

kelly is a soft-spoken, genial man who is quick to laugh and through-out his career has displayed a quiet confidence that immediately puts people at ease.

he will tell you that he was just along for the ride, but kelly’s steer-ing had a lot to do with the bank’s growth, from a small-town savings bank with a single office and 20 staff in the mid ’70s, to today’s two-state commercial bank with 11 branches and more than 300 employees and two subsidiaries (a trust company and an insurance agency). all are now under the umbrella of a mu-tual holding company, Beacon Ban-corp, with total assets of nearly $1.3 billion, and a superior capital ratio standing at 14.5 percent.

numbers are one thing, but kelly is quick to point out that it’s the staff who are the most important. typ-ically modest, he credits his col-leagues with his success.

“It’s the people we’ve brought on-board that have made all of the dif-ference,” he says. “Without our valu-able staff we would have not gone very far. they are what I’ll miss the most. Our staff has done a tremen-dous job.”

In his many years with Bristol county, including the years since he

became president in 1994, the great-est change kelly has witnessed has come in the form of competition, ebbing and flowing.

“When I started in taunton we had 10 local banks and their presi-dents sat here [in taunton]. now, we’re one of two banks based here, but our competition is tougher be-cause we have much larger organi-zations from outside of the state to compete against.”

Perhaps the most rewarding of all of kelly’s successes has been the creation and the growth of Bris-tol county’s charitable foundation that, over the years, has placed a particular emphasis on funding ed-ucational endeavors.

“since its inception in 1996 as part of the bank’s 150th anniversary, we have funded it with our own net worth,” says kelly. to illustrate the growth of the foundation, he reports, “Last year we gave away a little over $1 million to more than 150 not-for-profits, and since the beginning the Bristol county savings Bank char-itable Foundation has contributed more than $7 million to our local communities. When I factor in the hours that our people dedicate to it, the support is tremendous. We have people from our institution chairing

Like clockworkInstitution: Bristol County Savings Bank

President and ceO: E. Dennis Kelly Jr.

headquarters: Taunton, Mass.

assets: $1.3 billion

Branches: 11

atMs: 16

employees: 313

charter: State Mutual (Holding Co.)

Founded: 1846

E. Dennis Kelly Jr. Patrick Murray

b y B r u c e e . s p i t z e r

fund-raising campaigns and being ac-tively involved in the communities we serve.”

as an example of the proud sup-port for education that the bank has demonstrated, kelly points to a recent $22,000 grant to the Paw-tucket, r.I. school department, representing just a fraction of the $400,000 to $500,000 annually dis-tributed to schools and financial ed-ucation programs.

the grant provided the seed money to restore music programs in all 15 of Pawtucket’s public schools, and ultimately develop the talent to bring a high school band back to the city of Pawtucket. the superin-tendent of schools is now using this grant to foster support from other or-ganizations, such as Vh1’s “save the Music,” the Pawtucket red sox and many other local entities. Other local support includes funding for a finan-cial literacy program at Bridgewater state university, a credit recovery program at attleboro high school and a literacy closet at hopewell el-ementary school in taunton.

If Pat Murray is a little intimidated about taking over for a man who has achieved so much at the helm of Bristol county, he doesn’t show it. not that he is overconfident; on the contrary, Murray has an air of humil-ity about him that is reassuring.

“he’s pushing me out the door,” jokes kelly, who in actuality has been grooming Murray for the ceO position for quite awhile.

“We’ve been working on the tran-sition for a couple of years,” says Murray. “It should be fairly easy, given that we’ve been working to-gether for 20-some-odd years,” adds the eVP, who began his banking ca-reer as a teller while still in college in the late ’70s, then moved away for a few years to work in public accounting before joining Bristol county in 1986. “We’re focusing on consistency. It will not be that big of a change.”

Despite the challenges facing the banking industry, Murray sees a bright future for Bristol county sav-ings Bank, and he’s committed to re-maining a mutual.

“I think we’re a very good size to compete in the future,” he says. “We’ll raise capital through earn-ings and focus on people, technol-ogy and products and services.”

Both kelly and Murray have sub-mitted a plan to the board that has been approved to promote three key people, a chief operating offi-cer, a chief financial officer and a chief information officer, to man-age the responsibilities that Murray currently owns.

Murray, for all his optimism, is not being Pollyannaish about the future: he does see a few chal-lenges ahead. “My number-one pri-ority is to continue positioning the bank for the future by maintain-ing our financial strength, support-ing our communities, meeting the financial needs of our customers and diversifying our lines of busi-ness,” he says. “In Dennis’ tenure, we carved out quite a niche in com-mercial lending, and I see an on-going challenge in attracting and training commercial lenders. We’re

also going to look and see how we can diversify our non-interest in-come with an emphasis on invest-ment management and insurance. and, of course, credit review will continue to be an important part of what we do.”

Murray also sees expansion on the horizon, looking at the Massa-chusetts south coast and rhode Is-land as growth opportunities.

“I also plan to learn from the group coming up behind me in the bank,” he says. “I’m looking for-ward to them taking me out of my comfort zone.”

speaking of comfort, as he heads toward retirement, on the business side and the charitable side, Den-nis kelly is justifiably proud of his institution and the new course that Murray will be charting.

“We’re doing things now that I would never have thought possi-ble,” says kelly. “It’s been a tremen-dous run.”

that big ol’ clock just keeps right on ticking. n

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Spring has been late this year, especially after a tough winter. even opening day at Fenway

was later than usual. so too is our state legislature; while nearly a

dozen state legis-latures finished, yes, finished, their sessions for the year by the end of april, we are just getting started.

