Bridgewater Co-operative Bank’s office on Main Street has remained open during a complete renovation of the institution.

David R. Wolohojian had been president and chief operating officer for a year before he started knocking walls down at the Bridgewater Co-operative Bank. Chairman Arthur Wyman remembers coming to the bank on a Monday more than 10 years ago only to discover one of the walls missing.

“I asked David, ‘Who knocked the wall down?’ and he said, ‘I did it last weekend. I needed some space,'” he said.

Wolohojian’s plans for the bank were just getting started. The bank recently underwent a total renovation of its single branch on Main Street in Bridgewater. The project was handled in a pretty unique way for a bank; during the entire process, the institution remained open, and the bank’s president was part of the construction team. Tarps were used as a substitution for the walls that were knocked down.

Wolohojian said curious customers often could not resist peeking behind the curtains to see how thing were going. The sound of power tools and construction filled the lobby and was an obvious sign the bank was changing. He said he knows the staff and customers needed to be understanding, which he recognized and for which he now expresses his gratitude.

“There was jackhammering, there was drilling, there was a little bit of everything,” said Wolohojian. “Everything is new – the ceilings, the walls, the floors – and we did it all staying open.”

However, at the same time, it was exciting for everyone to be in the midst of the action and actually witness the development and progress of the bank’s makeover.

“I think the customers got to appreciate the changes on a weekly or daily basis,” said Wyman. “The customers have really taken to it.”

Wolohojian, though, did not just watch. He rolled up his sleeves, put a hardhat on and went to work.

“I would say he is not your typical bank executive,” said Wyman.

“I guess bankers have [a reputation for] a different aura, that they only sit behind a desk,” noted Wolohojian, who has heard plenty of banker jokes that stereotype the profession.

But jokes aside, Wolohojian is breaking the mold of views on bankers, he said.

Wolohojian said he took on several small projects that the bank would otherwise have to pay the labor cost for someone else to do. And he threw those traditional “bankers’ hours” right out the window, he said.

The cost of the project was an area in which the bank had to exercise caution. All local contractors were hired to do the work. And then there was Wolohojian, helping out wherever and whenever he could.

“It’s always satisfying to know you did something and you were able to complete it,” said Wolohojian.

‘Outside the Box’
As for the bank’s new look and feel, the changes are intended to make the space seem more inviting and more conducive to the workflow. The new design was built around the vault. Those are the only interior walls that did not get knocked down. The back of the building was pushed back 10 feet. The teller line was moved to run along the side of the lobby instead of facing the front door. There is now a large conference room and a break room that is bigger than the size of the closet.

Wolohojian said he entered the building’s blueprints into a computer design program that allowed him to play around with different layouts that he could present to the board of directors. He said it was not hard for him to imagine how to best rearrange the bank’s interior since he understood the customer traffic patterns.

The new bonus offices located to the far side of the building are another interesting addition. The offices have a private entrance and alarm system and will soon be home to another business such as an accounting firm or a law practice. The plan is to rent the space out to an entity whose industry complements banking, he said. Wolohojian would not say exactly who was moving in yet, but he noted that there is already interest in the space.

“It’s a small institution. You need to look at new things a little outside the box,” he said.

Wolohojian said what really sets his bank apart is that he knows the community and its banking needs. Many of the board members have been or still are actively involved with the town’s local government. Because he was born and raised in Bridgewater, Wolohojian’s a familiar face around town.

“I live 11 houses from the bank. When I am mowing the lawn, people will stop and ask questions,” said Wolohojian. “We are a true community bank, one that is involved in the fabric of the community.”

Although the bank is able to develop close and intimate relationships with its customers, there are also challenges that come with being such a small operation. Bridgewater Co-operative is the smallest cooperative bank in the state with just over $14 million in assets.

Wolohojian wears many hats at the bank and says he does not mind it at all. Last week, when a teller was out sick, he personally filled in for her. He said the bank’s direct contact with its customer base gives it a real niche.

However, good customer service and a solid reputation locally do not excuse the bank from the growing challenges that are affecting the industry as a whole. Regulatory burden is something many smaller banks struggle with due to the time and resources involved, said Wolohojian. And banks across the Bay State are all battling for deposits. There are several banks that have at least one branch in the town, and there definitely is competition, said Wolohojian.

Wolohojian said acknowledging the challenges of the current marketplace is important. He added that the present goal of the bank is to remain a strong independent player in the local banking scene. While larger banks may have more funding and resources, Bridgewater Co-operative is really imbedded in the community.

Peter Conrad, executive director of The Co-operative Central Bank, said the small Bridgewater institution is definitely unique, and a lot of that has to do with who is running it.

“He fights the good fight, every day,” said Conrad of the bank’s leader. “He knows everybody who goes into his lobby. He sees them at the coffee shop. He sees them at the post office. What he offers is he’s Dave Wolohojian. He’s born and bred in Bridgewater, and he brings that to the office every day.”

Conrad said all small banks need to truly embrace their personal touch and relationship with their community. He commended Bridgewater Co-operative for its work in that area and also its renovation strategy.

Wyman added, “David is the type of person that fits well in a small, community bank setting.”

Wyman said he thinks Wolohojian will be pleased to get back to the world of banking without the hardhat and work boots now that the project is winding down.

“We’ve pretty much done all the knocking down we need to,” said Wyman.