Fieldpoint Private Bank and Trust

So here’s a Greenwich mortgage player being trashed by its competitors back in 2007:

Some in the industry think the concept of a tight-knit titan-owned private bank is shrewd. Others dismiss it as little more than a group of elite financiers acting like a teenage Mickey Rooney exclaiming to his pals, “Hey, kids, let’s put on a show.”

“These are a bunch of guys who’ve got time on their hands,” said one competitor, who asked not to be identified. “Just because you ran a big business doesn’t mean you can play in this world.”

Another competitor asked: “What’s the end game? Is it a men’s club or a real venture with an exit strategy?”

And here’s a quote from a client and friend of mine, who just did a deal with them:

Just wanted to let you know that I just finished my closing for the permanent mortgage on the house. I ended up doing the mortgage withMarcus Zavattaro at Fieldpoint Private Bank and Trust.

If any of your clients are looking for a mortgage, they are great. I wasted so much time and effort with Hudson City and they were so inflexible it was ridiculous. Fieldpoint keeps all their mortgages and are willing to work with you. I have a colleague doing a 2nd on his house with the same experience.

Thought that I would pass it along.

I’ll go with actual experience over competitors’ sniping, every time.

11 Comments

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11 responses to “Fieldpoint Private Bank and Trust

  1. Greenwich Gal

    We’ll keep our money where it is, thank you very much.

  2. G'wich Transplant

    Don’t you have to have 10M in assets to use these guys?

  3. Greenwich RE Investor

    I had the opposite experience with Field Point recently, unfortunately. While there are clearly some talented bankers among them and their rates on loans are very attractive, I found the people I dealt with:

    A) spent very little time focused on customer issues (e.g., like when you need to close), B) were overly concerned with back-up collateral and liquidity (e.g., wanted some huge multiple of the loan amount in cash in an account, preferably with Field Point), and C) don’t seem to want to do business with anyone other than the ultra-affluent (seem to project that point of view and my dealings with them in terms of their financial requirements would back that up too).

    I’m not sure if they will make it here in Greenwich if they keep up with their current approach, both in terms of customer service and their underwriting standards, i.e., there are too many other players that offer better service and terms.

  4. Greenwich Gal

    What I don’t understand is – what exactly they are offering? There seem to be no real benefits. It sounds all like an image based thing. We all know how those go.

    • christopherfountain

      GG, as noted, I’m way under these guy’s radar so I’ve got no stake in this but what they offered, to one of my clients, was excellent service and a loan. You saw another reader’s experience, which was not as good. Without going into the details of my own client/friends situation – it involved a house being finished – there were probably some complicated conditions there and, clearly this bank dealt with them. I just passed along my client’s recommendation because he was obviously pleased with the service he found there. It’s always nice to know about options.

  5. Value in Greenwich

    Hey, hold on a minute!!!
    Isnt this the guy who left Patriot with a TON of new construction crap on their books!!
    You’ve been writing about Patriot’s non-performing loans for ages….isnt he the originator of most of that stuff????
    Please correct me if I’m wrong.

    • christopherfountain

      That’s the fine tradion of modern American capitalism, fella – stink up the place and get out the door ahead of the cops to start anew. Usually, these folks head down to Washingoton for government careers but Marcus has obviously decided to stay with the private sector, for now. But hey, if you want a loan ….

  6. Wally

    Field Point Private is arguably the most successful new bank launch in Conn. ever. Part of that is of course the luck of good timing.

    It was founded by a stellar group of businessmen (put together by Dan Donahue of Riverside, a prince of a man), and started with about $45M of capital. After about about 1 1/2 yrs in business, they have more like $350M+ in deposits.

    They received their license just before the bottom fell out of the banking business, so this was a fresh pool of capital, with no bad loans on the books! Talk about good timing. And they are inthe business to lend.

    They are a private bank going after the very wealthy. Whether that offends you or not, it is a legitimate (and highly successful) strategy and one that clearly suits their investors and shareholders.

  7. foobar

    I attended a presentation there recently. Nice enough people. Very high bar to do business, net worth-wise. They are being very careful with their underwriting so far.