In last quarter’s column we noted the shift in power

to republicans across the nation, es-pecially in state houses where redis-tricting could be impacted in 2011. We did not have to wait long. Led by the aggressive tactics of Gov. scott Walker in Wisconsin and governors in Florida, Maine, new Jersey, Ohio and elsewhere, state governments are tackling long-standing fiscal is-sues that were unthinkable just five years ago. Many of these new leaders are taking hard-line, no-compromise positions on many issues, particu-larly with respect to public employee benefits, primarily pensions, health care and collective bargaining.

even Massachusetts is not im-mune to this debate. Last month, the house voted 111-42 to support a major municipal health-reform pack-age permitting municipalities to re-vise public employee health care ben-efits without going through collective bargaining. has the paradigm truly shifted, or will some new revenue sources suddenly emerge to restore funding to pre-2008 levels? Most an-alysts suggest that current benefit spending levels are unsustainable, but are voters really willing to accept permanently reduced services? Will public officials and unions play ball or dig in? Will it be an inside fast ball or a dancing knuckle ball? the 2012 elections will decide.

the economic situation in Mas-sachusetts, despite the nearly $2 bil-lion structural budget gap for fis-cal year 2012 (defined as costs for current obligated programs against current revenues) is far better than many other states. a Wall Street Journal study in late February showed that Massachusetts had the third smallest budget gap as a per-cent of its total budget (5.7 percent) of 45 of the 50 states (data was not available for five states). ten states face gaps of 20 percent or more! Just recently standard & Poor’s raised the state’s bond rating – Massachusetts is the only state in several years to receive an increase. even so, Massachusetts and its cit-ies and towns still face enormous fiscal challenges, as the recently re-leased house budget attests.

One bright spot: april state tax collections jumped 43 percent over 2010 and are up $1.9 billion for the first 10 months of fiscal year 2011.

aside from the deep and sus-tained financial pressures facing all governments, redistricting congres-sional and state legislative seats may well be the second most important agenda item across the nation. Why? Because it will set the base of power for the next 10 years. how districts are configured is important and, given the fact that state legislatures generally set congressional boundar-ies, their influence on federal policies is significant as well. that certainly is the case here in Massachusetts.

Beacon Hill ReviewWhile many standing legisla-

tive committees have not held or, in many cases, even scheduled pub-lic hearings, the committee on re-districting has begun its statewide series of 11 public hearings to elicit input from voters and public officials across the commonwealth on how to

recast the current 10 congressional districts into nine, based on the offi-cial 2010 u.s. census data for Massa-chusetts released late last month.

Municipalities are required to re-draw all local precinct lines by June 15. Once those are filed with the sec-retary of state, then the Legislature’s redistricting committee can really begin its work to draft actual pro-posed maps of the nine congressio-nal, 40 state senate and 160 house seats. although there are clearly de-fined constitutional and statutory standards of cultural, demographic, economic and geographic congruity, political factors often play a role in any redistricting process. this pro-cess will really come to a head in early fall, but the jockeying already has begun.

More immediately, the house de-bated its proposed state budget dur-ing the last week of april, which in-cluded further cuts to local aid and reductions in many agency appro-priations and programs. health care costs remain the 800-pound gorilla, due to direct payment for services and employee and pension health care costs. the senate will consider its budget in late May, and then the leaders will work out a compromise prior to the start of fiscal year 2012 on July 1.

Meanwhile, the legislative lead-ership is moving forward on several major non-budget initiatives. Parole and probation reform are high on the agenda, as evidenced by the fact that the committee on the Judiciary held public hearings on both issues in March, an almost unprecedented sit-uation. Most Beacon hill observers believe that resolution of these is-sues could occur by summer. health care reform is the other huge and dominating challenge, but substan-

LegisLative Reviewb y D a v i d F l o r e e n

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tive action, because of its complex-ity, is not likely to happen until fall at the earliest. corporate tax policies and incentives could also emerge as high-profile issues given the Fidelity and evergreen solar scenarios. and then there’s casino gambling.

the association’s 2011 legislative agenda is simple: first, do no harm; second, clarify a number of corpo-rate governance, operational and pro-cedural issues contained in a com-prehensive new bill, h 1209, filed by rep. thomas Golden (D-Lowell); and third, advance legislation to address the ongoing problem of bank robber-ies and adopt the uniform trust code.

so, which of the over 5,300 house and senate bills introduced in mid-January will impact banks and their customers? While it’s far too early to predict those issues that may domi-nate the legislative agenda, here are some highlights:• Over 50 bills dealingwith judicial

foreclosure, mandatory mediation, mandatory rent escrow, requir-ing lenders to maintain foreclosed properties, and related topics.

• Over15billsdealingwith identitytheft, data security and customer privacy.

• Nearly 10 bills expanding regula-tion of debt collectors and all debt-collection activities.

• Severalbillsallowingcreditunionsto accept public deposits and branch statewide.

• Twobillsprohibitingabank fromassessing any fee on an individual to cash a payroll check drawn on the bank for a payee who is not a bank customer.

• Over 10 bills dealing with creditcard rates, fees, practices, etc.

• Proposalstorestrictoverdraftfeesto one per day per customer and limit fees charged.

• Nearly 10 bills sponsored by 30legislators to mandate the inclu-sion of financial literacy concepts in the k-12 math curriculum frame-works in public schools.

this list does not include the hun-dreds of bills affecting the operation

of all businesses, such as sick leave, employee records and benefits, cor-porate tax policies, economic devel-opment, etc., in which the associa-tion will be engaged as necessary. expect a number of public hearings in May and June, but little advance-ment of bills other than highly visi-ble or essential matters until the fall.

Washington Updatethis is where the real ball games

are being contested. congress and President Obama did not reach agreement on a federal budget for the current fiscal year until early april. Meanwhile, house republi-cans and the president remain far apart on spending priorities for fiscal year 2012 and raising the debt ceiling – a critical issue later this spring.

While this big picture is impor-tant to setting the nation’s economic future, the banking industry is con-sumed with far more immediate and pressing concerns. Interchange, im-plementation of Dodd-Frank, the creation of the consumer Financial Protection Bureau (cFPB), hous-ing finance, and municipal securities rules, are just a few of the high-pro-file issues dominating bankers’ time and energy.

clearly, the cap on debit card in-terchange fees mandated by the Durbin amendment in the Dodd-Frank act is the most visible bank-ing issue in Washington. there are billboards in the Metro area advo-cating for and against the repeal or delay of the cap, which is scheduled to take effect on July 21. however, the Federal reserve Board, which is directed to finalize regulations set-ting the maximum fee, failed to meet its initial deadline. a number of con-sumer-friendly organizations have now come out in opposition to the price controls, asserting that the leg-islation is full of unintended, anti-consumer implications. retailers are fighting back fiercely, trying to retain their ability to increase their profits, with no assurance that any fee reductions will be passed onto their customers.

