October 28, 2024 • 20 mins
Stuart Lubow, CEO of Dime Community Bank | CEOs You Should Know
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Episode Transcript
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Speaker 1 (00:00):
Hello, everyone, This is Steve Dallas and welcome to this
week's edition of CEOs. You should know. I am joined
by Stu Lubo, the President and CEO of Dime Community Bank. Stu,
thanks for being here today.
Speaker 2 (00:09):
Well, thanks for having me. I'm grilled to be here.
Speaker 1 (00:11):
We're excited to have you. It's really exciting to see
a step into the new role of president and CEO
of Dime Community Bank. What were some of your first
thoughts on goals you want to accomplish when you first
took that position.
Speaker 2 (00:22):
Well, you know, I joined the bank in two and seventeen,
and my goal at that point and my responsibility was
really to turn the bank into a vibrant, relationship commercial bank.
Prior to that, Dime had been a kind of a
sleepy thrift savings bank, and I joined the bank to
(00:44):
turn it into a commercial bank, and we really brought
on a whole new team and a whole new philosophy
of relationship in community banking. So it's been exciting.
Speaker 1 (00:56):
That's awesome.
Speaker 2 (00:57):
Congrats, Thank you.
Speaker 1 (00:58):
I know that you've made a few different transitions, right
you're president CEO to CEO, which I'm sure could be
quite the transition. What were some of the aspects of
a leadership that you found the most fulfilling and challenging
during this transition period.
Speaker 2 (01:11):
Well, you know, it's it's interesting, as I said, I
I had the role to change over the bank, but
I wasn't at the at the top of the heap,
so to speak. And look, I've had a long career.
I've been in banking for unfortunately forty four years, so
you know, and I've started at the largest banks in
(01:32):
the world and kind of went down from are So
I started my career at Chase Manhattan and you know,
and then started a couple of banks and was CEO
of those. So so coming into to Dime and having
you know, this great history but really having to transform
and grow a new bank within an existing bank was
(01:53):
exciting and a challenge. And you know, it's been a
it's been a great seven years. And the last couple
of years, as you know, as as we merged two
banks and then created a bigger DIME and I took over,
has been you know, exciting. It's been an interesting time
period in terms of the economy and whatnot. But we've
(02:14):
done very well and we're set up very well for
the future.
Speaker 1 (02:16):
That's awesome, very exciting here. You just mentioned right, you've
been in the industry for over forty years. How is
your view on community banking changed throughout your career.
Speaker 2 (02:25):
Well, you know, I think community banking today is even
more important than it's ever been. There are fewer community banks,
you know, the banking industry is now really dominated by
large institutions. And even our institution have fourteen billion dollars
is a small institution. And you know what we do
(02:47):
is we're part of the community. We're part of the
fabrica of the community. We build relationships. We know what
our customers need, what their wants are, what their business
is like, what the community is like, which is very
different than than a larger institution. You know, we have
local decision makers as opposed to someone doing and underwriting
(03:08):
alan in Texas or North Dakota. Uh So we're really
part of the community and we try to service our
customers as such. You know, it's kind of like a
big fish and small pond, right, So, you know, that's
how our customers are to us, or every customer is important.
I like to say we have private banking for everyone.
Speaker 1 (03:29):
That's awesome. It makes a big difference What are some
of the key priorities that you are having dime focus
on in the coming years.
Speaker 2 (03:36):
We're really focused on building continue to build a commercial
relationship business our c and I built business, our healthcare business,
and and stay not staying away, but but kind of
diversifying away from just what was a modeligned business of
multi family lending and and really having a full service,
(03:58):
diversified uh business bank. And we've even since I joined
the bank, we started a residential lending group. You know,
thinking about a bank that's been around for as long
as we have. When I joined the bank, we didn't
we didn't make home loans. We do that now, So,
you know, really having a well diversified uh you know,
(04:21):
commercial banking relationship based organization is what our goal is.
Speaker 1 (04:26):
That's awesome. We just talked about community, right, and you
guys have a strong presence in sixty three different locations
and you're targeting to continue to grow in places like
Staten Island Westchester County. What specific opportunities do you see
in those markets and in those communities.
