Robert Raynor Masterton (1930-1988)
Robert Raynor Masterton, banker, was born in Boston, Massachusetts, USA, and had a distinguished career in banking. He was chairman, president and chief executive officer of The One Bancorp.
Robert Raynor Masterton was the son of Robert Raynor Masterton and Jamesina Skinner. Robert Raynor Masterton therefore belongs to the large group of Mastertons that originated in the Cramond area. Fuller details of his extended family can be found at this link.
The Bangor Daily News
Head of The One Bancorp dies
CAPE ELIZABETH - Robert R. Masterton, chairman, president and chief executive officer of The One Bancorp, died at his home Sunday night from an inoperable brain tumor. He was 58.
Masterton was in grave condition since December 1987, according to Roy P. Hibyan, president of Maine Savings Bank, a subsidiary of The One Bancorp in Portland.
Also chairman and chief executive officer of Maine Savings Bank, Masterton helped increase The One Bancorp's assets more than tenfold from when he was hired 21 years ago, and was instrumental in changing Maine's banking laws.
Gov. John R. McKernan called Masterton's death "a very great loss for Maine," but said he left a legacy "of caring, of compassion, of never giving up, of leaving this world a better place than (he) found it."
Among Masterton's greatest accomplishments was his role in helping to draw up stste banking laws in 1975, considered the most advanced of any state's at the time they were passed by the Legislature.
He then used those banking laws, which allow interstate banking on a reciprocal basis with banks in other states, to take over banks outside Maine, helping increase The One Bancorp's assets to $2 billion, from $150 million in 1967.
"I don't know where you find another person with the characteristics Bob had," said Donald H. DeMatteis, superintendent of banking in Maine. "His good humor, intellect and sensitivity all made him a leader in the industry.
Masterton's national recognition and leadership in the banking industry was unusual, DeMatteis said, "because a lot of banking leadership comes from the large states. For someone from a small state, with a relatively small banking community, to be recognized, is unusual.
As regional vice president of the seven Maine Davings Banks in the Bangor area, William Buckley is well acquainted with Masterton's leadership ability.
"Bob epitomized integrity and knowledge, was highly people oriented and had strongly developed human-relations skills. He cared about people, was thoughtful and remembered little details about those that worked for him and their families," Buckley said.
"Because of the way he was, Bob generated respect from everyone he came into contact with. If asked what person I would like to mold my management style after, Bob Masterton would come to mind."
Masterton hired Buckley 11 years ago, "and he taught me never to lose sight of the little things that are important. He always thought from the perspective of his employees and our customers," Buckley said.
As an example, Buckley pointed to Masterton's "Letters to the President" program. "He was sensitive to customer suggestions and complaints," Buckley said, "and he read and answered each of those letters himself."
Buckley said Masterton's loss will be felt for a long time in the bank. "We have good people and will continue on," he said, "but Bob isn't someone we can soon replace."
Frederick W. Pape Jr. was elected May 9 to succeed Masterton as acting head of The One Bancorp and Maine Savings Bank. A search for a chief operating officer is continuing, Hibyan said.
Masterton joined Maine Savings Bank as a vice president in 1967, rising to the rank of president in 1970. He served as president for 17 years, becoming chairman and CEO in September 1987.
He also served as president and CEO of The One Bancorp from 1984 to 1987, when he was named chairman.
Masterton, who once said a fitting epitaph for him would be, "He gave it his best shot," considered his chairmanship of the building committee for the Portland Museum of Art expansion his greatest accomplishment. He also was proud of his leadership of the National Association of Mutual Savings Banks from 1975-83.
He served on the Federal Reserve Board's Thrift Institutions Advisory Council in 1983 and 1984, and was vice chairman of the Federal Home Loan Bank of Boston for two terms. He also was a member of the Savings Banks Association of Maine, serving on its executive committee for the past 17 years.
Robert Raynor Masterton was born April 26, 1930, in Boston, a son of Robert R. and Jamesina Masterton.
He was a graduate of Watertown (Mass.) High School. He received his undergraduate degree in economics from Northeastern University in 1953, and his master's degree in business administration from the Harvard Graduate School of Business Administration in 1957.
Masterton is survived by his wife of 35 years, Nancy; a son, Peter of Windham; a daughter, Laurie Tuchman of Scarsdale, N.Y.; his mother of Pocasset, Mass.; and three grandchildren. He was predeceased by his father last year.
Funeral arrangements were pending Monday evening.
The Bangor Daily News
17th May, 1988
The Lewiston Journal
Inoperable brain tumor claims life of One Bancorp president
CAPE ELIZABETH (AP) - Robert R. Masterton, president of a $2 billion financial savings empire who also was instrumental in devising Maine's current banking laws, has died. He was 58.
Masterton died early yesterday morning at his Cape Elizabeth home from an inoperable brain tumor. He had been gravely ill since December.
The chairman, president and chief executive officer of The One Bancorp was remembered yesterday as a man who also was active in civic affairs and knew what a community needed long before most people.
Among Masterton's greatest accomplishments was his role in helping to draw up state banking laws in 1975, considered the most advanced of any state's at the time they were passed by the Legislature.
Masterton then used those banking laws, which allow interstate banking on a reciprocal basis with banks in other states, to take over banks outside Maine, helping to increase The One Bancorp's assets to $2 billion, from $150 million in 1967.
The One Bancorp was, in fact, the first bank in Maine to acquire an out-of-state bank when it bought the Bank of Hartford in 1987.
The Lewiston Journal
17th May, 1988