Richard Elliot Executive Vice President/Loan Review Services

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Areas of Practice

  • Commercial loan review
  • Mortgage loan review
  • Installment loan review
  • Allowance for loan and lease losses (ALLL) analysis
  • Loan policies and procedures review and development
  • Credit and legal documentation review


  • BA, Syracuse University
  • Numerous industry courses and seminars
  • CNY League of Savings Associations, Past President and Director
  • New York League of Savings Institutions, Past Director and Member of Executive Council
  • Institute of Financial Education, Past Instructor
  • CNY Regional Economic Development Council
  • Syracuse University School of Management, Past Member or Advisory Board

Principal Areas of Practice

Comprehensive financial institution executive and commercial lending background with over 25 years experience in banking and 10 years as an independent loan review consultant. Proficient in Allowance for Loan and Lease Losses review, commercial loan review, and loan policies and procedures review and development.


Executive Vice President/Loan Review Services

T. Gschwender & Associates, Inc., Syracuse, NY, 1998 to Present Commercial, mortgage, lease and installment loan review; Analysis of Allowance for Loan and Lease Losses; bank policy, procedure and forms review and development, and; credit and legal documentation review.

Executive Director
Cortland County Business Development Corporation, Cortland, NY, 1990-1998

Responsible for the implementation and maintenance of the County’s Economic Development Program. Refocused organization’s goals in collaboration with the Economic Development Corporation and initiated programs to accomplish essential objectives. Recruited to further develop organization’s role in the attention of new industries as well as providing assistance in the expansion and retention of existing companies. Special emphasis on the formation of cooperative working relationships with public and private economic development oriented organizations.

President, Chief Executive Officer and Director
Hampton Mortgage Corp., Central Islip, NY, 1988 - 1990

Responsible for management and direction of all phases of the Company’s business operations. Redefined organization’s mission in concert with the Board of Directors and established programs and policies to achieve strategic objectives. Recruited to develop organization into a broader based mortgage- banking company providing current and competitive services to the market and bank customers. Modified and enhanced range of mortgage loans through twofold expansion of secondary market relationships, both private and governmental, creating a diversified product group with increased residential loan capacity in excess of $5MM and revenue opportunities for numerous new loans types. Reorganized and consolidated physical and staff resources to reduce operating overhead by 20% and increase productivity with 30% fewer personnel. Negotiated and effected sale and conversion of $ 15MM of portfolio of parent company’s mortgage loans resulting in reduced interest rate/credit risk and increased liquidity. Established sales program coordinated with affiliated company objectives for an outside call program to develop new sources of business and better serve traditional customers.

President, Chief Administrative Officer
Syracuse Savings Bank, Syracuse, NY, 1982-1987

Responsible for effective planning, integration and control of bank wide operational systems. Participated in the development of strategic plans and programs and in ensuring a profitable return on the Bank’s investment portfolio consistent with Board policy and regulatory requirements. Managed $263MM residential, $83MM Commercial Mortgage Department, and $14MM Commercial and Consumer Loan Departments and Legal Division.

President, Chief Operating Officer and Director
Dime Federal Savings and Loan Association, Cortland, NY, 1969 - 1982

Responsible for the management of all aspects of the Association’s business activities. In conjunction with the Board of Directors, established overall objectives and policies. Developed credit, pricing and investment policies. Recruited to develop $6MM institution into a financial organization offering current and competitive services to the community.

Merchants National Bank and Trust of Syracuse, Syracuse, NY, 1959-1968

Joined Installment Lending Department. Progressed through various assignments to Division Manager. Subsequently appointed Installment Credit Officer, which included varying assignments in direct and indirect lending, business development and Manager of Lending Activities resulting in appointment as Operations Manager. Entered newly established training program with emphasis on commercial loans, mortgage lending, and credit analysis. Upon completion, served as Assistant and Branch Manager in offices of increasing size and responsibility.