John Silva officially assumed the role of CEO of Bristol County Savings Bank in January, in addition to his existing position as bank president.
Silva, a Bristol resident, has been at Bristol County Savings since 2016, previously working as a senior executive at Santander Bank. He was named president and chief banking officer at BCSB last May. Silva spoke with Providence Business News about his new role and the future of the bank.
PBN: Your recent appointment as CEO wasn't exactly a surprise. The succession plan was disclosed last May when Patrick J. Murray announced his retirement plans. You were named president at that point and took over as CEO upon Murray's retirement in December. Is that type of advanced succession planning unusual in the banking world? How was it beneficial for you and the bank?
SILVA: This type of advanced succession planning is unusual in the banking world. And it is something that, I believe, is uniquely representative of our culture here at Bristol County Savings Bank. Taking the long-term view of leadership transitions gets to the heart of who we are as an organization: stability, commitment and focus on community. The benefits of a lengthier succession are significant, as it allows for a smoother transition, with the retiring CEO providing valuable real-time guidance and helps to ensure continuity of culture, traditions and values.
PBN: Bristol County Savings Bank opened a commercial loan office in Providence last August. The bank now has three branches and a loan office in Rhode Island. Any further expansion plans into Rhode Island? Why or why not?
SILVA: I started my career over 25 years ago serving small businesses in Rhode Island, and I am so proud of the commitment our bank has made there. Our roots run deep in Rhode Island, and we have continued to build upon that commitment with the recent opening of our commercial lending office in downtown Providence. Our intention is to follow that successful opening with a new full-service branch at the same location.
We are also actively working to create a new community banking lending center in Providence that will focus on supporting our underserved populations, with special attention to affordable housing issues, down payment assistance and small businesses’ access to capital. Our Providence area team, including Cheryl Galloway, Sira Salgado and Laura Stack are having great success building upon our commitment to and investment in our minority communities in Rhode Island.
PBN: As chief executive, where do you see the highest potential areas of growth for the Bristol County Savings Bank, i.e., wealth management, commercial real estate, home loans, etc.? What will you be focusing on?
SILVA: Our approach to growth is holistic. We believe in a balanced and disciplined approach as we execute our strategic plans. Our focus in everything we do is always through the lens of the customer experience.
Enhancing our digital capabilities for consumers and businesses is a top priority for us, and we are making great strides in this area in 2025. Our commitment to serving small businesses that are the heart of our communities will continue to be a major focus for us, and our strong capital position makes us uniquely positioned to support their banking and borrowing needs.
PBN: The interest rate environment has seemed to be giving bank executives headaches in recent times. What do you foresee for 2025 and beyond on that front for the bank?
SILVA: As everyone knows, the interest rate environment has made the last few years very challenging for community banks. While none of us have a crystal ball to predict what 2025 will bring, we are committed to disciplined planning and to maintaining our brand of smart and stable growth so that we are always prepared for what comes next and positioned to uphold our commitment to serve our customers and the community.
PBN: You immigrated from the Azores when you were 6 to southeastern New England, where there are large communities of people of Portuguese descent. How did that experience and background influence you in your career? How might it influence you as the leader of the bank?
SILVA: My experience has helped me to develop empathy and understanding for the challenges new citizens face as they navigate a new language and the complexities of unfamiliar banking and legal systems. I have a unique appreciation for the importance of our bank’s role in serving our communities. Our philanthropy is about actively helping and encouraging our employees and leadership teams to be out into the community volunteering their time and talent.
I’m especially proud of our tradition of providing outstanding financial support through our charitable foundation each year. Since its inception in 1996, we have given back over $33 million directly to nonprofit organizations on the frontlines addressing the most critical issues in our communities. As I lead the bank forward, I am dedicated to building upon this tradition. I’m very proud to lead a team that lives by our motto, “Count On Us.”
