Purpose Driven Banking – A Better Business Model?
By:
Sharon J. Lorman
Jeffrey P. Marsico
Andrew S. Rietz
Guest: Clay Adams, President and CEO, Mascoma Bank
Podcast Show Notes:
Our This Month In Banking (TMIB) podcast features discussion with colleagues and other industry thought leaders on interesting banking news that happened this month. TMIB will be available on the last Wednesday of every month here, and on Apple and Droid podcast apps for your listening enjoyment. Join us on your commute, at your desk or at home.
Topic: Purpose Driven Banking – A Better Business Model?
Insights from Clay Adams, President and CEO, Mascoma Bank
In the recent TKG Perspectives newsletter, Jeff Marsico makes the case for purpose-driven banking. A 2019 Washington University Survey of over 1,000 people found that employees at companies with a statement of higher purpose are happier, prouder of their company, and have greater trust in their leaders to make both better and more socially responsible business decisions. Clay Adams, President and CEO of Mascoma Bank, shares his insights on how Mascoma Bank is set up to serve the needs of communities and customers and how that provides latitude to focus on the return to a broad range of constituents versus narrowly focusing on one. Clay also tells us what it means to be a Certified Benefit Corporation (“B Corp.”).
What role does your bank play in improving the lives of customers, employees, communities, and shareholders, especially as the COVID-19 pandemic continues to have a devastating impact on individuals’ health and livelihoods? Purpose creates a basis for answering those questions and can provide opportunities for differentiation and growth.
Clay Adams Biography
President and CEO of Mascoma Bank
Clayton.Adams@MascomaBank.com
Clayton Adams became President and CEO of Mascoma Bank in January 2017. Prior to becoming President, Mr. Adams was a member of the Bank’s Board of Directors for five years. In this capacity he served on several committees, including serving as Chair of the Strategic Planning and Wealth Management Committees. He is also past Chair of the Mascoma Bank Foundation.
Before joining Mascoma Bank, Mr. Adams earned considerable executive leadership experience. For ten years he led Resource Systems Group (RSG) as COO and then CEO. RSG specializes in transportation, environmental and market research. This firm grew to more than 100 professionals and opened offices around the country under his leadership. Mr. Adams was also the CEO of Simon Pearce, a family-owned manufacturer and retailer of hand-crafted glass and pottery.
Mr. Adams began his career in the consulting industry. He first worked for Putnam Hayes and Bartlett, a Washington, DC based economic consulting firm. Later he worked for Mercer Management Consulting, a Boston based firm that helps Fortune 500 companies remain strategically relevant.
Currently he is a Director of the Montshire Museum of Science, Alice Peck Day Hospital, Ford K. Sayre Memorial Ski Council and Vital Communities Corporate Council. Mr. Adams’ community service includes being a past Chairman of the Delta Dental Plan of Vermont and Vital Communities. He was also a past Director of the Love Your Brain Foundation.
Mr. Adams graduated from Dartmouth College with a B.A. in Government. He also was awarded an MBA from the Amos Tuck School of Business Administration at Dartmouth College.
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Watch for episode 62 of This Month in Banking to be released on Wednesday, February 24, 2021, and a new episode on the last Wednesday of every month.
Thank you for listening!
Relevant Link:
O’Brian, D., Main A., Kounkel, S., Stephen, A. (2019, October 16). u> Purpose is Everything. Deloitte.