by Matthew Durkee Since entering Vermont in 2009, NBT Bank’s loan volume in New England has steadily grown and will cross the $1 billion dollar threshold this year. This includes retail and commercial lending to individual consumers and to area businesses. In Vermont alone, the bank has provided $250 million in loans to businesses, with more than $400 million in total loans throughout the state. NBT Bank’s growth in the region has come at a time when economies throughout New England have been working to recover from a sluggish pace when compared to the rest of the nation.
The bank has seen significant growth in the small to medium business and non-profit sectors. This success has been driven by the high quality employees who were attracted by NBT’s community banking philosophy that allows for decision making by banking professional who know the people and businesses in the markets they serve.
One such example of these local opportunities was in St Albans, where NBT Bank financed a “New Markets Tax Credit” that enabled the construction of a new State office building and parking garage. And in another example, the bank financed the rehabilitation of low income housing in Waterbury to help to rebuild that community which was devastated by hurricane Irene.
As one of the US Small Business Administration’s preferred lenders, NBT Bank is able to process, close and service most SBA guaranteed loans without prior SBA review, resulting in faster service to local small business owners in need of capital. The bank holds a similar designation as a Preferred Lender from the USDA Farm Service Agency’s Farm Loan Program, granting the same authority with loans for many farms and other agricultural businesses.
While the banking focus in New England has been primarily commercial, NBT has also developed relationships with local automobile dealers to provide financing to consumers for the purchase of a vehicle, as well as directly with homebuyers to provide them with mortgages and current homeowners for home equity loans.
But what contributes most to this significant growth is the bank’s involvement in each of the communities throughout Vermont, and throughout New England. Last fall, the bank hosted an Economic Outlook event in Burlington for approximately 100 local business and community leaders where NBT Bank Senior Vice President and Chief Investment Officer Kenneth Entenmann spoke about the dynamics impacting the national and local economy. The bank also donates to many local charities, and is particularly proud to have received the “President Award” from the Chittenden County United Way every year since entering Vermont. More recently, the bank agreed to be title sponsor of the Vermont Mozart festival and will be working with festival organizers to reinvigorate the concert series so Vermont residents will once again be able to celebrate the music of the composer.
NBT Bank first entered Vermont with the opening of a regional headquarters in Burlington back in 2009. Since that time, the bank added three additional Vermont locations—Essex, Williston and Rutland. Regional President Matt Durkee leads NBT Bank’s efforts in the market. Members of his team include: Regional Commercial Banking Manager Peter McCarthy, Senior Commercial Banking Relationship Managers Rob Roy and Mark Wahl, Wealth Management Regional Manager Christopher Quintin, Residential Mortgage Originator Helen Pinan, Branch Managers Robert Provost and Matthew Villemaire and Community Banker Peter O’Brien.
NBT Bank offers personal banking, asset management and business services through a network of over 155 locations in six states including New York, Pennsylvania, Vermont, Massachusetts, New Hampshire and Maine. NBT Bank and its parent company, NBT Bancorp, are headquartered in Norwich, N.Y. NBT Bancorp had assets of $8.3 billion as of December 31, 2015, and is traded on the NASDAQ Global Select Market under the symbol NBTB. More information about NBT Bank and NBT Bancorp can be found online at www.nbtbank.com and www.nbtbancorp.com.
Matthew Durkee is NBT Bank’s Vermont Regional President.