Connecticut Banking 3Q 2013 by The Warren Group

Third Quarter 2013

#EVOLUTION OF THE

#BANK #MARKETING STRATEGY IF YOU’RE NOT ONLINE, YOU’RE ALREADY BEHIND

Third Quarter 2013

#EVOLUTION OF THE

#evolution of the

#Bank #Marketing Strategy If You’re Not oNlINe, You’re AlreAdY BehINd

#BANK #MARKETING STRATEGY

CONNECTICUT BANKERS ASSOCIATION

10 Waterside Dr. Farmington, CT 06032-3083 Telephone: 860-677-5060 • Fax: 860-677-5066 Chairman John J. Patrick, Jr.

Second Vice Chairman Stephen P. Reilly

First Vice Chairman Chandler J. Howard

President & CEO Lindsey R. Pinkham

Chairman, President & CEO Farmington Bank President & CEO Liberty Bank, Middletown

President & CEO Northwest Community Bank

Executive Vice President & Treasurer Thomas S. Mongellow First Senior Vice President & Secretary Colleen E. Clancy

COVER STORY

Evolution of Bank Marketing Strategy.......................................... 10 Consumers are increasingly turning to the Internet for everything from shopping to product reviews. Is your bank ready? FEATURES

CBA Sponsors Regulatory Feedback Initiative...................... 4 Decisions on Capitol Hill Affect all of Banking Industry.......... 6

Connecticut Banking is an official publication of the Connecticut Bankers Association and is published quarterly by

The Warren Group Design / Production / Advertising www.thewarrengroup.com custompubs@thewarrengroup.com With the exception of official association announcements, the Connecticut Bankers Association and The Warren Group disclaim responsibility for opinions expressed in Connecticut Banking. This publication is intended and designed to provide accurate and authoritative information, not to provide legal, accounting or other professional advice.

CONNECTICUT BANKING Editor

Page 16

Page 19

Colleen E. Clancy

a trademark of The Warren Group Inc. No part of this publication may be reproduced in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system, without written permission from the publisher. Advertising, editorial and production inquiries should be directed to: The Warren Group, 280 Summer Street, Boston, MA 02210. Call 800-356-8805.

Banks in the News..................................................................... 16 Bankers in the News.................................................................. 20

Connecticut Banking Magazine • Third Quarter 2013

CBA Sponsors Regulatory Feedback Initiative By L. Robert Toffey

e continuously get feedback from member banks on the strengths and weaknesses of the current regulatory exam system. Much has been made of the pendulum swings in that process since the height of the financial crisis in 2008. We have been candid in our discussions with your regulators in both Washington and Hartford, and they appreciate the feedback we provide. We need to be heard in Congress as well. To that end, the Connecticut Bankers Association has partnered with the Coalition of State Bankers Associations, which has created a tool that will hopefully lead to some balance and accountability. The tool is called the Regulatory Feedback Initiative (RFI). This powerful survey tool consists of a confidential electronic platform where banks can anonymously provide details on their most recent examination. The information is aggregated and analyzed on a national level so we can identify

discrepancies in how bank regulations are being enforced. These discrepancies could exist between different bank agencies, different geographic regions, or between different examiners within the same agency. This initiative is critical – especially considering the avalanche of new regulations required by the DoddFrank Act. The survey is powered by an independent third-party organization with a reputation and track record for collecting anonymous and protected feedback from bank customers and employees. This allows banks to shed their isolation without violating confidentiality or exposing themselves competitively. The coalition has met with representatives of the FDIC, OCC, CSBS and Federal Reserve, and, to their credit, they welcomed the input. They know their job is getting more difficult and they know their processes are not perfect. We hope every member bank will pro4