Speaker 2 (04:40):
Well, I'll go back to my comment before. There are
fewer and fewer community banks, right, So in both those
locations are dominated by large institutions, uh, and you know
that are not really part of the fabric of the
of the community. And so we think there's a tremendous
opportunity in both Westchester and and Stanton and for us
(05:01):
to grow our footprint, to grow our relationships. It's it's
kind of a gift that keeps on giving in terms
of you know, the larger institutions and and you know,
we think we can do it better. And and you know,
so far we've been very happy with our success in
both those areas.
Speaker 1 (05:18):
That's awesome. Excited to hear that and excited to see
what's to come in those two areas as well. I
know you guys have over eight hundred employees being in
the CEO role, How do you have an impact on
the positive culture at time?
Speaker 2 (05:32):
Look, I always say our two biggest assets are our
people and our customers. I forget about the balance sheet
and our financials. That's what makes time what it is today.
Building those relationships and build those relationships by having good people,
you know, as as your employees. And and we're really
a team. So you know, maybe it goes back to
(05:53):
my younger days, as you know in sports and whatnot.
You know, I think you really have to build a
team and and and and you know, be part of
the organization. And we try to include everyone. You know,
we have events, we have spirit committees, we we do
things around the organization that you know, create a cohesive unit.
(06:13):
But really, you know, again, our biggest assets are our people.
Speaker 1 (06:17):
I think it's a great mindset. I think culture and
people are two of the most important things of any organization. Absolutely,
so it's refreshing to hear. So looking ahead, what are
some emerging trends that you have your eye on that
are going to impact community banks or DIME in the future.
Speaker 2 (06:31):
Well, I think there's going to be, particularly after the
most recent minor financial crisis that you know, the world
has gone through, and in particularly here in the United States,
I think you're going to see more M and A
and so you're going to see smaller banks getting bigger
and again, you know, there there will be more of
(06:53):
an opportunity for DIME to service those customers that that
are displaced and disrupted here in in in New York
metropolitan area, there's been quite a bit of a disruption
in the last in the last year between mergers of
institutions that went to other institutions locally, and then a
(07:14):
failure of a of a local bank, and and then
some problems at the bank that that took took that
bank over. We've we've been on the offensive. We've been
hiring teams of of private bankers from some of those institutions.
We hired fourteen teams in the last year. We've hired
(07:35):
a new healthcare vertical. We heard hired a new national
deposit team, all locally. So I think there's going to
be a lot of opportunity. But I think the disruption
will continue because they're going to be you know, continued
m and A because as the economy slows growth, it's
going to be more difficult and some institutions will not
(07:58):
be appropriately set up to handle that kind of environment.
And I LO look for partners and I think that's
gonna be an opportunity for ourselves.
Speaker 1 (08:08):
That's awesome. It sounds like you guys really have strategically
set yourselves up even in the midst of all that
destruct distractions and stuff, that you guys will come out
on top.
Speaker 2 (08:16):
Yeah. I mean, we're one of a few banks that
during this whole period we've grown deposits one point five
billion dollars. It's awesome, right, So while other banks were
struggling to get through this period, we, as I said,
when on the offensive, higher teams, and we've brought in
new customers, new deposital relationship, new loan relationships, build out
(08:36):
additional lending teams. Just to take advantage of the opportunity.
Speaker 1 (08:41):
That's awesome. Well, with community at such an important core
of the company, it's probably no surprise to anyone listening
that you're involved in so many several nonprofit organizations. I
know one in particular is the Leuts Garden Foundation. How
is your influence and experience really approached your leadership by
working with these different nonprofits.
Speaker 2 (08:58):
Well, look, you know, let's go mar Is near and
dear to my heart. I've had several family members afflicted
with panacatic cancer and and you know who are no
longer with us, and and so, uh, you know, it's
important to us to to support, you know, those kind
of institutions that that really support uh, you know, the community.
(09:20):
In my case, the lust Garden was very helpful to me.
I had know, I didn't know where to go when
you know, my father was was diagnosed, and they they
kind of guided me through the process and you know,
helped us get to the right doctors and do as
much as we possibly could. Uh and uh and so
giving back is you know, just self felt appropriate and
(09:42):
you know, and and we uh you know, I still
get involved in various fundraising events and charity events that
associated with Lust Garden as well as the Dying Foundation
that we created the last few years where we raise
money for various charities. Uh. Lust Carton is always one
of our charities.
