Photo courtesy of Clinton Savings Bank
Mary Dean
President and CEO, Clinton Savings Bank
Industry experience: 33 years
Age: 55
With Mary Dean now at the helm, Clinton Savings Bank is leaning on its community bona fides to find growth and the next generation of customers. Dean is the bank’s first-ever female president and CEO, and in her most recent role as the bank’s chief information officer, Dean led the lending and deposit operations, information technology and compliance teams. Dean replaced Robert J. Paulhus, Jr. who announced his retirement in September of 2024.
Q: How do you feel that the banking industry has progressed when it comes to gender diversity?
A: There’s certainly been progress. In the Massachusetts area alone, you’re seeing more female presidents and diversity in that arena. From a Clinton Savings Bank perspective, we’re proud to be able to say that 77 percent of our workforce is female and there are seven of us at the executive management level and of those, five are female. So certainly, over the last 10 or 15 years, we’ve definitely seen some progress in that arena.
Q: How important is it for community banking to stay alive and just how does the bank look to be involved in the community?
A: It is vitally important that there continue to be a community banking presence. I had a great mentor and boss in my past who would always say that every bank’s money is green, so we as a community bank need to differentiate ourselves to ensure that the community and customers recognize us, and that we continue to be their bank of choice. We do that in multiple ways. We know our market, and all decisions are made at it at the local level – certainly here in in the Clinton community. It’s our job to always be providing the right solutions to our customers, whether it’s from a technology perspective, deposit product or lending product, and our customers need to know that those solutions are available. The way that they know that is because we have a very modern website, our mobile banking and online banking is state-of-the-art and when they call us, a live person answers the phone. And in some examples, we’ve got customers, when they call, our staff recognizes their voice, calls them by name, knows about their children.
Q: Massachusetts is in another wave of bank consolidation. Whether it’s with products or institutional knowledge, how do you look to fend off and continue to retain customers? How do you continue to gain customers?
A: Our competition is no longer just the banks and credit unions that have branches down the street. We have competition from online banks, and we’ve got now national players that are recognizing the value that’s in this market, and are choosing to come to Clinton. It is marketing, of course [but it’s also] being active with leadership roles at the Chamber of Commerce. It is being the bank that is marching in the Memorial Day Parade. It is being the bank that has our mascot Scratch the Cat entertaining kids [at local schools]. It is being the bank that sponsors the hay ride for the children at the Halloween parade in downtown Clinton. It is being the bank that sponsors all of the scoreboards for the Little League baseball and softball teams. It is being the bank that provides a full-service branch in a high school that not only provides banking services in the high school, but also employs the high school students and has a curriculum based providing financial literacy to those students, and to students at multiple schools throughout our region. So, there’s the tangible part of the marketing on the internet, on social media, in print and digital radio and online, but there’s also the intangible, just being there in the community.
Q: Not every community bank has an education arm. How important is it to make sure that future generations are financially literate and are able to know the ins and outs of banking and getting a loan?
A: It’s vital. From a selfish perspective, the youth of today are our current – and, God willing, future – customers. We want to engage them with Clinton Savings Bank as young in their lives as possible, so then we’re there for their entire financial journey: helping them finance their first car, their first house, whatever their financial needs might be. Certainly, from a financial literacy perspective, I’m the mom of two college-age children, and they crave that knowledge.
My daughter came home from an overnight this weekend where her boyfriend’s friends were telling her that she really needs a high yield savings account, not necessarily CDs. “But Heidi,” I said to her, “my advice might be, you’re going to earn a little more in a CD, and you don’t need the money right now, because Mom will help you out.” I found it hysterical that they were talking about that. Financial literacy is critical for the individuals themselves to have that knowledge. It gives them a sense of confidence and control when you know there are many things right now that are out of our control.
Q: You talk about things being out of control and obviously there is definitely some economic uncertainty in the air. How do you go about guiding customers during a time like this?
A: It’s all about listening to them and determining what the best solution might be for their situation, and ensuring that they are confident in whatever the solution might be. With the uncertainty that’s been going on with the interest rate environment, we have been providing longer-term CD solutions for them eight or 13 months, so that they can lock in an interest rate that will then offset and mitigate some of the risk associated with the uncertainty that’s out there.
Dean’s Five Favorite Musicals
- “Les Miserables”
- “Jesus Christ Superstar”
- “Wicked”
- “Joesph and the Amazing Technicolor Dreamcoat”
- “The Music Man”
