BOSTON--For many customers and community members, the name Leader Bank is familiar. Its growing presence across Massachusetts, its residential lending business and its expanding range of financial services have made the institution an increasingly visible part of the region’s banking landscape.
But the person helping shape that growth may be less familiar.
In a new video interview, Leader Bank President Jay Tuli offers a closer look at the man behind the bank’s strategy and growth, discussing his approach to leadership, his philosophy of banking and the principles he believes have helped Leader Bank build lasting relationships with its customers.
Tuli joined Leader Bank in 2006, just four years after the bank was founded, and has been closely involved in its evolution from a small Massachusetts institution into a bank with more than $5 billion in assets.
Today, his responsibilities span growth strategy, new product development, recruiting and overall operations. But in the interview, Tuli focuses as much on the how of banking as the numbers behind the business.
At the center of that philosophy is a belief in relationships and responsiveness—understanding what customers need and developing products and services to meet those needs.
That approach has helped Leader Bank expand beyond traditional banking. Under Tuli’s leadership, the bank introduced ZRent and ZDeposit for landlords and property managers, initiatives that ultimately contributed to the creation of ZSuite Technologies, which was spun out as an independent fintech company.
Tuli has also played a role in expanding Leader Bank’s geographic reach. The bank recently opened a full-service branch in Falmouth and is expanding its physical presence with new locations in Boston’s Seaport and Andover. At the same time, Leader Bank has added banking capabilities serving customers beyond Massachusetts, including a West Coast deposit team serving clients from Los Angeles to San Francisco and a national Small Business Administration lending team.
For Tuli, however, growth is ultimately about more than geography or balance-sheet numbers.
The Falmouth expansion, for example, reflects the bank’s emphasis on becoming part of the communities it serves. Leader Bank has partnered with local organizations including the Falmouth YMCA and Falmouth Housing Trust, while also engaging with community events and institutions.
That combination—entrepreneurial growth with a strong emphasis on personal relationships—is a recurring theme in Tuli’s leadership.
Before joining Leader Bank, Tuli worked at Revolution Partners, a Boston-based boutique mergers and acquisitions advisory firm, and at JPMorgan’s Private Bank Structured Investments group in New York. He graduated magna cum laude from Georgetown University with a double major in Finance and Technology Management and a minor in Economics before earning his MBA from Harvard Business School in 2011.
He serves on the boards of Leader Bank, ZSuite Technologies and RefugePoint.
As Leader Bank continues to expand, Tuli is helping guide an institution that has grown dramatically since its founding while seeking to retain the entrepreneurial culture that has defined it from the beginning.
In the video interview, Jay Tuli discusses his personal journey, his philosophy of leadership, what he believes customers are looking for from their bank, the thinking behind Leader Bank’s expansion and how he sees the institution’s future in an increasingly competitive financial landscape.
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Video Summary
AI Generated
Jay Tulli, President of Leader Bank, outlines the bank's strategic growth to over $5 billion in assets. He details the expansion of physical branches, the bank's dominance in the Massachusetts mortgage market, and a shift toward organic growth. Tulli emphasizes the integration of global talent and specialized banking verticals to establish Leader Bank as the premier independent community bank in Massachusetts.
Welcome to India and England News. Our guest today is Jay Tulli. He is the president of
Leader Bank and under his leadership bank has expanded. So today we are going to talk to him
not only the expansion of the bank but also get to know Jay as well. So on that note Jay,
welcome to our studio. Thank you so much. Sure, welcome and I'm really excited to chat with you.
Likewise. So I'm told that Leader Bank opened three new branches this year. So just talk about
that and then we'll come back to that. Sure. Yeah so we haven't opened a branch in about 12 years
but this year we're going to open up three new branches. So it has been quite a change in our
business strategy. One thing that is happening is the bank itself has grown so much.
We've grown in a lot of our products and services. We've grown in geography.
We have grown in the number of employees we have. But the other thing that is going is a lot of
banks have been acquired. They've either been acquired or failed. We know a few years ago
some very big banks had issues. So we're seeing a void in the marketplace where we can open up
some new locations, some new brand presence to try to fill the void where some of the others left.
