Both Joseph Carelli, president of Citizens Bank NH-the state's largest bank-and Ken Sheldon, NH state president for Bank of America-the third largest bank behind TD Bank-say the banks they lead remain committed to investing in and supporting the NH communities they serve.
Carelli succeeds Cathy Schmidt, the former president of Citizens Bank NH and Vermont, who left after more than five years at the helm. Schmidt, who was named one of the 10 Most Powerful People in NH by Business NH Magazine in 2010, remains active in NH's nonprofit sector. Sheldon took over from John Weeks, who oversaw NH operations for just over three years before becoming director of family wealth planning for Harvest Capital in Concord.
While competitors, Sheldon and Carelli share similar histories, having spent their careers in commercial banking (Sheldon 25 years and Carelli 30 years) and assuming the presidency while keeping their old jobs.
Bank of America
Sheldon's ascension coincides with the bank's coming under criticism nationally for issues ranging from improper foreclosures to instituting a $5 debit card fee in early 2012. He says the bank is making progress on the foreclosure issue. He also points to a new customer service program where customers are assigned to an individual who helps them navigate the bank's loan modification process. It's a huge commitment on the part of the bank, Sheldon says. Bank of America also tripled its default services staff to 35,000 nationally and opened a default office in Dedham, Mass. in 2010.
Moving forward, the bank will expand its focus on businesses with less than $1 million in annual revenue. Nationally, we've hired close to 1,000 small business bankers, Sheldon says. Those specialists will help entrepreneurs secure funding, and he sees huge opportunity in that area.
Sheldon is excited about this new role. He joined Fleet Bank in 1990 and stayed when Bank of America acquired it in 2004. As state president, Sheldon is responsible for integrating the bank's business lines throughout NH, and overseeing corporate social responsibility activities, including philanthropic giving and employee volunteerism. In 2010, Bank of America donated $800,000 to NH nonprofits, and employees volunteered more than 3,500 hours locally, according to Sheldon.
He plans to be involved in boards of select charities, though he is still considering which ones. He has served on the boards of Friends of Children's Hospital at Dartmouth (CHaD) and the Boys & Girls Club of Greater Nashua, which in 2010 named him Man of the Year. Sheldon will also continue to serve as a senior credit products officer in the bank's Global Commercial Bank, serving middle-market businesses in NH and Vermont.
Citizens Bank
Carelli says the role of the bank has changed tremendously during the past three decades from taking deposits and making loans to being a financial solutions provider. Carelli is ready to meet that challenge. He joined Citizens in 1992 and has risen through the ranks from management positions in credit administration and commercial banking to executive vice president, director of commercial banking for New England. Even though he is now state president in NH and Vermont, he will keep his other commercial banking responsibilities.
Carelli says Citizens Bank NH continues to be strong and is investing in businesses and the community. He points out that Citizens was the first in NH to roll out accessMOBILE, a smart phone application allowing commercial clients to conduct transactions remotely. Citizens Bank also provides remote deposit services and is exploring other web-based options.
Our commercial loan portfolio has grown by double digits this year, he says. We're in a situation today where the banking industry is extremely healthy, highly liquid, and loan portfolios are performing well. We have an appetite to lend. However, demand remains soft. To those seeking financial assistance, Carelli warns that banks will ask for more information about business models and cash flow.
Carelli says Citizens will continue making key decisions locally. That's good news for nonprofits as Citizens Bank donates about $1 million annually in NH. Carelli serves on the boards of the NH Bankers Association, the Nashua Center for the Multiply Handicapped and The World Academy of Nashua. I'm spending a lot of time exploring where I can be impactful, he says of expanding his nonprofit endeavors.
As for the bank, Carelli says it is looking at growing strategically, including hiring and deepening its relationships with customers. It is also investing significantly in employee training.
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