5Q: Katy Knox

 / COURTESY BANK OF AMERICA MERRILL LYNCH
/ COURTESY BANK OF AMERICA MERRILL LYNCH

1How is loan demand and credit utilization in the Northeast compared with other regions and markets?

It’s very strong in the Northeast. We really look at three key areas: new originations, utilization of existing credit and equipment. And all three are increasing. Rhode Island has been very positive. We have a very strong client base here and obviously teams not only in Providence but also in southeastern Massachusetts.

2 How has business sentiment changed since the Great Recession?

Our clients, certainly within the financial crisis, were very conservative. They weren’t hiring, they were holding off on buying that piece of equipment and rightly so. They were extremely responsible and efficient not only with their capital but in doing more with fewer people. But certainly over the last 18 months or so we’re beginning to see a shift. Our clients are still being extremely responsible, but they’re understanding where there’s growth opportunity.

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3 How does that sentiment vary industry to industry?

We see a lot of growth right now in advanced manufacturing, in health care and some of these industries that are really growing. We want to make sure our clients stay competitive and have the most advanced technology and invest in automation. Then there are other industries that are a little slower to make those investments, but that’s part of what we do as a team; making sure we’re spending time with clients and making sure strategically that we’re giving them the best financial advice we can.

4 Competition is tight in Rhode Island, how does your business set itself apart?

A couple of things: We have deep industry expertise. In health care – as an example – we have access to some of the best health care professionals across the company that we can provide to our clients. We have health care professionals in middle market, business banking and in our investment bank and research, so the real benefit is delivering that expertise very simply to our business owners. … Having an international presence for our clients is incredibly important. They don’t want to go to multiple banks, they want a banking partner that can provide everything and we’ve been able to do that. Finally, we keep a “client team” that we put around the client so they always have a group of professionals that can support their needs across the company.

5 Is it more difficult to capture market share in Rhode Island compared with larger economic hubs?

I wouldn’t say it’s harder, I would just say it’s different. Rhode Island is very unique but our team here does exceedingly well. All businesses and all parts of the bank come together and really do refer and introduce one another to their clients. That’s really how we win here. We know the state really well. Our team has been here a really long time. •

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