Like so many other U.S. industries, banks have turned to consolidation to remain competitive. Many family-owned banks have been swallowed up amid the âmerger maniaâ that has swept the banking industry over the past decade. But executives at family banks that have withstood various pressuresâoften internal as well as externalâsay their institutionsâ personalized service and ability to relate to family business clients in their communities have helped them differentiate themselves from their larger rivals.
Richard J. Green, 56, CEO of Firstrust Bank in Philadelphia, says he has no intention of selling. He represents the third generation of his family to lead the bank, which has assets of more than $2.2 billion and offers retail and commercial services in 25 branch offices in eastern Pennsylvania and southern New Jersey.