Five Questions With: William C. Tsonos

William C. Tsonos was recently named CEO and president of Bank Rhode Island, succeeding outgoing leader Mark J. Meiklejohn.

Tsonos has more than 30 years of banking experience, and has served with BankRI since 2006, most recently as its director of commercial banking. He has a bachelor’s degree in business administration from Bryant University.

PBN: You worked closely with Mark Meiklejohn for more than 20 years. What influence did his leadership have and how do you plan to succeed him?

TSONOS: I have worked with Mark Meiklejohn for more than 25 years, and as a result, I find there are similarities to our styles. We both come from a background of relationship banking and our commitment to that model has served us and BankRI well.

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Over the years, we have built a strong culture of customer-focused industry professionals. And the strength of that culture was best evidenced during the pandemic and through the execution of approving and funding Paycheck Protection Program loans. Our teams pulled together – both commercial and retail bankers – and worked tirelessly to ensure BankRI customers received their loans in a timely manner.

We knew this work was paramount to the ability of local businesses keeping their doors open. Customers continue to remind us how pleased they were with the experience during what otherwise was a difficult time of great uncertainty. Our culture resonates with customers and prospects alike, as they can sense the camaraderie and purpose within the group. Continuing to foster this culture will always be a significant focus of mine.

PBN: What are your top three priorities for your first year in your new role?

TSONOS: At the top of the list is ensuring that we continue to meet our financial objectives and grow both our loan and deposits portfolios. Growing the bank’s balance sheet begins with making sure our customers are well cared for and that their needs are met. This also helps to achieve new, organic customer growth.

Equally as important will be maintaining strong credit quality during changing market conditions. In maintaining the close contact with our relationships as we do, it helps us to assess sensitivity and readiness during uncertain times.

Additionally, we will continue to focus on our multiple development projects throughout the state. BankRI recently announced its plans for a new, signature headquarters in downtown Providence. We are also engaged in ground-up construction for a new branch on Oaklawn Avenue in Cranston that will deepen our presence in a densely populated business and consumer area. And we also will be moving into a new branch in the heart of Newport on Bellevue Avenue.

PBN: What do you see as the biggest challenges to the industry, and to BankRI heading into 2023 ?

TSONOS: I don’t think there’s any question that uncertain economic conditions will occupy much of our attention as we enter 2023. While supply chain issues have begun to lessen, interest rate increases have made a noticeable impact on the economy. It remains unclear as to the number of interest rate increases that will be imposed moving forward and at what point inflation will ease.

There are other important questions, as well. Will employees return to their offices? What is the extent of the post-pandemic fallout? Will energy prices spike during the winter, and might there be energy supply shortages? Will there be additional global events that impact our economy?

Fortunately, BankRI and our parent company, Brookline Bancorp, are well positioned to navigate the unknown. Our strong financial position, experienced employee base and our overall conservative credit culture will allow us to meet challenges head on should they present themselves.

PBN: How does the new BankRI HQ fit in with growth plans, of both employees and customers? Are there any challenges or downsides you see to the move and new building?

TSONOS: We are at capacity currently at both our Providence corporate office and at our operations center in Lincoln. The new signature headquarters will provide us not only with the additional space we need now but also room to grow and expand our employee base in a more modern office environment. This move also allows us to own our own headquarters and to provide no-cost indoor parking to employees, all while continuing to showcase the city of Providence to our customers and the business professional community.

Remaining downtown and deepening our commitment to the city are especially important to us. Although there can be challenges with any move, we are excited to construct our new headquarters and to execute the move.

PBN: Increased competition from financial technology firms has hit community banks hard. How has this affected BankRI and what strategies does the bank have to stand out/attract customers in a sea of traditional and nontraditional financial institutions?

TSONOS: In some regard, BankRI’s exceptional level of customer service protects us from competition with fintechs. We recently were awarded the “Best-in-State Bank” designation by Forbes. It’s a designation we are quite proud of, and particularly the fact that BankRI’s composite score was the highest of any bank nationwide based on customer surveys.

That said, we always look to match young banking talent with technology-driven, next-generation customers in both our retail and commercial divisions. In essence, we provide an online platform from application through booking, and deliver the appropriate in-person guidance when needed.

We are also looking to our branch system to become a delivery channel for an expanded fee-based product set for our high-value commercial and retail customers. The products might include financial planning, escrow services and business banking direction as we continue to enhance in-person value with expanded technology.

Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.