Speaker 1 (10:00):
That's awesome here. I think it goes back to what
you said earlier about your team and about your culture
right and having that human aspect of it. So I
think that's really important to involve and get back. So
love to hear that. So, as former president of Community
Bank Associations, what key issues as we look ahead do
you think are missing from banking right now?
Speaker 2 (10:18):
Well, you know, I think I think, uh, community banks
are always looking toward how do we service the customers?
And you know today there's a cost to that, and
so some of the issues out there today are you know,
really how do you balance regulation and service with the
(10:39):
satisfying your shareholders and profitability and also satisfying your customers.
So I think that's something that everyone's always struggling with.
Some folks don't seem to be able to make it,
and they maybe do an M and a transaction emerge
themselves out of out of existence. We've been able to to,
you know, kind of maneuver the field, provide the right
(11:03):
kind of surface for the right pricing. I always say,
you know, there's an old an old say and educated
consumer is your best customer. We try to explain that
we're not always the cheapest, uh, but we will always
give you the best service. And there's a there's a
there's a cost to that as well. On the other hand,
we understand the customer's needs and and so you know,
(11:25):
fees and things like that are always part of the equation.
And how we maneuver that field is is something that
we're proud of and we've been able to do do
very well. The regulatory environment creates an environment that you
have to be very cognizant of that. And the other
thing is from a crspective, community Reinvestment Bank, DIME got
(11:49):
an outstanding rating, meaning we are giving back to the
community right there. There's there are not very many banks
that get an outstanding rating and cra and we're proud
of that.
Speaker 1 (11:58):
Congrats be proud of We've talked about the industry and
banking a bit. I'd love to talk a little bit
about you personally. So what personally inspires you, both on
a personal aspect but also professional aspects.
Speaker 2 (12:11):
You know, I love building things, right, So going back
to you know, my career forty four years I started
my career at you know, the third largest bank in
the country, at Chase Manhattan. David Rockefeller was the chairman.
That tells you how long ago that was. And then I,
you know, after that, I went to work for a
(12:33):
bank here in New York City by name of Dollars Rydock.
I was, at twenty nine, the chief operating officer. Kind
of funny, you say, we're fourteen million dollars, we had
eight hundred people working for us. I had eight hundred
people working for me back then with a bank that was,
you know, half the size of what Dime is today.
So technology has cheaged you know, the people aspect and
(12:55):
the amount of people you need. And then you know,
after that, I got turning around a couple of banks,
and you know, I've I've been around so long that
I've seen a number of financial crisis, the SNL crisis
of the early late eighties and early nineties. I was
brought on to turn around a bank and and did that. Uh,
And then I started two banks, started a bank in
(13:18):
Bergen County, New Jersey, and and and and eventually sold
that to another institution. And then I started another bank
in two thousand and three or two thousand and five,
I should say, Uh. Uh, it took I started working
on two thousand and three. It took two years to
get it open. But in two thousand and five we
opened up Community National Bank. I I started that in
(13:39):
Great Neck, New York. We grew it to a billion
and a half dollars and and then we sold it
to BnB. And you know, eventually I merged with BnB,
and I all those folks came back to work for me,
and so, you know, uh, and then, as I said,
when I joined DIME, I was really building a bank
within a bank. So I really enjoy the entrepreneurial aspect
(14:01):
of you know, of building a bank and building an
organization and uh and building it obviously profitably and you know,
maximizing our values for our shareholders and on that. So
all of those were public companies and and I really enjoyed,
enjoyed uh that, And of course you know here at Dime,
we've we've had some success and we'll look forward to more.
Speaker 1 (14:22):
That's awesome all. I'm sure all those experiences and life
lessons also really make you the perfect person for this role.
Speaker 2 (14:28):
Too, well, we hope.
Speaker 1 (14:29):
So let's talk a little bit about a family. I
know family is a huge part of your life. Can
you tell us a little bit about your family and
how they support you?
Speaker 2 (14:38):
SEU, Well, I actually come from a pretty at this point,
you know, a banking family. My uh my sister is
blood is a is a managing director and compliance at
the bank in New York. Uh My wife is retired now,
but she was a banker and held and led a
(14:59):
retail organization in her past life. Now she takes care
of her dogs and it's very happy doing that. And
then my daughter just graduated from Wake Forest two years
ago and is investment banking, focusing on M and A
of financial institutions. So so you know, we're the dinner
(15:23):
table is filled with discussions of a lot of things
that you know we're talking about today, which is you know,
the financial aspect as well as the customer aspect of banking.
