The M&T Bank logo is prominent atop downtown Buffalo's skyline, but behind the bank's success is a woman celebrating more than 50 years of leadership and influence with the city's only Fortune 500 company. M&T Regional and Charitable Foundation President Shelley Drake is now planning to retire in March, but spoke with WBFO's Marian Hetherly before she does.
(edited for length)
MH: Congratulations on a career well done. What are your plans for retirement?
SD: Well, it took me a little while to get to where I recognize that the time is absolutely right and I'm looking forward to retirement. I want to take a bit of time to think about anything that I do.
MH: You've been so involved in the community outside of your work over the decades, I was wondering if you were going to settle in on maybe one or two favorite projects or organizations.
SD: Actually, one of the things that I'm contemplating is doing some volunteer work that would be more grassroots. I went to Providence Farm and I cut down wildflowers they were later going to sell. It was sort of a wonderful thing to be walking in the fields. It was a sunny, hot day. And I was with some colleagues and we were cutting wildflowers and then arranging them. It was great. So I maybe something along those lines.
MH: That does sound quite different from the traditional banking environment. What was your first position at M&T?
SD: Well, it was an interesting position. I had graduated from UB and I had a degree in psychology. And an uncle of mine asked me what I was going to do upon graduation. And I said, I really don't know. He suggested I apply for a job at M&T. I went to the Personnel Department. It was called Personnel, not Human Resources, at the time. And I asked if they were hiring. And the nice person behind the desk said, 'Do you have a college degree?' And I said, 'Yes.' And she said, 'Do you have a car?' And I said, 'Yes.' And she said, 'You're hired.' And that was how I started, which, of course is so far from what we do today.
My first job was selling Empire cards to merchants. An Empire card for us was the predecessor to the Visa card. Our competition was at the time Marine Midland's MasterCard. Our card was pretty terrible shades of orange and green and I had to wear a double-knit polyester uniform that was orange and green. So I would go up and down the streets, up and down in plazas and in malls trying to sell to merchants to carry the Empire card.
MH: Let me set the stage a bit for our listeners. You started at M&T in the early '70s, a single Jewish woman in a strict, male-dominated profession. The majority of women didn't work outside of the home, women had just received the right to a bank account in the '60s, and financial institutions usually had policies against women applying for credit, loans and mortgages and sometimes they had to have their husband's permission. I've also heard stories from women of the time literally being chased around the desk. What was this time like for you?
SD: So regarding the first part of your question, which was what women could or could not do, I probably didn't even know that, to be honest. Being a psychology major, I had never taken business, so I didn't even know that those regulations were in place and needed to be changed. With respect to having bosses chase people around desks, I can tell you that we are in a far better place today than we were back then. I and my four very, very close friends, all of whom started at the bank together, we all had experiences that I certainly wouldn't disclose today on this call, but we have come so far. Back then, if something was incorrect, someone did something that wasn't right — be it a customer or a fellow employee, a colleague — we just didn't know what to do, where to go, had no way to get around it. Thankfully, that's been so corrected and we've come a very, very long way.
MH: What kind of changes have you seen in yourself over the years?
SD: Well, I think I was able to grow with the times and learn what was acceptable, not acceptable. You know, I have enjoyed very much being a mentor to many women, men as well, because I love being with people and I like helping people and I've been around a long time. So if there's something I know that I can impart to someone else, I'm thrilled to do that. Many people go through life without ever having a mentor. It's special to have one. In some cases, I've just been sort of open door, come on in and chat, as opposed to being a mentor, but I've loved those relationships. I hope people still do reach out to me even when I'm not there, but I will miss that.
MH: How did you decide your own leadership style?
SD: I think just by being me, by being genuine, and being who I am and what my beliefs are. I hope that I've never done or said anything that goes against those. So I think I've just been pretty open, honest, and that's been my mantra. What you see is what you get with me.
MH: So is that the answer to the multimillion-dollar question, your longevity?
SD: I think so. I had a lot to learn along the way. Regrettably, I did not go on to get an MBA, which I probably should have done. I would give other people the advice to do so. Ultimately, it came out okay, it worked, but I think it maybe would have moved more quickly if I had that next degree.
MH: What are you most proud of?
SD: I guess I'm just most proud of a 50-year career well lived. And I'd like to think the bank has grown so much. It was a $2 billion bank when I started and it was a mediocre bank, and it's so strong and it's so vibrant. You know, what it's done in our local Western New York community, but in all the other communities where we are now. We're a very important part of the fabric of those communities and I'm very proud to have been with this bank and to have had this career.
MH: You seem to have the best of both worlds now. As Regional President, you're overseeing nearly 80 offices across Western New York and there's been this enormous market growth for the company. And then you're also President of the bank's Charitable Foundation, so you get to give away millions of dollars every year and make that impact in the community.
SD: I jokingly used to say that I make money for the bank during the day and I give it away at night. But they are difficult in different ways. On the charitable side, there is there certainly never enough to go around, there's such great need — and more so these recent days with certainly with COVID. So we have to make sure that we're making a difference, and that we're staying true to our mission, and making sure that our partners or charitable partners are doing what they're saying they're going to do.
And then on the commercial side, we have to be there for our companies, our customers, some of whom are not-for-profits. We have to be there to support their growth and certainly be supportive when times are not always rosy. But there's nothing more wonderful than being part of a company growing and developing and maturing. Being a little piece of that, that's what's been so rewarding.
MH: I read on the website that the Charitable Foundation is going to name its new leader with the merger of M&T and People's United Bank.
SD: That will be a pretty significant job, especially once we acquire People's United. This person will be in charge of running a larger-yet foundation than it is today. The other thing that's a little different is this individual will become the Executive Director. We've never had an Executive Director. The person won't have another job with it. If we were to take our giving the last year or two, it's in the $30-$35 million range. I think People's United has been in the range of $8-$9 million. So if you just fold those two together, you're approaching $15 million in annual grants, I would say.
MH: The bank has also named a new Regional President, Eric Feldstein. He was head of Business Banking.
SD: He still is, as of now. So he will continue to be head of Business Banking and he will be the Western New York Regional President. He's terrific. I've known him for years and we meet regularly. I've actually offered to continue to help later on, if should he need. He's been in several different areas and, as of late, he's been back in Buffalo. Business Banking is our area that handles customers, clients, whose revenues go up to approximately $15 million and some are larger. And with this acquisition of People's United, that Business Banking group will report to him, as well.
MH: So all these changes. And, of course, the banking industry is changing all the time. Where do you see M&T headed in the next 5-10 years? Where do you see banking headed?
SD: Once this acquisition happens, we'll become the 11th largest bank in the country and a far cry from our being a tiny regional bank back when I started. There have been many, many consolidations and I believe there will continue to be consolidations in the industry. We've always been an acquirer, rather than being one acquired. So I would see us growing and I would see us becoming even more sophisticated. We've really stepped up our technology game. I think we also would like to be able to bring additional functionality services, etc., that come from being a larger institution. The industry's becoming more sophisticated in its offerings and we'll be there with the industry doing the same things.
MH: Is there anything else you would like to say to Western New York as you retire?
SD: I just love being a part of it. You know, I grew up here, my parents were from here, I went to school here and I've stayed here. I'm thrilled to be part of this community and a part of the growth in the community. So I just think it's a very special place and I think we have a lot going on. I'm thrilled to be here and certainly not planning to move to Florida or anything like that. One of the things I didn't say, which was so important to me, is that I met my husband at the bank. And my son is at the bank. So M&T has been more than just a job for me. You know, it's been my life.