Jay, you mentioned that the bank has really expanded. So how many employees bank has today
and what is the asset situation? Yeah so today we have about 480 employees in the US
and about another 80 or so in India and we are just over 5 billion in assets. Excellent. Now
also when I was getting ready for this interview I was doing some research and I came across a list
in the Boston Business Journal that Leader Bank is the second largest bank when it comes to the
lending and I was really pleasantly surprised to see that given so many big banks, you know Bank
of America, Citizens Bank and Rockland Trust and all, you guys are number two. So how that happened
and tell us about that business. Yeah we're typically the number one or number two mortgage
lender in Massachusetts. This has been our core business for a long time. Many in the community
recognize Leader Mortgage which goes back to 1986 when my father started it. So it's just
been a journey of growing that business. We have over the years really focused on it and focused
on being the best mortgage lender for when someone is trying to buy a home. So making sure that we
can close loans in two or three weeks if required, having the products and services that make our
home buyers more competitive when they make an offer. All of these things together combined with
a lot of technology we've consistently just kind of grown our market share over the decades.
What about the commercial lending by Leader Bank to businesses etc? Yeah so we have grown our
commercial lending and small business lending quite a bit in the last decade.
We do a lot of small business loans like SBA loans. So these are business owners who might be
buying a dental office or expanding and need equipment or buying a practice or a gas station
whatever it may be. So we're very active in that. The other one that is something we do a lot of is
commercial real estate lending. So for a lot of property managers, landlords, real estate investors
we're financing their apartment buildings, hotels, retail strip plazas, all of these types of things
throughout Massachusetts and New England. Now earlier you were talking about the three branches.
So can you talk in a little bit more detail where those branches are and
what is the goal? So we have three new branches being opened this year alone.
The first one we're really excited about is our first one in Cape Cod in Falmouth.
So we're excited in Falmouth because we think in Cape Cod there's a real good opportunity for a
bank of our size to be nimble and open up the community there. We started a mortgage office
around Falmouth about three years ago and that's been very successful. So on the heels of that we
wanted to build a full deposit retail branch. The second branch we're opening is in Andover.
Andover is great for a lot of reasons. One, we don't have anything like on the northern side of
Massachusetts. As you know there's a strong Indian community in Andover. It's a vibrant
community. And third, there's a few banks in that area that have been acquired. So there's a little
bit of a void which we want to come in and fill. And the third one is in the seaport. So we already
have a branch in the seaport on Northern Ave. But when we built that branch there were no other
buildings blocking us. There was just a parking lot. Now there's lots of buildings so that's no
longer the ideal location. So we're building our new branch in the Commonwealth Pier.
Commonwealth Pier is right in the middle of the seaport. It's within the new Fidelity headquarters.
So there'll be a lot of employees coming there. And it's walking distance to our
leader bank pavilion. So from a branding perspective we really feel good about that one.
So let's talk. Actually I wanted to talk. As you were talking about seaport I was thinking about
leader bank pavilion. When that happened and how you guys decided? Leader bank pavilion is one of
my favorite branding things we've done. It's a very interesting story. During COVID as you know
there were no concerts. And the bank that was called Blue Hills Pavilion, that bank got acquired
by another bank. And the new bank did not want anything to do with keeping the branding going.
And so I actually read about this in the Boston Business Journal. And so I just made a cold call
to them saying we'd love to learn more about this. We're interested. And we built a good
relationship with Live Nation. Live Nation owns the pavilion. And so we became the name sponsor
in 2021. And so we had a five-year deal and we just renewed it for another five-year deal. So
my hope is that we're there for a long period of time. There are about 30-35 shows a year.
5,000 people at each show. And what I love about it is they're very like niche artists. So when the
people come and see that show like they're very big fans. And to have leader bank brand all around
it it's like a very special experience. Excellent. That's great. Now let's come back to you.
So this is for the first time I think at least in the Indian American community people are going to
know about J. Tooley, right? Generally the bank has been associated with your dad,
Sucile, who really founded the bank. But a lot of new things has happened
under your leadership since you became the president of Leader Bank. So tell us when
you become the president and your trajectory. And later on we'll have some fun. Okay, cool. Well
I think what many people don't know is I've actually been at the bank 20 years.
So when my father was starting the bank and even before that the ideas of the bank.
I was a senior in college. So I've always been involved in this story behind the scenes.
I became president about five years ago. But I've been actively involved for 20 years.
And yeah the bank has gone through a lot of change. In particular during COVID.
