Consumer Banking Segment
Consumer Banking serves retail customers and small businesses with annual revenues
of up to $25 million through a network that as of December 31, 2015 included
approximately 1,200 branches operating in an 11-state footprint across the New
England, Mid-Atlantic and Midwest regions, as well as through online, telephone
and mobile banking platforms. Consumer Banking products and services include
deposit products, mortgage and home equity lending, student loans, auto financing,
credit cards, business loans, wealth management and investment services.
Consumer Banking is focused on winning, expanding and retaining customers through
its value proposition: “Simple. Clear. Personal.” and is committed
to delivering a differentiated experience through convenience and service. We
were named one of the “Most Reputable Banks” in the country, according
to the American Banker/Reputation Institute Survey of Bank Reputations released
in 2015, which focused on factors including products, corporate citizenship,
financial performance and company leadership.
Everyday Banking: Provides customers with deposit and payment products and
services, including checking, savings, money market, certificates of deposit,
debit cards, credit cards and overdraft protection.
Residential Mortgage: Our mortgage business is primarily in footprint and in
select out-of-footprint states through a direct-to-consumer call center and
a mortgage loan officer base of over 440.
Consumer Lending: Provides home equity, personal unsecured lines and loans,
student lending, and auto finance products. Aligning these lending products
enabled sales and operations synergies, sharing of best practices, and better
prioritization of resources to maximize growth opportunities.
Home Equity: Offers home equity loans and home equity lines of credit.
Student Lending: We launched the Student Lending business in 2009 and have
expanded to partner with nearly 2,400 high-quality not-for-profit higher education
schools in all 50 states.We launched the Education Refinance Loan (“ERL”)
product in January 2014, which provides those who have entered the workforce
a way to refinance or consolidate multiple existing private and federal student
loans.
Indirect Auto Finance: Provides new and used vehicle financing to prime borrowers
through a network of over 6,800 automotive dealerships in 43 states. We implemented
a new origination platform in October 2013 that has facilitated more granular
credit and pricing strategies which will enable us to optimize risk-adjusted
returns. The business ranked seventh nationally among regulated depository institutions
by outstanding balances as of September 30, 2015(1) with 2015 origination volume
of $7.0 billion with a weighted average FICO score of approximately 744.
Business Banking: Serves businesses with annual revenues of up to $25 million
through a combination of branch-based employees, business banking officers and
relationship managers.
Wealth Management: Provides a full range of advisory services to clients with
an array of banking, investment and insurance products and services through
a sales force which includes more than 315 financial consultants, over 160 premier
bankers and 13 private banker teams.
Commercial Banking Segment
Commercial Banking primarily targets companies and institutions with annual
revenues of $25 million to $2.5 billion and strives to be the lead bank for
its clients. Commercial Banking offers a broad complement of financial products
and solutions, including lending and leasing, deposit and treasury management,
foreign exchange and interest rate risk management, corporate finance and debt
and equity capital markets capabilities. Commercial Banking provides “Thought
Leadership” by leveraging an in-depth understanding of our clients’
and prospects’ businesses to proactively deliver compelling financial
solutions with quality execution. Commercial Banking focuses each business unit
in sectors that maximize its ability to be relevant and deliver value added
solutions to our clients. In middle-market, this involves a business unit highly
focused on our 11-state footprint. In vertical market-oriented businesses, our
focus is national within our areas of expertise.
We believe our Commercial Banking segment provides a compelling value proposition
based on “Thought Leadership” for clients. Results are evidenced
by a fifth place ranking for client penetration and a fourth place ranking for
number of lead relationships in middle-market banking within the footprint.
Commercial Banking is structured along lines of business, as well as product
groups. Both the Capital & Global Markets and the Treasury Solutions product
groups support all lines of business. These business lines and product groups
work in teams to understand and determine client needs and provide comprehensive
solutions to meet those needs. New clients are acquired through a coordinated
approach to the market ranging from leveraging deep industry knowledge in specialized
banking groups to a geographic coverage model targeting organizations headquartered
in the branch geographic footprint.
Corporate Banking: Targets domestic commercial and industrial clients, serving
middle-market companies with annual gross revenues of $25 million to $500 million
and mid-corporate companies with annual revenues of $500 million to $2.5 billion.
The business offers a broad range of products, including lines of credit, term
loans, commercial mortgages, domestic and global treasury management solutions,
trade services, interest rate products and foreign exchange. Loans are extended
on both a secured and unsecured basis, and are substantially all at floating
rates of interest. Corporate Banking is a general lending practice, however
there are specialty industry verticals addressing U.S. subsidiaries of foreign
corporations, technology, government entities, healthcare, oil and gas, not-for-profit
and educational institutions, professional firms, franchise finance, and business
capital (asset-based lending).
Asset Finance: Offers equipment financing term loans and leases for middle-market
and mid-corporate companies, as well as Fortune 500 companies. All transactions
are secured by the assets financed and commitments tend to be fully drawn and
most leases and loans are fixed rate. Areas of industry specialization include
energy, utilities, and chemicals. The business also has expertise in financing
corporate aircraft and tax- and non-tax-oriented leases for other long-lived
assets such as rail cars.
Commercial Real Estate: Provides customized debt capital solutions for middle-market
operators, institutional developers and investors as well as REITs. CRE provides
financing for projects in the office, multi-family, industrial, retail, healthcare
and hospitality sectors. Loan types include term debt, lines of credit, as well
as construction financing. Most loans are secured by commercial real estate
properties and are typically non-owner occupied. Owner-occupied commercial real
estate is typically originated through our Corporate Banking business.
Capital & Global Markets: Delivers to clients through key product groups
including Capital Markets, Corporate Finance, and Global Markets
Capital Markets originates, structures and underwrites multi-bank credit facilities
targeting middle-market, mid-corporate and private equity sponsors with a focus
on offering value-added ideas to optimize their capital structure.
Corporate Finance provides advisory services to middle-market and mid-corporate
companies, including mergers and acquisitions, equity private placements and
capital structure advisory. The team works closely with industry sector specialists
within debt capital markets on proprietary transaction development which serves
to originate deal flow in multiple bank products.
Global Markets is a customer-facing business providing foreign exchange and
interest rate risk management services. The lines of business include the centralized
leveraged finance team, which provides underwriting and portfolio management
expertise for all leveraged transactions and relationships; the private equity
team, which serves the unique and time-sensitive needs of private equity firms,
management companies and funds; and the sponsor finance team, which provides
acquisition and follow-on financing for new and recapitalized portfolio companies
of key sponsors.