Mary E. Gooding

Fulfilling a private banking demand in R.I.

Mary E. Gooding has joined Boston-based Mellon Financial Corp. as senior vice president and regional manager of Mellon’s Private Wealth Management private banking business in Rhode Island. She will oversee lending and deposit groups that manage relationships and develop new business with families, entrepreneurs, nonprofits and professional practices. Gooding was previously division executive heading up private banking at Bank of Boston.

PBN: What kind of private banking presence does Mellon have in Rhode Island?
GOODING: Mellon has long served high net worth clients in Rhode Island through our Boston headquarters. Our commitment to Rhode Island is also evident in our 2004 acquisition of The Providence Group, an investment management firm based in Providence. Mellon has relocated several executives to Rhode Island.

PBN: How many private banking operations are there here?
GOODING: I don’t know the exact number of private banks in Rhode Island, but it’s safe to say there’s only a handful able to handle some of the complex arrangements often involved in this business.

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PBN: What’s the biggest difference between the customers you serve and those who use traditional banking services?
GOODING: Mellon’s private banking division specializes in the needs of high net worth individuals and families, who often require services tailored to their unique financial situation. These needs might include various deposit products and customized credit and jumbo mortgage facilities, such as our interest-only LIBOR-based mortgages. We also work with wealth management colleagues to provide clients with other estate planning services and investment products, private equity, hedge funds, etc.

PBN: What’s the cutoff in terms of money invested to get private banking?
GOODING: At Mellon, we generally provide private banking services to clients with an investment portfolio of $1 million or more.

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