Hartford Business Journal

8 Hartford Business Journal • August 28, 2017 www.HartfordBusiness.com CT bankers' finance/management school trains future leaders By Karen Ali Special to the Hartford Business Journal A n MBA can get you far in certain careers, but if bank- ing is the path you want to take, Connecticut has a school that offers something much more specialized. L. Robert Toffey, the education coordinator of the Con- necticut Bankers Association (CBA), said the Connecticut School of Finance & Management (CSFM) is unique in that it focuses solely on banking and bank management topics. Higher education can offer MBAs and degrees in finance and economics, but not this type of knowledge, he says. "You could get a degree in finance, but there's no banking degree," Toffey says of classes at the CSFM, run by the CBA. Since the program began in 1962, there have been more than 2,400 students who have completed the pro- gram, which is intended for junior and mid-level man- agement personnel and other key bank employees. The topics include general banking theory, econom- ics, general finance and balance sheet management, investment and loan analysis, banking history and law, and more. "We try to touch on as many topics as we can in our two years so that we can give them the maximum amount of exposure to all the different management skills that they will need to be successful throughout their careers," Toffey said. "The goal is to prepare them for a greater level of responsibility at their respective banks in the future." The CSFM program is not accredited, so time spent in it will not necessarily transfer to a formal undergraduate degree. But Toffey says the program has been a "staple in the Connecticut banking community for 55 years." Banks cover tuition costs for employees to attend. "Often times, CSFM acts as an integral part of a bank's overall employee growth program, regardless of any addi- tional formal or informal education they may have," he said. Toffey said in the last five years he has seen a greater number of students with advanced degrees — master's degrees and MBAs — in the program. He says that tells him "it is still an important aspect to helping cultivate the best and most well-rounded bankers possible." Cheryl Calderado, who is senior vice president of human resources and training for Dime Bank in Nor- wich, says that many graduates of the program hold senior management, or even C-level positions. Calderado, who serves as the current chairman of the committee that oversees the CSFM, attended the program herself, from 1991 to 1993. She said the schooling is relevant because students are focused on the challenges of the events they are dealing with — economic, political, regulatory — and they are studying the materials with a focus on their own bank's financials. "They typically come into the program with banking backgrounds in a specific area of expertise within banking — branch management, lending, operations, marketing, etc. They leave the program with a broad understanding of the industry and how to effectively manage the bank as a whole," Calderado said. "It provides them with the knowledge and tools to better understand why decisions are made, and the impact that every decision has on the organization's balance sheet or income statement." Calderado said that because students are studying their own financials, they automatically have "real-life, real-time exam- ples" of the challenges that face CEOs and senior managers. Calderado says that bank- ing is an industry that has seen significant and rapid change — from economics, to regula- tory and compliance burdens, to changing consumer habits, and risks. "We need employees who are prepared to adapt, and adapt quickly, and to under- stand the implications of their decisions," she says. Toffey said that those enrolled in the program can vary from assistant branch managers to vice presidents and can be from any area of the bank, including finance, human resources, education, retail and commercial banking. "These students are still considered junior in their careers but ultimately, each bank takes it upon themselves to send those individuals they feel will get the most out of the experience and employees that they have targeted to possibly have a greater role within the bank in the near to mid future," Toffey said. Program's evolution Toffey said the school originally began as a one-year program, where students would meet for a few hours each week after work. In 1986, the program schedule Q&A KeyBank sees commercial lending growth in CT Q&A talks with Jeff Hubbard, KeyBank Connecticut and western Massachusetts market president. Q: KeyBank entered the Connecticut market last year after acquir- ing First Niagara Financial Corp. for $3.7 billon. What changes has KeyBank made since it entered the Connecti- cut market? A: KeyBank acquired a strong existing customer base from First Niagara and has built on these relationships since enter- ing the market. We are now one of the top regional banks in the nation, and with that comes a bigger balance sheet and a more robust suite of financial services and products. Those include enhanced digital offerings such as new personal finan- cial wellness tools for our retail custom- ers, and advanced cash management services for business customers. We've been able to upgrade our online services, increase service capabilities in our branch offices, and add new jobs in our commercial bank - ing, private banking, mortgage and insur- ance businesses. Q: What's KeyBank's biggest opportunity in Connecticut? What's its biggest challenge? A: Commercial banking is a big opportunity for Key in Con- necticut. In the last year, we've had significant growth in our middle market and small busi- ness portfolios both from build- ing on our existing customer base and establishing new commercial relationships. While Connecti- cut's sluggish business climate continues to be a challenge, there are many strong and growing companies that call Connecticut home, and we see great opportu- nity to bring them to Key. Q: Connecticut is a small market with a lot of differ- ent banks. Some have argued CT is overbanked. How can a new bank to the market make itself standout? A: In a competitive market, dif- ferentiation is all about values, rela- tionships and having the resources to deliver on your promises. For our retail customers that means we are not selling bank- ing products and services; we're helping them build more confi- dent financial lives. Key's Finan- cial Wellness program combines high-tech personal finance soft- ware with experienced bankers who have the insight and exper- tise to help customers make confident financial decisions to achieve their goals. On the commercial side, we view ourselves as trusted busi- ness partners helping to transform the way our commercial custom- ers manage and grow their busi- nesses. We have enhanced cash management technology and risk management tools to help compa- nies streamline costs, drive efficiency, and secure their financial processes. Moreover, we can bring Key's full-service corpo- rate and investment banking capabilities to middle market companies, providing a wide range of ser- vices and expertise that many other local banks do not have. But at the end of the day, I believe our competitive advantage is this: We do what's right and what's best for our clients and com- munities. The investment we're making in this region, and in all the other regions we serve, is not just about building a big- ger bank — it is about building a better bank — for our custom- ers, employees, shareholders and communities. Q: One reason First Niaga- ra said it was searching for a merger was because it need- ed more money to invest in technology. What tech invest- ments have you made in CT, or do you plan to make? A: As a result of the acquisi- tion, we benefited from Key's upgraded platforms and trans- ferred customers to Key's more sophisticated banking technol- ogy. On the commercial side, we introduced the Key Total Treasury tool to our Connecti- cut customers. It is a treasury management system, which helps a business manage its treasury processes. It also helps customers organize and imple- ment cash, payable, receivable, and reporting strategies with JEFF HUBBARD KeyBank, Connecticut and western Mass. market president Members of the 2017 graduating class of the Connecticut School of Finance & Management pose for a photo earlier this year. The school's gradu- ates, of which there are 50 to 60 annually, range from junior-level employees to top executives in the C-suite. Cheryl Calderado, senior vice president of human resources and training, Dime Bank L. Robert Toffey, education coordinator for the Connecticut Bankers Association, addresses recent graduates of the CBA's finance school. FOCUS BANKING & FINANCE Continued Continued P H O T O S | S A N D Y A L D I E R I , P E R C E P T I O N S P H O T O G R A P H Y

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