GEDDES — Growing the customer base in the Manlius area is one of the top priorities for the new president at Geddes Federal Savings and Loan Association. Brian DuMond took over leadership at Geddes Federal effective at the start of 2013. He succeeds William Hemmerlein, who retired at the end of 2012. DuMond joined Geddes […]
GEDDES — Growing the customer base in the Manlius area is one of the top priorities for the new president at Geddes Federal Savings and Loan Association.
Brian DuMond took over leadership at Geddes Federal effective at the start of 2013. He succeeds William Hemmerlein, who retired at the end of 2012. DuMond joined Geddes Federal in November.
Manlius and the surrounding area provide fertile ground for growth at Geddes Federal, DuMond says. There are large regional banks in the market and credit unions, he notes, but a lack of community banks.
“Our niche isn’t being served in that market,” he says. “I see tremendous opportunity out there.”
Geddes Federal opened a branch in Manlius, its second in its 60-year history, in 2011. The savings and loan is headquartered at 208 W. Genesee St. in Geddes, but also has a number of customers on the east side of the county and even into Madison County.
The combination of an existing customer base and room for more growth made Manlius the perfect fit for a new office, DuMond says.
At the same time, he doesn’t expect a rash of expansion for Geddes Federal. He says one of his other top priorities is to ensure the savings and loan’s existing customer base that things will continue on as they always have.
“We’re going to be what we have always been,” DuMond says.
The savings and loan prides itself on a family atmosphere and the staff knows many customers on sight, he notes. Thirteen of Geddes Federal’s 40 employees have worked there for more than 20 years.
DuMond was previously employed by the accounting firm Dermody, Burke & Brown CPAs, LLC of Syracuse, where he was a partner. He spent 26 years at the firm and specialized in working with financial institutions, governments, and nonprofits and was involved with the firm’s fraud, forensic, and audit work, according to Geddes Federal.
In fact, Geddes Federal was one of the very first clients DuMond worked with as an accountant. He eventually rose through the ranks at Dermody to become the partner in charge of the Geddes Federal account.
When he learned the top job there was open, he says he thought it was a perfect fit. Dermody and Geddes Federal have similar cultures, DuMond notes.
As for the future, he says the bank could look to move into mobile banking at some point in the future.
“We’re looking at it, but we’re not there yet,” he says. “It’s certainly one of the things I think is exciting.”
And while Geddes Federal has no current plans to open more branches, DuMond says that could change if the right opportunity comes along.
“The Geddes model is working so well right now that adding a bunch of branches right now doesn’t seem to make sense,” he says. “We’re open to it if the right opportunity presents itself.”
Geddes Federal has more than $500 million in assets, $416 million in deposits, and $470 million in loans. DuMond says 2012 was a strong year for lending at Geddes Federal and things have picked right up where they left off this year.
Its customers are mainly consumers. It does have some commercial relationships and checking accounts, but most clients are families.
Contact Tampone at ktampone@cnybj.com