Five Questions With: Kenneth Martin

Kenneth Martin is the Rhode Island market executive at Savings Institute Bank & Trust, where he is responsible for managing and growing the bank’s commercial banking business, including lending, leasing and deposit accounts throughout Rhode Island and the surrounding areas.  

Martin has more than 30 years of experience in commercial banking at various institutions in the region, including Citizens Bank, where he served as executive vice president and director of commercial enterprise banking, and Santander Bank, where he served as managing director of business banking.

Martin was past president of the Northern Rhode Island Chamber of Commerce and board member of the Lieutenant Governor’s Rhode Island Small Business Council, and is currently a member of the board of the Pawtucket Boys & Girls Club. He graduated from the University of Rhode Island with a bachelor’s degree in economics and political science.

 

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PBN: About a year ago you joined Savings Institute Bank & Trust as its Rhode Island market executive after a career spent working at a series of large, national and international banks. What is the first difference you noticed when you joined Savings Institute and how did it change how you approach your job?     

MARTIN: The most significant difference was the lack of bureaucracy. This frees up time for me so that I’m available to spend more time working with teammates and being out in the marketplace with customers, prospects and COIs. In my previous roles, a majority of the week was tied up between meetings and conference calls.

Now I have the time to proactively drive new revenue for the bank, recruit new staff, coach existing staff and be extremely visible in our marketplace. It took me a bit to adjust my mindset and scheduling after being in a large formal corporate environment. The other benefit that comes is much quicker decision-making on all issues, which is tremendously refreshing.

PBN: What is your primary focus in your current position?     

MARTIN: Driving the growth and expansion of Saving Institute’s commercial business across the Rhode Island, southeast Massachusetts and the Connecticut markets. We will accomplish this through retaining and attracting top talent who will deepen existing relationships and acquire new ones.

PBN: Does working for a community bank such as Savings Institute connect you with the small-business community more directly than when you worked at a large bank?       

MARTIN: Absolutely, our primary focus is small-business owners. Given our size as a bank, we share many of the same challenges that they do and can relate much better than the larger institutions. Our resources and attention are not spread across a large number of customer segments. This group looks for our leadership to help them solve issues and problems they face every day.

PBN: What do you see as the greatest challenge facing small businesses in Rhode Island, and are they unique to the state or are they similar to what small businesses across the United States face?   

MARTIN: Finding qualified staff would be the No. 1 issue I hear from small business. These firms cannot grow or compete in a global economy without having the right people. I believe Gov. [Gina M.] Raimondo is focused on this issue, but it needs to be a consistent top priority for our state that is funded appropriately. This challenge is not unique to Rhode Island, but other states have done a better job of getting ahead of the issue and building excellent training programs.

PBN: How has Rhode Island reacted to Savings Institute, since it is based in Connecticut and came into the market by its purchase of Newport Federal Savings Bank in 2013?  

MARTIN: The reaction has been very good. Savings Institute had similar core values to Newport Federal, and this has allowed us to retain a high level of both the consumer and commercial customers. Our 175-year history as a community bank has taught us well what these customers expect from their bank. Like Savings Institute, Newport Federal was deeply rooted in the local community and we have worked hard to continue that as we’ve expanded our borders.

We see Rhode Island as a great growth market for us and have begun adding commercial resources to capitalize on it. We have been hosting meet and greets throughout our markets to let local business owners know we’re here to help them and want to listen to their needs and provide timely solutions. The response to these events from the business community has been excellent.

Mark S. Murphy is the editor of Providence Business News.