Michelle Samuel. Photo courtesy of Berkshire Bank
Boston-based Berkshire Bank has acquired yet another former First Republic staffer, part of a campaign the bank said aims to produce more deposits for the bank over the long term.
The regional bank announced it had appointed Michelle Samuel as senior vice president of its private banking team. Samuel was a former relationship manager for First Republic Bank for two years and also worked for Boston Private for 16 years prior to that.
The bank said Samuel will be responsible for new business development in the Boston market by supporting private banking clients through tailored solutions to help them reach their individual financial goals.
“We are very excited and pleased to welcome Michelle to our team,” Elizabeth Mineo, managing director of Berkshire Bank’s private banking unit, said in a statement. “The role supports our continued commitment to providing exceptional service, advice, customized lending, and liquidity management solutions delivered by experienced bankers embedded in the communities we serve.”
The $12.31 billion-asset bank is among several looking to hire from now-defunct regional banks Silicon Valley Bank and First Republic Bank to grow its deposit base, wealth assets under management and other segments of its business.
During its second-quarter earnings call, Berkshire CEO Nitin Mhatre said that because loans are “growing faster than deposits”, the bank is pushing to hire bankers that can bring in good client base and books for growing its deposits.
“We did say that our front-line teams outside of our branch network, we want to grow by about 40 percent. And that is roughly translated to about 4 percent to 5 percent [of new hires] a quarter. We did hire about 7 percent in the second quarter of 2023. So we’re managing to that run-rate and, net of attrition, I think we’re continuing to grow,” Mhatre said.
Berkshire Bank investor relations senior vice president Kevin Conn said the bank is targeting recruitment prospects “across wealth management, private banking and commercial banking. Within commercial, a bit more emphasis on deposit generators. People who have just had a track record of large deposit books.”
The bank previously hired talent from First Republic to serve its private banking and wealth management teams.