vide feedback on their most recent safety and soundness and compliance exam or visitation, regardless of when it occurred this year or last. Going forward, we are asking banks to use the survey immediately following any future exam or visitation – at the very least, within 30 days of your exam. This will ensure the data is fresh and available for other institutions as quickly as possible. In order to assist our member banks in their preparations for annual examinations, there will be reports available containing pooled data provided by all banks that have previously taken the survey. In order to receive a report, banks must make a formal request through the coalition website that is tailored to satisfy a number of criteria determined by you. Please note, we will not be able to generate reports for Connecticut until five banks have completed the various surveys. We will, in the interim, be able to develop reports for New England and other portions of the county. Results of the requested report will be sent to member bank CEOs only from the CBA (not the coalition). Remember, this is a free service being offered by the CBA in order to help our individual member banks, as well as our industry, stay ahead of constantly changing legislation and regulation inconsistencies. This survey will help give us all a single voice – and with any luck, a much better regulatory environment. In the event that you have any questions or need additional assistance to get started, please do not hesitate to contact Rob Toffey at the CBA to discuss your options. It is imperative that we get Connecticut’s banking community involved with this important regulatory survey as quickly as possible. u L. Robert Toffey is the education coordinator for the Connecticut Bankers Association.

Connecticut Banking Magazine • Third Quarter 2013

Decisions on Capitol Hill Affect all of Banking Industry By Rick Baline

hatever happens on Capitol Hill has an impact throughout the business world. Because banks touch such a significant portion of the business community, they can be both directly and indirectly impacted. Any change in the tax rules that affects how a bank computes its taxes has a direct impact; a change to the tax rules that affects how a manufacturer computes its taxes may have an indirect impact on banks by either increasing or decreasing loan demand or deposit base. An example of this is the American Taxpayer Relief Act of 2012. The act contains little in the way of business taxes; it primarily focuses on individual taxation. That does not mean businesses will not be impacted. Over the past 25 years, there

has been dramatic growth in the number of businesses taxed as individuals. These businesses are typically referred to as “passthroughs” (partnerships and Subchapter S Corporations), because the business entity does not pay a tax, and business profits are considered to be earned by the business owners, typically individuals. Today, passthrough entities earn approximately 45 cents of every dollar earned by an American business. Because the act contains numerous provisions specific to individual taxation, it also has an impact on roughly 45 percent of all business revenue. Community banks should be particularly mindful of the foregoing because these institutions typically act as the bankers for these pass-through businesses. Effec-

tive Jan. 1, 2013, the act increases taxes on many of these business owners in several ways. There is a new top individual tax rate of 39.6 percent, the tax on capital gains and qualified dividends has increased to 20 percent, and certain income may also be subject to the new 3.8 percent Medicare tax. In addition, these same taxpayers will see a reduction in their allowable personal exemptions and their itemized deductions. The overall impact is a greater tax burden on many business owners, and this will likely influence their decisions to hire and reinvest resources in their businesses. This in turn can have an effect on their business partners, such as their bankers. continued on page 8

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Connecticut Banking Magazine • Third Quarter 2013

Decisions on Capitol Hill continued from page 6

Sequestration Now Our Reality In addition to the act, we are all now learning to live with sequestration. There has been a good deal of misinformation disseminated about sequestration. Here are four points to consider when gauging the potential impact of these spending cuts: 1. For the federal government’s fiscal year 2013 (Oct. 1, 2012, through Sept. 30, 2013), the dollar amount cut from federal government spending by sequestration according to the Office of Management and Budget should be about $44 billion. Typically, $88 billion has been the projected spending cut for sequestration in its first year. That may be true, but recall that sequestration did not become law until March 2013, about halfway through FY 2013. Thus, the real impact this year should be closer to $44 billion. 2. In FY 2013, the federal government will spend about $3.4 trillion, making

sequestration about 1.3 percent of FY 2013 spending. 3. In FY 2013, the federal government will spend more than it did in FY 2012, despite the impact of sequestration. 4. Assuming sequestration runs for 10 years, the total dollar impact of sequestration would be about $1.2 trillion. In that same time period, the federal government is projected to spend about $44 trillion, with sequestration resulting in about a 2.8 percent overall cut. As of mid-April, we have a political picture that has shown us three separate budget proposals: one by the House, one by the Senate, and one by the president. Consistent with the political landscape of the past few years, each proposed budget seems partisan and not likely to be passed. For instance, one proposal repeals Obamacare, while another ends sequestration. The good news is that even without a budget, Congress has already agreed to a funding deal that will allow our govern-

ment to continue to function through the remainder of 2013. This summer we will again see Congress face difficult negotiations. At least two items likely will cause Congress to try to reach some conclusions: both parties have been pushing for comprehensive tax reform, and this summer, the United States will once again reach its debt ceiling, and the president and the Treasury Department will need renewed approval from Congress to continue borrowing. The banking community certainly should keep its focus on comprehensive tax reform. In any major tax reform, there are winners and losers. Given the importance of such items as the Dodd-Frank, the issuance of regulations by the Consumer Financial Protection Bureau, and the potential reorganization of Fannie Mae and Freddie Mac, it is important for the banking community to remain vigilant. u Rick Bailine is the principal in charge of McGladrey’s Washington National Tax Office, and leads the Washington National Tax Corporate Tax and Transactions team.

