NORTHAMPTON — Despite a decadeslong career in the banking industry in the Midwest, Matthew Garrity has always considered Massachusetts to be his home.

“We love the area,” said Garrity, who grew up in Lee in Berkshire County and recently moved back to western Massachusetts with his family to take the top job at Florence Bank. “We think it’s beautiful here, the scenery, and the people here are very smart, very friendly and very engaged.”

Garrity, who lives in Amherst, began his tenure as the bank’s CEO and president on Jan. 17, taking over the role from Michael Lynch, who served as interim president since the retirement of former CEO Kevin Day in November. The change occurs as Florence Bank gears up to celebrate its 150th anniversary, having been founded in 1873.

Florence Bank had its strongest financial showing ever in 2022, and Garrity intends to look for ways to forge future growth, particularly by continued expansion in Hampden County where the bank has opened three branches in recent years.

Florence Bank’s total assets are $1.8 billion and it has 12 branches in Hampshire and Hampden counties.

The 56-year-old also intends to spend the first part of his tenure getting to know the Florence Bank staff, currently at 207 throughout all branch locations.

“It’s really about outreach and getting our message out into our markets,” he said. “It’s about bringing in new people.”

The banking industry faces some tough challenges ahead in 2023, with rising interest rates to curb inflation bringing risks of an economic recession. Garrity said he is focused on making sure Florence Bank’s 50,000 customers received the support they needed for their banking needs.

“A lot will depend on what happens with inflation, and if we feel that inflation is headed in the right direction,” he said. “But we still think that there’s plenty of opportunity in our markets for growth, and to support our clients and to support our communities.”

Garrity was chosen out of 125 candidates who applied for the role. Garrity was one of two finalists who met with the bank’s board of directors before obtaining the role.

“Matt was excellent at offering analysis and strategic thought,” said John Ebbets, the chair of the bank’s board of directors, in a release put out by Florence Bank. “He came in with a framework of ideas. I believe Matt’s going to be really good at assessing and developing people as priority number one.”

Ebbets said the bank’s expansion plan has been “slow and steady,” a philosophy that will continue under Garrity’s leadership. In addition to bringing jobs and increased philanthropy, the bank sees the opportunity to create products that will meet the needs of people in the communities it serves, such as a fixed-rate first-time homebuyer mortgage product to encourage home ownership.

One of the advantages Florence Bank has over larger competitors, Garrity said, is that as a mutual bank, it isn’t beholden to shareholders, allowing it to think more long term, as well as the personal connections customers are able to build with the people managing their money.

“It’s the face-to-face relationships,” he said. “Not that there aren’t good people at larger banks, but it’s a harder environment for them to develop that personal relationship, to be focused on what your needs are.”

Prior to this role, Garrity served as executive vice president and chief lending officer at Premier Bank headquartered in Ohio. He holds both bachelor’s and master’s degrees in business administration from Ohio University.

His first job was in consumer banking, but he quickly learned he was drawn to commercial banking and took a job as a credit analyst. He rose in leadership steadily over the years, and in 2009 was recruited to serve as chief credit officer for a mid-size bank and rescued the organization from significant financial distress and the threat of closure via a federal cease-and-desist order.

”We [Florence Bank] have been around since 1873 with the motto of ‘neighbors helping neighbors’,” Garrity said. “That’s as applicable today as it was back then.”

Alexander MacDougall can be reached at amacdougall@gazettenet.com.

]]>