Meanwhile, congress is consid-ering proposals to alter the gover-

nance of the yet-to-be implemented cFPB, from a single regulator to a five-member board and to clar-ify the language determining which bank employees should register with the Municipal securities rule-making Board (MsrB).

the issue with perhaps the most far-reaching implications, and the most challenging to resolve, is housing finance reform. What is the government’s role? can the pri-vate sector be consistent and avoid wild market fluctuations? are we shifting permanently to more of a renters’ society? the federal agen-cies have issued for comment a proposed rule that requires spon-sors of asset-backed securities to retain at least 5 percent of the credit risk of the securities’ un-derlying assets, with certain ex-emptions. the proposal exempts government-guaranteed securiti-zations and assets, mortgages sold to Fannie Mae and Freddie Mac as long as the government-sponsored enterprises are in conservatorship, and mortgages that meet stringent “qualified residential mortgage” standards. together, these exemp-tions cover the vast majority of se-curitized mortgages.

the QrM standards include, among other things, a 20 per-cent down payment requirement; a maximum loan-to-value ratio of 80 percent for purchase loans, 75 percent for refinance loans and 70 percent for cash-out refi-nance; specific debt-to-income ra-tios and credit history criteria; and some servicing requirements. Many fear this rule would greatly reduce home ownership and hurt the already fragile housing mar-ket, while the future of the 30-year mortgage remains unclear.

these are profound and highly political multi-year questions that go to the heart of our economic challenges. easy questions, hard an-swers. are we ready to play ball, or just kick the can? n

David Floreen is senior vice president at the MBA. He can be reached at [email protected].

Legislative Reviewcontinued from page 8

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credit for Life

Briana Gomes, a junior at Durfee High School, tries her luck at the “wheel of fortune” at the fair. Shown with Brianna is Jamison Souza of CD-Rec.

Fall River Mayor William Flanagan with Durfee students Andrew Ouellette (left) and Olivia Marques (right).

Durfee High School junior Brenna Riley speaks with Paul Mello, vice president of business development at Citizens’ Union.

The second annual credit For Life Fair was held at Dur-fee high school in Fall river

on april 7. the event teaches stu-dents valuable financial literacy skills, placing them in the position of 25-year-old adults in charge of mak-

ing their own purchase and daily liv-ing decisions. the credit for Life Fair was originated by consumer credit counseling service and is the recipient of national awards for its highly interactive exercise in the basics of budgeting and managing

credit. the fair is made possible by community volunteers and the fol-lowing sponsors: citizens’ union savings Bank; Bristol county sav-ings Bank; Bank Five; saint anne’s credit union; and Mechanics co-op-erative Bank. n

Proven Commitment to serving Massachusetts financial institutions

Stifel, Nicolaus & Company, Incorporated has been serving banks and thrifts for over 40 years.

Since 2000: • Managed 484 Public and Private Offerings, raising $58.7 billion in capital • Managed 49 Mutual-to-Stock Conversion Offerings, raising $13.7 billion in capital • Advised in 218 Financial Advisory Transactions, totaling $14.7 billion

Over 220 Financial Service Companies under research coverage

Large retail and institutional sales distribution channel

Senior Executive Involvement

For more information, contact:

Rick E. Maples Head of Investment Banking (314) 342-2038 • [email protected]

Ben A. Plotkin Executive Vice President, Vice Chairman (973) 549-4025 • [email protected]

member sipc and nyse | www.stifel.com

Michael F. Barry, Managing Director (212) 847-6458 • [email protected]

Mark B. Cohen, Managing Director (212) 847-6438 • [email protected]

Robin P. Suskind, Managing Director (973) 549-4036 • [email protected]

The information presented includes transactions effected and matters conducted by Stifel Nicolaus Investment Banking, the Capital Markets Division of Legg Mason Wood Walker, Inc. (acquired on December 1, 2005), Ryan Beck & Co., Inc. (acquired on February 28, 2007), Thomas Weisel Partners LLC (acquired on July 1, 2010), and their respective affiliates. Stifel, Nicolaus & Company, Incorporated and Thomas Weisel Partners LLC are affiliated broker-dealer subsidiaries of Stifel Financial Corp. which are collectively referred to herein under the marketing name Stifel Nicolaus Weisel.

Today’s youth are bombarded with a multitude of financial op-tions and responsibilities at an

increasingly young age. One out of ev-ery three teenagers has a credit card, and even more have an atM card.

Yet many teenagers are ill-equipped to make informed decisions about fi-nancial matters. they don’t understand the fundamental principles of money management and how the larger econ-omy works. as a result, teenagers are at a disadvantage when making impor-tant first financial decisions: buying a car, taking part- or full-time employ-ment, and using credit cards.

new college freshman have an av-erage debt of $1,500 on personal credit cards. Four out of 10 amer-icans admit they are living beyond their means, primarily because of their misuse and misunderstanding of credit. americans under 25 are filing for bankruptcy faster than any other age group.

at the same time, financial trans-actions are becoming more and more complicated. as we witnessed with the recent collapse of the housing market, those lacking financial educa-tion can be steered into risky loans by unscrupulous lenders.

Building on the leadership of for-mer state senator sue tucker, we have filed legislation in the Massa-chusetts state senate this session that would integrate financial education lessons into the current math curric-ulum of all students in the common-wealth, from kindergarten through grade 12. this will help give our stu-dents the tools to chart a course to-ward strong financial management.

the components of the personal fi-nancial education program outlined in the bill include: understanding bank-ing and financial services, loans, in-terest, credit card debt and online commerce; the rights and responsi-bilities of renting or buying a home;

saving, investing, and planning for re-tirement. additionally, the bill creates an advisory committee to investigate and study the development of curric-ulum and guidelines. We believe that by incorporating this material into the math curricula, there will be a seam-less transition for students as they move on from high school to jobs or to college.

ensuring that our graduating se-niors are financially literate is critical to the commonwealth’s economic fu-ture. In light of the economic prob-lems facing our nation, we are re-minded of how important it is to prepare our children to navigate an in-creasingly complex financial world. By teaching children the financial ed-ucation basics in school, we will help

them make educated financial deci-sions in the future, preventing future bankruptcies, foreclosures, and un-manageable debt.

It is our hope that our colleagues in the house of representatives and the senate acknowledge the fundamental need for financial education programs and enact “an act establishing a Fi-nancial Literacy curriculum” during this legislative session. n

Massachusetts Senators Eldrige and Finegold are the lead sponsors of legislation on Beacon Hill, supported by the Massachusetts Bankers Association, that would mandate the inclusion of financial education concepts in the Massachusetts K-12 math curriculum frameworks.

