THE BOARD OF DIRECTORS of The Savings Bank recently recognized Kathleen M. Beaulieu (center of the photo), senior vice president and senior retail lending officer, as she retires from the bank after 31 years of service. Celebrating Kathy and honoring her for her dedication to the bank are (from left to right): Vice Chairman Michael Barrett, Director Glenn Dolbeare, Clerk Susan O’Neill, Director Carolyn Ogren, Director Anthony Gallugi, Executive Vice President and Chief Operating Officer Robert DiBella, Chairman John Spinello, Kathleen Beaulieu, Director Daniel Sherman, President and Chief Executive Officer Brian McCoubrey, Director Thomas Mullen, Director Karen Sawyer, Director Scott Garrant and Director Mark Simeola.
WAKEFIELD – Kathleen M. Beaulieu of Wakefield, senior vice president and senior retail lending officer for The Savings Bank, will retire from the Bank on April 30 after 31 years of service. Kathy joined the bank in 1977 where she worked until 1986. She returned in 1993 where her work ethic and professionalism have been recognized with numerous promotions throughout the past two-plus decades
During her tenure at The Savings Bank, Kathy has been key to the success of the bank’s retail and commercial lending portfolios. When she returned to the bank in 1993, the bank’s total retail loan portfolio stood at $92.3 million. At the end of March 2015, total retail loans totaled $227 million.
This remarkable increase in lending is made even more so by the miniscule level of problem loans, according to Brian D. McCoubrey, president and chief executive officer of The Savings Bank.
“Until 2004, Kathy was responsible for both retail and commercial lending,” McCoubrey said. “Kathy rebuilt, oversaw and managed Community Reinvestment Act compliance and until a few years ago, oversaw and managed all aspects of retail loan compliance.”
In addition, Kathy instituted the bank’s successful First-time Homebuyer Program that has originated 663 loans, totaling just over $152 million since its inception or an average of 30 loans and $6.9 million per year.
In talking about Kathy’s retirement, McCoubrey noted that she had the distinction of being The Savings Bank’s first female vice president and senior vice president.
He also reflected on how her extensive knowledge of lending programs and services and her behind-the-scenes work with borrowers and others who needed advice or counsel, were key to building relationships within the community.
“Kathy did loan ‘modifications’ before they were fashionable or required,” he said. “She provided a tremendous amount of behind the scenes ‘confidential assistance’ for all borrowers who asked for her advice and counsel. Some were her customers, many were not.”
“For years, Kathy has been one of a select group of ‘go-to’ bankers for the Massachusetts Bankers Association on matters related to residential lending. “McCoubrey added. “Recently, she seamlessly handled the implementation of Qualified Mortgage and Ability to Repay rules and implemented the Bank’s participation in the FDIC’s Small Dollar Loan Program. The Savings Bank was one of two banks selected in Massachusetts to participate in the FDIC’s Small Dollar Loan pilot and one of only 12 nationwide.”
The Savings Bank’s outstanding lending portfolio and its low number of problem loans is also a reflection of Kathy’s diligence. According to McCoubrey, she first began loaning money when it was done on a handshake and not much more. Despite increasing regulation, she approaches each loan in that fashion today.
In addition to her professional résumé, Kathy has served the Town of Wakefield as a member of the Finance Committee and is an active member of the Board of Directors of Mystic Valley Elder Services. Service to these organizations are just two of the many quiet good deeds that Kathy has done over the course of her career and there are countless others according to those who knew her.
“Kathy Beaulieu’s significant contributions over several decades have helped to continue the success of The Savings Bank. Her presence will be missed by both her fellow employees and members of the Board of Directors with whom she has worked closely for many years,” McCoubrey concluded.
