SWANSEA – The intense competition in commercial lending moves one notch higher in Rhode Island after Labor Day when Massachusetts-based BayCoast Bank opens an office in downtown Providence.
BayCoast Bank will open a 1,300-square-foot office at 10 Dorrance St. Two commercial-lending officers, both Rhode Island residents, are expected to be working at the Providence location next week, bank Executive Vice President and Chief Lending Officer Carl W. Taber told Providence Business News Thursday.
“We heard a recurring theme from the centers of influence – CPAs, attorneys and wealth-management advisers – that our business model is lacking in Rhode Island,” said Taber, who is based at BayCoast Bank’s operations center and administrative offices in Swansea.
“We operate out of a framework that we call ‘common-sense banking.’ We’re able to act quickly and we’re more responsive than regional, national or global banks,” he said.
BayCoast Bank is a mutual savings bank model and does not have shareholders, he said.
“With a mutual savings bank there’s no stock traded, so we’re not subject to being acquired by someone who offers a price the board of the directors of an institution cannot refuse,” said Taber.
BayCoast Bank is headquartered in Fall River and has 17 branches, with an 18th branch under construction in Dartmouth. Up until now, the bank had only one Rhode Island location, in Tiverton. The Providence office is considered an addition to the 18 branches.
“We’re starting with a relatively small space,” said Taber. “We’re going to gauge whether further expansion into Rhode Island is warranted.”
Michael Paiva and Joseph Sheehan, BayCoast Bank vice presidents and commercial lending officers, will be based at the Providence office.
Paiva has been with BayCoast Bank for about five years and has been working with commercial customers in Rhode Island from the bank’s office in Seekonk. He previously worked with Webster Bank. He is a member of the Rhode Island Bankers Association and the Providence Chamber of Commerce.
Sheehan joined BayCoast Bank recently, from a previous position at Santander Bank and has also worked at Bank of America.