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Banks seeking to expand their wealth services business to-day face growing competition,

most notably among broker/dealers. While opportunities for growth ex-ist, one factor can make the differ-ence in positioning private banking for success: the right technology. as the need to enhance core client-fac-ing services grows in importance, so too does the innovative technology required to support those services. to stay competitive and focus on what they do best, many banks are choos-ing to leverage the external resources of third-party providers.

A Spectrum of Financial Capabilitiesclients’ investment needs and pref-

erences help determine a firm’s tech-nology requirements. as today’s so-phisticated private wealth investors look to diversify their portfolios, pri-vate banks that can accommodate a wide range of asset classes, including alternatives, will enjoy a significant advantage. Besides requiring the ap-propriate investment expertise, this means that a firm’s technology must also be able to support the functions unique to each asset class. Deriva-tives, for example, require specialized functions, such as unique accounting rules and collateral management.

similarly, private bankers need to allow for diverse transactions be-yond asset types. these might include transactions that require multi-cur-rency accounting, or those governed according to either trade date or set-tlement date. Open-architecture tech-nology is key to enabling this degree of adaptability, not only for asset classes and transactions that are prevalent today, but also those that may emerge in the future. Moreover, information systems must provide comprehensive drill-down access to a portfolio’s data.

technology can also help private bankers boost their growth strat-egy by catering to today’s diverse universe of wealth clients. not only bankers, but their technology as well, should be attuned to the var-ied service expectations of their in-dividual high-net-worth clientele. accordingly, wealth managers may wish to tailor their reporting and communication tools to address di-vergent preferences. For example, clients that seek out greener meth-ods of doing business may opt for online communication only. some clients may favor interactive report-ing and self-service features in man-aging their retirement accounts. still others may look for a menu of op-tions for information transfer and updating, ranging from periodic to real-time.

the key to supporting and manag-ing all of these activities lies in hav-ing the right technology platform. too often wealth managers depend on their in-house legacy platforms to perform functions for which they may not have been designed, neces-sitating costly upgrades. By con-trast, world-class platforms now feature versatile high-speed straight-through processing, efficient modu-lar design, access to enormous data storage capacity and flexible inter-face capabilities to allow for tech-nology add-ons.

Yet developing and continuously enhancing the technology to deliver these capabilities can be daunting. Preferring to avoid the distractions of pursuing an in-house strategy, pri-vate bankers increasingly view out-sourcing as a sensible way to grow their business, expand their service offerings and scale up to compete more effectively. In an important developing trend today, wealth man-agers are entrusting their middle-

and back-office functions to the vast technology services of leading cus-tody banks. their familiarity with custody arrangements, sensitivity to risk issues and obvious comfort with the banking culture make these organizations strong candidates as third-party providers.

In addition, by partnering with an outsource provider to support their technology needs, private bank-ers avoid the burden of contract-ing with multiple vendors and the potential pitfalls of integrating data systems. they also have the assur-ance of access to the most current technology but without the strain on internal resources. as a result, they can sharpen their focus on core ac-tivities such as building client rela-tionships, research and investment management.

While the benefits to outsourc-ing are clear, it’s important to keep in mind that selecting a provider is a critical business decision. What de-fines a provider of choice? a few at-tributes stand out. aside from tech-nology resources that represent the highest standards of performance and cross-functional expertise, look for a provider that views outsourc-ing as a partnership built around its client’s needs, with a proven track record for execution and service. a leading provider also demonstrates financial strength that, besides sta-bility, allows for continuous tech-nology investment. above all, seek out a provider that knows the value of reliability and trust. n

Peter Amato is a vice president in State Street’s Wealth Manager Services Group, and is responsible for the investment management and trust operations outsourcing areas of the business.

Private Banking Outsources for Growth

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After years of research and development, experimenta-tion and early implementation, the Massachusetts bank-ing industry is now rolling out new mobile-banking prod-

ucts at a fast clip, making 2011 the “breakout year” for the latest tech innovation to sweep over the sector.

“You’ve heard about it, you’ve read about it and you’ve closely watched its development and you have say to yourself, ‘Ok, it’s not just coming, it’s here and it’s time,’” says kenneth simms, senior vice president of marketing at hudson’s avidia Bank, which began aggressively rolling out its mobile-banking offerings last year.

“Mobile banking is very hot,” says Matt L’heureux, vice pres-ident for product development at cOcc Inc., the banking-tech-nology cooperative now charged with developing robust mo-bile products for scores of its northeast clients. “Quite simply, it all boils down to the prevalence of smart phones and people increasingly living more and more on their mobile devices. and that’s what’s driving all of this.”

already this year, a number of institutions – from tD Bank, with $179 billion in assets, to avidia Bank, with $1 billion in as-sets – have announced new mobile-banking products for cus-tomers, who many believe will eventually demand mobile-bank-ing options as a required basic service.

Other Massachusetts banks are expected to announce their own mobile-banking products for iPhones, Blackberries, an-droid-run phones and other hand-held gadgets later this year, as cOcc and other bank-technology vendors put the finishing touches on their mobile-banking products for bank clients.

“customers expect mobile banking as almost the price of admission,” says stephen Irish, chief operating officer of Low-ell’s enterprise Bank, which plans to launch “enhanced” mobile-

banking services later this year to complement its already de-ployed early-stage offerings. “It’s quickly becoming an expected option. the more services you have, the more likely you are to retain and attract customers.”

though mobile phones have been around now for years, the rollout of mobile-banking products has taken time, due largely to the initial technological limitations of small cell phones, com-pared to the more robust capabilities of personal computers, which drove the online-banking innovations and introductions of the 1990s.

Many other challenges have confronted the industry as it has tried to grapple with the newfangled technology. among them, not surprisingly, have been widespread worries about costs, se-curity and other potential problems that initially made banks highly cautious about embracing mobile-banking technologies.

But one of the biggest early problems for mobile banking was the simple issue of standardization.

Substandard Technology and Critical MassIn the mid-2000s, when larger banks started to invest in mo-

bile-banking research and development, and later rolled out early versions of mobile products, there were simply too many types of cell phones on the market, making it nearly impossible for banks to develop manageable and affordable software plat-forms to handle and deploy for customers. some early mobile-banking initiatives last decade failed, partly as the result of all the variables and complexities involved, industry experts say.