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#EVOLUTION OF THE

#BANK #MARKETING STRATEGY IF YOU’RE NOT ONLINE, YOU’RE ALREADY BEHIND

BY JOHN SIRACUSA

s the banking industry has changed, so has the importance of social media in banking. Today, with the advent of mobile devices, tablet PCs and abundant social media platforms like Facebook, social media has become a vital form of communication in most people’s lives; yet brands including banks struggle to understand how to integrate it into their own marketing strategy.

Crowd-Sourcing Your Banking Needs So where do consumers go to eventually find their banking relationship today? They may start by going to Facebook or Twitter to ask their friends and followers – “Anyone know a good bank to get a mortgage with these days?” In Facebook, they can do a Graph Search, where they can search their friends’ prior experiences with banks. Or they may go to Google and do a search on “banking reviews,” or to a rating and review site, like Yelp, to find a bank near their location with the highest consumer generated ratings and reviews. These queries happen every day; the amazing thing is that consumers can do all of the above – and more – within seconds. Yes, they see a billboard advertisement or mailer from a bank, but then simply pick up their smartphones or tablets and research the keywords of that advertisement through the web. Even though your bank’s advertisement may have been the trigger event that caused the consumer to start the research on a banking product or service, in most cases, your bank might not necessarily be the final destination, especially if there is little to no third-party content like ratings and reviews, positive news, and blogs. Like it or not, that is how shopping habits have evolved. With that said, how should a bank’s marketing strategy evolve? First, we must all understand that consumers rigorously research and scrutinize banks based on what other people are saying about that bank. Whether a bank is in the starting point of the research process or close to the final steps, consumers will ensure that the bank, on many levels, is the right choice for them. This research, most of which they will do online at home, does not necessarily happen during your normal branch hours.

Second, a bank’s advertisements and promotions can be ineffective when a consumer performs their online research and there is non-existent, very light or negative bank branding and consumer-generated information about that bank via social media and search engines. Third, a customer experience with your bank becomes another person’s pre-shopping experience. It used to be that if someone had a positive or negative experience with your bank, they would tell their family and friends. Today, they praise and/or complain on Facebook or Twitter, or on social media platforms that are searchable and can be indexed into search results by Google, like Google+, Foursquare, Yelp, or many of the dozens of other platforms. This makes consumers’ prior experiences with your bank available to everyone, and it is used as an integral piece of new shoppers pre-shopping research. Next, the ease and usability of your website is vital for a positive user experience. If people have to struggle to find the information they are looking for and are trying to do so on a mobile device only to get frustrated by accidentally pressing the wrong links simply because there is a poor design for a mobile experience. Don’t think mobile is important? Take a look at your Google Analytics, and you will notice that 15 percent to 20 percent of the users that access your website are on a mobile device. Mobile friendliness is almost never considered when a bank considers a redesign considering that most banks have tens of thousands of people visiting their website monthly, 20 percent is a tremendous number of poor experiences. Finally, a study performed by Shopper Sciences states that, on average, consumers research and use 8.9 sources of information before making a decision to open a bank account with a particular bank. Yet most banks focus on showing up on and influencing just one to two sources. This means that a bank’s lack of researchable sources gives the consumer no choice but to put that bank in the “not even considered” category. One important note regarding the four points above is that the younger potential bank customers are, the more influential and important these four points become 11

when it comes to choosing a new banking relationship. So if you are targeting younger customers, your traditional marketing strategies must evolve, or your bank will have limited or no access to the new banking generation.

