Adam Duclos was recently named vice president and business development officer for BankNewport. He previously served as senior small-business banker for Bank of America Corp. and has more than 20 years of experience in retail and business banking.
PBN: What exactly does your role as business development officer include?
DUCLOS: As business development officer for BankNewport, I work with our existing commercial clients and with prospects to provide them with flexible financing options to meet their lending needs – whether it be a commercial mortgage, a working capital line of credit, or an equipment loan.
I also work closely with our small-business customers to understand their deposit and cash management needs and then match that with bank solutions that help them meet those needs. Commercial and business banking is where the bank is most able to help the communities we serve.
PBN: How has business development changed since the onset of COVID-19?
DUCLOS: Most of what we do as business development officers is done through in-person meetings with our clients and their CPAs [certified public accountants], as well as new prospects.
In the world of COVID, we have had to adapt to limited in-person meetings with the proper protocols in place, with more done by phone, email and virtually. It’s more important than ever to check in with our clients, listen to their needs and make sure they have what they need from the bank. The most important message to convey is that we continue to be here for them.
PBN: What are the biggest challenges in business and commercial loan services, for BankNewport and the banking industry generally?
DUCLOS: There is a misconception that all banking is the same, and that one will get the same type of lending no matter where they go. The fact is some of the larger banks in the industry have a limited box that they work in. Community banks like BankNewport can match the larger banks when it comes to products and services and actually offer a larger array of lending options to business customers. Each banker and bank has to differentiate itself in a competitive market.
Our well-versed and highly trained team is committed and empowered to provide support and guidance. BankNewport’s funding decisions are made right here in Rhode Island, so customers experience expedient borrowing opportunities, flexible terms and personalized service that directly reflects our mission and role as a true community bank.
PBN: Has BankNewport’s role as a Paycheck Protection Program lender led to new business customers or accounts?
DUCLOS: BankNewport realized the importance of the Paycheck Protection Program for the Rhode Island business community from the start. The bank’s leadership immediately put a team in place that was working around the clock to fulfill loan requests for small businesses through the PPP, as well as an emergency microloan program in partnership with Rhode Island Commerce, LISC [Local Initiatives Support Corp. Rhode Island] and the Rhode Island Hospitality Association. Through these programs, to date, BankNewport has awarded a total of $131 million in loans to approximately 2,000 small businesses in Rhode Island, including restaurants, retailers and sole proprietors.
We’re proud to have done our very best to accommodate every customer who applied, and that includes a number of new customers that had their first experience with us. I believe many of those new customers were very impressed with the level of service they received from our team and we earned a lot of new business customers and accounts through the process.
PBN: How will the coronavirus and economic downturn impact business development and growth for BankNewport in the long term?
DUCLOS: BankNewport has supported our customers and community in great times and in challenging times throughout our 200-year history and we will continue to do so. It’s hard to say what type of impact the downturn will have on the Rhode Island economy over the long term.
We believe in the personal banking experience, and listening to our customers is of the greatest importance to us. The bank continues to provide value to our customers as we navigate through this new way of doing business. Many of our branches now offer drive-up, image-enabled personal teller machines, which offer the personal touch of a real-life banker, combined with the convenience of an ATM, extending our personal service beyond traditional banking hours.
Our digital banking provides tools online and through our mobile app, where customers can manage their accounts, schedule an appointment with a banker, apply for a mortgage, open an account in less than one minute, as well as communicate with BankNewport staff via CHAT or a phone call.
Generations of Rhode Island families and businesses have trusted BankNewport as their financial partner. In staying true to our mission, we will be in a good position to capture new business from our customers and prospects as things return to normal.
Nancy Lavin is a staff writer for PBN. Contact her at Lavin@PBN.com.