But the introduction of apple’s iPhone in January 2007 changed all of that, as the elegant and easy-to-use touch-screen on the “smart phone” took the mobile-phone market by storm. consumers loved the iPhone and flocked to it by the millions,

by Jay Fitzgerald

When I’m mobile, keep me movin’ - The Who


goin’mobile


forcing other mobile-phone firms to either adapt or to fall hope-lessly behind. they opted to adapt – and quickly.

“until apple’s iPhone, you didn’t have uniform standards,” says cOcc’s L’heureux. “now you have [general] standards that the industry can work with.”

today, the smart-phone market is largely dominated by iP-hones, Google’s android-run devices and Blackberries – to-gether offering a manageable “standardization” that the banking industry and other business sectors desperately needed before their mobile-phone channels could really take off.

Many people associate mobile-banking products with down-loadable “apps,” or software applications specifically designed to let mobile devices interact easily, quickly and seamlessly with banks’ computer systems. But mobile banking actually ex-isted before the recent flood of specialized apps – and those “non-apps” are still heavily in use today.

Winchester cooperative Bank, with $500 million in assets, discovered recently that a large number of its 2,200 online com-puter customers were simply going to the bank’s website, using their smart phones and enhanced web browsers, and conduct-ing banking business, such as checking-account balances and paying bills, on their mobile devices.

“People figured it out on their own,” says Jim Duggan, as-sistant vice president at Winchester cooperative, which doesn’t yet have formal smart-phone apps for customers. “they can ac-tually do some of their online banking on their mobile phones as if they’re on a personal computer.”

With the right browser-enhancement tweaks, mobile-phone customers can do a surprising amount of their regular online banking via smart phones without specialized apps, bank and industry experts agree.

another non-apps version of mobile banking is use of text-messaging technology. a customer can punch in a simple text code on a cell phone to fetch information – such as a check-ing-account balance – and get a text message response back within seconds.

But most industry experts agree that specialized software apps are the wave of the future, as technological breakthroughs enable more and more bank services to be provided over mo-bile phones. the bottom line: apps simply provide a more rich and flexible experience to mobile banking – and younger people in particular view them as hip, experts say.

so the technological race is on, to both help and impress cus-tomers with the most cutting-edge applications.

the starbucks coffeehouse chain is already working with banks to allow customers to effectively use their smart phones as debit cards: by simply waving their smart phones over scan-ners, their purchases of lattes and blueberry scones are de-ducted directly from their bank accounts. Industry experts are closely monitoring the possible, if not probable, widespread use of smart phones as direct-payment vehicles.

Others see future “social marketing” components for mo-bile banking, such as alerting people to bank products (say, no-fee checking accounts) when a smart-phone holder strolls by a bank branch. In other words, Groupon-like marketing and spe-cial discounts may soon be coming to mobile banking.

some banks are moving aggressively to establish themselves as next-generation bank leaders with other features.

rockland trust, with $4.7 billion in assets, wasn’t content with merely offering its customers technology that allows them to perform today’s most popular mobile-banking functions, like monitoring account balances, transferring funds within ac-counts, and paying bills.

“We decided to be more innovative,” says ralph Valente, se-nior vice president and director of marketing at rockland trust. “We wanted to push the envelope.”

Working with its tech vendor, Florida’s FIs and its partner mFoundry, rockland trust now has a downloadable app that lets customers make check deposits via their smart phones. using their mobile phones, customers can take pictures of a check and send it off to rockland’s computer system, which reads the check numbers and records the transaction. the customer can either hang onto the check or void it and throw it away later.

“It’s been working,” says Valente of rockland’s “mDeposit” feature, which was launched in February. “We already have about 500 customers using it. It’s happening on a daily basis. When we started this, our reaction was: how is this going to work? But it is working. It gives us an edge when competing against bigger banks.”

FIs, a banking and payments technologies firm that is the parent company to the nYce payments network operating the Mass. Bankers association’s suM surcharge-free atM program, knows that features like “mDeposit” can become key selling points for many convenience-craving customers – not to men-tion also offering the ability to enhance a bank’s image as a hip player within the industry.

“It’s one of those things that customers, when they use it, say, ‘Wow, that’s great,’” Doug Brown, senior vice president of mo-bile financial services at FIs, says of rockland’s mobile check-deposit feature. “It’s the type of thing that helps bring people into mobile banking.”

The Costall the fancy technological bells and whistles raise the ques-

tion about costs, and most banks are hesitant to say publicly how much they’re investing in mobile banking.

however, thanks to the early trial-and-error investments in the last decade by large institutions like Bank of america and JP Morgan chase, it’s now well known that the cost of implement-ing new mobile-bank channels are coming down – and fast. In-tense competition among technology vendors is also putting downward pressures on prices.

today, a small or medium-sized bank can spend anywhere from $30,000, on the low end, to more than $100,000, on the high end, for a suite of mobile-banking features, depending on the size and scope of a planned campaign. a bank can have all three mobile-banking channels – enhanced browsers, text messaging and apps – or just one or two of them.

“the cost curve has fallen a lot since 2007,” says FIs’s Brown, who used to head Bank of america’s mobile-banking unit in charlotte, n.c., before heading to FIs in april 2010. “as it’s be-come more mainstream, prices are being driven down.”

Because of technological improvements and valuable ex-perience gained from early-stage rollouts, the timeline for im-



plementing a standard mobile-bank-ing strategy has been cut to as little as three months, from preliminary vendor discussions to actual implementation, Brown says.

Bank officials say their internal bank discussions can stretch out that time-line, as different units within an institu-tion analyze and debate a host of issues before approaching technology vendors about making their mobile-banking strat-egies a reality.

“We had been devising our mobile-banking strategy for at least a year,” says rockland trust’s ralph Valente. “We had a very broad approach on how we wanted to market mobile.”

In western Massachusetts, Lynn starr, vice president of systems and operations at easthampton savings Bank, says, “It’s been a learning curve as we’ve waited to see what has [technologically] emerged. It’s been a little frustrating. We’ve recog-nized that our customers want this, but we needed [technology] vendors to be ready. now they’re finally ready.”

easthampton, with $880 million in as-sets, offers browser-based mobile bank-ing for its online banking customers, with the retail-banking component introduced earlier this year. additional features are expected to come out later this year.

