America’s Most Exciting Bank

The Wall Street Journal: “To Michael Daly, who runs Berkshire Hills Bancorp Inc., BHLB -1.22% banking is too often blasé. So Mr. Daly has adapted an unconventional rulebook meant to energize and empower his 1,900 employees. Suits are not allowed. Rock music must be played at every meeting. And ziplines are an acceptable form of transportation: Mr. Daly once arrived at an employee town hall on one, slinging $100 bills to the crowd below … In an industry built on numbers, Mr. Daly believes in emotions and that employees who feel good will do good work. He started calling his company ‘America’s Most Exciting Bank’ years ago, because workers told him they wanted jobs they enjoyed.”

“Since he became chief executive in 2002, the bank has grown to $11.5 billion in assets as of the first quarter, from about $1 billion. During acquisitions and their accompanying job cuts, Mr. Daly hands out his cellphone number freely and encourages employees whose jobs are on the line to ‘come get in my face.’ The ones that do call often prove worth keeping. ‘You would be shocked at how many high performers we find through that,’ he says.”

“Mr. Daly often hires from outside the banking industry, valuing scrappiness over pedigree. He likes to tell the story of two customers that he struck up a conversation with at a branch in Albany, N.Y. He liked their energy, and hired them away from the clothing store where they worked to do customer service for the bank … For all his swagger, Mr. Daly also likes to play the part of a small-town banker. He said he sends a couple hundred handwritten notes to employees every month, and replies to just as many employee emails.”

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