Leader Bank - A Step Ahead Banking

Opened in 2002, Leader Bank has quickly become a favorite community bank of the greater Boston area. We are dedicated to fostering the continued growth of our surrounding communities through a diverse array of products and services.

Our staff of experienced commercial and retail bankers are committed to understanding the financial needs of you and your business. At Leader Bank, we are devoted to helping businesses and individuals achieve their financial goals by offering competitive solutions in retail and business banking as well as residential and commercial lending.

We distinguish ourselves by providing unmatched customer service to each and every one of our clients. We offer localized, knowledgeable decision-making designed to create long-lasting relationships within the community.

At Leader Bank we can deliver a customized solution to suit your needs from a large commercial to a small personal loan. Our staff understands that the success of Leader Bank depends upon the success of our clients.

Our Mission

It is the mission of Leader Bank to provide superior products and services and to promote economic growth and stability within the communities we serve. We will earn an acceptable profit for our shareholders, facilitate future growth and retain a quality staff.

We will maintain high safety and soundness standards and be aware of expansion opportunities.

Our Vision

The vision of Leader Bank is to become the premier financial services organization that provides the highest level of quality customer service in the markets we serve. This vision requires that we remain innovative and responsive to changing customer demands in the delivery of financial products and providing personal service.

Customer satisfaction will always remain the number one priority of everyone in the bank.

We will employ and retain a superior work force of highly motivated, energetic, well-trained and productive employees by offering an inspiring work environment, competitive salaries, excellent employee benefits and caring leadership.

Branch locations and delivery channels will revolve around the needs of those consumers and businesses. We will seek profitable growth in our market area and by expanding relationships with our existing customers.

We will strive to achieve superior financial performance, be considered a leading bank by reputation and performance, and be a good corporate citizen of the communities we serve.

Chairman's Letter

Dear Shareholders, Customers, and Friends:

2017 marks yet another milestone in Leader Bank’s history as we celebrate our fifteenth anniversary, with each year more successful than the last. Since we opened our doors in 2002, the banking industry has experienced incredible volatility and turmoil, but our dedication to building the Bank through community outreach, superior customer service, strong management, and sound business and lending practices has ensured Leader Bank’s growth as many others have fallen away. I am proud to report that, yet again, Leader Bank has met or exceeded our goals for the past year.

Leader Bancorp had a record year in 2016, with net income of more than $14.6 million, 15% higher than last year and representing a 1.35% return on average assets and 15.85% return on average equity. For the first time, Leader Bank ended the year with more than $1 billion in assets, representing an 11.5% increase over 2015 and demonstrating the incredible growth from our initial asset base of $6.5 million in 2002. The past year was also our most successful ever in our residential and consumer lending departments, who combined originated over $3 billion dollars of loans, the most in a year since our founding. In doing so, Leader Bank ranked as the largest home purchase residential lender among banks in the state, the sixth largest residential lender in Massachusetts overall and the sixth largest SBA lender in the Commonwealth due to our ever-growing commercial presence. We also continue to expand our retail and commercial banking teams with a strong branch network and product offerings tailored to the needs of the community we serve. As a result, Leader Bank’s deposits rose by nearly 18% last year to $777.85 million.

This growth has made Leader Bank recognizable as one of the top community banks in the state and the country. The Boston Business Journal recently named Leader Bank as the most profitable Massachusetts-based bank in 2016 as a percentage of assets, outranking institutions of much greater size and longer histories. Financial Management Consulting Group also ranked Leader Bank as the overall top performing bank in Massachusetts for all of 2016, due to our strong return on assets and equity, high asset quality and impressive operating efficiency. As our continued “A” grade from Weiss Ratings and Five Star Rating from Bauer Financial, Inc. also show, Leader Bank truly deserves its place as one of the best financial institutions in all of the Commonwealth.

The past fifteen years have been remarkable for Leader Bank, but even more is to come. As we continue to prioritize innovation, it is not a matter of if but when Leader Bank will unveil its next product or service that revolutionizes the way our community banks. None of this could be accomplished without the loyal support of our customers, the guidance of our Board of Directors, and the dedication and work ethic of our incredible employees. Thanks to their efforts and the confidence of you, our valued shareholders, Leader Bank looks forward to remaining A Step Ahead.

Board of Directors

Sushil K. Tuli, Chairman

Sushil Tuli has been one of the leading figures in lending and banking in Massachusetts for nearly thirty years. Mr. Tuli founded Leader Bank in May of 2002 and has guided Leader Bank to become one of the top community banks in the county, with well over 225 employees across seven full service branches, three loan production centers and over $1 billion in assets. During his time as President, Mr. Tuli has grown all facets of Leader Bank’s business.

Mr. Tuli and Leader Bank have been repeatedly honored for their success over the last decade. Under Mr. Tuli’s leadership, Leader Bank has received both a 5-Star Superior Rating from Bauer Financial in every quarter since 2010 and an “A” or “Excellent” rating from Weiss Ratings.