Banks are expecting some savings as the result of mobile banking, such as reduced paperwork and less need for human handling of transactions. But many of those electronic-banking sav-ings were already achieved, to a large degree, by the long ago advent of atMs, debit cards and online banking.

the biggest expense associated with mobile banking may simply be the cost of not providing mobile banking to cus-tomers, particularly to young consumers, who live and sleep with their latest hand-held gadgets and whom many believe won’t bank with institutions if they don’t provide convenient mobile services.

Security ConcernsFor all banks, large or small, the top

pre-implementation subject has not been about potential savings, but about mobile-banking security. What’s to stop

someone from intercepting data as it’s digitally shot through the air to and from banks’ computers? What’s going to stop the next generation of cyber thieves?

Bank industry experts say they’ve learned much about security from pre-vious technological innovations, from debit cards to online computer-based banking. While no system is 100 per-cent foolproof, mobile banking has benefited from prior hard-learned les-sons about security.

“It’s the number-one cause of con-cern,” says FIs’s Brown of security is-sues. “But we believe we’ve come up with a very, very secure system.”

along with a myriad of required user names and passwords, all data is sent in encrypted code, guarding informa-tion from being read and analyzed even if it’s somehow intercepted. each mo-bile-phone device is also assigned a reg-istration number, allowing authorities to monitor and track banking transactions on specific phones, keeping tabs on un-usual activity on devices.

Banks also have the ability to re-motely disable mobile-banking fea-

©20

11 P

ULS

EGoin’ Mobilecontinued from page 17

tures on devices, in the event of the physical theft of a phone. “all these layers of security add up and are im-portant,” says Brown.

John Weinkowitz, head of online strategy and planning at tD Bank, says there’s also an almost counterin-tuitive component to mobile-banking security. the more people who switch to mobile banking, the more eyeballs there are on accounts, on a daily or even hourly basis.

“If anything, customers notice little discrepancies before anyone else,” says Weinkowitz, whose bank rolled out its new Blackberry app in January and a suite of iPhone and android apps last summer. “Mobile banking actually helps consumers combat fraud.”

easthampton’s starr agrees that se-curity measures are robust and impres-sive. “We’re confident about the secu-rity of the channel,” she says, but she adds that security threats will be an ever-present concern for mobile bank-


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ing, as they are for online computer-based banking, debit cards and even old-fashioned bank branches. “We need to be constantly vigilant. the bad guys are still out there. I expect them to start ramping up their [mo-bile-banking] activity very quickly.”

cost and security concerns aside, bank officials say it’s now inevita-ble that mobile banking will spread, likely on a massive scale.

a towerGroup study in 2007, when apple’s iPhone was first unveiled and when it became clear mobile-banking was poised for a huge industry breakout, predicted that 30 percent of online-bank consumers in the united states would be using mobile banking by 2012 – while an additional 25 percent of non-online bank consumers would directly jump to mobile banking, with no online-computer banking stops in between, by the end of next year. total mobile-bank-ing consumers: 40 million.

The FuturecOcc’s Matt L’heureux says one sim-

ple fact convinces him that mobile bank-ing is the wave of the future: the sale of smart phones is expected to soon out-strip the sales of desktop and laptop computers combined. the ratio of smart-phone users to desktop/laptop users is even more pronounced among young people, who often view desktops and laptops as merely devices to play videog-ames on or to watch netflix movies.

though apple’s hugely popular iPad tablets aren’t smart phones, the banking industry is already moving to develop iPad and other tablet apps for custom-ers, to add those users to a new varia-tion of mobile banking.

“Looking ahead, we see mobile bank-ing exceeding online computer banking within three to four years,” says FIs’s Brown. “It’s a phenomenon that’s going to prompt people to shift banks if they don’t have it.”

Banks are being a bit more modest about their predictions about the fu-ture of mobile banking, but they have no doubt it’s simply going to be a huge com-ponent of their business, combined with online banking, atMs, debit cards and bank-branch services.

though hesitant about publicly re-leasing their short-term and long-term projections, some banks report that 10 to 20 percent of their online-banking customers are already regularly using mobile-banking features.

“We see mobile banking as a major channel among many of our channels,” says tD Bank’s Weinkowitz, whose bank spans 15 states, with 154 branches in Massachusetts. “Our mobile channel will complement other services, includ-ing branches. the branches are more service orientated and will remain very important moving forward.”

rockland trust’s Valente agrees that mobile banking is part of the future equation, and is more than just the lat-est technological trend to hit the bank-ing industry.

“We see mobile banking as a neces-sary technology because people, through all age groups, now rely on cell phones and carry them everywhere,” he says. “they don’t leave their home without their phones. they just want information and convenience.” n

Goin’ Mobilecontinued from page 19

Stephen R. KaramStephen is a Principal of Karam Financial Group with his father, Robert Karam. Their concentration is in the conceptual design, funding and administration of executive benefit programs and other qualified plans with a concentration in banking and not-for-profit institutions.

b y S t e p h e n

R . K a r a m

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BANKERS’ BANK NORTHEAST – Hires Michelle Orsini, operations officer and client services manager; Megan Desso, enterprise risk manager; and Sabina Barresi, vice presi-dent and relationship manager.

BERKSHIRE BANK – Promotes Tami Gunsch, senior vice president and Kevin O’Donnell, assistant vice president.

BOSTON PRIVATE BANK & TRUST COMPANY – Hires Tim MacDonald, senior vice president and chief risk officer.

BRISTOL COUNTY SAVINGS BANK – Hires James Doyle, vice president and busi-ness development officer.

CAPE COD COOPERATIVE BANK – Hires John Fulone, chief marketing officer and William Riseley, chief commercial loan officer.

CAPE COD FIVE CENTS SAVINGS BANK – Promotes Bonnie Loedel, chief fiduciary officer; Elizabeth Thompson, trust officer; hires Alison Benz Czuchra, vice president, senior trust and estate officer; Erik Porter, director of accounting and finance; Levin Waters, commercial loan officer; Melanie Sabin, senior credit analyst.

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HAVERHILL BANK – Promotes Denise Joslin, human resource officer, and hires Asaad Faquir, compliance officer.

MECHANICS COOPERATIVE BANK – Promotes Deborah Grimes, executive vice president.

MERCANTILE BANK – Promotes Marven Joseph, commercial lending officer, and Matthew Verhamme, commercial credit analyst.

