Banking and Finance Advertorial

BANKING & FINANCE ADVERTORIAL RESOURCE GUIDE

FAIRFIELD COUNTY BUSINESS JOURNAL • WESTCHESTER COUNTY BUSINESS JOURNAL • JUNE 27, 2022

BANKS (COMMERCIAL) | WESTCHESTER COUNTY

Area code: 914 (unless otherwise noted) Bank of America N.A. 101 N. Tryon St., Charlotte, N.C. 28255 800-432-1000 • bankofamerica.com Top executive: Brian T. Moynihan Number of domestic locations: 4,600 Year established: 1904

Customers Bank 99 Bridge St., Phoenixville, PA 19460 610-933-2000 • customersbank.com Top executive: Sam Sidhu Number of domestic locations: 13 Year established: 1997

BNY Mellon N.A. 240 Greenwich St., New York, N.Y. 10286 212-495-1784 • bnymellon.com Top executive: Thomas P. Gibbons Number of domestic locations: 34 Year established: 1869

The First Bank of Greenwich 500 Westchester Ave. Port Chester, N.Y. 10573 914-908-5444 • greenwichfirst.com Top executive: Frank J. Gaudio Number of domestic locations: 3 Year established: 2006

Capital One N.A. 1680 Capital One Drive McLean, VA 22102 800-655-2265 • capitalone.com Top executive: Richard D. Fairbank Number of domestic locations: 662 Year established: 1988 Citibank N.A. 701 E. 60 St., Sioux Falls, S.D. 57104 800-285-3000 • citibank.com Top executive: Jane Fraser Number of domestic locations: 723 Year established: 1812 Citizens Bank N.A. 1 Citizens Plaza, Providence, R.I. 02903 401-456-7096 • citizensbank.com Top executive: Bruce Van Suan Number of domestic locations: 1,127 Year established: 2005 ConnectOne Bank 301 Sylvan Ave. Englewood Cliffs, N.J. 07832 844-266-2548 • connectonebank.com Top executive: Frank Sorrentino III Number of domestic locations: 28 Year established: 2005

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New York Community Bank 615 Merrick Ave. East Meadow, N.Y. 11554 800-535-2269 • newyorkcommercialbank.com Top executive: Thomas R. Cangeni Number of domestic locations: 225 Year established: 1990 OceanFirst Bank (Division of OceanFirst Bank, N.A.) 655 Third Ave., Ninth floor New York, N.Y. 10017 212-818-9090 • oceanfirst.com Top executive: Christopher Maher Number of domestic locations: 58 Year established: 1902

First Republic Bank 1800 Tysons Blvd., Tysons, VA 22102 800-975-4722 • us.hsbc.com Top executive: Michael Roberts Number of domestic locations: 230 Year established: 2004

Patriot Bank N.A. 900 Bedford St., Stamford, CT 06901 203-324-7500 • bankpatriot.com Top executive: Robert G. Russell Jr. Number of domestic locations: 9 Year established: 1994

JPMorgan Chase Bank N.A. 1111 Polaris Pkwy.

Columbus, OH 43240 212-270-6000 • jpmorganchase.com Top executive: Jamie Dimon Number of domestic locations: 5,100 Year established: 1824

PCSB Bank 2651 Strang Blvd.

Yorktown Heights, N.Y. 10598 914-248-7272 • PCSB.com Top executive: Joseph D. Roberto Number of domestic locations: 15 Year established: 2012

KeyBank N.A. 127 Public Square, Cleveland, OH 44114 216-689-5580 • key.com Top executive: Gary Crosby Number of domestic locations: 1,197 Year established: 1849

Signature Bank 565 Fifth Ave., New York, N.Y. 10017 1-886-SIGLINE • signatureny.com Top executive: Joseph J. DePaolo Number of domestic locations: 33 Year established: 2001

M&T Bank 1 M&T Plaza, Buffalo, N.Y. 14203 800-724-2440 • mtb.com Top executive: Rene Jones Number of domestic locations: 780 Year established: 1856

