After almost 50 years in the business, First National Bank of Suffield Senior Vice President and Chief Financial Officer John Tinnirella looks back with pride on a career that evolved along the way, and held true to a commitment to customers, employees, and the company.
It’s an impressive road, given the fact that when he first started out, Tinnirella saw banking as a temporary stop.
“I graduated from high school in 1963 but didn’t feel ready to go to college,” he said. “My dad said that was okay, but I had to get a job.”
Landing himself a position at the original Connecticut Bank and Trust, Tinnirella said he didn’t plan to stay long.
“I figured I’d work for awhile, buy myself a car, and then move on,” he says. “Twenty-eight years later, I was still there.”
Tinnirella eventually left CBT in 1991 for a new job with First National Bank of Suffield, a nationally chartered commercial bank with three additional branches in West Suffield, East Granby, and Windsor Locks. A private company, the bank is owned primarily by about 130 local, individual stockholders. Next year the bank will celebrate 150 years in business.
In 2012, Tinnirella, who has been with First National for 22 years, helped the bank achieve record earnings. As CFO, Tinnirella is charged with managing the budget and cost controls, as well as investing the bank’s assets. He said this past year, like so many before it, the key to his company’s success depended on an unwavering commitment to longstanding values.
“The most important decisions we made this year focused on remaining true to the bank’s core principles with regard to risks and rewards,” he said. “With today’s low interest rates, it could be tempting to go after higher yield and incur more risk than we normally would.”
Staying the course, he said, provides a baseline consistency which helps as his and other small banks tackle tough issues in an even tougher business environment.
“What products are worth the commitment? What should we introduce? What non-interest income can we generate? Banks struggle with these issues,” he said. “It’s a competitive market; we have to take a close look at the cost of providing services and maintaining margins.”
Looking back on the financial crisis of 2008, Tinnirella said the experience caused a shift in his mindset as he prepared to move forward with the value of lessons learned.
“It didn’t change the way I approach my role, but it did prompt me to re-examine things,” he said. “We began to study how we view allocation of assets and liabilities.”
On a national level, Tinnirella said, regulatory changes spurred by the financial meltdown have trickled down to challenge smaller banks.
“Because of past crises, there is so much regulation. Some is justified, but for a community bank it can be a burden,” he said.
In addition to keeping up with regulatory compliance, Tinnirella said changing technology is a major focus for his bank as it balances expenditures and assets.
“It can be challenging for community banks, as we strive to meet the ever increasing needs of our customers,” he said. “We have to keep up with the technology, which can be expensive. The combination of technology and regulatory requirements can be a tough one for community banks.”
These are the types of considerations Tinnirella takes seriously as CFO of his bank and as an advocate of community banking in general.
Susan Thorner, First National’s vice president and compliance officer, said community bank employees are often asked to wear many hats, and Tinnirella is no exception.
“Not only is John the CFO, he is in charge of HR, investments, and is the bank’s security officer,” she said. “He is also responsible for branch facilities.”
Those who work with Tinnirella also tout his commitment to representing the bank within the community, offering support for events and organizations ranging from banking programs within local elementary schools, to Meals on Wheels, to charity road races.
Contributions made by First National to local charity and cultural organizations number in the dozens.
It is that link to community that Tinnirella said is the key to business success both internally and externally.
“Our greatest assets are our staff, and the personalized service we offer our customers,” he said.
Nonprofit category: Paula Altieri, Hartford Public Schools
Private (100+ employees): David Christie, COCC
Public: Christopher Swift, The Hartford
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