Robert E. Smyth has been tabbed by Citizens Bank as president and chief executive of the bank’s Massachusetts operation.
He planned to go to law school, but instead spent 22 years at Bankers Trust Co. in New York City. Now, some 30 years after those law school plans were formulated, Robert E. Smyth has been promoted to president and chief executive officer of Citizens Bank of Massachusetts.
After receiving a master’s degree in management and finance from Adelphi University in New York in 1971, Smyth landed the job at Bankers Trust Co.
“It was something I thought would be temporary,” said Smyth.
Smyth served as a senior vice president and, over two decades, worked in large, corporate middle-market banking and retail banking. He also claimed the title of national sales manager for cash management services.
Eventually, he did leave Bankers Trust and moved to Key Bank in Albany, N.Y., where he was the regional vice chairman and Northeast U.S. commercial banking executive.
But what drew Smyth to his current employer, Citizens Bank, was its drive.
“Citizens was a dynamic company that was really moving,” said Smyth, who joined Citizens in 2002 as executive vice president of commercial banking and directed all aspects of its commercial banking business, which included small business, middle market, corporate, specialized industries, commercial real estate lending and private banking.
Boston had become familiar to Smyth when he set up a commercial team in the city for Key Bank.
“Boston has been a very open place,” said Smyth.
And after living in the suburbs for most of his life, Smyth decided to move straight to the city when he joined Citizens Bank. He and his wife, Ellen, now live in Beacon Hill.
Smyth has immersed himself in not only the Boston banking business, but also serves on the board of directors at Associated Industries of Massachusetts, the board of the Boston Municipal Research Bureau and the board of visitors of Northeastern University. He is also a member of the Finance Committee and the Audit and Compliance Committee for the board of overseers of Children’s Hospital.
Smyth also serves as chairman of Citizens Bank’s insurance agencies, Brewer & Lord and the Feitelberg Co.
Local Look
Smyth’s new position as president and chief executive officer was one of several staff changes resulting from Citizens Bank’s acquisition of Cleveland-based Charter One Financial, which will expand the bank’s footprint into Ohio, Illinois, Indiana and Michigan.
Smyth is succeeding Thomas J. Hollister, who was promoted to head Citizens Financial Group’s new Midwest region.
“Tom Hollister did a great job. I certainly like what Tom has been doing,” said Smyth. “I was delighted I was asked to take his place.”
Smyth will now take on the responsibility of a $28 billion Massachusetts banking enterprise that includes more than 250 bank branches, more than 600 ATMs and a $10 billion commercial loan portfolio. Overseeing all that isn’t enough, though; he wants to make sure the customers are happy.
“Our primary focus is excellence customer service,” said Smyth.
He says his wife, who is unknown to Citizens Bank tellers, returns home with stories of professional and polite treatment from the bank’s employees.
Smyth said he believes if employees are happy where they work, they will treat customers well.
As Citizens Bank takes over Charter One Financial and Bank of America continues to assimilate Fleet Bank branches into its system, Smyth has an explanation for all the movement.
“The industry is continuing to consolidate,” said Smyth. “It’s driven by technology.”
Smyth said customers look for state-of-the-art services which can be expensive for banks to maintain. He added that Citizens strives to offer the best product array and in order to accomplish that, the bank relies on its increasing size and resources.
“What you need is strong financial clout,” said Smyth.
Smyth said it’s also important to be aware of what customers don’t want.
“We recognize that customers don’t necessarily like big; it doesn’t mean anything to them,” Smyth said.
So in order to keep customers happy, Smyth said the goal is to retain the service levels of a local community bank, which is why Citizens Bank regions are broken into states.
“We strive to be local,” said Smyth.
One more challenge Smyth faces as the new Massachusetts president and chief executive officer is assuring Citizens can grow without cutting staff.
“We look to grow by revenue growth,” said Smyth. “There’s a challenge in making sure you continue to grow.”
Smyth said some projects in the works include looking at online banking enhancements on the cash management side.
“We need to be flexible and react to the marketplace,” he said.
