5Q: George J. Charette III

 / PBN PHOTO/MICHAEL SALERNO
/ PBN PHOTO/MICHAEL SALERNO

1 What’s been most challenging about your first year as president and CEO at Pawtucket Credit Union?

Making the transition from chief financial officer to president and CEO meant working closely with our new CFO to hand off those responsibilities while getting into the rhythm of the more administrative work of CEO. I worked closely with Karl A. Kozak, our prior president and CEO, for a number of years, which really helped in the transition. Working through all of the administrative tasks that come with being president and CEO has been the biggest challenge.

2 What trends are you seeing in the industry and what does that tell about the local economy?

Increased demand for real estate loans indicates that the Rhode Island economy has improved over the last few years. The increase in real estate values that support these loans also points to an improved economy.

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3 That must mean there’s been an uptick in mortgage lending. What would you say is most challenging about the lending market for credit unions in Rhode Island?

Increased competition for all types of loans. At one time, competition was limited to local banks and credit unions and some of the large national lenders. The field has now widened with several large nonbank mortgage lenders as well as the [financial technology] lenders joining the competition.

4 Looking specifically at PCU, do you have any plans for expansion?

Yes. We plan to expand further in Rhode Island to extend coverage within the state, and with recent changes in the Massachusetts branching statutes, have a strong interest in beginning to branch across state lines to serve our existing base of members in Massachusetts. … As in the past, branching will continue to be strategically in markets we feel will support our deposit growth expectations for new branches.

5 How do you plan to continue to grow PCU?

Deposit and loan growth for Pawtucket Credit Union has historically come organically from the communities in which we have existing branches as well as from market expansion. Offering competitive rates on products, providing good member service and a range of delivery channels from which members can do business with us have all have helped to drive our growth. Our plan would be to continue with a similar strategy in the future. •

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