Washington Financial’s new CEO embraces ‘last place I’ll work’
Twenty-seven years after beginning his career with Washington Financial Bank, Michael Chaido is now president and CEO.
Katherine Mansfield/Observer-Reporter
Katherine Mansfield/Observer-Reporter
Michael Chaido, president and CEO of Washington Financial Bank, likens the organization’s stability to that of the Steelers and their coaches.
Fresh out of Saint Vincent College, Michael Chaido began his professional career at Washington Financial Bank in 1996. In the 26-plus years since, he has never been employed elsewhere.
“I tell people that this will be the last place I’ll work,” Chaido said on Tuesday during a breezy telephone interview. “People typically like it here and stay. Even after some people retire, they return and give back to the bank.”
He embraces the stability he has encountered there, comparing it with the ultimate barometer of corporate equilibrium – at least in these parts. “We’re like Steelers head coaches,” Chaido said. “I’ve known every president of this bank going back to 1967. There are four of us, including me. Look at the turnover at other companies.”
Chaido, an Ohio native with a keen sense of humor and keen sense of community outreach, is the new president and chief executive officer of the Washington-based bank. He succeeded Brian Smith, a fellow Saint Vincent graduate, who passed away on Thanksgiving 2022. Chaido served on an interim basis in both positions for 16 months before officially becoming president/CEO in December.
“Brian’s passing was a big loss for the bank and the community,” said Chaido, who previously was chief operating officer. “Brian was a super intelligent guy. He was a great boss and a great family man. I worked for him the entire time I was here.”
As the one in charge, Chaido has assumed the helm of the largest locally owned and managed financial institution in Washington County, according to the bank’s website. Washington Financial, which will mark its 125th year of operation in 2024, has 12 locations – nine in Washington County and three in Allegheny.
Chaido grew up in Canton, 90 miles from Pittsburgh and home of the Pro Football Hall of Fame. So he was familiar with the Steelers early on. But once enrolled in college, he had to adapt to a new environment, one with serious mountains, serious snow and seriously frigid temperatures.
“I always laughed that you would visit the Saint Vincent campus during the spring, summer and fall and think how beautiful it is. Then during the winter, it was ‘get me out of here.’ I wanted to move south after one winter in Latrobe.”
Chaido remained in Southwestern Pennsylvania, though, married a Trinity High graduate, bought a home in Peters Township and secured a law degree from Duquesne University. Ultimately, he became married to the region as well.
“I’ve been here since ’96, so I don’t think I’m a carpetbagger any more,” he said, laughing.
The bank, he said, has grown impressively during his quarter-century on board, while maintaining a comfort zone for employees and clients.
“Obviously, we were one-fourth the size of what we are now when I started, yet the culture we had then is the same. People we hire fit the mold we have. We try to make it so you have a good family life and can be active in the community. There are a lot of reasons not to leave.”
Using himself as an example, Chaido said there is a compelling reason to stay: opportunity. Washington Financial’s top official started as a part-time teller more than a quarter-century ago. “I refuse to listen to anyone who says ‘I won’t move up here.’ You have to commit to it. People should know they have an opportunity to grow.”
His predecessors as president, Chaido added, helped to foster that culture over the past half-century. They were, in succession, Joe Jefferson (1967-1986), Richard White and Smith (2006-2022). Chaido said he still talks with White, the only living survivor of the three who served before him.
The pandemic, he acknowledged, was an issue for Washington Financial the first year or so. “Our industry had to stay open,” he said of a time that officials had to deal with extended time off for those who were infected, rotating shifts, allowing employees to work at home part time.
“We’ve not had a COVID downturn in financials, we have no lost customers, and no serious illnesses here. We’ve survived it as well as we can.”
There are other concerns, such as hefty interest rates and forecasts of a possible recession. Yet Washington Financial’s president/CEO is confident that the bank will persevere.
“I think interest rates will start coming down within 18 months. But these 18 months will be interesting,” he said. “Banking is a pretty agile industry. You adapt. We’ve been weathering storms, everyone in Washington County has been weathering storms.”
Betty Guerrieri is aware of bank-related storms. She has, after all, been a Washington Financial employee for 38 years. She agrees with Chaido’s sentiments about the culture that begins on North Main Street and extends company-wide.
“It’s a wonderful place to be, especially if you have family,” said Guerrieri, vice president of marketing and public relations manager for the bank. “We continue to be a stable force.”
She has known Chaido for a long time, dating to when he was COO and supervisor of her department, and has lofty praise for the president/CEO.
“Michael is true to the core, someone you respect,” said Guerrieri, a Venetia resident. “He’s as good a person as you’d ever meet. He’s passionate about the bank and his family, and does a lot of work in the community,” primarily with Blueprints, JFK Catholic School (in Washington) and Presbyterian Senior Care.
Life at the top of any business can be difficult on occasion, but Chaido enjoys his new, permanent role.
“We’re continuing to grow at a pretty good clip,” he said. “People see us getting bigger and bigger, and I can play a role.”