It's kind of what we all do.
Speaker 1 (15:36):
Yeah, that's great. Given your background, right in your forty
years plus experience, what guidance would you give a young
professional that's looking to make their way into the bank sector.
Speaker 2 (15:46):
You know, we have an intern group that comes in
every year, you know, fifteen kids out of college or
in college that are kind of thinking what they want
to do. And the first thing is you gotta like it,
you gotta love, you gotta enjoy it. You know, you
spend you know, eight hours or more a day at
(16:07):
an office. You really need to to want to do it,
want to be there and enjoy your surroundings and what
you're doing. You know, it's all about particularly as you're young,
it's all about experience and learning and you know, and
finding a mentor that kind of brings you along and
gives you opportunity. And I know in my case that
(16:30):
was a key part. I started at the as I said,
the largest institutions. I did well, but I also got
a very broad understanding of what the banking industry was.
And then from there, you know, went on to various
roles leading up to you know, CEO or and and
chairman of you know, of a couple of banks, and
(16:50):
and and also starting a couple of banks. So it's really, uh,
you know, it's got to enjoy the work. You gotta,
you know. I know there's a lot of talk about
you know, lifestyle and you know, and and balance, but
you know, work is work, and you got to you know,
and hopefully you can find something that you not only
(17:11):
provides you balance, but you enjoy the work and and
uh and you know, really that's what That's why I
tell our young people present.
Speaker 1 (17:20):
I think it's great advice for anyone that's getting into
their professional career, right. You have to you have to
love what you do, no matter what industry you're in.
So I think that's that's perfect advice. I know, you
guys are celebrating a milestone. Congrats Time Community Bank is
celebrating one hundred and sixty years this year. What does
that milestone mean to you in the organization?
Speaker 2 (17:38):
You know, it's when you think back on it, when
you really think about it. You know, we tell, oh,
it's one hundred and sixty years, that's great, But when
we think back on it, or I do you know,
I consider that you know, it quite an honor to
be part of an institution that's been around since the
Civil War. Uh. And you know, I think there's been
seventeen CEOs in the history, but only three in a
(17:59):
lat I'm one of only three in the last fifty years. Wow.
So it's it's it's an honor, you know. And and
it's kind of interesting when you think that. You know,
when DIME started, Abraham Lincoln was the President of the
United States. So uh, it's a wow. It's an interesting,
you know, thing to think about, and quite an honor
(18:20):
to be, you know, part of an organization that that
has survived you know, world wars, Civil wars, depressions and whatnot,
and we're still here in servicing the community.
Speaker 1 (18:31):
That's awesome. But you just mentioned all the previous CEOs.
When eventually your legacy, what do you want to be
remembered for at DIME Community Bank?
Speaker 2 (18:41):
Look, I think uh, I'd like to be remembered as
someone that brought DIME to the next level. Right we
we brought it from We've done so far, brought it
from a from a savings bank to a community commercial bank.
And I want it to be the little most you know,
profitable success full customer oriented community commercial bank in the country,
(19:03):
and that's that's what I like to see down the road.
Hopefully I'm here for a few more years.
Speaker 1 (19:08):
Absolutely, Well, I can definitely tell from our conversation today
that you have the passion and you want that, so
I have no expectation that you will not be able
to accomplish that during your time.
Speaker 2 (19:17):
Thank you. So we covered a lot.
Speaker 1 (19:20):
Do you feel like there's anything that we might have
missed that you want to share with our listeners before
we wrap up today.
Speaker 2 (19:24):
Well, you know, the only thing I want to say
is again, you know, it's not a one man show.
It's all about the team. And I want to thank
all our time team members for the hard work and
the effort they put in every single day, and during
the tough times, they're working even harder. In the last
year or two, it's been you know a little bit
(19:45):
more interesting, as I said earlier, And you know, the
effort that they put in is really a crue to
our benefit and and and the organization. And so I
really would like to thank them, and I'd like to
thank our customers for being loyal and and and and
uh inviding us the base to be successful.
Speaker 1 (20:06):
Spoken like a true leader. Well said, well, Steve, thank
you so much for joining us today. We really appreciate
learning more about you, learning more about Time Community Bank
and all the insights in the industry as well.
Speaker 2 (20:16):
Okay, thank you, thank you.
