3 questions with NewDominion President Marc Bogan
Marc Bogan is president of NewDominion Bank.
Marc Bogan[5] had a new problem this summer at NewDominion Bank:[6] Too many people looking in rather than out.
After two and a half years of balance sheet repair, capped by a $10.5 million capital raise, the bank had committed many of its resources to clean up. Bogan, the bank president, says he addressed the problem this summer, deploying more bankers back onto the street, doubling the size of his business banking team[7] in the process.
How did you double your business banking staff so quickly?
We took a look at our organization and realized there were some administrative positions internally that we needed to refocus on business developnent. When we finished the capital raise, and checked that box on June 30 and preserved and stabilized the balance sheet, we shifted to growing and building the balance sheet.
We had six people actively calling on businesses. Now we’ve gone from six to 12. We named a business banking executive. We hired some new bankers. We refocused some people that had been focused internally. And we had some administrative jobs and made them customer-facing.
We also brought in a commercial loan administration executive to give us a tremendous amount of firepower there. We’ve got a consumer loan administrator and a commercial administrator who are fully dedicated to those portfolios with the purpose being to grow volume, build the balance sheet and grow revenue and also to preserve and maintain the quality of the portfolio, which had been a challenge for our organization in the past.
Which comes first: demand for more loans or the staff to go drum up the business?
Adam O'Daniel covers banking, entrepreneurs and technology for the Charlotte Business Journal.
References
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- ^ Marc Bogan (feeds.bizjournals.com)
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- ^ doubling the size of his business banking team (www.bizjournals.com)