David J. Costa was recently named vice president and portfolio relationship manager at BankNewport. He has more than 30 years of industry experience, most recently as vice president and director of facilitation at Santander Bank. He has a bachelor’s degree in business administration from Roger Williams University.
PBN: What does your new role entail?
COSTA: I co-manage hundreds of customers in the small-business portfolio and proactively support three commercial lenders in managing their existing commercial loan portfolio customers.
I also assist with new customer acquisition activities, resolving issues and managing the credit approval process, and work closely with the credit underwriting team to ensure loan packages are complete and credit decisions are reached in a timely fashion.
I like numbers and really enjoy analyzing financial statements, calculating cash flow and structuring deals to best meet the client’s needs. I also enjoy working with both colleagues and customers alike and always strive to provide excellent service every chance I get. My goal is to always exceed expectations.
PBN: How does your experience working at a large, global bank (Santander) inform your goals and priorities transitioning to a community bank such as BankNewport?
COSTA: 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. At some larger, publicly traded banks, the opportunity to be flexible and nimble to meet a customer’s unique needs might not be available.
At community banks like BankNewport, however, we are afforded that opportunity. Our well-versed and highly trained team is committed and empowered to provide support and guidance. BankNewport’s loan approval and funding decisions are made right here in Rhode Island, so borrowers experience quick decisions, flexible terms and personalized service that directly reflects our mission and role as a true community bank. This was the biggest difference – and a pleasant surprise – for me.
PBN: Competition for customers is fiercer than ever with the rise of fintech and nontraditional banks. What is your approach or strategy to how BankNewport can attract new commercial customers? What sets BankNewport apart from its competitors?
COSTA: What sets BankNewport apart from its competitors is our people and the bank’s long-standing community-oriented focus. I have always said “money is green and the same at every bank,” so what differentiates us from other banks are the team members and how they treat customers.
Here at BankNewport, we have an “all-in” way of thinking and we leverage this philosophy to set us apart from our competition. Our loan decisions are all made locally, and the majority of our customers come to us by word of mouth, which says a lot about our reputation as a bank that can get it done always with the customer in mind.
PBN: A number of regional and national banks have closed brick-and-mortar branches amid the increasing move to online/mobile banking. How important are BankNewport’s physical branches to nurturing and forming new commercial relationships? Does the bank anticipate a similar move to more digital channels and fewer branches?
COSTA: BankNewport has supported its customers and community in great times and in challenging times throughout our more-than-200-year history and will continue to do so. 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 its customers by continuing to expand its physical branch presence, as well as using omni-digital channels to offer various products like with online banking, mobile banking, cash management services to our business customers, and various digital payment options, to name a few. Our goal is to provide our customers with banking services where, when and how they want to bank.
PBN: How has the pandemic changed the way the bank, or the industry in general, works with commercial customers?
COSTA: Most of what we do in the commercial lending space is done through in-person meetings with our clients and their advisers. In the world of COVID, we have had to adapt to limited in-person meetings with the proper protection protocols in place, with more being 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 whether to answer a quick question or assist with the two rounds of PPP [Paycheck Protection Program] loans!
While the past year has been a challenging one, the BankNewport team has adapted and made many positive changes in how we work, use technology and interact with our customers and prospects. We closed more than 1,000 PPP loans using DocuSign, so a hybrid model for closings, with a significant shift to digital loan closings, will likely be the norm for the future.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