Getting Started Here’s some ideas on how to get started today, regardless of the size of your bank: Identify where you are starting from. If you knew nothing about your bank, and researched the web and social media for a new banking product, service or relationship, do the results of that research cause you to choose your bank? Or would you choose another? Try a Google search on keywords around banking products and

If you are targeting younger customers, your traditional marketing strategies must evolve, or your bank will have limited or no access to the new banking generation.bank?” services. Where do your website results show up within that search? In that same search, what types of consumer or third party results show up and what do those results say about your bank? Type in “[your bank name] reviews;” what types of reviews come up about your bank? Do people check in on Foursquare and leave a comment like, ” Worst customer service I’ve experienced in years. They constantly mishandle requests and blame the customer. Fees every time you turn around. Bank elsewhere if you value your sanity!” – Christine R. (A real comment left on a bank location in Foursquare.) Today, most people choose a bank based on their own research. Some people choose a bank based on the best rates, others choose a bank based on the best and most robust information that comes about as a result of ratings, reviews and third-party continued on page 12

Connecticut Banking Magazine • Third Quarter 2013

#Evolution of Bank Marketing continued from page 11

Here is a vitally important point: if your initial goals are murky or non-existent, measuring your campaign’s effectiveness will mirror your goals, and be murky and non-existent. Goals should be tied to very specific and real-life business goals. content written about banks. Typically, results that come up are largely a factor of your banks social media strategy and will clearly show the lack-there-of as well. If you have great rates, it should clearly show top of mind in the research that people perform through the web. Or, If you are a bank with “truly” great customer service with deeply caring employees, then that should be the results people find. If

you work with hundreds of charities and schools, it should be the staple of your search results people find. If you have all three of the aforementioned, they should all be obvious when someone searches on all technologies, including laptops, tablets and smartphones, and in any relevant platform like Google, Yelp, Foursquare and Yahoo Local, to name a few. Once you can clearly see where you are starting from, then the first step in improving your bank’s strategy is to understand what needs to be done in order to effectively influence search results. Web stores like Amazon.com and Google.com/shopping have changed forever the way that people shop for products; essentially they train consumers how to shop for products today. Customers look at product reviews, ratings, comparable products, even seller reviews. Mobile devices have further simplified this process. Ingrained deeply in every young shopper is the need to find and digest this information. The lack of this information in banking searches causes consumers to search other options. A new strategy for a new era in bank-

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ing: Your bank should build a strategy around utilizing sources that are easier for consumers to access and greatly influence their decisions, rather than a shotgun approach to strategy. A quick example of this is to optimize your Yelp.com location pages and try to find creative ways to get real, happy customers to check in to a branch and rate and review you, in conjunction with getting them to like you on Facebook. Why? When your potential customers search for a bank in Google, your Facebook page will most likely show up very late in the search engine results; real ratings or reviews will show up on the first page, or even as the first result, of a Google search, and will heavily weigh on a consumer’s decision. If you currently have or are considering a content-based strategy, like a blog, Facebook page and Twitter, make sure to have a clear focus and strategy beyond just getting the message out. Time and time again, I see banks on a content-based platform like Facebook, Twitter or a blog, yet their content is not something that their targeted customers are interested in. For a brand maintaining a socially media brand is labor-intensive, time-intensive and expensive. Without a solid strategy and goal you will most likely see very little results from your efforts. It’s vital to first understand what your goal is, what your intended market shares with you in regards to interests, and then building strategies and content that will effectively connect the two, driving real business results for your bank. It takes time to build an effective strategy, but it’s worth it in the long run. Measuring for success, not for more “good friends.” How do you measure success with your social media efforts? Here is a vitally important point: if your initial goals are murky or non-existent, measuring your campaign’s effectiveness will mirror your goals, and be murky and non-existent. Goals should be tied to very specific and real-life business goals. For example, if you have a strong following with certain niche sectors of a market – let’s say families with children who need to open a bank account – and you see the biggest growth opportunity in providing financial educational seminars to them, build your social media efforts on communicating that point and connecting continued on page 14

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Connecticut Banking Magazine • Third Quarter 2013

#Evolution of Bank Marketing continued from page 12

with them on a new level. You can then measure your efforts based upon the amount of families that attend your seminars. Let’s say for every 20 families educated, five accounts are opened with your bank. Then that is your measurement. So any social media effort that doesn’t add to this goal should be ignored and the resources should properly be allocated to social media that adds to your goals. I’ve seen many of the social media reports that are provided to banks as tools for measurements, and they are so complicated that you need a team of scientists and statisticians just to decipher them and understand exactly what it is we are looking at. Keep your goals simple and your measurements even more simple; it will save you a lot of headaches and help avoid much of the self-created confusion around social media marketing.