Speaker 1 (20:17):
Tune in next time for the next week's edition of
CEOs You Should Know
Hello, everyone, This is Steve Dallas and welcome to this
week's edition of CEOs. You should know. I am joined
by Stu Lubo, the President and CEO of Dime Community Bank. Stu,
thanks for being here today.
Speaker 2 (00:09):
Well, thanks for having me. I'm grilled to be here.
Speaker 1 (00:11):
We're excited to have you. It's really exciting to see
a step into the new role of president and CEO
of Dime Community Bank. What were some of your first
thoughts on goals you want to accomplish when you first
took that position.
Speaker 2 (00:22):
Well, you know, I joined the bank in two and seventeen,
and my goal at that point and my responsibility was
really to turn the bank into a vibrant, relationship commercial bank.
Prior to that, Dime had been a kind of a
sleepy thrift savings bank, and I joined the bank to
(00:44):
turn it into a commercial bank, and we really brought
on a whole new team and a whole new philosophy
of relationship in community banking. So it's been exciting.
Speaker 1 (00:56):
That's awesome.
Speaker 2 (00:57):
Congrats, Thank you.
Speaker 1 (00:58):
I know that you've made a few different transitions, right
you're president CEO to CEO, which I'm sure could be
quite the transition. What were some of the aspects of
a leadership that you found the most fulfilling and challenging
during this transition period.
Speaker 2 (01:11):
Well, you know, it's it's interesting, as I said, I
I had the role to change over the bank, but
I wasn't at the at the top of the heap,
so to speak. And look, I've had a long career.
I've been in banking for unfortunately forty four years, so
you know, and I've started at the largest banks in
(01:32):
the world and kind of went down from are So
I started my career at Chase Manhattan and you know,
and then started a couple of banks and was CEO
of those. So so coming into to Dime and having
you know, this great history but really having to transform
and grow a new bank within an existing bank was
(01:53):
exciting and a challenge. And you know, it's been a
it's been a great seven years. And the last couple
of years, as you know, as as we merged two
banks and then created a bigger DIME and I took over,
has been you know, exciting. It's been an interesting time
period in terms of the economy and whatnot. But we've
(02:14):
done very well and we're set up very well for
the future.
Speaker 1 (02:16):
That's awesome, very exciting here. You just mentioned right, you've
been in the industry for over forty years. How is
your view on community banking changed throughout your career.
Speaker 2 (02:25):
Well, you know, I think community banking today is even
more important than it's ever been. There are fewer community banks,
you know, the banking industry is now really dominated by
large institutions. And even our institution have fourteen billion dollars
is a small institution. And you know what we do
(02:47):
is we're part of the community. We're part of the
fabrica of the community. We build relationships. We know what
our customers need, what their wants are, what their business
is like, what the community is like, which is very
different than than a larger institution. You know, we have
local decision makers as opposed to someone doing and underwriting
(03:08):
alan in Texas or North Dakota. Uh So we're really
part of the community and we try to service our
customers as such. You know, it's kind of like a
big fish and small pond, right, So, you know, that's
how our customers are to us, or every customer is important.
I like to say we have private banking for everyone.
Speaker 1 (03:29):
That's awesome. It makes a big difference What are some
of the key priorities that you are having dime focus
on in the coming years.
Speaker 2 (03:36):
We're really focused on building continue to build a commercial
relationship business our c and I built business, our healthcare business,
and and stay not staying away, but but kind of
diversifying away from just what was a modeligned business of
multi family lending and and really having a full service,
(03:58):
diversified uh business bank. And we've even since I joined
the bank, we started a residential lending group. You know,
thinking about a bank that's been around for as long
as we have. When I joined the bank, we didn't
we didn't make home loans. We do that now, So,
you know, really having a well diversified uh you know,
(04:21):
commercial banking relationship based organization is what our goal is.
Speaker 1 (04:26):
That's awesome. We just talked about community, right, and you
guys have a strong presence in sixty three different locations
and you're targeting to continue to grow in places like
Staten Island Westchester County. What specific opportunities do you see
in those markets and in those communities.
Speaker 2 (04:40):
Well, I'll go back to my comment before. There are
fewer and fewer community banks, right, So in both those
locations are dominated by large institutions, uh, and you know
that are not really part of the fabric of the
of the community. And so we think there's a tremendous
opportunity in both Westchester and and Stanton and for us
(05:01):
to grow our footprint, to grow our relationships. It's it's
kind of a gift that keeps on giving in terms
of you know, the larger institutions and and you know,
we think we can do it better. And and you know,
so far we've been very happy with our success in
both those areas.
