Q&A with Mario Trueba, CEO and President of Sabadell United Bank
by Boardroom Brief on August 13, 2010
1. Born in Cuba, your family relocated to the United States when you were 2 years old. By the age of 40 you were named president of a world class South Florida based financial service organization formerly known as Mellon United National Bank. How did your parents and their escape from communism influence your meteoric rise to success?
Clearly, my parents share much of the credit for the success I have enjoyed over the years. I was inspired by the many sacrifices they made for our family, always placing the needs of my brother, my sister and I ahead of their own. We entered the United States as exiles and then became immigrants. The U.S. is built on the hard work of its immigrants and in our case this is what provided me the foundation for who I am today. I grew up in Philadelphia, within walking distance of the Liberty Bell, the symbol of American independence and freedom. I have an enormous amount of respect for the freedoms here and like most immigrants, I am fiercely proud of being an American.
My family moved to South Florida when I was in eighth grade and I fell in love with the area and plan never to leave. I have sand in my shoes!
2. 2009 was a ruinous year for many of the region’s banks but in its first financial report since its early 2010 acquisition by Spanish banking giant, Banco Sabadell, Mellon United National Bank, now Sabadell United Bank, returned to profitability. You were instrumental in engineering this acquisition and now reside as the CEO of the newly branded Miami based bank. Can you describe how you fostered the appeal for Spain’s fourth-largest bank to invest with such conviction in Florida’s unpredictable economy?
It’s important to remember Banco Sabadell had a good foothold with some quality people in place in Florida before meeting us. They already owned a full-International branch and a small bank here and were serious about further South Florida expansion.
That timing coincided with our meeting various folks to determine the future of Mellon United (now Sabadell United). In our courtship process things clicked. Our business model, employee and client caliber, executive management team and community alignment were of great interest to Sabadell. In this regard, we connected on many levels, not the least of which was our belief in and commitment to Florida, and banking in Florida; this was in contrast to our prior parent company which was looking to exit the commercial banking business nationally.
The lineage of Sabadell United is also important. Banco Sabadell was founded 130 years ago in the town of its namesake, Sabadell, just outside of Barcelona. We have found that Banco Sabadell combines a strong entrepreneurial and pro-business culture with sound, practical banking. Today, Banco Sabadell is $110 billion in assets and is the ideal partner to grow with into the future.
3. Can you describe how this acquisition has positioned Sabadell United to take advantage of growth and acquisition opportunities in the South Florida market and some of your strategies for growing the bank?
Fueled by strong leadership and a passion to do more in Florida, the acquisition by Sabadell provided us the platform to grow and put our strategic plan into action. On the heels of the merger of TransAtlantic into Sabadell United, we now have the strength of $2.3 billion in assets in South Florida and 20 retail branches serving our customers in Palm Beach, Broward and Dade Counties. TransAtlantic also brought with it a very dedicated work force. This merger further allows us to focus on our core business markets: professionals, entrepreneurs, and privately held companies and their owners, while continuing to remain committed to our culture of exceptional personalized service. Part of our growth strategy also involves identifying acquisitions as our industry continues to consolidate. We will be Florida-centric in that approach with an orientation toward South Florida, but with interest in expansion further up the peninsula.
4. There are significant benefits for your customers and employees as a result of being aligned with a large, international financial group. Can you discuss some of these benefits?
Following so much uncertainty related to the pending sale of the bank the fact that we were being acquired by Sabadell immediately provided our employees’ peace of mind and a most deserved feeling of stability. Our executive management team was rigorous in our search for a match which would produce the best possible outcome for the most employees and clients. Over 1/3 of our staff has been together for 13 years, so it was critical to find the right buyer. With Sabadell we have found a parent who wants to provide the resources required to further build a strong institution for our clients and employees, many of whom share a long history with us. We are also investing in our brand and in new technology, while remaining committed to our core culture of exceptional personalized service.
Sabadell United is financially strong with a clean balance sheet and a can-do business attitude.
5. Before you received your MBA from FIU, you received a double major in psychology and education from St. Thomas University (now known as Biscayne College), an unlikely foundation for a career in banking. Since that time you have also received the Leader for Life Award, the highest alumni honor awarded by the university. Can you explain how your personal motives for attending undergraduate school were NOT to get a job, but to learn and how this philosophy provided you a unique advantage in achieving your success?
Looking back, there isn’t anything I would change about my education. My undergraduate degrees in psychology and education at St. Thomas may have seemed an unconventional start in light of the path I have chosen in banking, yet like Sabadell, it was the right fit. It taught me important skills in writing, research, public speaking and most importantly, how to understand people and their motivations. I am a firm believer in a broad based education and have encouraged my children to pursue this path as well. I happened upon my MBA almost by accident. To interview for a job through the Placement Office in Graduate School I need to be an MBA candidate. Through excellent counseling at FIU I was allowed to transfer from Psychology to Business instantly becoming an MBA candidate. I interviewed and got the job. I completed my MBA some years later as I had promised the Counselor I would. My liberal arts background, combined with my MBA have served me well.
6. You are a well known leader in the local community which includes sitting on the board of St. Thomas University and Miami’s Children’s Hospital; past chairman of the board of Leadership Florida; a member of the Orange Bowl Committee as well as a strong allegiance to a host of philanthropic projects. Your personal commitment mirrors that of Sabadell United Bank which is to “think globally and act locally.” Can you describe how this strategy influences your leadership style?
What I value most in this world is family, which includes my children and my partner in life (and former high school sweetheart,) Susana, to whom I have been married for nearly 29 years. I strive at home, in the office and in the community to always be a gentleman and to lead by example.
Volunteering is a privilege and it is an honor to help the State and the communities in which I live and work. I am passionate about Florida and the opportunities that exist and am pleased to be able to contribute and to influence my colleagues to do the same.
Beyond family, community is key. At Sabadell United, I am pleased to work with professional, client focused, community-minded bankers.