Exclusive Interview With The President And CEO: Sun Bancorp, Inc. (SNBC) - Thomas X. Geisel
January 9, 2012 - The Wall Street Transcript has just published Northeast and Mid-Atlantic Banks Report offering a timely review of the sector. This Special Report contains expert industry commentary through in-depth interviews with public company CEOs, Equity Analysts and Money Managers. Please find an excerpt below.
Recent Wall Street Transcript Special Reports.
Thomas X. Geisel is President and Chief Executive Officer of Sun Bancorp, Inc., and Sun National Bank. He joined Sun in January 2008 and brings more than 20 years of financial services experience to his position. His background is well diversified and includes experience in investment banking, private equity investing, commercial banking and executive management. Before joining Sun, Mr. Geisel held several positions with KeyCorp. He joined Key in July 1999 in New York City, where he served as Managing Director of investment banking for the East and West regions of KeyBanc Capital Markets, formerly McDonald Investments' Key Business Advisory Services division.
In 2002, he was promoted to President of Key's Capital Region New York District, and subsequently, to Regional Executive for commercial banking. From 2005 to 2007, he served as President for KeyBank's Northeast region, which was made up of eight districts across New York, New England and Florida, with assets of about $20 billion and revenue exceeding $550 million. Mr. Geisel's other experience includes representing the U.S. Department of Justice in various capacities domestically and as a Diplomat in Latin America and the Caribbean. In 2011, he was named by NJBiz as one of New Jersey's "50 Most Powerful People in Banking."
TWST: Would you begin with a brief historical sketch of the company and a picture of its operations at the present time?
Mr. Geisel: We began with one office in Medford, N.J., in 1985, and through organic growth and small acquisitions over the last 25 years, we've grown to about 65 locations around the state. We are conservatively managed, focused on disciplined growth and local decision-making. For five years in a row, Sun Bancorp (SNBC) was recognized by Forbes Magazine as one of America's most trustworthy companies. We do business in 21 of the 21 counties in New Jersey, so we're truly a statewide bank, and we have the second-largest commercial bank actually headquartered in the state. Our teams focus on providing both ideas and solutions to individuals, small business and commercial customers across the state. We are a full-service retail and commercial bank. We have two key products at this point in time.
One is a product called C4 Business Banking, which is basically a suite of business banking services designed to give small business owners access to loan and deposit products as well as cash management and production services solutions. This allows these business owners to invest in their businesses and increase their competitive advantage, and we are advisers to 200-plus small business clients. We established this product earlier in the year because we saw there was a void in the market for not just lending to small businesses, but really comprehensive solutions for those small businesses. The second key product, which we're in the latter stages of developing on the retail side is a checking account that will be "better than free." As you know, many banks are moving away from free checking, so we're going to be offering something that's better than free. We will be rolling that out sometime after the first of the year.
TWST: Would you tell us about the area Sun serves and the economic realities around New Jersey?
Mr. Geisel: The competitive landscape in New Jersey is a pretty tough one. Customers have choices. They can bank with the big national banks or a variety of local community banks. Our competitive advantage in the market is that we offer the best of both worlds. We have the experience, knowledge, products and services of the big banks, and we combine that with local relationships, market knowledge and the accessibility of a community bank. We have bankers all over the state who understand the individual nuances and specific needs of their towns and regions. Our approach is sophisticated with comprehensive solutions that we deliver more efficiently and effectively to our client base, because we know the markets that they work and live in, and we make most of the decisions in those markets. In essence we believe our competitive advantage makes us a more effective partner.
TWST: What's your outlook for the industry there and for the company in particular?
Mr. Geisel: Obviously, the banking industry is going to continue to be challenged, not only by the regulatory environment but by a struggling economy, for certainly next year and probably into 2013. We're certainly affected by regulatory changes and the lingering impact of the recession, but we're definitely confident of our strategy, the team we have executing it and the customer relationships in our markets.
Outside factors definitely influence the decisions we make, but we've got a mantra in the company: "Control what you can control, and influence what you can't control." We believe that focusing on the things that we can control allow us to have a greater impact in the communities we serve and with our customers.
The remainder of this 36 page Northeast and Mid-Atlantic Banks Report can be immediately viewed by purchasing online.
The Wall Street Transcript is a unique service for investors and industry researchers - providing fresh commentary and insight through verbatim interviews with CEOs and research analysts. This 36 page special issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.
The Wall Street Transcript does not endorse the views of any interviewees nor does it make stock recommendations.
For Information on subscribing to The Wall Street Transcript, please call 800/246-7673