As some community banks appear more and more on the endangered species list nationally, Bob Altieri points to his staff and Chesapeake Bank and Trust’s personal relationship with the community as the key to its successful role in local banking.
“It’s amazing to me to think that you can have so much impact on the community by gathering deposits and lending the money back out. When eighty to ninety percent of your loans are in Kent County, that’s a pretty exciting thing,” Altieri says.
Altieri, entering his fourth year as President of the bank, strives to make CB and T more about community relations than banking algorithms while offering a nimbler approach to lending and providing other bank services. This local focus can lead to quicker decision-making and more flexibility in lending, benefiting small businesses and individuals who may not qualify for loans from larger institutions.
Altieri sees the current economic climate, resulting from a dozen interest rate increases, as a driving force for increasing their loan portfolio investments in areas not previously engaged.
Still, the industry has unique challenges, with cybersecurity being one of the foremost. While Chesapeake Bank and Trust can work with citizens who have been compromised, Altieri warns that people have to learn and pay attention to the email and phone solicitations they receive.
The Spy recently interviewed Bob Altieri, who discussed the significance of community banking and its positive impact on everyone.
This video is approximately eight minutes in length. For more information about Chesapeake Bank please go here.
[…] To listen to the interview please visit the SPY online here. […]