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TD Bank N.A. 66 Wellington Street West, P.O. Box 1 TD Bank Tower, Toronto, Ontario M5J 416-307-8500 • tdbank.com Top executive: Leo Salom Number of domestic locations: 1,301 Year established: 1852 Tompkins Mahopac Bank 1441 Route 22, Brewster, N.Y. 10509 866-462-2658 • mahopacbank.com Top executive: David DeMilia Number of domestic locations: 15 Year established: 1927 Valley Bank 12 Water St. White Plains, NY 10601 914-368-9919 • thewestchesterbank.com Top executive: Ira Robbins Number of domestic locations: 230 Year established: 1927 Webster Bank N.A. 200 Elm St., Stamford, CT 06901 800-325-2424 • websterbank.com Top executive: John R. Ciulla Number of domestic locations: 177 Year established: 1870 Wells Fargo Bank N.A. 101 N. Phillips Ave. Sioux Falls, S.D. 57104 704-590-4900 • wellsfargo.com Top executive: Charles W. Scharf Number of domestic locations: 8,050 Year established: 1870

AN ADVERTORIAL SHOWCASE | JUNE 27, 2022

Fortune & Forbes REBUILDING AMERICA | FAIRFIELD/WESTCHESTER

Building Relationships and Communities The First Bank of Greenwich’s genuine commitment to customers and small business owners helps communities thrive.

Frank J. Gaudio, President and CEO 203-302-4375

“I

eat, breathe, and sleep customer service every day of my life,” says Frank Gaudio, President and CEO of The First Bank of Greenwich. “I’m an accountant by nature, but my passions are personal relationships and business development.

That’s how I built the bank.”

Native to Westchester, Gaudio is deeply invested in the success of local businesses, customers, and the community. At The First Bank of Greenwich, Gaudio is keenly aware of his bank’s tremendous role within the community.

“We play a greater role than ever in providing critical business loans, supporting neighborhood nonprofits,

PORT CHESTER 500 Westchester Avenue Port Chester, New York 10573 Tel 914.908.5444

BANKING AND FINANCE

and investing back in the community,” he says. “People associate community banks with just retail banking, but we provide so much more.”

That includes a full range of services, from business banking to residential lending and commercial loans. In fact, The First Bank of Greenwich backs residential loans up to $8.5 million, with substantially higher limits on joint venture lending. “We did 19% loan growth last year alone when all the other banks hit about 5% because they can’t match our expertise,” Gaudio says.

Personal Banking, Unparalleled Service “On personal banking, we provide unparalleled service, hands down,” says Gaudio. While corporate banks provide a lot of products, they don’t prioritize customers like community banks do.

“But when it’s time to buy a house or start a business, customers deserve help from someone who can guide them through the process.

“To be a good lender, you have to understand your customer and their needs—and that requires a one-on-one relationship,” he adds. With decades of local experience, Gaudio’s team matches

GREENWICH 444 East Putnam Avenue Cos Cob, CT 06807 Tel 203.629.8400

STAMFORD 900 Summer Street Stamford, CT 06905 Tel 203.413.6101

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speed with longevity. All financial decisions are made quickly in-house by dedicated lenders committed to long-term partnerships.

“I make certain customers never experience routine turnover at the branches. From our branch managers to our lenders, our team has been with us a long time—so when customers come back in the future, they get personal service from a team they know and trust,” Gaudio says.

Opened in 2018, The First Bank of Greenwich’s Westchester branch provides even more opportunities to connect with the community.

The bank’s advisory boards bring business owners together to learn, network, and grow, which brings more exposure to local small businesses.

Across The First Bank of Greenwich’s three area banking centers and beyond, customers can count on dedicated service and personalized banking solutions right in their community.

“So many of our customers have been with us for life. We’ve helped them open their first account, and now we’re helping them purchase a home or expand their line of credit,” Gaudio says. “We service the customer relentlessly. That’s our mission, and it’s why our bank is so successful. If you’re looking for a relationship with someone who will be by your side as you grow, we’re that bank.” www.greenwichfirst.com | NMLS#: 510513

444 E Putnam Avenue Cos Cob, CT 06807 203-629-8400 greenwichfirst.com AN ADVERTORIAL SHOWCASE | JUNE 27, 2022 NMLS# 510513

Headwinds Are Coming – Here’s What This Means for Your Business

By Michael Rieger, SVP, Key Private Bank Market Leader, Hudson Valley/Metro New York An abundance of liquidity and market exuberance in the recovery from Covid-19 made 2021 a promising time for transitioning a closely held business – but the winds of change are now upon us. The historically low interest rate environment had been favorable for many potential strategic buyers, and the historically low tax rate had made the situation favorable for sellers, too.