Speaker 1 (05:18):
That's awesome. Excited to hear that and excited to see
what's to come in those two areas as well. I
know you guys have over eight hundred employees being in
the CEO role, How do you have an impact on
the positive culture at time?
Speaker 2 (05:32):
Look, I always say our two biggest assets are our
people and our customers. I forget about the balance sheet
and our financials. That's what makes time what it is today.
Building those relationships and build those relationships by having good people,
you know, as as your employees. And and we're really
a team. So you know, maybe it goes back to
(05:53):
my younger days, as you know in sports and whatnot.
You know, I think you really have to build a
team and and and and you know, be part of
the organization. And we try to include everyone. You know,
we have events, we have spirit committees, we we do
things around the organization that you know, create a cohesive unit.
(06:13):
But really, you know, again, our biggest assets are our people.
Speaker 1 (06:17):
I think it's a great mindset. I think culture and
people are two of the most important things of any organization. Absolutely,
so it's refreshing to hear. So looking ahead, what are
some emerging trends that you have your eye on that
are going to impact community banks or DIME in the future.
Speaker 2 (06:31):
Well, I think there's going to be, particularly after the
most recent minor financial crisis that you know, the world
has gone through, and in particularly here in the United States,
I think you're going to see more M and A
and so you're going to see smaller banks getting bigger
and again, you know, there there will be more of
(06:53):
an opportunity for DIME to service those customers that that
are displaced and disrupted here in in in New York
metropolitan area, there's been quite a bit of a disruption
in the last in the last year between mergers of
institutions that went to other institutions locally, and then a
(07:14):
failure of a of a local bank, and and then
some problems at the bank that that took took that
bank over. We've we've been on the offensive. We've been
hiring teams of of private bankers from some of those institutions.
We hired fourteen teams in the last year. We've hired
(07:35):
a new healthcare vertical. We heard hired a new national
deposit team, all locally. So I think there's going to
be a lot of opportunity. But I think the disruption
will continue because they're going to be you know, continued
m and A because as the economy slows growth, it's
going to be more difficult and some institutions will not
(07:58):
be appropriately set up to handle that kind of environment.
And I LO look for partners and I think that's
gonna be an opportunity for ourselves.
Speaker 1 (08:08):
That's awesome. It sounds like you guys really have strategically
set yourselves up even in the midst of all that
destruct distractions and stuff, that you guys will come out
on top.
Speaker 2 (08:16):
Yeah. I mean, we're one of a few banks that
during this whole period we've grown deposits one point five
billion dollars. It's awesome, right, So while other banks were
struggling to get through this period, we, as I said,
when on the offensive, higher teams, and we've brought in
new customers, new deposital relationship, new loan relationships, build out
(08:36):
additional lending teams. Just to take advantage of the opportunity.
Speaker 1 (08:41):
That's awesome. Well, with community at such an important core
of the company, it's probably no surprise to anyone listening
that you're involved in so many several nonprofit organizations. I
know one in particular is the Leuts Garden Foundation. How
is your influence and experience really approached your leadership by
working with these different nonprofits.
Speaker 2 (08:58):
Well, look, you know, let's go mar Is near and
dear to my heart. I've had several family members afflicted
with panacatic cancer and and you know who are no
longer with us, and and so, uh, you know, it's
important to us to to support, you know, those kind
of institutions that that really support uh, you know, the community.
(09:20):
In my case, the lust Garden was very helpful to me.
I had know, I didn't know where to go when
you know, my father was was diagnosed, and they they
kind of guided me through the process and you know,
helped us get to the right doctors and do as
much as we possibly could. Uh and uh and so
giving back is you know, just self felt appropriate and
(09:42):
you know, and and we uh you know, I still
get involved in various fundraising events and charity events that
associated with Lust Garden as well as the Dying Foundation
that we created the last few years where we raise
money for various charities. Uh. Lust Carton is always one
of our charities.
Speaker 1 (10:00):
That's awesome here. I think it goes back to what
you said earlier about your team and about your culture
right and having that human aspect of it. So I
think that's really important to involve and get back. So
love to hear that. So, as former president of Community
Bank Associations, what key issues as we look ahead do
you think are missing from banking right now?
