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Joseph Perri CEO Gold Coast Bank -at Islandia
June 10, 2011 @ 12:00 am EDT
Gold Coast Bank – June 10th meeting recap
Today’s meeting was a very different experience. It was held in the board room of the Gold Coast bank in Islandia, and Joseph Perri, President and CEO presided over the meeting.
We began with 10th District Suffolk County legislator Tom Cilmi, is introducing the speaker.
Mr. Perri is engaging speaker and after the first few minutes, the presentation was conducted more as a conversation between the speaker and the rest of the people in the room.
Joe explained the normal course of doing business where the information is gathered by the banker from the prospective borrower, and then takes it back to the office for processing. That process leaves out the first hand knowledge of the submitting party and worst case scenarios are tested against the application. Often that process destroys the validity of the submission. After long delays and little communication the application may be rejected. Perri suggested a more communicative approach and different assumptions on the same case could yield a different result.
Joe went on to explain what is considered. All of the negative outcomes are tested against the submission. The bankers, not knowing the business as well as the person requesting the loan, may make unwarranted assumption. Another thing that happens is a case summary that winds up being too harsh, or never written.
A better approach may be for the borrower to suggest the pitfalls that could occur, and suggest possible mitigation strategies to fall back on if needed. The summary is designed to develop a true picture of the risk and the borrower is in a better position to create that summary. This gives the banker a platform for further questions and streamlines the process.
Moreover the feeling of the loss of control is changed, since the client is in the lead position.
Mr. Perri spoke a little about the responsiveness of small regional banks as apposed to large banks. You may not be a significant piece of business to one of the giants, but your small business may be a valued customer to a region based bank.