Philip L Pecora

President & CEO, Genesee Regional Bank

Years in current role: 20

What was your biggest success in 2023?

2023 was a very challenging year for the banking industry due to the velocity and magnitude of rising interest rates and the inversion of the yield curve. The challenge ran wide and deep; to the extent that five regional banks failed — including the collapse of Silicon Valley Bank, that was the second-largest bank failure in US history. That said, my biggest accomplishment was working with my team through this difficult period; coming out of it with GRB in even better position to continue on our consistent growth path and serving the banking needs of our community.

What are your expectations for your organization in 2024?

The market is anticipating a decline in interest rates in 2024 and even the Fed has shifted to a more dovish stance on rates as the economy appears to be approaching an elusive “soft-landing” where inflation is falling, the job market has remained steady and the economy is healthy. Even if interest rates do not decline but remain stable, the healing process for banks has begun and will continue as our assets reprice to the prevailing higher rates. GRB will see improved earnings in 2024 that accelerate if short-term interest rates decline.

What are you most concerned about this year?

I remain cautious about the prospects of a “soft-landing” for the economy. While the economy appears to be faring well, supported by resilient consumer spending, there are cracks surfacing that may develop into larger issues. Consumer debt, particularly credit card debt, is on the rise as consumers have maintained their spending appetite despite exhausting their COVID savings. I am concerned that higher interest rates may have a lagged negative effect on the economy that could spoil the soft-landing and lead to a recession.

If you couldn’t work in your current industry, what would you want to do instead?

I spent a few years in the construction industry from high school through college and really enjoyed that. Similar to banking, in construction you play an integral role in helping a client improve their position — whether it’s an individual building a new home, an investor constructing a new project or a company investing in a new facility. I take great pride in being a part of the growth and success of others.

What is your favorite activity to do in Rochester?

I love the outdoors and each of our four seasons. I enjoy many outdoor activities including boating, fishing, hunting, skiing and golf. If I had to pick only one it would be fishing because you can pursue it in every season: on a lake, a pond, stream or river. In the Greater Rochester Region, we have plenty of options!

This profile is part of our Power 100 list for 2024. Information used in this profile was sourced from the honoree. View the full list at rbj.net.