Hartford Business Journal

www.HartfordBusiness.com • October 14, 2019 • Hartford Business Journal 17 them with KeyBank — Barger is a Connecticut newcomer. He and his wife are still in the process of mov- ing to New Haven from Rochester. His bullishness on growing KeyBank's Connecticut business stems from the fact that many of the lender's commercial-banking clients here are doing pretty well. Like any sales leader in a competi- tive banking market, one of Barger's tasks will be trying to convince his competitors' clients that they'd be better off in KeyBank's portfolio. "There is a lot of room to grow, so that's why we're hiring the people and going after it," he said. KeyBank's Connecticut deposits totaled $4.53 billion as of June 30, which gives it a 3.24 percent in-state market share, according to federal data. That's up from the $4.1 billion First Niagara had in 2016, just before the acquisition closed, but nearly an identical 3.21 percent market share. Standing out in the crowd So, how will Barger win over new customers and expand existing business relationships? While consolidation continues to reshape Connecticut's banking lanscape, Barger downplayed any opportunities that might create. He said, for example, he doesn't anticipate a huge market-share windfall from People's United Bank buying United Bank. Instead, Barger is focused on a strategy he used when he led Key- Bank's Rochester market, and its Syracuse commercial team for nine years before that. It involves collaborating across all of KeyBank's key units, including com- mercial banking, investment banking, real estate and capital markets. "In general, we're going to have more resources, more people, but we're also going to go after a high- er end of the market than I think KeyBank was primarily focused on previously in Connecticut. "A lot of the smaller banks we compete with do not have invest- ment bankers or capital-markets capabilities, and a lot of the larger banks have more extensive invest- ment banking and capital-markets capabilities than we have, but those resources are not necessarily fo- cused on the middle-market compa- nies that KeyBank focuses on. We're also doing it by having sophisticat- ed treasury-management products like accounts payable and receivable and invoice automation capabilities that are second to none." KeyBank acquired those services through a series of investments in fintech companies. He also plans to better coor- dinate all of the bank's various divisions. That means commercial bankers referring their clients to the retail side, where an advisor will visit the workplace and pitch employees on KeyBank's financial wellbeing offerings in the hopes of landing new depositors. A lot of it simply comes down to execution, he said. "It doesn't sound very sexy," Barger said. "But we have the collab- orative culture and the capabilities to bring that to bear." Market facing Barger is the face of the market for KeyBank, including with the nonprofit and philanthropic communities. Along with his visits to approxi- mately half of KeyBank's nearly 60 Connecticut branches thus far, Barger has also visited with of- ficials from the Yard Goats, Travel- ers, Yale, UConn, and other compa- nies and institutions across much of the state. Banking and marketing part- nerships are a common strategy among banks, as they help with branding and can create goodwill. "The brand is pretty strong," Barger said. "People know who KeyBank is for the most part here in Connecticut." The bank declined to disclose what it spends on sponsorships in Connecticut, but said it invested nearly $2 million in philanthropy in the Connecticut-Massachusetts market during the 2017-2018 period. 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