Before COVID we were everyone in the office five days a week coming to Arlington. When COVID
happened we were growing so much partly because interest rates were low and the mortgage business
was very active. So we had to hire a lot of people. And we made the decision we said you know what we
want to find the best talent wherever they are throughout the country. So we adopted a hybrid
and remote model. And that really propelled our growth because we were able to attract a lot better
talent than if we had to stick to just like in Massachusetts. So I love working on our new
businesses, new products, new technologies, new growth. That's always been my favorite part and
kind of my focus. Now I didn't know that Leader Bank has 80 people in India. So when that happened
I'll tell you a fun story about that. So this was 2010. The great financial crisis.
And if you remember back in that time interest rates were extremely low. So everyone was
refinancing. So we had so much business but we could not find enough processors, operations people.
And you needed a lot of training to do that for mortgages. So at that time we had an employee
of ours. She went to BU. She did her master's there and she was working at Leader Bank. But
she told us she was moving back to Delhi to get married. But she said don't worry I'll work
remotely. I will work U.S. hours. No one will know I'm gone. So we tried this experiment for about a
year. It worked great. At this point in time I was in business school at HBS and I remember her
calling me saying okay in Gurgaon there is a full Bank of America building with fully trained U.S.
mortgage people. And they're going to close it and open a new facility in Mexico. And there's a lot
of trained people you should come on and check it. So during my Christmas break in business school I
flew out to India and she had shortlisted four like very great employees. But it was my first
time you know interviewing and hiring people in India. So there's three men in one. And you really
think that the Harvard business is cool? I was yeah it was Christmas break. Okay. So I met there
were four people. The first three were young men. They were great. I was like okay these are all
great fit. The fourth one was a young lady. And but her mom was there. So as I'm interviewing her
her mom is interviewing me back. You know just making sure like who I am what kind of company
is this. We didn't have an office at the time so it was in the lobby of the Taj. And so it was
really like fascinating experience. But when we opened that office it allowed us on the mortgage
side to run 24-7. So if you apply for a loan today at four o'clock by 2 a.m. we've already
done all these things. Ordered your appraisal. Started the legal work. All this stuff. So we
would have an advantage to move faster. So over time we expanded that and add a lot more functions
and now we have about 80-90 people. So why the Bank of I'm just curious Bank of America was
closing in India and moving to? I have no idea. Yeah okay okay good. So that's it and that was in
2010-11. That's excellent. Yeah good. And now you have grown to 80 in Gurgaon. Yep in Gurgaon.
Excellent. So now coming back to starting the leader bank. You said that you know
you know all the stories you know must be hearing about I want to start a bank you know. Yeah. So
can you tell us some sort of a funny story before the bank started? What was the environment in home
like at that time? Yeah so my dad talked about starting a bank for so many years because you
can't just start it like you have to do a lot of planning and thinking and applying and filing with
the commissioners. But he always had this goal he said if I don't start it by the time I'm 50 I'm
gonna forget about it. So I was in college at Georgetown at that time and I remember on his
49th birthday I bought a book for him and it was something about like acting on your ideas.
I forget what the title was but I wrote in the cover like you got one more year left because
it was 49th birthday. And so he always sort of yeah says that is like what sort of got him up
and said all right I'm doing this right now. And yeah so it's been it's been great I mean to
work with your father is a very special thing and the relationship we've had together
working together for the last 20 years has just been unbelievable. So how did it do to work
like in your position somebody you have to be very calm very focused as well as you know think
about the strategy and all. And Cecile is also absolutely fantastic entrepreneur. I mean honestly
talking about him is that his knack his understanding of transactions is absolutely
phenomenal. And what a great work he has done. So how it is to work with Cecile Jolie?
Well in the beginning when I joined you know I worked at some big banks before like out of
college I worked at J.P. Morgan. Then I joined an investment bank that did software
mergers and acquisitions in Boston. And then I came to LeaderBank. So I came from a very different
culture of working. Much more big companies lots of processes. So I came to this
entrepreneurial bank where the CEO is my dad. So there was two things in the beginning that were
I had to work through. The first was like I always had this chip on my shoulder like I'm the
CEO's son. And so I in the beginning days I said okay well the one thing I can do is try to
outwork everyone. So and I plus I come from investment banking so you know you work crazy
hours. So I did that. I worked started early worked late all this stuff. Over the years you know you
start to make contributions and you start new products new businesses and they have success
and you gain credibility. When you fast forward like 10-15 years later by then we've grown so
much I've hired everyone. So for the new people coming in it's like they don't think about it.