A Team Effort No longer is marketing and branding a silo in the marketing department. Social

media has forced everyone at all levels to be an integral piece of the bank’s marketing efforts. Social media should be viewed as a resource for growing in your potential market, and not as a technology. At the end of the day, social media is about people and how they interact with each other and make decisions about many aspects of their lives, including banking. Technology like dashboards and measurement tools should be implemented after you and your bank understand exactly what the goal is and what you are going to measure to gauge effectiveness. Today, there are so many branding and marketing opportunities to grow once we have a clear understanding and really put our minds to it. If you’re currently using social media at your bank, put your efforts to the test. Before sharing any content through your social media channels, put yourself in your consumers’ shoes and ask yourself, “Would I read this post if I found it, and would it influence my decision to choose my bank?” And always ask yourself, “Is there a better way to influence people to choose our bank?”

Without question, having an effective and strategically laid out website, social media campaign and search engine existence is vital to the future of your bank, and the banking industry as a whole, since it’s how consumers today and tomorrow will find and communicate within their new banking relationships. A fully effective and integrated social/search/website campaign doesn’t grow overnight. So take your time, and properly care for your efforts. It’ll be worth it. u John Siracusa is president and CEO of mOSa eBank Marketing Services. mOSa eBank Marketing Services helps banks create and implement marketing growth strategies focused towards social marketing and consumer research marketing that is performed on all devices, search engines, and relevant social platforms. Siracusa is also a public speaker on the topics of social marketing and research marketing in the retail banking and financial industry.

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West Sally J. Hazen, SVP Adnan Mneimne, VP Scott Strebe, VP Denise Wiest, VP

Central Kaushik Patel, VP Robert Wettergren, VP

East Michael Fallon, VP Philip Toscano, VP

Connecticut Banking Magazine • Third Quarter 2013

BANKSintheNEWS u Dime Bank’s Dime Academy offered a free workshop for teens and their parents to help teens understand about finances. u Dime Bank Foundation announced its new online mortgage inquiry product, allowing visitors to start the mortgage or refinance process in the convenience of their home.

p Kevin Cunningham, president, Bank of America-CT, presented a $200,000 unrestricted check to My Sister’s Place Executive Director Diane Paige Blondet and Kate Conway, chairperson of My Sister’s Place’s board. Berkshire Bank contributed $258,530 to local United Ways. The money raised includes corporate donations of $85,000, employee contributions of $135,353, matching donations of $35,943 and employee fund raisers that generated an additional $2,234. Chelsea Groton Bank offered secure document shredding services to the community. The event was hosted by the Mystic & Noank Library to raise awareness of identity theft and to promote prevention. Chelsea Groton Foundation announced the selection of 33 area organizations to receive grants totaling $72,405, continuing the foundation’s biannual giving tradition.

p Dime Bank continued its support of House New London so that it would be able to continue its efforts to provide down payment assistance in New London County.

p Essex Savings Bank customers participated in the bank’s Community Investment Program. The bank donates 10 percent of its after tax net income to non-profit organizations within the immediate market area. $77,400 was disbursed during the month of April. The remaining $180,591 will be distributed over the year. By year end 2013, $257,991 will have been allocated to over 200 organizations bringing the total distribution since the inception of the program in 1996 to $3,673,544.

p The Farmington Bank Community Foundation joined the Community Foundation of Greater New Britain and the William Caspar Graustein Memorial Fund as a funding partner of the New Britain Early Childhood Collaborative. Taking part in the presentation of the $5,000 grant are, from left to right: Ann Bova, director of development, Community Foundation of Greater New Britain; Christine Traczyk, executive director, Farmington Bank Community Foundation; and Tracey Madden-Hennessey, board chair, and Merrill Gay, executive director, New Britain Early Childhood Collaborative.

