The Information Technology wave brought talented engineers, programmers, testers, project leaders and managers from India to the USA— the IT paradise for professionals. Today we know a large group of entrepreneurs, who have weathered the IT boom, and subsequently thrived and succeeded. While much is articulated about the successes and failures of many IT entrepreneurs, little is written about those who have silently withstood these times and established themselves in various other sectors like banking, food chains even hotel owners.

Sushil K. Tuli, Chief Executive Office and Majority Shareholder of Leader Bank, started a community bank with the goal of offering competitive products while providing the highest level of personalized customer service. Based in Arlington, MA, this nationally chartered bank has $135 million in assets and focuses its lending and banking services on individuals and businesses.

With a Master’s degree in Public Administration, Tuli moved to the U.S in 1976 and began his career in banking. With his vast experience, Tuli independently started Leader Mortgage Company, Inc in 1986. Although reserved and soft-spoken, he quickly became a respected businessman. Tuli soon established within the community. Since the company’s inception, they have conducted over $4 billion in business with more than 35,000 customers.

Tuli served as chairman of the Massachusetts Mortgage Bankers Association in 1999 and started his mortgage business because of a community need for lenders to assist consumers achieve their American dream of home ownership. Leader Mortgage customers often expressed their displeasure with the lack of personal service available at their larger banks, hence Tuli’s strive to initiate a local bank offering similar service as large financial institutions.

Because banking was an obvious option, Tuli was determined to open a bank before his 50th birthday. With family support, this personal goal was achieved by filing the formal application to open the bank in 2000. With consistent effort, Leader Bank opened for business in May 2002.

Leader Bank’s Board of Directors includes many notable professionals. “Obtaining our national charter took two years, but it was worth the effort, since we are now able to do business anywhere in the country,” said Tuli.

The bank began with a modest capital of $6.5 million from angel investors, family and friends. Most de novo banks lose money before breaking even and becoming profitable, but they did so within the first year of operation and have continued to grow tremendously. The bank hopes to exceed $180 million in assets by December of 2005.

“A personal relationship, free checking accounts, higher CD rates, online banking and free online bill payment is what a customer looks for in a bank,” said Tuli.

Leader Bank has been well received by the community and opened their second branch in Arlington Center in 2004. They hope to open a branch each year to extend their service to increased customers. Tuli emphasized the importance of the strategic positioning of each branch of Leader Bank. Arlington Center is an incredibly active area of the town that had recently lost two other banks to mergers. “Providing customers with convenient distribution channels increases the banks accessibility and promotes more business,” said Tuli.

Leader Bank’s Arlington Center branch has been very successful and since opening Tuli claims deposits have grown to nearly $12 million. “We’ve made a difference in the Center and are being very well received by the neighborhood,” said Tuli.

Leader Bank is now preparing to open their third branch in Central Square, Cambridge. As an active business center in a historic city, prestigious educational institutions such as MIT and Harvard University surround Central Square. Opening this new branch will provide convenient banking services to the businesses and professionals in the area.

Tuli considers customer satisfaction to be Leader Bank’s ultimate goal. “Every day we are judged on our responsiveness to the customer. Our customers’ positive experiences encourage their friends, family, and colleagues to also come to Leader Bank for all of their banking needs. We constantly strive for complete customer satisfaction,” said Tuli.
For a bank with such high standards of customer service, it is not surprising to find the president’s personal cell phone number listed on his business card. Sam Zeba, Chief Financial Officer of Game Logic and Leader Bank customer, said “The convenient access to the President and Senior Management was a key factor in our decision to bring our accounts to Leader Bank.”

To maintain local involvement, they offer various community-oriented programs “We have a very attractive kids club,” said Tuli. “Parents bring kids in to open a simple passbook savings account. For every $100 they deposit, we give them a Shop Arlington First gift certificate, which can be used at several local business establishments. This savings program teachers kids to save and to feel good about having their own money and passbook while enabling Leader Bank to support local businesses.” The bank also supports the community by sponsoring community and multi-cultural events.

They have also introduced residential mortgage programs for service professionals including teachers, fire fighters, police officers and other employees. Recently, Leader Bank was recognized by the Federal Home Loan Bank of Boston for demonstrating a commitment to create housing opportunities and meeting special community credit needs through the Community Development Advance.

Additionally, they write mortgages for commercial customers. Some recent transactions include shopping plazas, apartment buildings and multi-use office buildings. The bank recently financed the Marriott Residence Inn in Framingham, part of their hotel and motel financing service. They also specialize in financing new construction homes.

Though bank mergers are not always a good thing, Tuli said Leader Bank has benefited from them. “It has enabled Leader Bank to hire experienced professionals. Numerous Leader Bank employees have come from banks that merged or were acquired by another bank,” he said. Tuli seems to seek out the most qualified individual for every position.
“Our employees have also worked for bigger banks. They know the area and the people well,” said Tuli. Several members of the Senior Management welcomed the stability offered, as they moved on from the transitional insecurity imposed by the merger of their previous bank.

With the rise in the immigrant community, many banks have started to target their services to specific demographics and Leader Bank is the first in the North East Region started by an Indian-American. They not only focus on the immigrant community, but the entire community. Tuli’s well-known status in the South Asian Community attracts many customers to Leader Bank.

Current Chairman of The Indus Entrepreneurs-Boston and Managing Director of Monsoon Capital, Gautam Prakash has been a customer of Leader Bank since its inception. “I have been very impressed with the product mix and the attractive interest rates offered. In addition to being extremely supportive of the local community, they created their own niche within the market,” Prakash said.

Tuli attributes much of his success to his motivation and work ethics. “I set realistic, but challenging goals and work very hard toward achieving what I set out to do,” he said. By crediting much of the success of Leader Bank to the management and staff, he emphasized the importance of an entrepreneur surrounding himself with intelligent and highly qualified individuals.

In 1999, Banker and Tradesman acknowledged Tuli as one of the 125 leaders making a difference in the community and the Governor of Massachusetts recognized him in 1993 for his contributions to the community. Leader Mortgage was honored with the Fannie Mae Technology Leadership award in 1999, and The Boston Business Journal also named Leader Mortgage Company the 5th fastest growing company in Massachusetts for the past two years.

A great deal of Tuli’s personal achievement was acknowledged when he was selected as a finalist for the 2003 Ernst & Young Entrepreneur of the Year Award, a program is in its 19th year of recognizing entrepreneurial excellence. He has already been nominated to be in contention for the same honor in 2005.

Sushil Tuli lives in Belmont, MA with his wife Rita and their three sons. Leader Bank looks forward to a successful future. “With the introduction of new products and services, the opening of new distribution channels and the utilization of new technology, Leader Bank will continue to be A Step Ahead.”