And also you start to get your own confidence and you start to really believe like okay this
is where I can add value. So but working my father you know he is someone that has
such a natural like you said knack. Absolutely. And it took me a while to understand it.
And now I've come to really appreciate it. Actually after going to business school
I basically learned what he was already kind of doing but I just had better words for it.
So a lot of what I've done is like taken a lot of his philosophy on customers and how to innovate
and experiment and put better words around it. You know and a model around it that I can share
with the rest of the organization. So who offered you a job the first time when you joined the
leader bank in 2004? Did he offer or you said oh I want a job at the leader bank?
He originally wanted me to work at leader mortgage. Okay. And then I said well you're
spending all your time at leader bank so that's where I want to work because that's going to be
the focus right? I don't want to be at the thing that is not focused on. But yeah that's how it
started. And then he made the offer to be the president or how that worked out? No no in the
beginning I was like in marketing way back. Yeah and so just kind of like kept at it and
grew throughout. But it was yeah in 2020 that I moved into present role. You know with us like
these are just titles. So in a family business these things are just titles. It's more about
what are you doing. So you know I was always very involved since before the title and still now
after the title yeah. Okay now also you have a brother right? I have two brothers. Two brothers.
So what did they are not involved at all with the business? Yeah one's in Philadelphia and he is a
CFO and chief investment officer of a hospitality REIT. So they buy hotels throughout the east
coast. He's got a really great job and he's very talented. What is his name? His name is Sean. Sean
yeah I haven't met him. Yeah sure. And my little brother he plays in the intersection of media and
business. So he spent some time at Netflix and he was doing before that he was at Illumination
Studios. You know the ones that make Minions and Despicable Me. He worked for the CEO there
and so he left Netflix and now he's actually making his own movie right now. He's producing
it like as we speak. Excellent. Now since we're talking about the family I have to bring your mom
and I came to know her later on and what a wonderful person she was. Like you know her
speaking style, her calmness, her care were just absolutely incredible. Now in your
professional journey as you and all brothers are moving forward what role she played in your life?
Yeah it's a very good question. She was our like reminder to that like life is very precious.
And life is not just about work and money and advancement. Like life is short to enjoy life
and to spend it with like the people that matter. So like she grounded us. She grounded us.
She also was like our our supporter like as most moms are like their unconditional love.
Sure. You know it's like no matter what form you are whatever it doesn't matter to me like I just
love you for you. So that's who she was to us. So without her you know we at least I try to
remember those things but yeah she's very special. Yeah I mean I remember like you know her calmness
just very calm. Very calm. Which I've learned a lot from and I'm trying to emulate it at the bank
a little bit because otherwise you just get too stressed out about a lot of things. Sure. So now
we have talked about all this serious stuff and I had to bring your mom there anyway because I'm
a big you know always I liked her that aspect of personality. Now tell us who is Jay Tully.
Okay. So I live in Arlington. I have a wife and I have two daughters. One is 12. One is 10.
And they're great. They love to dance. They love to dance to Bollywood music specifically.
We love to travel. My personal favorite thing like for me what I do every Sunday for the last 10
years I play basketball and it started off as this like small little thing. Now it's a proper
league. We call it Desi Ballers League. Oh really? I didn't know about that. We play in Belmont.
Full court two hours every Sunday and it's like my favorite part of the week.
Okay and what about when you are not working? What do you do? Yeah so it's like that basketball.
It's traveling. I like to jog, do exercise, be outdoors. So what are some of the places you
have really traveled and? You know we had a very, we traveled a lot with the girls recently.
They're very adventurous. So like Costa Rica, Dominican Republic,
we do surfing lessons there. We took them to India actually two years ago. That was the first
time because my grandmother's still alive. Oh excellent. So I needed them to meet her while
we came. From your? My mom's mother. Oh my god. So I was like they have to meet her. Absolutely.
So she lives in Amritsar. And how old is she? So we're not exactly sure. I don't think she
exactly knows but I think like it must be like about 90s. That's a beautiful thing you did.
That's excellent. And it was the most amazing. It's like nothing they ever seen before right?