But as interest rates rise and inflation increases, business owners looking to sell or transition their business to a successor need to understand how the market is changing and adjust accordingly. Planning and taking the proper precautions to achieve market readiness with your business is key.

ANTICIPATED HEADWINDS

Several headwinds are coming that business owners must take note of and build into their business transition planning: Tax Increases: Taxes and tax planning have always had an impact on transactions and rising tax rates makes tax planning even more important. Needless to say, tax increases make selling a business less desirable; but good tax planning will maximize what a business owner walks away with in a sale.

Irregular Business Performance: The pandemic fundamentally altered how many businesses performed.

Some industries were bolstered by the crisis (e.g., tech, health care, online retailers, pharma), while other sectors underperformed (e.g., leisure, travel, restaurants).

Those businesses that experienced a boom during Covid-19 may not be able to sustain that growth going forward. On the flip side, businesses that saw their performance fall through the pandemic may receive below market offers from potential acquirers that don’t reflect potential future performance. Properly accounting for irregular performance as a result of the pandemic is important for businesses looking to transact.

Liquidity Drying Up: During the pandemic, the Fed was able to keep the economy moving with low interest rates and their asset purchasing program, which

BANKING AND FINANCE

pumped liquidity into the market. Rising rates and the pullback of their asset purchases mean less access to capital or debt for businesses, which could in turn lead to an economic slowdown. This slowdown could impact a buyer’s willingness to put up capital for deals, potentially leading to lower offers and cheaper deals.

Inflationary Pressure: Rising inflation, due in part to the supply chain disruptions and bottlenecks affecting many sectors, could result in lower revenue on a balance sheet and a higher cost of goods, making a business less desirable for purchase.

HOW TO PREPARE

With these factors in mind, a proactive approach to business succession planning is more important than ever, including: • Strategizing early If you are thinking of selling your business in the next five years, you should start thinking through your strategy now if you haven’t yet already.

• Prioritizing tax planning It’s not so much about the purchase price you are actually offered; it’s what you net after taxes that matters.

With that in mind, taking the proper precautions and applying proactive tax strategies now is key. This could include assessing the state and federal income tax that the business is paying and what will be paid when the business transacts, optimizing corporate structure to minimize liability, and more.

• Determining the optimal outcome Doing your best to integrate personal and business strategy will allow you to carve out the best possible outcome in any situation, despite impending headwinds. Ask yourself, “What do I need to sustain my desired lifestyle and create my legacy?” A financial advisor can help you determine this if you don’t know where to start or get stuck in the process.

Looking to sell or transition your business?

Private Bank is here to help

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Key

ABOUT THE AUTHOR

Michael Rieger serves as Senior Vice President and Market Sales Leader for Key Private Bank and leads a team of wealth managers and financial advisors serving highnet-worth clients throughout the lower Hudson Valley and metro New York area. Key Private Bank is a leading provider of wealth management solutions and advice for high-net worth clients, including wealth advisory, investment management, trust administration, customized credit, family office and private banking services. Mr. Rieger is located at KeyBank’s Tarrytown office at 660 White Plains Road and can be reached at 212-981-6887 or Michael_Rieger@keybank.com.

Any opinions, projections or recommendations contained herein are subject to change without notice and are not intended as individual investment advice. This material is presented for informational purposes only and should not be construed as individual tax or financial advice. KeyBank does not provide legal advice. KeyBank is Member FDIC. KeyCorp. © 2022. CFMA #220125-1411623 Investment products are: NOT FDIC INSURED* NOT BANK GUARANTEED* MAY LOSE VALUE * NOT A DEPOSIT* NOT INSURED BY ANY STATE OR FEDERAL AGENCY

AN ADVERTORIAL SHOWCASE | JUNE 27, 2022

Managing your wealth isn’t just a money thing. It’s a you thing.

