A Stronger Commitment to Mutual Charter Announced by New PeoplesBank CEO, Thomas W. Senecal
“PeoplesBank will stay a mutual bank for the long term,” noted Thomas W. Senecal, the President and new Chief Executive Officer of PeoplesBank in announcing changes to the bank’s bylaws that will make any future conversion of the bank to a stockholder-owned company exceedingly more difficult.
As a mutual bank, PeoplesBank is responsible to its depositors, employees and the community, according to Mr. Senecal. “That provides us with a niche in the market,” he suggested. “The publicly owned banks have a quarter-to-quarter earnings responsibility. As a mutual institution, we do not have that stress or pressure and can focus on the long-term viability of the institution and the best interests of customers over a long period of time.”
Mr. Senecal cited PeoplesBank’s opening of three LEED® certified branches, creation of a Customer Innovation Lab and hiring of a Data Scientist, along with its significant investment in a business intelligence platform, as evidence of the bank’s long-term strategies. “We are a market leader amongst community banks in terms of the adoption of new technologies, but we have done so while maintaining our financial support of local charitable causes,” he said. “We are also an organization that is focused on growth and stability. Our associates contribute significantly to our success, and therefore, it is our responsibility to help ensure both their career development and healthy work-life balance. PeoplesBank is able to do all of these things because we are an independent, mutually chartered bank, and that is worth preserving.”