Jeanne Lapak was recently hired as BankNewport’s executive vice president and chief commercial banking and lending officer. She has more than 20 years of industry experience, including senior management roles at Citizens, Santander and JPMorgan Chase banks. She has a bachelor’s degree in computer information systems from Bentley University.
PBN: How do you plan to expand BankNewport’s commercial and business banking?
LAPAK: My goal in this position is to further the bank’s commitment to support successful businesses of all sizes throughout the state. This will be accomplished with new digitization efforts to make banking more accessible for all, including the ability to apply for small-business loans online and take the paper out of the process for our customers regardless of their size. We understand how important capital is to a healthy, growing business and want to provide tools to make that access easier.
We place a high value on “relationship banking,” so in addition to digitization, we are continually building out our team of well-versed and highly trained business bankers and commercial lending officers. BankNewport is consistently ranked among the top SBA [U.S. Small Business Administration] 504 lenders in Rhode Island and in New England, which is a true testament to our dedication to serving the business community and our team’s expertise and commitment to providing a path to their success and help them thrive.
PBN: What specific jobs or experiences from your career history do you think will help you in this role? How so?
LAPAK: I have more than 20 years of experience in banking, strategy and sales leadership, including at large institutions, but one of the most important and impactful was my role working for a very small tech startup business in [Manhattan, N.Y.] in the early 2000s. The access I had to every aspect of running a business truly allowed me to appreciate and better understand the perspective of a business owner, which is ideal for my position as chief commercial banking and lending officer.
Applying that experience to a community bank that proudly focuses on fostering long-term customer relationships and deeply understands the challenges our customers face, as well as our best-in-class digital technology, furthers our ability to serve Rhode Island business owners.
PBN: What do you see as the greatest challenges in commercial and business banking, generally and in Rhode Island?
LAPAK: The resiliency I see in so many local businesses is really impressive; in fact, Rhode Island ranked No. 1 in the Northeast, according to recent a poll for post-pandemic business recovery. However, there are still many challenges our businesses face. The ability to attract and retain talent, ongoing supply chain issues and the rising cost of goods are just a few of the topics I hear about when talking with business owners.
The current interest rate environment is a particular challenge because rising rates make the cost of capital more expensive. Because BankNewport is a true community bank, and because we make all our decisions right here in Rhode Island, we are uniquely positioned to offer flexible structures to help customers, and quickly. Time is of the essence when interest rates are trending up; the sooner an applicant can get their loan, the better off they’ll be.
PBN: Has the pandemic changed the way small businesses bank permanently? How?
LAPAK: The pandemic certainly accelerated a shift toward more digital banking. Even though there’s been an increase in mobile banking, there will always be a subset of customers who prefer to bank in person, face to face. Our commercial lenders and business banking officers are committed to our local markets and are always accessible to provide guidance and advice, no matter how our customers prefer to bank.
PBN: How has the labor shortage impacted BankNewport’s ability to grow its services, particularly for commercial and business banking?
LAPAK: All industries are being challenged by the “Great Resignation,” but we are fortunate to have a very strong team of industry veterans and new hires who are committed to serving existing customers and to growing our services.
It’s been important for us to demonstrate to job seekers that business banking is more than writing loans; we are helping people with one of the most important journeys of their lives. I think framing our work in that way gives folks a real purpose and makes their roles at BankNewport more than just a job.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