True wealth is more than just money. It’s time well spent. It’s pursuing the things that are important to you and your life purpose.

It’s confidence in your future.

At Key Private Bank, our wealth management team is here to support you every step of the way. We’ll handle the numbers, graphs, and charts and help you stay on track as your priorities shift, new opportunities appear, and should challenges arise.

No matter where you are or where you want to go, we’ll help you get there.

key.com/kpb

Key Private Bank is part of KeyBank National Association. Bank and trust products from KeyBank National Association.

Investment products are: NOT FDIC INSURED • NOT BANK GUARANTEED • MAY LOSE VALUE • NOT A DEPOSIT • NOT INSURED BY ANY FEDERAL OR STATE GOVERNMENT AGENCY Key.com is a federally registered service mark of KeyCorp. ©2022 KeyCorp. KeyBank is Member FDIC. 220524-1588028-1236012664

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AN ADVERTORIAL SHOWCASE | JUNE 27, 2022

BANKS (Commercial) | FAIRFIELD COUNTY Area code: 203 (unless otherwise noted)

Bank of America N.A. 101 N. Tryon St., Charlotte, N.C. 28255 800-432-1000 • bankofamerica.com Top executive: Brian T. Moynihan Number of domestic locations: 4,600 Year established: 1904

The First Bank of Greenwich 444 E. Putnam Ave., Cos Cob 06807 203-629-8400 • greenwichfirst.com Top executive: Frank J. Gaudio Number of domestic locations: 3 Year established: 2006

Patriot Bank N.A. 900 Bedford St., Stamford 06901 203-324-7500 • bankpatriot.com Top executive: Robert G. Russell Jr. Number of domestic locations: 9 Year established: 1994

Bankwell Bank 208 Elm St., New Canaan 06840 877-966-1944 • mybankwell.com Top executive: Christopher Gruseke Number of domestic locations: 12 Year-to-date net income: 21,687 Year established: 2002

First Republic Bank 111 Pine St., San Francisco, CA 94111 415-392-1400 • firstrepublic.com Top executive: Michael J. Roffler Number of domestic locations: 78 Year established: 2010

Signature Bank 565 Fifth Ave., New York, N.Y. 10017 1-886-SIGLINE • signatureny.com Top executive: Joseph J. DePaolo Number of domestic locations: 33 Year-to-date net income: 588,926 Year established: 2001

BNY Mellon N.A. 240 Greenwich St., New York, N.Y. 10286 212-495-1784 • bnymellon.com Top executive: Thomas P. Gibbons Number of domestic locations: 34 Year established: 1869 Citibank N.A. 701 E. 60 St., Sioux Falls, S.D. 57104 800-285-3000 • citibank.com Top executive: Jane Fraser Number of domestic locations: 723 Year established: 1812 Citizens Bank N.A. 1 Citizens Plaza, Providence, R.I. 02903 401-456-7096 • citizensbank.com Top executive: Bruce Van Saun Number of domestic locations: 1,127 Year established: 2005 Connecticut Community Bank N.A. (Division of Westport National Bank) 1495 Post Road East, Westport 06880 203-319-6260 • ccbankonline.com Top executive: David W. Tralke Number of domestic locations: 9 Year established: 1998 DR Bank 1001 Post Road, Darien 06820 800-361-5363 • drbank.com Top executive: Robert Kettenmann Number of domestic locations: 3 Year established: 2006

BANKING AND FINANCE

HSBC Bank USA N.A. 1800 Tysons Blvd., Tysons, VA 22102 800-975-4722 • us.hsbc.com Top executive: Michael Roberts Number of domestic locations: 230 Year established: 2004 JPMorgan Chase Bank N.A. 1111 Polaris Pkwy., Columbus, OH 43240 212-270-6000 • jpmorganchase.com Top executive: Jamie Dimon Number of domestic locations: 5,100 Year established: 1824 KeyBank N.A. 127 Public Square, Cleveland, OH 44114 216-689-5580 • key.com Top executive: Gary Crosby Number of domestic locations: 1,197 Year established: 1849 M&T Bank 1 M&T Plaza, Buffalo, N.Y. 14203 800-724-2440 • mtb.com Top executive: Michael D. Berman Number of domestic locations: 780 Year-to-date net income: 1,961,156 Year established: 1856

TD Bank N.A. 66 Wellington Street West P.O. Box 1 TD Bank Tower Toronto, Ontario M5J 416-307-8500 • tdbank.com Top executive: Leo Salom Number of domestic locations: 1,301 Year established: 1852 Webster Bank N.A.

