Ren Cato
Senior Business Banker, South Shore Bank
Age: 47
Industry experience: 25 years
Business confidence is rising in Massachusetts and Ren Cato, a new senior business banker at South Shore Bank, hopes to harness that to drive growth for the bank.
Even before the November presidential election provided some certainty for the state’s businesses, the Massachusetts economy grew at an annualized rate of almost 3 percent in the third quarter.
And according to Associated Industries of Massachusetts’ regular survey of firms, business confidence was up 430 basis points year-over-year in October, its highest point since November 2022.
With business confidence rising, banks will be looking to meet the needs of their small business and commercial customers. Small companies reported a business confidence of (53.1) while medium-sized companies (58.1) were more optimistic.
Cato joined South Shore Bank recently after over two decades of experience working in financial institutions specializing in business development and relationship management in Boston’s southern suburbs.
Q: Can you talk about the importance of promoting small business and guiding them through the bank banking process, especially in this complicated rate environment as well as a complicated job market?
A: I think it all starts from the beginning of the process, meeting with the client, let them know what’s entailed in the details that go into lending, the rate environment. I think many of the business owners are aware so just being upfront and transparent from the beginning and then walking them through the process, explaining to them how banks work and how banks also review the lending opportunities with clients and let them know what’s available to them. Working with seasoned businesses, they may have done lending a couple other times but I explain to them that rates have changed since the first time they’ve done lending. They may have purchased real estate 10 years ago and are looking to buy a new building today.
Q: Can you break down what the business and small business market of looks like in the South Shore?
A: On the South Shore, I’m very familiar with the area – born and raised in this area – so I understand it. A lot of customers, and a lot of the business owners in this environment here, their businesses are still growing. I think after the pandemic, a lot of businesses were created from that event. So, they’ve been in business for a couple of years, and now they’re actually looking to lend or expand. A lot of building owners right now are doing renovations. Office buildings might be making it more employee-friendly, adding all these different places in the buildings where employees can network and be together or rearranging the office layout, and a lot of conversion to other uses as well. I think there’s always something new and innovative where these businesses in this area are still looking to become new and expand.
Q: How do you want to innovate or possibly change and improve on the work that South Shore is already doing in small business banking?
A: I think one thing that’s not innovative, or could be but very different: In the banking for South Shore Bank, we meet as a team. Jim Dunphy, the CEO of the bank, actually goes out with me on business calls to meet clients, new and existing, and we show the customer the importance of banking. I think that is very different. We do a lot of community work – customers will actually see us, or see me as a banker, helping the local community for businesses of all size, and being involved. I think that’s the real innovation in banking, really being there when the customer’s counting on you to back up everything you say. I think we do that as a bank. We work together as a team here greatly, and I think that helps to show the customer how we can help them, and how we help the community, and how we’re involved, being one of the better or the best community bank.
Cato’s Five Favorite Hobbies
- Playing sports
- Working out
- Listening to music
- DJing
- Traveling
