“You can do a lot of dumb things in banking as long as you don’t write bad loans” Bob Wilmers, Former CEO M&T Bank Hingham Institution For Savings has been run by the Gaughen family for 30 years. The management switched hands in 1992-93 through a shareholder takeover/vote. At the time of the take over 10% of the assets were non-performing, today it is 0.01% (one home loan). That’s a pretty amazing turnaround. The history of the bank’s prior mismanagement is crucial to understanding why they strive for excellence in every part of the bank and why the bank is so intentional with everything they do (and don’t do).
Good stuff, thanks Soren