Keeping things in check
I made the switch to online banking only a couple of years ago, until then maintaining a bill-paying ritual that involved paper checks, a roll of stamps, a basket of bills and a box of Cheez-Its. There was a certain sublime rhythm to writing a check, recording it in the ledger, inserting it and the invoice into an envelope and then popping a Cheez-It into my mouth to mask the taste of the stamp's adhesive.
The escalating cost of postage finally spurred me to sign up for online banking. Now, it takes about 20 minutes to do what used to take an entire evening and more than a third of a box of junk food. My kids just shake their heads. They've been online-banking customers since they started earning paychecks; their Monty Moose passbooks are but a dim memory of childhood.
That transition from paper to online operations is just one of the many factors that have radically changed banking in the last 20 years. It's also changed the skills required of bank executives, who must now be as facile in cyber security and market demographics as they are in balancing the books. Bank directors face extraordinary pressure to find CEO candidates who can lead in an industry that changes seemingly by the minute and craft succession plans that meet banks' future needs, while satisfying the increasing scrutiny of regulators. We explore the issue in "Title contenders," starting on the cover, part of this issue's focus on banking and finance. We also chat with the folks at Bangor Savings Bank about their notable performance this year in making SBA-backed loans (more than doubling the next-highest lender), in "Top of the pack," starting on the cover.
Banks and credit unions aren't the only players in lending circles these days. Some corporations, like Starbucks and Sam's Club, are getting into the lending business to help small-business customers, an issue we explore in "Lending a hand," starting on page 20. A list of the state's largest SBA loans on page 24, and some advice from TD banker Randall Therrien on managing cash flow problems on page 26, round out the focus section.
We also give readers a glimpse of Cary Weston, a marketing professional and motivational mainstay in the Bangor area who is now its mayor, in "Youthful brigade," on page 3. He's taking his communication powers to new levels with the appointment and has ambitious plans for the Queen City.
Speaking of communication, the staff of Mainebiz would like to wish everyone a merry Christmas. Here's hoping that Santa is good to you all, and that the season brings more nice than naughty.
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