Speaker 2 (10:18):
Well, you know, I think I think, uh, community banks
are always looking toward how do we service the customers?
And you know today there's a cost to that, and
so some of the issues out there today are you know,
really how do you balance regulation and service with the
(10:39):
satisfying your shareholders and profitability and also satisfying your customers.
So I think that's something that everyone's always struggling with.
Some folks don't seem to be able to make it,
and they maybe do an M and a transaction emerge
themselves out of out of existence. We've been able to to,
you know, kind of maneuver the field, provide the right
(11:03):
kind of surface for the right pricing. I always say,
you know, there's an old an old say and educated
consumer is your best customer. We try to explain that
we're not always the cheapest, uh, but we will always
give you the best service. And there's a there's a
there's a cost to that as well. On the other hand,
we understand the customer's needs and and so you know,
(11:25):
fees and things like that are always part of the equation.
And how we maneuver that field is is something that
we're proud of and we've been able to do do
very well. The regulatory environment creates an environment that you
have to be very cognizant of that. And the other
thing is from a crspective, community Reinvestment Bank, DIME got
(11:49):
an outstanding rating, meaning we are giving back to the
community right there. There's there are not very many banks
that get an outstanding rating and cra and we're proud
of that.
Speaker 1 (11:58):
Congrats be proud of We've talked about the industry and
banking a bit. I'd love to talk a little bit
about you personally. So what personally inspires you, both on
a personal aspect but also professional aspects.
Speaker 2 (12:11):
You know, I love building things, right, So going back
to you know, my career forty four years I started
my career at you know, the third largest bank in
the country, at Chase Manhattan. David Rockefeller was the chairman.
That tells you how long ago that was. And then I,
you know, after that, I went to work for a
(12:33):
bank here in New York City by name of Dollars Rydock.
I was, at twenty nine, the chief operating officer. Kind
of funny, you say, we're fourteen million dollars, we had
eight hundred people working for us. I had eight hundred
people working for me back then with a bank that was,
you know, half the size of what Dime is today.
So technology has cheaged you know, the people aspect and
(12:55):
the amount of people you need. And then you know,
after that, I got turning around a couple of banks,
and you know, I've I've been around so long that
I've seen a number of financial crisis, the SNL crisis
of the early late eighties and early nineties. I was
brought on to turn around a bank and and did that. Uh,
And then I started two banks, started a bank in
(13:18):
Bergen County, New Jersey, and and and and eventually sold
that to another institution. And then I started another bank
in two thousand and three or two thousand and five,
I should say, Uh. Uh, it took I started working
on two thousand and three. It took two years to
get it open. But in two thousand and five we
opened up Community National Bank. I I started that in
(13:39):
Great Neck, New York. We grew it to a billion
and a half dollars and and then we sold it
to BnB. And you know, eventually I merged with BnB,
and I all those folks came back to work for me,
and so, you know, uh, and then, as I said,
when I joined DIME, I was really building a bank
within a bank. So I really enjoy the entrepreneurial aspect
(14:01):
of you know, of building a bank and building an
organization and uh and building it obviously profitably and you know,
maximizing our values for our shareholders and on that. So
all of those were public companies and and I really enjoyed,
enjoyed uh that, And of course you know here at Dime,
we've we've had some success and we'll look forward to more.
Speaker 1 (14:22):
That's awesome all. I'm sure all those experiences and life
lessons also really make you the perfect person for this role.
Speaker 2 (14:28):
Too, well, we hope.
Speaker 1 (14:29):
So let's talk a little bit about a family. I
know family is a huge part of your life. Can
you tell us a little bit about your family and
how they support you?
Speaker 2 (14:38):
SEU, Well, I actually come from a pretty at this point,
you know, a banking family. My uh my sister is
blood is a is a managing director and compliance at
the bank in New York. Uh My wife is retired now,
but she was a banker and held and led a
(14:59):
retail organization in her past life. Now she takes care
of her dogs and it's very happy doing that. And
then my daughter just graduated from Wake Forest two years
ago and is investment banking, focusing on M and A
of financial institutions. So so you know, we're the dinner
(15:23):
table is filled with discussions of a lot of things
that you know we're talking about today, which is you know,
the financial aspect as well as the customer aspect of banking.
