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Name: Mark D. Drew
Title: Senior Vice President and Head of Commercial Lending, StonehamBank
Age: 50
Industry experience: 25 years
Bram Berkowitz
StonehamBank has hired Mark D. Drew as a senior vice president to head the bank’s commercial lending department. A former business owner and entrepreneur in the Internet banking arena, Drew’s passion for small business and interacting with business owners is what led him to get into banking in the first place. The Providence College alumni has more than 25 years of business and banking experience. Prior to being hired at StonehamBank, Drew held positions at Middlesex Savings Bank, Needham Bank and North Shore Bank.
“As a former business owner, I decided to get into banking to be able to work with local businesses and provide them with support to achieve their goals,” Drew said. “Now, I customize lending solutions tailored to the needs of each and every one of my commercial clients while keeping their perspective in mind.” Banker & Tradesman caught up with Drew to discuss his new role and the current lending market.
Q: As a new executive at a bank, what are some of the steps you intend to take for a smooth transition into your role and for the employees that will work for you?
A: I believe in a team approach. This not only includes the commercial lending area, but our partners across the bank. I strongly believe that if employees are happy with their role and feel that their contributions are recognized, it will reflect positively in our interaction with customers. I have also immersed myself into the company culture of community comes first.
At StonehamBank, we recognize our obligation to strengthen the communities we serve. I am looking forward to supporting civic and charitable organizations in the community with my time and resources. I am strongly supportive of the bank’s mission to give back though charitable giving. At StonehamBank, we are intertwined with the community and I feel fulfilled in my new role by knowing that our actions – both big and small – can truly make a difference for the greater good.
Q: Stoneham is in the red-hot Middlesex County market. How is the market for commercial lending in communities in this county that may not always get the hype of a Lexington or Concord?
A: In addition to residential construction lending, StonehamBank provides commercial and industrial loans to businesses and commercial real estate loans for businesses and property investors. Our market focus is from Malden to Tewksbury, and there are a lot of opportunities in those communities that go beyond residential construction lending. There are a large number of local businesses and property investors in communities such as Woburn, Burlington and our second home in Billerica. My goal is to get these businesses and property investors on board and show them that they can grow, and we can help them reach their goals.
Q: Many experts say the current real estate cycle may soon be coming to an end. Do you agree? Why or why not?
A: Rising interest rates and increased values in real estate are something to keep in mind as we move forward. At some point, there will be a downturn and as you know it is impossible to predict when it will occur. StonehamBank will continue to be prudent with its lending decisions. This benefits both the customers and StonehamBank.
We want to ensure our customers’ success. It is important that our customers know that StonehamBank is in the financial position to withstand a downturn and we will continue to support them.
Q: If the cycle is indeed coming to an end, what steps should banks take to ensure they remain financially healthy during less fruitful years?
A: I can only speak for StonehamBank. We remain attentive to our asset quality, margins and liquidity. We’ve built a reputation for always doing what’s best for our customers. We value our customers and are dedicated to providing a level of respect, responsiveness and personal attention they deserve. As always, we will prioritize people over transactions and build a long-lasting relationship with them so that we can be an advocate for our customers during any financial season.
Drew’s Top Five Favorite Movies:
- Godfather Part 1 and 2
- Star Wars Episode IV
- Jaws
- Saving Private Ryan
- The English Patient