p The Farmington Bank Community Foundation provided funding to Junior Achievement of Southwest New England to continue the bank’s support of financial literacy education. Jeremy Race, JA’s vice president of development, and Christine Traczyk, executive director of the Farmington Bank Community Foundation, teach third-grade students how to write a check.

t First Niagara’s Marketing Executive and Senior Vice President of Commercial Banking Jim Bzdyra gave welcome remarks during the Manchester Chamber of Commerce’s Annual Luncheon. First Niagara was a presenting sponsor.

p Dime Bank awarded a $3,000 grant to the Reliance House for its Teamworks Program. u Dime Bank Foundation awarded $64,500 to 28 local non-profit organizations. u Dime Bank’s Dime Academy visited Integrated Day Charter School, as part of the Teach Children to Save campaign.

Third Quarter 2013 • Connecticut Banking Magazine

p Children from the Cardinal Sheehan Center in Bridgeport enjoyed an afternoon at the Sports Center of Connecticut, courtesy of First Niagara.

p The 12th annual First Niagara Free Lesson, introducing kids to the game of tennis, was led by teenage tennis star Taylor Townsend. This year’s event also brought together the New Haven Open and students receiving mentoring support from The Governor’s Prevention Partnership. u First Niagara New England Regional President David Ring addressed 500 attendees during the Greater New Haven Chamber of Commerce’s 219th Annual Meeting. First Niagara was a presenting sponsor.

p First Niagara sponsored Sunday hours of operation at the Ferguson Library, allowing the library to welcome approximately 800 to 1,000 visitors each Sunday afternoon.

u Paul McCraven, First Niagara’s senior vice president of community development, addressed attendees during a press conference hosted by the Greater New Haven NAACP to discuss the status of the homeownership assistance program created by the bank in partnership with NAACP.

p First Niagara volunteers gave elementary and middle school students a lesson in financial literacy through Junior Achievement’s “JA in a Day” program. Sharon Packevicz, teller supervisor, Madison branch office, with students.

p Employees of Jewett City Savings Bank organized a team of 20 walkers to participate in the 18th annual Walk for The Center for Hospice Care and raised a total of $3,170 for the organization.

p The Wilson-Gray YMCA Youth and Family Center received a $25,000 grant from the First Niagara Foundation for support of The YMCA Teen Incentive Program.

p The Liberty Bank Foundation awarded $76,996 in grants to 21 nonprofit organizations. Left to right are: Mike Helfgott, chairman, Liberty Bank Foundation; Jason Gibson, the Boys & Girls Club of New Britain; and Chandler J. Howard, president and CEO, Liberty Bank

p Liberty Bank honored Emma Carpenter and Luke Hajdasz as the recipients of the 2013 Liberty Bank Youth In Action Awards by directing a $1,000 donation from the bank to a nonprofit organization of their choice. u Liberty Bank launched its mobile banking service, allowing consumer customers to bank via mobile app, mobile browser, and text message from a smartphone or tablet. u The Milford Bank hosted two first-time homebuyer seminars. Representatives from United Guarantee and the Credit Bureau of CT, as well as The Milford Bank’s experts, were on hand to answer questions.

p The Naugatuck Savings Bank Foundation awarded a $5,000 grant to the Cheshire Public Library to support its Teen Reading Room project.

p The Naugatuck Savings Bank Foundation awarded grants totaling $53,500 to 40 local non-profit organizations as part of its Community Awards Program. Naugatuck Savings Bank customers voted for a local charity of their choice to receive a grant from the Foundation.

Connecticut Banking Magazine • Third Quarter 2013

BANKSintheNEWS

continued from page 17

Naugatuck Valley Savings and Loan awarded The Donald G. Brubaker Memorial Scholarship to Holy Cross High School graduate Maria Teixeira.

p The Naugatuck Savings Bank Foundation awarded a $1,500 grant to Donate Life Connecticut to support its 2013 Toast to Life Fundraiser. p Quinnipiac Bank & Trust held a free shredding event. More than 16,000 pounds of documents and other articles were shredded. Fifteen boxes of food items were collected, along with $600 in cash donations.

p The Naugatuck Savings Bank Foundation granted $5,000 to Girls Incorporated. t The Naugatuck Savings Bank will be changing its name to ion Bank in the Fall.