200 Elm St., Stamford, CT 06901

800-325-2424 • websterbank.com Top executive:John R. Ciulla Number of domestic locations: 177 Year established: 1870 Wells Fargo Bank N.A. 101 N. Phillips Ave., Sioux Falls, S.D. 57104 704-590-4900 • wellsfargo.com Top executive: Charles W. Scharf Number of domestic locations: 8,050 Year established: 1870

The Northern Trust Co. 50 S. La Salle St., Chicago, IL 60603 312-630-6000 • northerntrust.com Top executive: Michael O’Grady Number of domestic locations: 65 Year established: 1889

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AN ADVERTORIAL SHOWCASE | JUNE 27, 2022

Savings Bank of Danbury’s suite of services makes life easier for Commercial Real Estate & Property Managers.

There’s a lot to managing residential, commercial and homeowners association properties. We can help you streamline your cash management and enhance your banking and lending experiences.

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Business Online Banking Mobile Banking Remote Deposit Capture Wire Transfer Services ACH Origination

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LENDING SOLUTIONS n Working capital lines of credit n Commercial real estate financing n Business credit cards n Construction loans

Supporting Connecticut & New York Businesses for over 20 years.

To learn more call 844-SBD-Bank, or visit SBDanbury.com.

NMLS #763547

BANKING AND FINANCE

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AN ADVERTORIAL SHOWCASE | JUNE 27, 2022

BANKS (Thrifts & Savings) | FAIRFIELD COUNTY Area code: 203 (unless otherwise noted)

Fairfield County Bank 150 Danbury Road, Ridgefield 06877 438-6518 • fairfieldcountybank.com Top executive: David Schneider Year established: 1871

First County Bank 160 Atlantic St., Stamford 06904 462-4401 • firstcountybank.com Top executive: Robert J. Granata Year established: 1851

Savings Bank of Danbury 220 Main St., Danbury 06813 743-3849 • sbdanbury.com Top executive: Martin G. Morgado Year established: 1849

Fieldpoint Private Bank & Trust 100 Field Point Road Greenwich 06830 413-9302 • fieldpointprivate.com Top executive: H. Russell Holland III Year established: 2008

Newtown Savings Bank 39 Main St., Newtown 06470 426-4440 • nsbonline.com Top executive: Kenneth Weinstein Year established: 1855

Union Savings Bank 226 Main St., Danbury 06813 830-4200 • unionsavings.com Top executive: Cynthia C. Merkle Year established: 1866

BANKS (THRIFTS & SAVINGS) | WESTCHESTER COUNTY Area code: 914 (unless otherwise noted)

Apple Bank for Savings 122 E. 42 St., Ninth floor, Manhasset 10168 902-2775 • applebank.com Top executive: Steven C. Bush Year established: 1863

Orange Bank & Trust Co. 212 Dolson Ave., Middletown 10940 845-341-5000 • orangecountytrust.com Top executive: Michael Gilfeather Year established: 1892

NorthEast Community Bank 325 Hamilton Ave., White Plains 10601 684-2500 • necommunitybank.com Top executive: Kenneth A. Martinek Year established: 1934

Ridgewood Savings Bank 7102 Forest Ave., Ridgewood 11385 718-240-4800 • ridgewoodbank.com Top executive: Leonard Stekol Year established: 1921

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Sunnyside Federal Savings and Loan Association of Irvington 56 Main St., Irvington 10533 591-8000 • sunnysidefederal.com Top executive: Fred Reinhardt Year established: 1929 TrustCo Bank 1 Sarnowski Drive, Glenville 12302 518-381-3831 • trustcobank.com Top executive: Robert J. McCormick Year established: 1902

AN ADVERTORIAL SHOWCASE | JUNE 27, 2022