As Chesapeake Bank and Trust approaches its 40th year, CEO Bob Altieri emphasizes the importance of community banks in a conversation about local economics, global uncertainties, and the evolving real estate market.
“Community banks, like churches and small businesses, are part of the fabric of a town,” Altieri said. “We’re soon to be the only bank headquartered in Kent County. that means decisions are made right here, not in Massachusetts or New York.”
Altieri addressed national economic trends, noting that while headlines report a slight shrink in the U.S. economy, deeper analysis reveals a more complex story: increased imports, rising wages, and higher consumer savings. “You can’t just read the headlines,” he said. “We’re seeing business investment up over 20%. That’s a big number.”
Locally, Altieri observed that Chestertown’s economy remains steady. While real estate inventory is slowly picking up, many homeowners are reluctant to sell because of the low mortgage rates they locked in years ago. “People are married to their interest rate,” he said. “They’re not moving from 3% to 7%.”
Altieri also highlighted the bank’s deep roots in the region. “Over 90% of our lending stays in Kent County,” he said. “Whether it’s farmers, small businesses, or homebuyers—we’re here to support them.” As the only locally headquartered bank, Chesapeake Bank and Trust aims to continue fostering direct, face-to-face relationships with customers.
Reflecting on his five years in Chestertown, Altieri called the community “welcoming” and said he’s formed friendships he expects to last a lifetime. “This bank is unique,” he said. “And so is this town.”
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