When banking executive Jeff Hubbard recently took over as the new chair of the board of directors of the Connecticut Business & Industry Association, he vowed to help guide its efforts to rebuild the state’s economy. Hubbard has challenges ahead, with many businesses struggling due to the restrictions and lost business caused by the coronavirus […]
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When banking executive Jeff Hubbard recently took over as the new chair of the board of directors of the Connecticut Business & Industry Association, he vowed to help guide its efforts to rebuild the state’s economy.
Hubbard has challenges ahead, with many businesses struggling due to the restrictions and lost business caused by the coronavirus pandemic. In his new role, Hubbard says he plans to continue the CBIA’s efforts to engage the business community, drive change and foster growth.
Meanwhile, expansion is at the forefront for Hubbard in his role as senior vice president, commercial banking regional manager at Liberty Bank in New Haven. Hubbard has been leading the Middletown-based bank’s growth in the New Haven area. Liberty is the state’s oldest bank, having started in 1825.
Between last spring and the end of the year, Liberty secured $314 million in Paycheck Protection Program (PPP) loans for about 3,600 small business customers and non-customers. Its bankers continue to help small businesses, including with the loan forgiveness phase of the program.
New Haven BIZ recently sat down with Hubbard for his insights on what the future holds for the state’s business community and Liberty Bank.
What have you been hearing so far from business leaders about changes they would like to see?
The changes that people seek are very broad — it is legislative, it’s taxes. It is, how do we create jobs in Connecticut?
A lot of focus is on COVID today and the response. In my personal opinion, Gov. Ned Lamont and the state have done a wonderful job in addressing the COVID issues. There is no easy answer, but I think the state has been certainly transparent in its interest and concerns in beating COVID. So people on the business community side are interested in COVID, they are interested in jobs.
There is interest in transportation, though transportation is not as big an issue because more people are working from home. The concerns around growing your business and attracting new employees continue to remain the same.
How can the CBIA help bring changes about?
The CBIA is the largest business community in the state, so it has a voice and a consistency around public and private issues in Connecticut. What it brings to concerned business owners is size and scope and an ability to reach into the legislature.
What do you hope to accomplish during your year-long term as CBIA chair?
I am very excited to improve communication with legislators. They are the key. They are very busy people, and we need to find ways to interact with them more frequently. I think that is the one thing I am passionate about — improving our communication with individual legislators as often as we can.
We have a very large board. We have a lot of folks who we can engage to understand the needs of the legislators, helping them do their job, being a voice. One that listens and learns.
There is room for collaboration between CBIA and the Connecticut legislature.
What needs to be done to help ensure the workforce has the required skills needed for available jobs?
Training for the jobs that are available. There are many jobs available at Electric Boat. What we lack are the people with the skills to get those jobs. So we need that interim step.
There are a number of exciting programs in the state that can be bolstered to fill that void, to fill the pipeline. It is a great opportunity for us to have all these jobs in Connecticut. We need to take advantage of it quickly and get people trained.
How do we do that? You support the educational programs that are in between you not having any skills and you getting a job at Electric Boat, as an example.
Liberty Bank recently leased space at 59 Elm St. in New Haven for a new commercial loan production office. What is the status of that?
It is open. We got the banking commissioner’s consent. It has been a soft opening because of COVID. The purpose is to grow more awareness of Liberty Bank and produce more lending opportunities. We don’t take deposits here, we make loans here.
Liberty currently has two local branches in New Haven, at 1475 Whalley Ave. and 153 College St. Why does Liberty Bank see the New Haven region as a key growth market?
We see New Haven as dynamic and one of the strongest markets in the state. Why? Meds, eds, high net worth individuals, a dynamic marketplace. We recently closed on a loan for the [former] Pirelli Tire headquarters on Long Wharf. That is a very bold move on our part to support a boutique hotel in New Haven that probably won’t be open for [months].
So that kind of dynamic market growth is attractive to us. We are really big fans of the New Haven market, and that’s why we selected this as a location to invest in, to put a loan production office.
How are you working to develop and build commercial relationships in Greater New Haven?
Lending is a relationship business, so we have hired people who we believe have deep relationships in the state. When those people come to places like Liberty, they understand they’ve got the tools necessary to execute on behalf of those customers.
I have been a New Haven banker for 25 years. I like to think I have a pretty deep network in New Haven. We find that hiring the right people will bring in business. We had a terrific 2020 despite all the challenges.
What do you see as the bank’s role in helping the community as it recovers from the pandemic’s impact?
I think the bank is very strong in its belief that we support the communities that we live and work in. New Haven is a good example of a community where lots of our employees live and work. I live in the market.
What our role is, is to be that supporter of foundational opportunities that fit our mission. New Haven is one that fits our mission.
What is Liberty Bank seeing in terms of commercial borrower demand?
Strong loan demand. I think Liberty Bank has a reputation of being a consistent lender through the good times and the bad, and that consistency is what drives people to want to bank with you.
Borrowers are not always looking for whether it is the lowest rates, they are looking for a partnership, a bank they can count on today and tomorrow that will weather the ups and downs of the Connecticut economy.
What is Liberty Bank seeing in terms of credit quality among borrowers? Are your commercial borrowers staying current with their loans?
For the most part, credit quality has remained fairly strong and stable. COVID has without a doubt had an impact on many of our borrowers. Many of our borrowers have taken advantage of the PPP loan program. So there are some PPP assistance loans for small and medium-sized businesses in Connecticut.
It has been a challenge. COVID has taken its bite out of the revenue streams for a number of our customers. What can we do? We can listen, we can understand, and we can employ the tools that we have to help that person get through this.
What would you like to see happen for Liberty Bank in the New Haven area in the next decade?
We are nearly a 200-year-old institution with roots in Middletown. We are a Connecticut born and raised bank. In the short term, we want to grow our awareness and become the bank of choice. I would like to see us continue to grow our market share in the New Haven market over the next decade.