In 2013, Banker & Tradesman named Mr. Tuli as a Community Bank Hero. In 2015, the Boston Business Journal honored Mr. Tuli with Leader in Diversity award. In 2015 Mr. Tuli also received a Lifetime Achievement Award from TiE-Boston for his work mentoring and supporting entrepreneurs and small businesses.

In 2015 he also received President’s Award from HomeStart, Inc., for his dedication to combatting homelessness.

Mr. Tuli’s leadership extends beyond his work with Leader Bank, having served in 1999 as the Chairman of the Massachusetts Mortgage Bankers Association, the largest mortgage banking industry association in New England. He is currently serving as a member of the Federal Reserve Bank of Boston’s Community Depository Institution Advisory Council.

Governor Charles Baker also recently appointed Mr. Tuli to board of Massachusetts Capital Growth Corporation and until recently, Mr. Tuli also served on Fannie Mae’s Affordable Housing Advisory Council. Mr. Tuli received a master’s of public administration in 1975 from Punjab University and graduated from the Harvard Business School’s OPM Program in 2010.

Peter Conrad

Mr. Conrad is the retired President and CEO of The Cooperative Central Bank in Boston where he served for fifteen years. Mr. Conrad also was an adjunct professor of finance at Bentley University for ten years, with a focus on commercial real estate and secondary mortgage markets.

As part of his leadership of The Cooperative Central Bank, Mr. Conrad oversaw the insuring of state chartered cooperative banks above FDIC limits, and he worked closely with many regulatory agencies, including the FDIC, Federal Reserve Bank of Boston and the Massachusetts Division of Banks. In particular, Mr. Conrad was responsible for monitoring many local banks in times of financial crisis, and he ultimately managed six Massachusetts cooperative banks in the wake of the 2008 financial crisis to ensure their continued viability.

Mr. Conrad has also served as a director of the National Cooperative Bank in Washington DC, an OCC regulated institution, where he chaired the audit committee.

Priscilla H. Douglas, Ph.D.

Priscilla H. Douglas is the founder and principal of PHDouglas & Associates, a consulting firm that coaches individuals and executive teams to be more skillful at working collaboratively and strategically.

Her professional career includes key executive positions in government, academics, and business, where she was often the first woman and the first African American. Dr. Douglas served as a White House Fellow as a Special Assistant to William H. Webster, former Director of the Federal Bureau of Investigation. She also served the Commonwealth of Massachusetts as the Assistant Secretary for Public Safety and the Secretary of Consumer Affairs and Business Regulations. Dr. Douglas held two innovative positions at Xerox Corporation. She led the education and government value marketing team, and also was the principal for Knowledge Sharing Competency, designing and developing a knowledge-sharing curriculum for worldwide implementation that led to ASQC, KM Magazine recognition in this emerging area. At General Motors she worked closely with the originator of the quality movement, Dr. W. Edwards Deming.

Dr. Douglas taught courses in management, leadership, and organizational behavior as an instructor for the master’s program for Harvard University Radcliffe Seminars. She received a Doctor of Education from the Harvard Graduate School of Education and a Master of Education and Bachelor of Science from Northeastern University. She has published two articles on knowledge sharing and is currently working on an article entitled: “Leadership is a Conversation.”

Dr. Douglas previously served on Leader Bank’s Advisory Board, which was formed in 2004 to review operations and strategic planning for the Bank.

Rajiv Lal, Ph.D.

Rajiv Lal, Ph.D. is the Stanley Roth Sr. Professor of Retailing at Harvard Business School, where he recently co-chaired the Executive Education Program on Building and Leading a Customer Centric Organization. Professor Lal joined Harvard Business School in 1997, and has served as the course head for the Marketing required study for all first year MBA students and the Faculty Chair for the Global Management Program.

Professor Lal is one of the authors of the 2005 book Marketing Management, and has authored or co-authored over twenty five articles on topics covering various marketing and retail topics, including the effects of globalization on brand marketing. Professor Lal has been nominated for numerous awards for his scholarly work, including the Frank Bass award and the John D.C. Little award, which he was awarded on two occasions. In addition to his academic accomplishments, Professor Lal has advised some of the largest companies in the country on business strategies and financial services marketing, including Nordstrom, Target, Credit Suisse, Morgan Stanley, UBS, Citizens Bank, Royal Bank of Scotland, and Microsoft, among others.

Prior to joining the Harvard Business School faculty, Professor Lal spent fifteen years as a professor for the Stanford University School of Business. Professor Lal holds a B.S. in Mechanical Engineering from the Indian Institute of Technology at Kanpur, India and a Ph.D. in Industrial Administration from Carnegie Mellon University.

James M. McKenna, Esq.

James M. McKenna presently operates a consulting firm that serves small businesses and start-up ventures in the areas of business development, public and media relations, and marketing. Since 1995, Mr. McKenna has assisted numerous small to mid-sized for profit and not-for-profit entities to secure venture capital investment funding, strategic planning, media relations, press and marketing materials assistance and business development. In addition, Mr. McKenna serves as a feature article writer, speechwriter, and public speaking coach to senior executives.

