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Jan Houghton
Janice Houghton
Title: President and CEO, StonehamBank (retired)
Age: 67
Industry experience: 48 years
When Janice Houghton began her career in the banking industry more than four decades ago, she found herself facing many challenges, mainly because she was in an industry dominated by men. But in early November, Houghton left the industry on top, retiring from her post as president and CEO of StonehamBank, a position she held for nearly two decades.
Houghton’s story began with her grandmother, who was born in Stoneham in 1899. Houghton’s grandmother had wanted to become a bank teller, but at the time, women weren’t allowed to vote, and no bank would hire her.
While Houghton’s grandmother never became a banker, after World War II, attitudes in Stoneham changed dramatically and women were given opportunities to pursue jobs that would have otherwise been given to men. Houghton’s mother got into banking as a part-time teller and she convinced Houghton that she, too, should pursue a career in the industry.
Houghton worked in almost every department in the industry including finance, lending and working as a branch manager. When the top job at StonehamBank opened in 1999, the board of directors encouraged Houghton to apply, and ultimately hired her as CEO.
Q: What have you enjoyed most about your time at StonehamBank?
A: I enjoy knowing that our team has had an effect on the lives of others through volunteering within our community. Our volunteers have truly made a difference in improving the quality of life for the youth and seniors in our communities. Supporting civic and charitable organizations is the central component of StonehamBank’s values.
We continuously work with the Boys & Girls Clubs, hospitals, schools and senior centers in and around Stoneham and Billerica. We sponsor events for these organizations and also provide volunteers when needed. We donate food and toys around the holidays and serve monthly dinners through local food pantries.
Whether it’s our time or resources, for the past 130 years, the bank and its employees have made it their mission to give back through charitable giving and volunteer efforts.
Q: What was your biggest challenge through your years at the bank and how did you overcome it?
A: My biggest challenge was that I wasn’t seen as equal. When I started in the 1970s, the industry was dominated by men and being a woman in banking wasn’t easy. I didn’t have a role model to emulate at the bank. I overcame it by believing in myself and taking on new positions when available. I like to believe that provided me with the knowledge and expertise I needed to keep the momentum going within my career. Looking back, there were many bumps in the road, but I learned many life lessons that helped me grow not only as a banker but also as an individual.
Q: How has banking culture changed, with regard to women, from the beginning of your career until now? What still must be done?
A: While the world of banking has been ever-evolving, women [in] leadership roles are still lagging. In today’s banking culture, there is a preconceived notion that women need more guidance to get to the next level. I think we should be empowering women and giving them more opportunities within their roles. My advice is to remember that you are in the room for a reason; you deserve to be there, so speak up and share your views. Use your voice, because people might enjoy your thoughts and ideas.
Q: What advice do you have for mutual banks, as they look to succeed in a competitive and changing banking landscape?
A: First and foremost, I suggest selecting and training a great board of directors. The board plays a pivotal role in the effectiveness of the bank’s governance. The board sets the tone and has the key responsibility to ensure the bank keeps a strong and healthy culture.
I also believe that your employees’ opinions are vital to success. They are the ones talking to customers and really know what the company can do to improve. Giving everyone a voice makes everyone feel like they matter, which is what we try to embody at StonehamBank.
Houghton’s Five Favorite Newspapers:
- The Boston Globe
- The Boston Herald
- American Banker
- Cape Cod Times
- Banker & Tradesman
