Strategy Development
Bank-wide, high-level business assessment: Luzerne National Bank
The Board of Directors of this $175 million community bank engaged Millward Consulting LLC to perform a high level review of the Banks’ business strategy, management team, key business processes and control structure in response to requirements imposed by the Bank's examiners. The process review focused upon corporate governance, credit analysis, loan origination, and management reporting. The work resulted in a report provided to the Board containing a series of recommendations for improvement.
The Board extended this engagement to include preparing a formal management study as directed by a formal agreement signed with the Office of the Comptroller of the Currency, building an implementation plan for the recommendations contained in the management study, monitoring the improvement progress and advising the Board in the development of its governing processes.
Under its new leadership team, Luzerne Bank has continued to prosper. In 2008, George was engaged to facilitate the Board/management strategic planning discussion to guide its continued growth.
Retained consulting services: Multi-billion dollar financial services compnay
The Chief Operating Officer of a multi-billion dollar financial services company has retained Millward Consulting LLC to provide individual consultation across a wide range of topics including business strategy formation and execution, business assessments, organization structure development and management assessments.
Bank-wide, high-level business assessment: $250 million bank
The Board of Directors of this bank engaged Millward Consulting LLC to assist in developing a strategy to guide the CEO transition. Included in this work was a high-level assessment of the bank’s management team, business strategy and significant business processes. The result of the analysis included a plan for the transition of CEOs, a defined role for the prior CEO, and a strengthened relationship between the Board and the new CEO.
Single charter strategy: $2 billion bank holding company
This multi-bank holding company had purchased several community banks, had integrated the operations and information technology functions, but had chosen to maintain separate charters for each of its banks. With the consolidation work essentially complete for the moment, management wanted an assessment of the remaining benefits and costs of consolidating the various bank charters, a review of the benefits of which charter to retain charters (national or state), and an analysis of the implementation issues.
As the Holding Company’s external consultant, George reviewed the regulatory, corporate governance, marketing, operational and technology issues surrounding this potential consolidation. He then led a discussion with the Board of Directors of this analysis and its strategic, governance, organizational and operational implications. The Board decided that the risks of name confusion in its various markets and the costs of software modification overwhelm the financial benefits from such a change.
Strategic Planning Processes: $350 and $700 million banks
Each of these community banks recently completed significant investments to set the stage for growth of their banks. These investments included the development of their banking teams, in implementing new core banking systems and operations, and in establishing fee businesses. As the next step these Banks wanted to develop overall expansion strategies to guide selections of target geographies for expansion and to identify the focus for businesses in these new markets.
As the Banks’ consultant, George worked with the respective management teams to develop strategic planning processes suitable for each organization to use in guiding their expansion efforts, including identifying target markets, focusing upon the appropriate businesses for each market, and selecting the mode of expansion.
Establishing a De Novo Bank: Millennium Bank
In 1998, George joined a team to organize a bank and trust company with the goal of serving high net worth individuals through a combination of banking, investment management and trust services. As Managing Director for Technology and Administration, George established the financial management function (including serving as the Chief Financial Officer); led the selection and implementation process for all information systems; hired and managed the staff supporting information technology, operations and finance; established operating policies and procedures; and performed the corporate secretary, treasurer, human resources and investor relations functions.
Assessment of a private asset management company: $500 million in assets
In the early 1980’s, the owners of this privately held “family office” – a firm responsible for managing a specific family’s wealth – requested a complete assessment of the business in preparation for transferring it to the next generation. The review consisted of analyzing operations, technology and financial management, including an assessment of investment management processes and controls. Working with the Company’s President, George developed a detailed plan for improving operations, developed a transition plan, and gained the Family’s agreement on the transition strategy. The resulting transition was smoothly accomplished.