Anthony Botelho serves as senior vice president of commercial banking and team leader for the commercial and industrial group at The Washington Trust Co. He was recently appointed to lead the bank’s commercial lending growth in Connecticut, where the company recently opened a New Haven commercial lending office.
Botelho joined Washington Trust in 2021 and has more than 35 years of experience in local and regional banks. He has a bachelor’s degree in management and marketing from the University of Rhode Island and an MBA from Bryant University.
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PBN: How does having a physical lending office in New Haven help Washington Trust grow its commercial lending business?
BOTELHO: The Connecticut market has been an important part of our commercial banking business line for some time. Over the years, Washington Trust has built a commercial loan portfolio in Connecticut that rivals Rhode Island and Massachusetts in size. With recent banking consolidation in Connecticut, we believe having a physical commercial banking office and a team of local talent in New Haven will be well received by the business community.
We believe that our personal touch and commitment to customer service is what differentiates us from competitors and will allow us to capitalize on recent market disruption. We have hired an experienced team of commercial bankers who all live in Connecticut and have worked in the market for years. We believe that this team can build on existing relationships and assist each other in making an impact in the market.
PBN: What do you see as the biggest challenges to entering a “new” market (at least in terms of physical office location) and how do you plan to overcome them?
BOTELHO: Washington Trust does not have retail branches in the New Haven area, so we don’t have the name recognition that some longtime Connecticut banks enjoy. However, we are well known and respected by centers of influence – accountants, attorneys, real estate developers, brokers and other professionals – who refer and conduct commercial banking, wealth management and mortgage business with us.
Our chairman and CEO, Ned Handy, spent several years of his career in Connecticut. His knowledge of the market and our successful history in growing the Connecticut commercial lending portfolio gives us a solid foundation upon which to grow.
Our new commercial lending office is adjacent to our existing wealth management office, which creates great synergies. We also have a mortgage banking team who service the area out of a Glastonbury office. With the array of banking services available to our customers and prospects in Connecticut, we are confident that we can provide holistic solutions that our customers are looking for.
PBN: How do you plan to market the bank to those in Connecticut who don’t know it?
BOTELHO: We’ve done some advertising and targeted marketing to support our commercial bankers’ outreach and help build awareness. We’ve been active in a number of area events and activities that have provided great visibility.
Recently, Washington Trust was recognized at the Annual Hall of Fame awards hosted by New Haven’s Gateway Community College Foundation. Tom Beirne, senior wealth planning officer, has served on the board for 10 years and is the incoming president. Mark Gim, president and chief operating officer, served as the moderator of the Connecticut Society of CPAs Economic Conference.
We’ve received a great reception to date and are already encouraged by the solid pipeline of new opportunities.
PBN: How do high interest rates affect interest/demand for commercial loans, if at all? Do you expect that to change in the next year?
BOTELHO: We expect loan demand will slow as interest rates continue to climb. An objective of the Federal Reserve is to slow economic activity, and they have been very clear that rates will continue to rise until they see inflation getting back to target levels. We expect the impact to be clear in 2023.
PBN: What are your top three goals for your first year?
BOTELHO: 1. Increase brand awareness in Connecticut and be recognized as “the” bank companies want to do business with; 2. Foster synergy among our Connecticut team members and provide commercial lending, cash management, mortgage and wealth management solutions for Connecticut area businesses and business owners; 3. Continue to grow the commercial banking business and add in-market talent to our team.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
