Barbara Cottam, executive vice president and head of corporate affairs at Citizens Financial Group Inc., recently was awarded the Mal Brown Award at Providence College, where she graduated in 1981. The college said the award is given to a graduate whose has displayed “a love and loyalty” to PC.
Cottom, who was press secretary to former Gov. Bruce Sundlun from 1991 to 1994, sits on numerous local nonprofit boards. She answered questions about her and Citizens Financial’s community involvement.
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PBN: Citizens’ roots are in Rhode Island, but it has certainly grown far beyond the state and regional borders. Is it important for the bank to maintain the local connection? Why?
COTTAM: Rhode Island is where we’re headquartered, where we first opened our doors in 1828 and today, where we have the largest concentration of branches and colleagues.
Citizens is a local bank. We always have been … it’s who we are. We have built upon the foundation we established in Rhode Island to create a strong local bank that stays close to its neighbors and customers. We are deeply embedded in the 12 states where we operate with the goal of serving our customers — our neighbors — through simple, straightforward banking. Our local delivery model allows our state presidents and leadership teams to understand and address the needs of each community.
PBN: How do you think your background prepared you to be a corporate and community leader in Rhode Island and at Citizens?
COTTAM: I’m very fortunate to have been raised in a family that believed in thinking of others. My parents taught us to do what’s right. Values are our compass, our centering, and my education at Providence College set me out into the world with them … integrity, compassion, commitment to success and service to others. One of the most important things we can do is teach our young people that the decisions they make or influence affect the wider community. No matter whether you’re making a business, economic or personal decision, your actions affect others. I believe we need to mentor our youth in the importance of doing for others and provide them with the leadership skills to be successful.
PBN: Being socially conscious and civically engaged is important to you in both your personal and professional life. As a leader at Citizens, have you attempted to make it a priority for your colleagues?
COTTAM: Being a good citizen means pitching in. Winston Churchill once said, “We make a living by what we get; we make a life by what we give.” These are powerful words, in which I believe wholeheartedly. It’s rewarding to work for an organization that “walks the walk” when it comes to community service. I take pride in that. Our customers are our neighbors, and we are in this together for the long term. We all have an obligation to invest in our communities and help one another. As a leader, I work to keep that focus at the forefront of our discussions and actions.
PBN: Why is it so important for a bank like Citizens to stress its community involvement?
COTTAM: We have always prided ourselves on listening and understanding the needs of each individual community. Citizens responds through innovation whether it’s through products and services for our customers or through community assistance. Green$ense, CollegeSaver, HomeBuyer Savings, and Goal Track Savings are some examples of our innovative solutions.
Most recently, Citizens was the first financial institution that reached out to help those impacted by the terrible flooding in southeastern New England. We rapidly developed a financial assistance program for impacted local businesses, nonprofit agencies and individual customers, including hundreds of our colleagues. Citizens also committed $250,000 from the Citizens Charitable Foundation to assist with immediate basic human needs like shelter and food, and long-term revitalization projects. It’s at those times of crisis that we need to provide a helping hand.
PBN: Are there any other executives at the level of executive vice president at Citizens Financial Group who are Rhode Island natives? Do you ever have a sense of having to make sure a Rhode Island viewpoint is considered in corporate discussions?
COTTAM: Absolutely, a number of our executive vice presidents are Rhode Islanders, and they, along with executives from throughout our footprint, are integral members of the CFG leadership team. Our executives represent the fabric of our communities.
