🔒From teller to the C-suite: Arnold prepares to lead Essex Savings Bank

When Diane Arnold took a job as a bank teller in 1983, she was in college studying economics and finance. She never imagined her career path would be in banking.

After she graduated, banker and mentor Gregory Shook reached out to her, and she started working in commercial lending. Once she started directly helping businesses, Arnold realized she had found her calling.

“Every customer is different and every business is unique,” Arnold says. “You get to learn about so many different industries — what they do, how they function, what their challenges are, and what you can do to help them succeed. It has been really fun to be involved with someone as a startup and watch them become a multimillion-dollar business somewhere down the line.”

Now Arnold is headed for the corner office. Starting in July, Arnold will be taking over as president and CEO of Essex Savings Bank, the first time a woman has had that bank’s top position.

She will replace Shook, who is retiring. Shook had high praise for Arnold, and he said she “understands the culture,” of the bank, which has about $470 million in assets, 122 employees and six offices, including two in Essex, and one in Chester, Madison, Old Lyme and Old Saybrook.

“She has nurtured many successful businesses throughout the years,” Shook said. “I can’t wait to see her lead the bank forward in the years ahead as our 18th president since 1851.”

While banking can be a fast-paced and stressful job, Arnold stays calm through it all. Her office is filled with pictures of boats and water scenes.

“I look at those pictures and that is what helps ground me,” she says.

Paving the way

Arnold worked at banks in Branford and Southington before joining Essex Savings Bank in 2002, where she currently serves as senior vice president and chief lending officer. For the next four months, Shook is working with her to help ensure a smooth transition.

Arnold, who has developed the bank’s commercial loan portfolio, says continuing to expand it is among her top priorities.

“The bank has been growing rapidly, and deposits are coming in faster than we can lend them out,” Arnold said. “So to grow both our residential and commercial portfolios will be a major focus in the coming years.”

Key to the bank’s past and future growth, according to Arnold, is its support of local businesses.

“There are an awful lot of small businesses that need a banking relationship, and a lot of larger banks don’t always have the time or the appetite to work with those smaller businesses,” Arnold says. “Sometimes those smaller businesses turn into big businesses. You can bring them in on the ground level and help them grow.”

Even though she will be the first woman in the bank’s top position, Arnold says her gender hasn’t been a factor in her career.

“I really never defined myself as a woman commercial lender, just a commercial lender,” Arnold says. “So I never really looked at myself differently than my male peers.”

Arnold notes many other women in the region have “paved the way,” by serving as presidents and CEOs of area banks, such as Lisa Griffin at Eastern CT Savings Bank, Susan Shields at The Milford Bank and Cynthia Merkle of Union Savings Bank.

Arnold says she looks forward to building a network with these other female bank leaders.

Another priority for Arnold? Keeping up with the latest technology so Essex Savings stays competitive with larger institutions. She also wants to keep up with bigger banks in terms of products offered, while providing the personal service of a smaller bank.

“I don’t want to lose sight of the personal relationships that you have as a community bank,” Arnold says. “People want to be able to talk to a trusted advisor who they know and feel comfortable with.”

Company loyalty

According to Arnold, being a local community bank helps differentiate Essex Savings.

“We know our customers intimately, and because of the culture and the atmosphere here, we have really low employee turnover,” she says.

Arnold is going on three decades with the bank, and she isn’t alone in her longevity. Several staff members have been there between one and four decades.

“Banking has a high turnover ratio normally, and I think we have done a great job of creating a very stable employee base,” Arnold said.

Part of the reason for her success and the longevity of the bank’s employees has been mentorship, according to Arnold. She recalls how when she was a teller, people in leadership roles made a point to teach her everything they knew. Throughout her career, she has been a mentor to up-and-coming bankers too.

“My feeling is that I need to give that back — I need to share all of my knowledge with those who are coming up behind me so that they have the same opportunities that I’ve had,” Arnold said. “I always make sure to share my time and knowledge with anyone who is willing to listen. I want to be supportive of the next generation to help them get to the place I’ve been able to get to myself.”