David Nasca Explains How an Upstate New York Bank Makes Money for its Investors

January 16, 2020

David J. Nasca is President and Chief Executive Officer of Evans Bancorp, Inc. Mr. Nasca joined the board of directors of Evans Bancorp in September 2006 and subsequently joined the management team as President in December 2006, bringing more than 20 years of experience in the Western New York financial services and banking community. He was appointed CEO in April 2007.

In this 2,873 word interview, exclusively with the Wall Street Transcript, Mr. Nasca explores the upside for an upstate New York based banking institution:

“The company is diverse, but it is primarily a commercial banking institution. Additionally, approximately 30% of our revenue is noninterest income, with about half of that attributed to our insurance business.

Noninterest income also includes cash management products and employee benefits.

We recently announced a definitive merger agreement to acquire FSB Bancorp, the parent of Fairport Savings Bank, with $325 million in assets and five branches in the Rochester market. Expanding to Rochester had been prioritized as part of our strategic planning and is accelerated by this opportunity.”

The digital revolution in financial technology has profoundly affected smaller banking companies:

“What many banks are doing now is looking for companies they can partner with. And when I say partner, there are companies, like nCino and Sageworks, that will allow you to do a lot more digitally.

They have portals, so borrowers can come directly to the bank by delivering financials and information through a portal.

You can go into that portal, strip the information and then populate loan applications and credit write-ups. You can do some scoring from those systems. You can do underwriting through those systems.

So there is a lot of efficient digital that the smaller institutions are using, whether it’s consumer mortgage and home equity type of technology, commercial loan technology or deposit technology.

We are a midsize community bank with just under $1.5 billion in assets. You are seeing the ability starting to develop for banks like us to acquire or partner with new fintech companies. There is a lot of research being done, but I think it is in the early stages.”

Read the entire 2,872 word interview and get the complete picture, only in the Wall Street Transcript.