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January 25, 2017 - 5 Questions with Thomas J. Lamb
By Eli Sherman PBN Staff Writer Twitter: @Eli_Sherman
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Thomas J. Lamb is president, CEO and chairman of Centreville Bank. He talks with Providence Business News about his bank’s performance in 2016, what worked well and what to expect in 2017.

PBN: How would you describe 2016 for Centreville Bank overall?

LAMB: We are entering 2017 on the tailwinds of a year of strong financial results. All of our lines of business enjoyed their greatest single year growth in 2016 – commercial loans and deposits, residential lending, retail and municipal deposits.

PBN: What worked well?

LAMB: We developed a new strategy for Centreville Bank that is driving our growth, and then hired the right people to execute it. For example, we have re-established our commercial banking team, made improvements to our overall product suite and broadened our reach beyond our traditional Pawtuxet Valley footprint through the entire state of Rhode Island and across state lines into Massachusetts and eastern Connecticut.

PBN: What was challenging?

LAMB: Our challenges are no different than those faced by other financial institutions: the low interest-rate environment that has prevailed for many years, increasing regulatory pressures and the profound manner in which technology is reinventing our industry – and not just the channels customers choose to use for transactions, but cybersecurity as well.

PBN: How are you feeling about business in 2017?

LAMB: Overall, cautiously optimistic; but regarding Rhode Island, it is a bit early to say. However, some recent announcements about companies planning to expand or locate here bode well for the long term.

PBN: What can you tell us about Centreville Bank’s efforts in the community?

LAMB: Community involvement is comprised of two parts – volunteerism and financial support. Last year, Centreville Bank employees volunteered for 26 different nonprofit events, with approximately 80 percent of our total workforce participating in at least one event. Overall, our bankers invested more than 1,300 hours of their own time representing Centreville and helping raise funds and awareness for worthy causes all across Rhode Island. On the giving side, we provided grants and sponsorships to more than 90 nonprofit organizations throughout the state.

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