Architect in Life: Banker Takes the Long View in Front Office
By JAMES KINSELLA
In his earlier years, Chris Wells thought about becoming an
architect. As it turned out, he did become an architect - not of
bricks and mortar, but of the hopes and aspirations of people's
lives.
Mr. Wells, 40, had learned what banking could mean for the people in
a community.
"You're helping people to where they want to go,"
said Mr. Wells, who is possessed of a ready smile and a relaxed manner.
"You deliver it, and then you watch it develop in front of you.
There's a lot more immediate gratification in banking.
There's a lot of it every day."
If Mr. Wells knows he likes banking, the board of trustees at Dukes
County Savings Bank knows that it likes him. Last year, the board
appointed him president of the institution, which is preparing to
celebrate its 50th birthday next month.
SRC="http://www.mvgazette.com/news/2005/03/11/content/chris_wells_sm.jpg" Henry Corey, an Oak Bluffs attorney who was among the founders of
the bank and who still sits on the board, characterizes Mr. Wells as
"personable, knowledgeable and very well aware of community
banking."
But Mr. Wells was not necessarily looking to go into banking when he
graduated with a degree in business management from Keene State College
in Keene, N.H. He was looking for a job. He found one as a teller at the
Cape Cod Bank and Trust branch in Harwich Port.
Within a week, he knew he loved it.
While at the bank, he also got to know Jim Rice, then president of
the institution. Mr. Rice had an emphasis on what he called the circle
of banking - one that consisted of the bank's customers, its
staff and its responsibility to itself. And that has stayed with Mr.
Wells as a key part of his management philosophy.
In 1994, he moved to Bank of Boston, where he started out in
commercial lending. He later moved to the bank's Private Bank
office in Yarmouth Port, an operation founded to serve the needs of
wealthier individuals. Along the way, he worked on projects to acquire
smaller banks for Bank of Boston, such as Pacific National Bank on
Nantucket and Falmouth National Bank in Falmouth.
After a brief stint at Fleet, he moved on to become a vice president
at Merrill Lynch in Hyannis. He had been there five years when he
learned that Dukes County Savings Bank was looking for a president to
replace Edward (Ted) Mayhew, who was retiring after 25 years as the
bank's president. Mr. Wells, who wanted to stay in the Cape and
Islands area, decided to go after the post.
While he did not set out to become a bank president, he knew as he
built his resume that he would have the ability to be part of a
management structure.
He came aboard as president last November. In January, Mr. Wells,
who had grown up in Orleans, came across the water to make a home in
Vineyard Haven.
He heads a bank that, despite its youth, is the largest player in
the Vineyard banking market. Dukes County Savings has 62 employees, six
branches, one trust office, $275 million in assets, $235 million in
deposits and $30 million in capital. In its most recent fiscal year,
which ended last Oct. 31, the bank recorded net income of $2 million.
Mr. Wells credits the bank's employees and his management team
- which includes executive vice president Bob Wheeler, chief
financial officer Tom Sharkey, and retail banking officer Micki Anderson
- for the bank's performance, which he said rates well in
its peer group.
At present, the bank has a return on assets of .77. That means that
for every $100 of assets, the bank nets 76 cents. As one of his goals,
Mr. Wells wants to increase the return on assets to one dollar and
beyond.
But he has no tightly detailed plan to get there. Instead, he hopes
to increase the bank's commercial lending, and to re-energize its
trust department.
He also hopes to increase the bank's productivity by giving
its employees more latitude to make decisions. "We're trying
to empower all the people who are here," he said.
Dukes County Savings is further solidifying its commitment to the
Island by building a new operations center off State Road in the
Nobnocket section of Tisbury. The center, slated to open next year, will
house the bank's back of the house operations and its trust
operation.
In February, the bank underscored its commitment to the community by
creating the Dukes County Savings Charitable Foundation. "We did
that to create and fund a charitable foundation that would be here in
perpetuity," Mr. Wells said. The bank's trust department
will manage the foundation's assets, which will generate income to
fund worthwhile community endeavors.
The emphasis on community, Mr. Wells said, comes straight from the
top, the bank board of trustees. Mr. Corey said he and other Vineyarders
established the bank in 1955 when they perceived the existing banks were
not serving the community. At present, Mr. Wells said, the board is
adamant that the bank meet those needs, and remain independent of
outside control.
Being bankers, Mr. Wells and his management team keep a sharp eye on
the Vineyard economy. Among their concerns: rising commercial rents that
Mr. Wells said increasingly pose a barrier for new businesses to enter
the market. Another concern: the decline in the number of Steamship
Authority passengers coming to the Island.
The bankers also keep tabs on their competitors in the Island
banking market. They understand they cannot coast given the presence of
banking giant Sovereign Bank, which operates Bank of Martha's
Vineyard. In the competition for customers, Mr. Wells is aware Sovereign
can offer cutting-edge services. He said Dukes County Savings is
prepared to respond to stay competitive.
At the same time, Mr. Wells said he also understands the value of
unsophisticated banking that is flexible enough to meet particular
customer needs. It's an approach, he said, where a community bank
can do especially well.
"We've kept it simple, and the Island appreciates what
we've done here," he concluded.
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