NORWICH – NBT Bank brings to a close one of the most important chapters in the company’s 160-year history today as it marks the retirement of a man who helped the organization reconnect with its community banking roots, ushering a path of continued growth and prosperity.
On Tuesday, May 3, 2016, following 28 dedicated years of exemplary service, Daryl R. Forsythe will complete his current term as Director and retire as Chairman of the NBT Bank and NBT Bancorp Boards.
“Daryl’s impact on NBT has been tremendous,” said NBT President and CEO Martin Dietrich. “During his tenure, the company has grown from a community bank with a local presence in central New York to one of the leading financial services organizations in the northeast at a time when the banking industry has faced many historic challenges. On behalf of all NBT directors, our nearly 1,800 employees and our retirees, I extend our deeply-felt gratitude and appreciation for the dedication, leadership and vision Daryl has provided.”
In 1988, Forsythe was one of three new members to join the bank’s Board of Directors followed by a 1992 appointment to NBT’s Holding Company Board. In 1994, NBT was in need of a new leader; and when the Board shifted its approach to focus on management skills over a banking resume, it would name Forsythe as its new CEO in December of that year.
But coming from an outside industry had its challenges. The world of banking was far from Forsythe’s wheelhouse as General Manager of what was then known as Simmonds Precision and is today GE Unison located south of Norwich.
“There was absolutely a learning curve,” said Forsythe. “I knew a bit about the bank from sitting on the board. While my management and leadership skills were transferable, I had to learn the specifics of managing a bank on a day-to-day basis. Fortunately, I had some good teachers.”
As Forsythe recounts, his appointment into a leadership role at NBT came at a difficult time for the locally-based financial institution. The bank was fielding negative feedback from shareholders and customers in those days. “People in the communities we served felt they were losing touch with the bank, because there was little local authority being exercised,” said Forsythe. “We were losing business due to a lack of confidence in the bank. It was a tough time for NBT.”
The first years of Forsythe’s tenure were spent realigning the company to be more like the community bank it had historically identified itself as which meant changes to staffing and investment in the bank’s branch network. It also meant a fresh look for the bank with a new name and logo. “We even included the name of each town in our branch signs, like NBT Bank of Oxford and NBT Bank of Sherburne. We wanted all of our customers to know that above all we were—and are still—a community bank,” said Forsythe.
As Forsythe’s efforts to refocus NBT on community banking began to take hold and business began to grow, he understood that it was time to look to the future. “We started to think about what direction to take the company,” said Forsythe. “We held a series of strategic meetings with the bank’s leadership and board to decide how to further grow NBT.”
In 1999, NBT began to implement a strategic growth plan that involved expansion through a series of both organic growth and acquisitions. The strategy resulted in new lending offices and branches in new markets as well as the acquisition of several smaller banks.
“As we gained experience with acquisitions, our proficiency for integration improved,” said Forsythe. “It has really developed into such a strong competency for our team that the transitions associated with recent acquisitions have gone very smoothly for our new customers and staff.”
Reflecting on his time with NBT, connections with people are an important theme for Forsythe. “It certainly was enjoyable for me to play a role in turning the company around. Developing employees—including my successor, NBT’s current CEO Marty Dietrich—was one of the things I enjoyed most about being CEO,” said Forsythe. “After having an office at the bank for a number of years, I am going to miss coming in and seeing the people here. Even though I am retiring, I will remain involved in several other boards and expect to stay fairly busy with those commitments…and the occasional round of golf.”
“Daryl’s commitment to NBT and his faithfulness to the company’s community banking values have been unwavering,” said NBT Director John Mitchell. “He consistently focused of the quality of NBT’s efforts and never pursued growth for growth’s sake. NBT and the customers and communities we serve have benefited from his guidance and integrity as well as his passion for excellence.”
Said Dietrich, “He supported us in achieving many important milestones and has positioned NBT for ongoing success. In Daryl’s own words, I can truly say, ‘Our best years lie ahead.’”
NBT Bancorp Inc. is a financial holding company headquartered in Norwich, N.Y., with total assets of $8.5 billion at March 31, 2016. The company primarily operates through NBT Bank, N.A., a full-service community bank, and through two financial services companies. NBT Bank, N.A. has 155 banking locations with offices in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire and Maine. EPIC Advisors, Inc., based in Rochester, N.Y., is a full-service 401(k) plan recordkeeping firm.
NBT-Mang Insurance Agency, based in Norwich, N.Y., is a full-service insurance agency. More information about NBT and its divisions can be found on the Internet at: nbtbancorp.com, nbtbank.com, epic1st.com and nbtmang.com.