BH Financial™ Case Study
Banking Market Penetration Study and Relationship Management Search
Challenge
Our client, a regional commercial bank with a strong presence in western and central Massachusetts, was experiencing declining business opportunities across their target market (mainly manufacturing companies) due to economic changes in their footprint. They needed to tap into the Boston metropolitan area to grow and expand profit margins, and they considered partnering with another bank with roots in the area. However, our client recognized that this initial plan was not viable. Instead, they elected to recruit new relationship managers.
Solution
Beacon Hill Financial worked with the bank’s executive committee to identify key players in the greater Boston banking community. We successfully recruited one of these top-level producers to join the bank as a direct hire.
We succeeded by properly designing the new initiative’s department and mission and structuring the compensation package so that it was compelling enough to offset the risk of joining a bank in a new market.
Achievements
Once our candidate was onboarded and operating in the market, we onboarded two more market-leading producers as direct hires for our client. With the leadership we placed, our client established their presence in the Boston area, successfully booking new business, with plans to create another new business group in northeast Massachusetts.