MONSON SAVINGS BANK – Promotes Lena Buteau, assistant vice president, and hires Steven Lowell, president.

MUTUAL BANK – Promotes Adrianne Bearse, branch manager.

NORTH SHORE BANK – Promotes Lisa Chochrek, appraisal officer; Lisa Morrissey, assistant manager; Dawne Studzinski, senior accountant, and hires Peter Malinowski, vice president, and Steve Sylvestre, assistant manager.

PEOPLESBANK – Hires Tammy Bordeaux, assistant vice president and branch manager; Amybeth Perry, branch officer; and Kate Reagan, mortgage consultant.

Sabina Barresi

OntheMove

Robert HarveyJeffrey WorthCurtis Cogliano Tracy Dunn Mandy ConstantineauPatricia Urbano Christina Sousa

Melanie WhitneyAmybeth PerrySteven Lowell Tammy Bordeaux Jeffrey SweetMeghan Fresta Linda Hadwen

ROCKLAND TRUST COMPANY – Hires Laurie Burkhardt, vice president and director of portfolio management; Melanie Whitney, senior accounting officer; Meghan Fresta, portfolio risk officer; and Michael Zajac, quality control and compliance manager.

SALEM FIVE BANK – Hires Jeffrey Sweet, senior vice president; Karen Barter, business development officer; Linda Hadwen, loan offi-cer; and Curtis Cogliano, market manager.

SCITUATE FEDERAL SAVINGS BANK – Hires Tracy Dunn, commercial credit analyst.

STONEHAM SAVINGS BANK – Promotes Jeffrey Worth, executive vice president and chief operating officer.

TD BANKNORTH – Promotes Robert Harvey and Patricia Urbano, regional vice presidents; Mandy Constantineau, portfolio loan officer; Christina Sousa, Gail Goossens and Marius Dehelean, relationship manag-ers; Mary Test, Lindsay Walsh and Anabela Blake, store managers; and hires Angela Miele, vice president and commercial relation-ship manager; Christopher Koenig, vice presi-dent and relationship manager; Jeffrey Bayard, vice president and portfolio manager; Eugene Amato Jr., small business relationship manag-er; Stephen Kotsios, portfolio loan officer; and Bill Lau and Sal Buonacore, store managers.

THE CO–OPERATIVE CENTRAL BANK – Hires Andrew Calamare, executive vice president.

THE SAVINGS BANK – Hires Matthew Kelleher, senior mortgage originator.



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UNIBANK – Hires Christopher Currie, branch manager.

UNITED BANK – Promotes Pamela Simpson, commercial banking officer; hires Nicholas Helides, senior vice president; and Kazimierz Borawski, vice president.

WALPOLE CO–OPERATIVE BANK – Hires Paul Vallace, vice president, commer-cial and construction loan officer.

WEBSTER BANK – Promotes Paul Mollica, president (Boston region). n

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ride, but the people who surround you make it much easier.)

as I ride into the sunset, or more accurately back to my office in au-burndale, I thank all of you for the support, guidance and direction you have given me, especially the MBa staff. I hope that I adequately re-turned the favor.

to all of our MBa members I say, it has been my supreme honor to serve as your chairman and, despite the many challenges that our indus-try faced, I will always look back on my tenure as your chairman with fond memories.

there you have it – more change. n

Ken Brennan is chairman of the Massachusetts Bankers Association and president and CEO of The Village Bank, Auburndale. He can be reached at [email protected]

Chairman’s Column continued from page 4


GoodNeighbors

THE VILLAGE BANK’s Community Relations Officer Susan Paley, left, presents a check in the amount of $1,500 to Lisa Vasiloff, executive director of Birthday Wishes, to provide birthday parties for homeless children.

THE COMMuNITy BANK’s Suzanne Fernandes, vice president and regional retail administrator, right, presents a check in the amount of $500 to Michael Molyneux, executive director of the The Charity Guild in Brockton to support its food pantry.

BOSTON PRIVATE BANK & TRuST COMPANy donates $5,000 to Horizons for Homeless Children to support its educational programs. Pictured, from left: Torrance Childs, senior vice president and director of sales, Boston Private Bank & Trust; Asa Fanelli, president and CEO, Horizons for Homeless Children; George Schwartz, executive vice president, COO and treasurer; Kathleen McQuillan, senior vice president, Boston Private Bank & Trust; Meryl Sheriden, chief development officer; and Katherine Carroll-Day, director of corporate and foundation relations, Horizons for Homeless Children.

ROCKLAND TRuST COMPANy donates $3,500 to the Medfield Coalition for Public Education to support its sixth Annual Spelling Bee. Pictured, from left: Susan Gorog, grant com-mittee liaison, Medfield Coalition for Public Education; Cheryl O’Donnell, branch manager, Rockland Trust Company; and Susan Weisenfeld, co-president, Medfield Coalition for Public Education.

COMMERCE BANK’s Senior Vice President John Kelley, right, presents a check in the amount of $4,100 to Marine Gunnery Sergeant Mark Luby of the 25th Marine Regiment at Fort Devens, representing the bank’s donation to the 2010 Worcester County U.S. Marine Corps Reserve Toys for Tots program.

MECHANICS COOPERATIVE BANK donates $2,500 to Preparatory Rehabilitation for Individual Development and Employment, Inc. (PRIDE) to support its capital cam-paign. Pictured, from left: Joseph Amaral, vice president, Mechanics Cooperative Bank and board member, PRIDE, Inc.; Joseph Baptista Jr., president and CEO, Mechanics Cooperative Bank; and Jeffrey Hunt, board member, PRIDE, Inc.

ROCKLAND TRuST COMPANy donates $10,000 to the United Way of Greater Plymouth County to support its programs. The bank’s donation is in addition to the $157,000 raised by the bank’s employees in their annual United Way giving campaign. Pictured, from left: Rick Nolls and Dennis Carmen, United Way of Greater Plymouth County; Jim Smith, regional branch manager; and Chris Oddleifson, president and CEO, Rockland Trust.

FRAMINGHAM CO-OPERATIVE BANK donates $3,000 to Programs for People, Inc., to support its on-site work program for low-income people recovering from mental illness. Pictured, from left: Rachel Stewart, administrative director, Framingham Co-operative Bank Charitable Foundation; Iris Carroll, director, Programs for People; and Ed Hebert, manager, Lunch Box Program.