India is so different. We had just like an amazing time. Excellent. That's beautiful. I'm so glad you
did that. That's an excellent story. Now coming back to again fun part. Did you, when you were
growing up or even today, do you watch some Bollywood movies or you're not interested in that?
No. With your mom I'm sure. As a child I watched like basically I can kind of speak Hindi not well.
I can understand it. It's only because I watched like every Amitabh Bachchan movie as a kid. We
just that's what we watched all the time. So every Friday they would rent movies. We'd all watch it
together. I still watch Bollywood movies a little bit. Not as much as before. Now let's come back
one more time to the business part. So what happened to Leader Mortgage that is still there
very quite active right? Actually what happened to Leader Mortgage is Leader Bank grew so fast
and its mortgage which was separate, its mortgage division grew so fast that it actually just made
sense to tuck Leader Mortgage into Leader Bank. So we just brought all the people into Leader Bank
and shut it down because it was just simpler. We had modernized a lot of Leader Banks. It was a
newer bank. We didn't want two brands for people to be confused like do I apply Leader Bank,
Leader Mortgage. So even today a lot of the Leader Mortgage people are with us at Leader Bank.
That is an excellent lesson in mind branding. I'm glad you did that because I have seen many
companies they are very when they merge or something they keep the two names. They merge
the two names together and people get confused. So I think that was a fantastic move that you know
that just making one with just one brand. Again before I let you go, how does next 10 years
look like for the Leader Bank and what your plans are? Okay we're so excited about the next 10 years.
Basically there's an opportunity for us at Leader Bank to become like the hometown
independent community bank of Massachusetts. Because if you look at what's happening is
all these banks keep getting acquired bigger and bigger and bigger and then the service keeps
dropping. And so one of the ways we have grown and we've never done any mergers or acquisitions,
it's all been organic, is because as these other banks are buying banks and merging their service
goes down and we're able to attract clients to us. So for us we have to stay very laser focused
on clients who are North Star. That's what's been essential to Leader and needs to keep
being that way. We are growing in geography so all of this technology, mobile banking,
online banking, location is not as relevant as it was before. So we have clients all over the state,
all over the country. We have hired new business bankers in California from San Francisco to LA
to help bank with startups. We recruited a team on the east coast. We have a startup and technology
banking team that's doing really excellent. So one by one these different verticals and focal
points will continue to grow. We'll continue to grow in geography and we'll continue to add
new technology to the bank. So I think I hope that in the next 10 years you know when you
think about Leader Bank will be triple the size, quadruple the size. And it's a great place to be
like the Boston, Massachusetts areas. It's like a phenomenal environment for banking. Tell us about
the business side of the Leader Bank and I know the Leader Bank does a lot of business with the
real estate community as well. So tell us about that. Sure, yeah. So our business banking focus
is we're very specialized in certain areas. Rather than trying to be very broad-based,
we're trying to do a few things very well. One of them is real estate. So we have a dedicated
property management and real estate banking team where we focus on deposits using a lot of
technology, security deposit opening, rent collection, all this type of stuff. And then
we also do a lot of lending to that community too. So commercial real estate lending, apartment
buildings, multi-family hotels, etc. The other big focus for us is startup and technology banking.
So in the Boston area, we bank startups, founders, entrepreneurs. We have a dedicated
banking team for that. The third one is law firms. We have a whole law firm banking practice
with Iolta Banking. We have a huge audience of these clients who follow us and it's primarily
real estate conveyance business for these attorneys. And so these are some of the things
we're focused on. And then the fourth, sorry, is municipality banking. So today, about one-third
of the cities and towns in Massachusetts actually bank with Leader Bank. One-third?
One-third. So when you pay your real estate tax bill for your town, there's a high chance that's
coming to us and we have our own lockbox facility to process all the checks for these municipalities.
What about venture capital startups? Yeah. So in the startup and venture capital
focal point, we recruited a team from First Republic about three years ago when they were
having issues. And so now what we do is we focus on founders. And one of the ways we do this,
we host a lot of events. Every week, we're having different events to invite startups and founders.
We connect startups and founders with VCs and investors. We connect them with accelerators.
We have different sort of credits and different kind of plans for them to get
CFO and bookkeeping work and all these types of things. So we want to be like a connecting
ecosystem for startups and entrepreneurs in the early stages. Excellent. Thank you so much.
Thank you.