Five Questions With: Michael DiSandro

Michael DiSandro is senior vice president, regional manager of commercial banking at Wells Fargo in Providence. The San Francisco-based bank has received heavy scrutiny in recent months after it was discovered employees were creating fake accounts to boost accounts. The scandal intensified last week after the bank announced the number of accounts had been underreported

The bank entered the Rhode Island market in 2016 but hasn’t been met with the same level of scrutiny as elsewhere, largely because it doesn’t offer retail banking services. Instead, the burgeoning local team, led by DiSandro, is expanding its operations in Providence and is scheduled to open a new office at 100 Westminster St. during the beginning of next year.  

DiSandro, a veteran of the Rhode Island banking scene, talks with Providence Business News about his professional background, Wells Fargo’s local expansion efforts and how he sees the bank growing in the future.

PBN: Can you tell our readers a little bit about yourself and your professional background?

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DISANDRO: As a native of Rhode Island, I began my banking career at Fleet Financial Group in 1988 and held various relationship management positions in its middle market and corporate-banking lending divisions. Prior to joining Wells Fargo, I most recently served as a regional market executive for Santander Bank’s Rhode Island and Connecticut Middle Market Lending groups. Before joining Santander Bank, I held several senior management positions at Citizens Bank.

I earned a bachelor’s degree in economics from Trinity College in Hartford, Conn., and an MBA from Bryant University. I also currently serve on the board of directors of Children’s Friend, a nonprofit based in Providence serving the state’s most vulnerable children and families.

PBN: What are your current responsibilities with Wells Fargo in Rhode Island?

DISANDRO: I currently serve as the regional vice president for Wells Fargo’s Southern New England Middle Market Banking Group. I am responsible for recruiting and managing a team of talented, experienced commercial banking relationship managers who provide financial products to companies in Rhode Island and southeastern Massachusetts.

Our team offers a full suite of financial products and services, including commercial and real estate loans, treasury management, global banking, foreign exchange, derivatives, and capital markets, in addition to several specialty lending divisions, including food and agribusiness and beverage finance.

PBN: How would you describe the middle market here, and how well is the community responding to Wells Fargo’s services?

DISANDRO: Wells Fargo serves the middle market, representing companies with revenues of $20 million and above. In Rhode Island, this segment is primarily comprised of privately held (often family-owned) companies in the manufacturing, wholesale distribution, transportation, construction, and health care industries. Our market strategy is based on a local, dedicated relationship team that focuses on understanding a company’s goals as well as the details of its operations.

We have provided revolving lines of credit, term loans, treasury management services, trade services and foreign-exchange products to locally based manufacturers, wholesale distributors and international trading firms. Our services in this market have been well received since establishing a presence in Providence earlier this year. We are actively working with prospective clients in tailoring solutions to meet their specific business and financial needs.

PBN: What are some of the biggest challenges facing the middle market in Rhode Island, and how is Wells Fargo helping businesses address such challenges? 

DISANDRO: Middle-market privately held companies continue to face many challenges in a highly competitive global economy with constant changes in technology that impact their growth opportunities. Many companies in Rhode Island are experiencing these market dynamics, yet I am continually amazed at the ingenuity and entrepreneurial spirit of Rhode Island businesses that have had great success in the national and global marketplace.

Wells Fargo combines the power and capabilities of a global industry leader with the high-touch, high-service model that is preferred by middle-market companies. Our wide range of financial products and services gives us the flexibility to meet all of a company’s needs, no matter where they are in the business cycle.

PBN: What is Wells Fargo’s plan for expanding operations in Rhode Island?

DISANDRO: Wells Fargo’s Middle Market Banking Team has grown to four commercial lending professionals offering banking services, including asset-based lending, traditional secured loans and capital-markets services. We offer access to working capital to help businesses maintain day-to-day operations and funding to pursue growth. As businesses grow, we can connect them to additional Wells Fargo resources to cover all the financial needs of local businesses. In addition, Wells Fargo currently has more than 60 team members living and working in Rhode Island. In addition to Middle Market Banking, our local business lines include Home Mortgage, Wells Fargo Advisors, Dealer Services, and Educational Lending with offices in Cranston, Middletown and Providence.

In terms of retail banking services, at present, Wells Fargo can only grow its network of banking stores organically – that is, by building them. Regulations prevent us from acquiring another bank that has an existing network in the region, and there are no immediate plans to construct new banking stores in Rhode Island. However, the significant investment and innovation of our online platform enables us to support the everyday operations of a middle-market company.

Eli Sherman is a PBN staff writer. Email him at Sherman@PBN.com, or follow him on Twitter @Eli_Sherman.