BERKSHIRE BANK – Donates more than $817,000 to various non-profit orga-nizations.

BRISTOL COUNTY SAVINGS BANK – Donates $5,000 to Children’s Friend & Service; $2,000 to Gateway Healthcare; $10,000 to Highlander Dunn Institute; $2,500 to Pawtucket Arts Collaborative; $5,250 to Pawtucket Business Development Corporation; $2,500 to Rhode Island Minority Elder Task Force; $2,000 to Shea High School; $5,000 to The Community Foundation of Southestern Massachusetts; and $7,500 to The Zeiterion Theatre.

CITIZENS-UNION SAVINGS BANK – Donates over $8,000 to various non-profit organizations.

FRAMINGHAM CO–OPERATIVE BANK – Donates $5,000 to the American Cancer Society and Ovations for a Cure.

INSTITUTION FOR SAVINGS – Donates $760,000 in 2010 to various non-profit organizations.

MECHANICS COOPERATIVE BANK – Donates $300,000 to Southcoast Centers for Cancer Care; $10,000 to the Fall River United Way.

NEWBURYPORT FIVE CENTS SAVINGS BANK – Donates $700,000 to area community organizations.

ROCKLAND TRUST COMPANY – Donates $5,000 to South Shore Housing Development Corporation; and $2,500 to the Girl Scouts of Eastern Massachusetts.

ROLLSTONE BANK & TRUST – Donates $10,000 to area food pantries.

SALEM FIVE BANK – Donates a total of $25,000 to 25 various non-profit orga-nizations; $6,000 to St. Joseph’s Food Pantry; $6,000 to Salem YMCA; $6,000 to Wellspring House; and $6,000 to Spectrum Adult Day Health Program.

THE VILLAGE BANK – Donates a total of $15,000 over three years to the Newton Cultural Alliance.

UNITED BANK – Donates $88,118 to the United Way.

WEBSTER FIVE CENTS SAVINGS BANK – Donates $3,000 to The Bridge of Central Massachusetts.


FRAMINGHAM CO-OPERATIVE BANK donates $5,000 to Buddy, the Humane Society’s mascot, in support of the society’s mission to give homeless animals “a new lease on life.” Pictured, from left: Bob Lamprey, CEO, Framingham Co-operative Bank; Arlene Lamprey, holding Poppi; Rachel Stewart, assistant vice president of marketing; Erin Stelmach, adoption counselor; and Buddy.

COMMERCE BANK donates $64,189 to the United Way of Central Massachusetts to support its many programs. Pictured, from left: Commerce Bank Senior Vice President Michael Roy; United Way Assistant Vice President Lynne Feraco; Commerce Bank President and CEO Brian Thompson; Campaign Chair Nicole Sabatini; and United Way President and CEO Timothy Garvin.

FRAMINGHAM CO-OPERATIVE BANK donates $5,000 to the Natick Visiting Nurses Association to support the MetroWest Meds Program. Pictured, from left: Judith Boyko, CEO, Natick Visiting Nurses Association; Susan Moriarty, director, MetroWest Meds Program; Michael Bilinsky, assistant vice president and business development officer, and Nancy Devine, vice president, Framingham Co-operative Bank.

NORTH SHORE BANK donates $1,000 to the Peabody Education Council to support their funding of teacher-initiated and requested enrichment programs that fall outside of the school department’s budget. Pictured, from left: Patricia Schaffer, the Peabody Education Council; David J. LaFlamme, president and CEO, North Shore Bank; and Peabody Mayor Michael J. Bonfanti.

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GoodNeighborscontinued from page 25

WEBSTER FIVE CENTS SAVINGS BANK donates $5,000 to NeighborWorks HomeOwnership Center of Worcester to expand education for current and prospective homeowners in Worcester County. Pictured, from left: Miguel Rivera, director, NeighborWorks HomeOwnership Center of Worcester; Karen Kempskie-Aquino, vice president; Susan Simeone, vice president; and Rich Leahy, president and CEO, Webster Five Cents Savings Bank.

WEBSTER FIVE CENTS SAVINGS BANK donates $2,000 to the Center for Women & Enterprise to support a range of financial literacy, business planning and entrepreneurship training programs for low to moderate income women in the greater Worcester area. Pictured, from left: Susan Rittscher, president and CEO, Center for Women & Enterprise; Karen Kempskie-Aquino, vice president, Webster Five Cents Savings Bank; Ivette Olmeda, program manager, Center for Women & Enterprise; and Rich Leahy, president and CEO, Webster Five Cents Savings Bank.

BRISTOL COuNTy SAVINGS BANK donates $1,500 to Amvet Boulevard School for its technology equipment used to assist with daily instruc-tion in the areas of math and science. Pictured, from left: Third grade students Michael Hulbig, Saketh Uppuluri, Tyler Packer, Michael Trask and Avery McMorran.

ROCKLAND TRuST COMPANy donates $5,000 to the Brockton Neighborhood Health Center (BNHC) to support its services and programs to low-income and marginalized populations in the greater Brockton area. Pictured, from left: Melvin E. Benson, chief financial officer; Susan Joss, chief executive officer, Brockton Neighborhood Health Center; and Stephen Hutcheson, commercial lender, Rockland Trust.

THE VILLAGE BANK’s President and CEO Ken Brennan presents a check in the amount of $10,000 to Ruth Barnett, president of Newton Community Pride, to sponsor and promote the arts, culture, volunteer-ism and beautification in Newton. n

ROCKLAND TRuST COMPANy’s Regional Branch Manager Lenore Tavares, right, presents a check in the amount of $5,000 to Rob Mendes, executive director of the Boys & Girls Club of New Bedford, to help with the maintenance and upkeep of the club’s 15-pas-senger van.

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May16 Fundamentals of Credit Analysis-Introduction to Commercial Lending Part 8: The Carlton Polish Company Case Study: Preparation and Discussion – Marriott Courtyard Hotel, Marlborough

17 Accounting 101 Part 2 – Marriott Courtyard Hotel, Marlborough

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2011 MBA CalendarDates are subject to change. Announcements are mailed approximately six weeks prior to event. For additional information, contact the education department at 617-523-7595. Visit our website at: www.massbankers.org

Event Spotlight: June 2 The Velocity of Change 30th Annual New England Bank Retail Technology/Retail Banking Conference & Exhibit

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