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Carmen Sylvester
Carmen Sylvester
President and CEO, Alltrust Credit Union
Age: 53
Industry Experience: 31 years
With regulatory burdens, economies of scale and other challenges driving credit union consolidation in recent years, Carmen Sylvester wanted a growth strategy to ensure that Southern Mass. Credit Union survived into the future. Part of that strategy involved changing the name of the institution that got its start nearly 100 years ago as one of several credit unions for New England’s telephone workers. This spring the Fairhaven-based credit union became Alltrust Credit Union. The $305 million-asset institution, which changed its charter more than 15 years ago to become a community credit union, also expanded its membership this year, which now includes Bristol, Plymouth, Barnstable, Dukes and Norfolk counties and all of Rhode Island.
Sylvester, who has led the credit union for the past four years, started her banking career at Fleet Bank in Providence before working at Peoples Credit Union and then Centreville Bank in Rhode Island.
Q: How did the decision come about to change the name from Southern Mass. Credit Union?
A: The number one reason was when you have a name that is geographic, like Southern Mass., you are limited sometimes in the minds of many that you have to live in Southern Mass. to be a member. Geographically, it really put us in a corner. So, one of the reasons was that we wanted to expand. We have all the counties in Rhode Island, but Rhode Islanders won’t necessarily come to Southern Mass. to do their banking.
And we wanted to just have a more current name, a little bit more of a flare. Alltrust just seemed to encapsulate what we were looking for with no geographic boundaries, no boundaries for growth. And that’s what I say: No boundaries for growth is very important.
Q: What has been the reaction so far to the name change?
A: Like everything else, there are always two sides to every story. A lot of people in the business world and in the credit union industry that we work with think it’s great. They think it’s fresh. It’s short, simple and easy to say. They like our logo, which is a shield. They like the colors that we have now, which are a red and a dark gray.
The membership is half-and-half. Some folks think it’s great. Others don’t see a need to change the name. Others don’t think we need to change at all. But you’ve got to change in this world for anything good to come of it. I think the folks who worked for the phone company for years and years don’t think there’s a need to change it. But I always say that the reason why we’re doing things is to make sure that we are still here 50 years from now.
Q: How has the staff reacted to the name change?
A: The staff is very excited because we’ve got a lot of projects. People are learning a lot. We’ve done a lot of promotion internally with the new name. Our motto is “strive, thrive together.” That is not only for our members, but it’s also for our staff, and I think explaining why this happened and the constant communication that I send out to the staff has been fantastic. It’s exciting times around here.
Q: What are your goals for the new brand and for the credit union?
A: One of the big things that we’re doing is remodeling the home office with the colors and the branding. This building has been here for 30 years. We’re updating everything, and that is encompassing who we are. We’ve started implementing interactive teller machines. We are now six months into a new core conversion to Corelation that will be done in February 2022. Our current system right now is kind of sunsetting. They’re not doing any new upgrades to the system, so we really needed a core system that would grow with us.
We do have a new Seekonk location that’s opening up in September. We’re in the midst of remodeling for that office right now and hiring folks for that location. It’s going to be a new name and town, so we’re very excited for that opportunity.
Q: What opportunities do you see in Seekonk and the rest of your market?
A: We’re looking to have more opportunities within the business footprint, both from a lending perspective and depository. Also, there are a lot of stores in Seekonk, so there are a lot of employees there that may use us for their banking. I was there last week at Famous Footwear buying some shoes, and I introduced myself to the assistant manager, and she said, “You know, we don’t have a bank in the plaza. We’re so excited that a bank is coming in.” I think the location is going to be really good for those that need an ITM and ATM right there.
Q: What are some challenges that you’re facing?
A: The biggest challenge that we’re facing right now, as well as everybody else, is hiring. We’ve got a lot of positions available right now, as do many others, and staffing has really been a challenge. It’s difficult when you have all of these projects that are going on, and we need to hire people. So, hiring is a daily conversation here.
Q: Are there any short-term or long-term solutions to finding qualified candidates?
A: We’ve had to hire a recruiter, where normally we do it in house. They’re having the same challenges. We’ve done a lot more marketing for hiring on social media – LinkedIn, Facebook, Instagram. We recently on [Providence] Studio 10 had a half-hour show online to recruit. My senior vice president of human resources, Kim Trahan, did a two-minute segment with questions and answers about positions that we have available and our benefits. We’re definitely looking out of the box as far as trying to find those qualified candidates. Of course, I think the best way to find people is through word of mouth and getting that information out to your business networks.
Sylvester’s Five Favorite Restaurants:
- Boat House, Tiverton, Rhode Island
- Chardonnay’s Restaurant, Seekonk
- The Wharf, Warren, Rhode Island
- Ten Prime Steak & Sushi, Providence
- LePage’s Seafood & Grille, Fall River
