by Lisa Barry, Vice President, Commercial Lending
Rockland Trust, Boston, Mass.
Thirty years ago, I left China for the United States, not knowing where I would end up, or what the future would hold. Fast forward to the present – I shared this story with my children and they wondered why I left and if I was scared. My answer was that it didn’t matter if I was scared, it is important to have the courage to pursue your dreams and face any challenges head-on, because in the words of Plato, “courage is knowing what not to fear.”
Ten years after I left China, I was fortunate to be offered a Loan Officer position in Boston without any prior banking experience, leveraging knowledge from a public accounting background. I had no idea how I would do in this role, but as we all know, the only constant in life is change. And with change comes the need for resiliency, and again perhaps a little courage.
Since my first entry into banking, the industry has certainly changed as banks today, both large and small, are more diversified and armed with FinTech solutions, alternative assets and special lending divisions, that offer clients not only sources of capital but also structural flexibility. To compete effectively in this market requires more than knowing your customers, understanding business plans and financing needs. Working with institutional quality sponsors – larger private partnerships, regional developers, or private equity funds, for example – requires rapid and seamless execution, a successful collaboration with internal credit and risk professionals, all balanced against an environment today with historically low interest rates and high property valuations.
Successful banks meet this challenge and continue to serve their trusted relationships. For example, Rockland Trust Bank assumed a $15 million participation loan to Boston-based Tritower Financial Group as a result of the Blue Hills Bank/Rockland Trust Bank merger in April 2019. Tritower has benefited from the merger due in large part to Rockland’s commitment to working with existing relationships offering a larger lending platform and increased access to capital. As a result, the banking relationship with Tritower has grown by five fold since April 2019.
To successfully structure a loan transaction, the risk of a cataclysmic event is nearly impossible to predict or plan for, but with thoughtful conversations and balance, we’re able to service our customers. This mindset translates to every individual at Rockland Trust Bank, that to be successful you must maintain a sharp focus and commitment to serving our customers and our community. In an environment currently filled with anxiety and market turbulence, it’s also important to take a long-term perspective. A win-win banking relationship requires a balancing of the customer’s needs and expectations, and prudent risk management and lending practices, while having the courage to meet challenges – head-on.