It's kind of what we all do.
Speaker 1 (15:36):
Yeah, that's great. Given your background, right in your forty
years plus experience, what guidance would you give a young
professional that's looking to make their way into the bank sector.
Speaker 2 (15:46):
You know, we have an intern group that comes in
every year, you know, fifteen kids out of college or
in college that are kind of thinking what they want
to do. And the first thing is you gotta like it,
you gotta love, you gotta enjoy it. You know, you
spend you know, eight hours or more a day at
(16:07):
an office. You really need to to want to do it,
want to be there and enjoy your surroundings and what
you're doing. You know, it's all about particularly as you're young,
it's all about experience and learning and you know, and
finding a mentor that kind of brings you along and
gives you opportunity. And I know in my case that
(16:30):
was a key part. I started at the as I said,
the largest institutions. I did well, but I also got
a very broad understanding of what the banking industry was.
And then from there, you know, went on to various
roles leading up to you know, CEO or and and
chairman of you know, of a couple of banks, and
(16:50):
and and also starting a couple of banks. So it's really, uh,
you know, it's got to enjoy the work. You gotta,
you know. I know there's a lot of talk about
you know, lifestyle and you know, and and balance, but
you know, work is work, and you got to you know,
and hopefully you can find something that you not only
(17:11):
provides you balance, but you enjoy the work and and
uh and you know, really that's what That's why I
tell our young people present.
Speaker 1 (17:20):
I think it's great advice for anyone that's getting into
their professional career, right. You have to you have to
love what you do, no matter what industry you're in.
So I think that's that's perfect advice. I know, you
guys are celebrating a milestone. Congrats Time Community Bank is
celebrating one hundred and sixty years this year. What does
that milestone mean to you in the organization?
Speaker 2 (17:38):
You know, it's when you think back on it, when
you really think about it. You know, we tell, oh,
it's one hundred and sixty years, that's great, But when
we think back on it, or I do you know,
I consider that you know, it quite an honor to
be part of an institution that's been around since the
Civil War. Uh. And you know, I think there's been
seventeen CEOs in the history, but only three in a
(17:59):
lat I'm one of only three in the last fifty years. Wow.
So it's it's it's an honor, you know. And and
it's kind of interesting when you think that. You know,
when DIME started, Abraham Lincoln was the President of the
United States. So uh, it's a wow. It's an interesting,
you know, thing to think about, and quite an honor
(18:20):
to be, you know, part of an organization that that
has survived you know, world wars, Civil wars, depressions and whatnot,
and we're still here in servicing the community.
Speaker 1 (18:31):
That's awesome. But you just mentioned all the previous CEOs.
When eventually your legacy, what do you want to be
remembered for at DIME Community Bank?
Speaker 2 (18:41):
Look, I think uh, I'd like to be remembered as
someone that brought DIME to the next level. Right we
we brought it from We've done so far, brought it
from a from a savings bank to a community commercial bank.
And I want it to be the little most you know,
profitable success full customer oriented community commercial bank in the country,
(19:03):
and that's that's what I like to see down the road.
Hopefully I'm here for a few more years.
Speaker 1 (19:08):
Absolutely, Well, I can definitely tell from our conversation today
that you have the passion and you want that, so
I have no expectation that you will not be able
to accomplish that during your time.
Speaker 2 (19:17):
Thank you. So we covered a lot.
Speaker 1 (19:20):
Do you feel like there's anything that we might have
missed that you want to share with our listeners before
we wrap up today.
Speaker 2 (19:24):
Well, you know, the only thing I want to say
is again, you know, it's not a one man show.
It's all about the team. And I want to thank
all our time team members for the hard work and
the effort they put in every single day, and during
the tough times, they're working even harder. In the last
year or two, it's been you know a little bit
(19:45):
more interesting, as I said earlier, And you know, the
effort that they put in is really a crue to
our benefit and and and the organization. And so I
really would like to thank them, and I'd like to
thank our customers for being loyal and and and and
uh inviding us the base to be successful.
Speaker 1 (20:06):
Spoken like a true leader. Well said, well, Steve, thank
you so much for joining us today. We really appreciate
learning more about you, learning more about Time Community Bank
and all the insights in the industry as well.
Speaker 2 (20:16):
Okay, thank you, thank you.
Speaker 1 (20:17):
Tune in next time for the next week's edition of
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