VIP 23

Michael P. Daly: A banker with a stake in the community
By Patrick Rheaume

Berkshire Bank President and CEO Michael P. Daly believes that the linchpin to his success, and the success of the bank as a whole, is tied to strong filial relationships. In that vein, he credits his wife of 20 years, Carol, with helping him through his rise in the industry.

"I met her in Stanley Park in Westfield on our first day at college," recollects Daly. "She has supported me ever since.”

On the business side, Daly was promoted last October to his current position. At Berkshire Bank, he says, "we've been able to create an extended family for workers." He credits this atmosphere with an increase in profitability and employee satisfaction alike.

Daly has sought the help of employees in generating optimism in the work force. "I believe that through positive reinforcement, we can create genuine support for the company among all of its workers," he says.

Born in Pittsfield, not four blocks away from his current office on North Street, Daly graduated from St. Joseph's Central High School and Westfield State College. He recently earned his master’s degree in business administration from Columbia University.

He began his career with the Bank of Boston. "In high school, I worked for Pittsfield National," he recalls. "Banking has always been in my blood." In the early 1980s, he came to Berkshire County Savings Bank, now Berkshire Bank, as a community loan officer.

"Banking was very different at that time, and a lot of businesses were in trouble," he remembers. "My job was to negotiate 'work-outs' with debtors.” Now, says Daly, banks are moving from a thrift mentality to a commercial outlook. "It’s important that we understand our potential to spur economic growth,” he says.

In fact, Daly believes that "there is some romanticism" in watching businesses use the aid of banking and financial institutions to grow and prosper. He relates how "part of investing in the community, which is really what we do, means understanding the methods that work for companies."

Since joining Berkshire Bank, Daly has seen firsthand the importance of locally based financial institutions. "We have a stake in this community," he says. "Our success is tied to the success of the people we serve."

His late father was an ex-Marine who, Daly estimates, has influenced his life more than anyone else. "He always talked about how underdogs and overachievers were often the driving force to success, whatever the field," Daly says. His faith in the local employee base derives from the lessons learned from his father.

Rather than look outside the community for specialists to work for the bank, Daly tries to employ workers from the area. "We need to give people the tools to accomplish their job," he observes. "And an important part of that involves nurturing local talent." Drawing on the nearby community for workers is often thought to increase the stake those workers have in their success of the company.

Daly is proud of the new computer system brought in on his watch. "In many respects, the future is here, and we need to utilize the available technology."

He serves on the executive committee for the Pittsfield Catholic Schools and chairs the local Cystic-Fibrosis Foundation. He is also a member of the Chamber of Commerce, the development board of Downtown, Inc., and was recently elected to the board of the Norman Rockwell Museum.

Daly enjoys hiking with his wife and attending horse shows with his daughters Colleen and Katie. Once a week, he plays ice hockey with a number of his friends on a team dubbed "The Shamrocks"

In the future, Daly sees continued growth for Berkshire Bank. "Many companies have reached into the county from outside," he says. "We want to be a company that grows into other areas while maintaining our headquarters here in Pittsfield."

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