Frederick W. Reinhardt has served as president and CEO of Greenwood Credit Union in Warwick since 2016. In his current position, he is responsible for developing its strategic direction, policies, budgeting, operations and reporting. He reports to the organization’s board of directors.
Previously, Reinhardt served as chief lending officer at Navigant Credit Union from 2004 to 2016; as senior vice president of the Precious Metals Group at Fleet National Bank in Providence from 1994 to 2004; and as vice president of retail banking and then vice president of commercial real estate at Old Stone Bank in Providence from 1983 to 1994. He graduated from Brown University in 1983 with a bachelor’s degree in economics.
PBN: What’s been your biggest accomplishment at the helm of Greenwood Credit Union?
REINHARDT: Growth. In the little over two years that I’ve been at Greenwood, our balance sheet has grown by close to 25%. It’s required a lot of hard work, but our team has been up to the challenge. Along with the growth in our balance sheet, there has been a positive shift in our corporate culture. I’m equally proud of that development.
We are now a much more dynamic organization looking for ways to better serve our customers. Our staff aggressively identifies opportunities to improve the way we do business – from finding new efficiencies in business processes to enhancing the customer experience. It’s been exciting to see the transformation.
PBN: How has Greenwood evolved through the years?
REINHARDT: Last year, Greenwood celebrated its 70th anniversary serving customers throughout Rhode Island and beyond. During those 70 years, the credit union has grown in scope, providing banking services for consumers in over 30 states. With the growth in adoption of electronic and mobile banking, our customers are able to bank with us wherever they reside.
However, we’ve never forgotten our roots. The credit union was founded in 1948 to serve local community residents that needed caring, personalized banking services. That commitment of providing individualized, caring service is still the hallmark of the credit union and it’s captured in our motto: “Doing what’s right … for you!”
PBN: What accounted for Greenwood’s nearly 50% increase in investments to $51 million last year from $35 million in 2017?
REINHARDT: As part of the credit union’s growth strategy, we targeted ways to diversify and strengthen our balance sheet holdings. In 2018, we had an opportunity to place some of our holdings into investments. These investments are a safe, short-term alternative to putting new loans on the balance sheet.
PBN: Greenwood increased its total loans last year to $451 million from $423 million the year before. What are the common types of loans that Greenwood does?
REINHARDT: Vehicle financing is the predominant type of lending at Greenwood Credit Union. We have developed a strong automobile lending program, working directly with over 250 different dealerships throughout the Northeast and as far west as Wisconsin. Our goal is to help facilitate the seamless purchase of a vehicle in a manner that benefits both the dealership and the customer.
We are also an experienced commercial lender – offering a broad spectrum of financing products and terms in addition to a full suite of business services and deposit products. In the latest bank ranking from the [U.S.] Small Business Administration, Greenwood is ranked in the top five lenders in the state for SBA lending activity.
PBN: What are your thoughts on opening additional branches?
REINHARDT: Our board has been steadfast in its belief that we can serve our customers by delivering quality banking products and services through electronic channels. We have invested heavily in our online and mobile-banking platforms to provide our customers with quality, easy-to-use technology.
In addition, we work cooperatively with other credit unions all over the country in a way that allows our customers to transact their banking activities at over 5,000 branch offices nationwide. In the near future, we plan to announce that Greenwood has joined a nationwide free ATM network where our customers will have another easy access point for their banking.
Scott Blake is a PBN staff writer. Email at Blake@PBN.com.