Pros
- There were some very talented individuals in the business and technology areas.
- The work-from-home (three days per week) and flex policies were a nice perk.
Cons
- The bank's systems were stable and supported day-to-day functions well, but were outdated and did not provide enough flexibility for the business to grow its products and offerings.
- Technology leadership was overly cautious, resistant to change, and resistant to new ideas / technologies. They also lacked vision and the means to carry out necessary strategic changes.
- Loyalty and years of service dominated the technology culture.
- Purchase by PNC (or another bank) seemed inevitable.
Had the acquisition not taken place, I still would have left the company and would not have recommended it to people working in the technology field. It's unlikely that FirstBank would have modernized where necessary.
The technology cultures of the two companies are vastly different. It is unclear how that will play out and what challenges that will bring for employees. Of note, all Lakewood staff will be required to work in the office five days per week after the acquisition is completed.