Miguel Rosado
Miguel Rosado
Title: Senior Vice President, Senior Commercial Lender, The Cooperative Bank
Age: 50
Experience: 24 years
“I got into banking because I wanted to get into business and finance,” Miguel Rosado said of his foray into the industry. He started out in the training program at U.S. Trust and dabbled in a few different areas of banking before he found his niche in commercial lending. Rosado, formerly of Citizens Bank and East Cambridge Savings Bank, was recruited to The Cooperative Bank to grow its commercial lending division. Less than a year into his tenure, the bank is now on track for one of its best years in commercial lending.
Q: What have you been targeting in terms of property types and geography?
A: Our bread and butter has always really been investment real estate, that one- to four-[family], and that really is the makeup of this area – but what we needed to do was go outside our comfort zone with regard to our customer base. … I think it’s very important as a lender to know your box, to know what you’re looking for and to be able to tell brokers, attorneys, CPAs, “This is what we do and if you have a customer who fits those parameters, we’d love to talk to them.” And we will put our best foot forward to hopefully get in front of them and provide our wares.
We also branched out to Charlestown, which is a fantastic area right now. We were able to go out there and talk to some folks and get some loans right away. We’re in Beacon Hill, where I’ve done a bunch of business. These are all strong areas with some very strong borrowers.
We got very quickly a lot of great customers in the door and because we were well-capitalized, we were able to move forward with these folks, but I think it’s also important to do it in a timely fashion. We only have one opportunity to make a first impression, so that’s what we’ve tried to do.
We’re also trying to refocus on West Roxbury and Roslindale. We have the heritage; there’s a sense of authority with regard to the bank. A lot of banks will come in but they don’t really know the marketplace. We’ve been here for over 100 years.
Q: I see loads of small businesses all around this office (in Roslindale Village). I imagine that must position you well to grow your small business lending.
A: That is actually what we have been doing, and we want to do a lot more of it. Small business lending is really the cornerstone. You have to have it as a bank. That was always a focal point at some other institutions I was at; C&I lending, it’s good for the community, it helps our deposits grow and they’re great lending opportunities. A lot of these businesses around here have gone through multiple generations. They’re second-, third-, fourth-generation businesses. A lot of people want those businesses now, but we have boots on the ground and we’re right next door to our neighbors.
Q: How much has your commercial lending has grown year-over-year?
A: We have been seeing between 15 and 20 percent growth, which is definitely challenging, but that has been what we’ve been able to do, which is really going from walking to running. I think at first they weren’t really sure they were going to be able to do that, when I sat down with the lending team and said, “This is what we’re going to do.”
But just because you’ve done it one year, doesn’t mean you can do it the second. So we just have to revamp, and that’s part of getting our story out. I think when you do that, you get far greater demand.
We’re starting to do a lot of signage. With developments in the past, we haven’t really put down any “Financed by TCB” signs, but we’re starting to do that, and we find now we’re getting phone calls.
Rosado’s Top Five Sports Memories:
- Watching UConn win the NCAA Basketball Championship.
- Being at Fenway when Jon Lester threw a no-hitter.
- Coaching his son Antonio when he hit two home runs at Cooperstown.
- Watching his son Carlos play varsity basketball at Roxbury Latin.
- Coaching two Metro basketball championships for Milton with his son Antonio.
