Investing in Firstrust's future

December 27, 2010|By Harold Brubaker, Inquirer Staff Writer
  • Terry D'Alessandro (center), head of retail banking at Firstrust since June, is working to improve performance at all of the bank's branches. She talks with Mort Kolman and Ann Mulderig, top managers at the Krewstown branch in Northeast Philadelphia.

During a meeting last week at the Firstrust Bank branch in Southampton, Bucks County, Terry D'Alessandro, head of retail banking since June, asked manager Susan Schneider whether she was concerned about any of the branch's sales goals for 2011.

Schneider, a 25-year Firstrust employee and a vice president, had one: new checking accounts, which are a crucial source of deposits for banks because little, if any, interest is paid on them.

"It's hard to move people from their checking account," said Schneider, referring to the challenge of motivating customers to switch.

If that turns out to be a problem, D'Alessandro assured Schneider, the bank might be able to make a special offer to win customers.

Story continues below.

D'Alessandro's 15-minute conference with Schneider Tuesday showed the veteran banking executive working to instill a stronger sales culture at Firstrust, which was started in 1934 and is still owned by the founding Green family.

"If you look at checking accounts per salesperson or loan applications per salesperson, there's a lot of room there to do more," said D'Alessandro, 59, who started her career as a teller at the Ardmore branch of Main Line Federal Savings in 1970.

After Main Line Federal was bought by Sovereign Bancorp in 1998, she stayed, serving for a time as chief executive for the region.

D'Alessandro, who prefers bright colors over somber banker gray, left Sovereign in September 2009 and intended to explore new fields - until a chance meeting with Firstrust president Tim Abell led to her new job as executive vice president and director of community banking.

Like all banks, Firstrust, with 24 local offices, took its lumps during the economic downturn. But it got through without posting a money-losing year, and without taking a government bailout or other outside investment.

Today, Firstrust has more capital than it had five years ago, helped by the Green family's decision to forgo dividends in all but two quarters from the summer of 2007 through this year's first quarter, according to the Conshohocken-based bank's quarterly reports to the Federal Deposit Insurance Corp.

"The Greens are not going to take any distributions if they feel we need to increase our capital," Abell said.

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