Q&A With Peter Alden of Bay State Savings Bank
Peter Alden
Title: President and CEO, Bay State Savings Bank
Hometown: Wolfeboro, N.H.
Residence: Wolfeboro, N.H.
Education: Bachelor's and master's degrees, Southern New Hampshire University
Last summer, Peter Alden took the reins as the new president and CEO at Worcester-based Bay State Savings Bank. We talked with the New Hampshire resident’s transition into the new role after 25 years in the industry, which included positions with Centrix Bank & Trust Co., Greatwaters Bank & Trust Co. and Community Bank & Trust Co., all in New Hampshire.
Job transitions are not easy. How about you? Have you settled in comfortably?
Yes, very much so. I’m fortunate, and I’ve transitioned into a couple of different banks along the way. This was unique because Bob Lewis (his predecessor) and I transitioned from July technically through the end of December. And that really helped, especially with me being from out of the area. Bob was gracious enough to introduce me to a whole bunch of people so that I got to know a lot of folks along the way, and that really helped in the transition on an external basis. On an internal basis, it’s a good group of employees and it hasn’t taken long to get to know them at all.
You generally don’t come into a position having that long transition time, working with your predecessor. Do you see that more as an advantage? Have you ever come into a situation cold?
Absolutely. I have come into a situation cold and that presents some challenges of course because you don’t have, typically, any roadmap. And I will say that Bob did a nice job, mapping out kind of a plan and then also functioning well in that as far as making sure that I met a lot of folks. But he very consciously made sure he wasn’t, as he put it, “in the way.” Which balanced out very, very well.
You’ve been in the business for more than 25 years. What’s the most dramatic change you’ve witnessed?
It’s got to be technology. Now, you basically carry your personal device with you and you’ve got contact with your computer day in and day out. And that’s translated to online banking, the types of accounts that we offer, how we communicate with our customers. Technology has impacted every industry. But in particular, in banking, that’s been the most dramatic change I’ve seen.
Secondarily would be the regulatory requirements.
Can you expand on that a bit?
Our business, like many businesses, is highly regulated. But the level of regulation and coordination and internal work on compliance, compared to even five years ago, is significantly higher. That brings with it a lot of things. It brings with it a lot of cost, it brings with it a lot of time and labor effort, rather than time (you can spend) with your customer, which is who we’re here to serve.
In your business — with a lot of community banks, credit unions, and the presence of large banks — what does a bank need to do today to grow its customer base and retain its existing customers?
Two things: One, you’ve got to have good customer service. You’ve got to have technology that’s available and competitive. Thankfully, we do. And for a bank our size, it’s all relationships. You’ve got to go out and take care of your good customers and ask those good customers who you should be working with. And ask them to possibly open the door for you. Sometimes those of us that have been in the business for a while forget to ask that question, and we’ve all got to be constantly reminded to do that.
(Go to our multimedia page to watch a video clip of our interview with Peter Alden.)
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