Prior to starting his consulting firm, Mr. McKenna served as the Town Administrator of the Town of Dover, Massachusetts from 1989 to 1995. Mr. McKenna also worked as a Strategic Planner for the Executive Office of Communities and Development for the Commonwealth of Massachusetts from 1986 to 1989.

He both founded and presently serves on the Board of Directors of Gigeurope.com, an e-commerce business that serves U.S. performance artists on tour in Europe. He is a Director of Proxa Contracts, Inc., a Pharmaceutical Clinical Research firm, and is a member of the Finance Committee for the Town of Rockport, Massachusetts.

Mr. McKenna earned his Juris Doctor degree from Suffolk University School of Law in 1992. He holds a Master of Public Administration degree with a concentration in Urban Planning and a B.A. in Economics and English from the University of Massachusetts, Amherst. Mr. McKenna is a member of the Massachusetts Bar and is a licensed Real Estate Broker. Mr. McKenna has authored several published works on the real estate industry, community development, and regional planning.

V.G. Narayanan, Ph.D.

V.G. Narayanan is the Thomas D. Casserly, Jr. Professor of Business Administration at the Harvard Business School in Boston, MA. His research interests are mainly in managerial accounting, with an emphasis on control issues in inter-organizational settings and aligning incentives in supply chains. Since Dr. Narayanan’s teaching career began at the Harvard Business School in 1994, he has taught a variety of courses, including Financial Reporting, Measuring and Driving Corporate Performance, Management Control and Performance Measurement. Though Dr. Narayanan studies a range of topics, he brings to Leader Bank his expertise in the study of customer profitability measurements and customer relationship management within the retail banking industry.

Peter Palandjian

Peter Palandjian is the Chairman & Chief Executive Officer of Intercontinental Real Estate Corporation, overseeing the affiliated operating companies with primary responsibility for Investment Strategy and Institutional Relationships. Prior to joining Intercontinental in 1993, Mr. Palandjian worked as the assistant to the CEO of Staples, Inc. Before joining Staples, Mr. Palandjian was an associate with Bain & Company, an international management consulting firm.

Eric Silverman

Mr. Silverman is an active entrepreneur and investor in a number of businesses. He is a Founder and General Partner of Eastham Capital, a private real estate investment business based in Newton, MA. He is also a Founder and Partner of Transitions Capital, LLC, a Cambridge, MA-based investment firm with a focus on investments in out-sourced services businesses. Mr. Silverman is also a Principal and Founder of St. James Capital, LLC, a FHA-approved lender specializing in multi-family residential housing financial services. For three years (January 2004 to January 2007) he owned MCMUSA, Inc., a national design/build construction company. And from 1998 through 2001, Mr. Silverman was the President of Aspen Investment Group, Inc. (“Aspen”) working out of Boston, MA. Aspen is a private investment company based in London, England.

Mr. Silverman is also the non-executive chairman of RentGrow, Inc., a company where he served as President from 1995 to 1998. RentGrow provides resident screening tools to the multifamily housing industry. Before joining RentGrow, Mr. Silverman was a Founder and Principal in St. James Mortgage Company, a Fannie Mae-approved residential mortgage banker. From 1991 to 1994, he directed and implemented the company’s retail expansion into Massachusetts and New Hampshire and managed operations in those states. St. James has since spawned Triumph Title, a real estate closing agency in Bloomfield Hills, MI.

In 1986, Mr. Silverman co-founded St. James Financial Corporation, the predecessor and parent of St. James Mortgage Company. At St. James Financial, he advised real estate developers on interest rate risk management. He also worked as a consultant with Recapitalization Advisors, Inc., in Boston, MA, advising real estate developers and owners on the preservation of lower income housing properties through HUD’s LIHPRHA program. Mr. Silverman is also a Vice President of Holtzman and Silverman Construction and Realty, based in Southfield, MI, which is an asset manager of apartment and retail properties. In 2002, he became a founding non-executive director of Leader Bank.

Mr. Silverman graduated from Bowdoin College in 1985 with an AB in Mathematics. In 1991, he earned the degree of Master of Science in Management, with a concentration in Finance, from the MIT Sloan School of Management. He is an active alumnus of MIT, where he served as a judge in the $100K entrepreneurship competition for seven years. He is also an active angel investor in a number of businesses and a member of the Hub Angels, LLC investment group. Mr. Silverman is also on the Board of a number of non-profit organizations including The Jewish Family and Children’s Service of Boston, The Spaulding Rehabilitation Hospital Network, Partners Continuing Care and Julie’s Fund.

Leader Bank Annual Reports

2016 Annual Report

2015 Annual Report

2014 Annual Report

2013 Annual Report

2012 Annual Report

2011 Annual Report

2010 Annual Report

2009 Annual Report

2008 Annual Report

2007 Annual Report

2006 Annual Report

2005 Annual Report