p The Berkshire Record voted Salisbury Bank the Best Bank in Berkshire County. Pictured are Rich Aldrich, executive vice president, business development; Georgann Farnum, assistant vice president, branch manager for the Sheffield and Egremont, Massachusetts branches; and Rick Cantele, Salisbury Bank president and CEO.

p Savings Bank of Danbury held a raffle held at the Newtown Chamber’s “Destination Newtown” event. Sharon Maynard, branch manager, Newtown office (left), is pictured with winner Lois Snow.

p Employees from the Savings Bank of Danbury volunteered as judges for the Danbury Public Schools Invention Convention. Pictured are Dan Baker, Lois Botelho, Donna Bogannam and Susan Berube.

Salisbury Trust Wealth Advisory Services, a division of Salisbury Bank, chose four recipients in its third annual Sportsmanship Award contest, which is open to horse and rider pairs of all ages and skill levels active in eventing.

p The Naugatuck Savings Foundation awarded a $5,000 grant to My City Kitchen to support its after-school and summer programs.

p The Naugatuck Savings Bank Foundation awarded grants totaling $10,000 to the St. Vincent DePaul Mission of Waterbury to support its soup kitchen, food pantry and shelter programs.

Salisbury Bank announced its shred-it day produced 3,640 pounds of paper shredded and recycled.

p Employees at Savings Bank of Danbury contributed 35 Buddy Baskets to the Western Connecticut Business Volunteer Council. Pictured is Beth Ann Fetzer, Community Development Officer and assistant vice president.

p The Savings Bank of Danbury, in conjunction with the Rotary Club of Danbury, awarded a scholarship to Kristy Trotta. Pictured, from left: Kathy Romagnano, president and CEO, Savings Bank of Danbury; Susan Berube, vice president and compliance officer, Savings Bank of Danbury and a member of the Rotary Club; and scholarship recipient Kristy Trotta.

p Simsbury Bank announced they are the presenting sponsor of Hill-Stead Museum’s 27th Annual May Market.

p Simsbury Bank announced it is the lead sponsor of the Simsbury Little League’s capital initiatives, providing $25,000 for improvements and renovations.

p Torrington Savings Bank, in conjunction with State Senators Kevin Witkos and Clark Chapin, sponsored an essay contest for sixth grade students at St. Peter/St. Francis School and the Torrington Middle School. Back row: Mrs. Gauger, principal of St. Peter/St. Francis; Wendy Healey, teacher; Mr. Fuller; Chapin; and Witkos. Front row: runner-up Abby Corso; runner-up McKenzie Gauthier; winner Samuel Mazzarelli; and winner Bohden Arndt.

p Union Savings Bank was honored with the Distinguished Appreciation Award at the Community Culinary School of Northwestern CT’s Sixth Annual Dinner with Friends event. Pictured: Jeff Kilberg, Community Culinary School board president, and Marie O’Neill, executive vice president, chief marketing officer, Union Savings Bank.

p Union Savings Bank donated $5,000 to the Northwest Connecticut Regional Planning Collaborative. Pictured: Gina Scherbner, vice president, business development officer, Union Savings Bank; Ruth Skovron, Northwestern CT Regional Planning Collaborative committee member; and Fran Dattalo, president and CEO, Union Savings Bank.

p Windsor Federal Savings held a grand opening celebration to mark the official kickoff of its new Bloomfield location. Bloomfield Mayor Sydney Schulman cut the ceremonial ribbon at the entrance to the new building. Donations of $2500 each to Foodshare and Bloomfield Volunteer Ambulance were made. p Union Savings Bank sponsored the National Women’s History Month Essay Contest, hosted by Sen. Michael McLachlan. Pictured, McLachlan and Marie O’Neill, executive vice president, chief marketing officer, Union Savings Bank, with the essay winners. t Union Savings Bank donated $5,000 to the New Milford Public Library to support the town’s month long historical event “Our New Milford, An American Town.” Pictured: Bonnie Blackman, vice president, market manager, Union Savings Bank; Fran Dattalo, president and CEO, Union Savings Bank; Carl DeMilia, director, New Milford Library; and Marie O’Neill, executive vice president, chief marketing officer, Union Savings Bank.

p Branch managers from each of the five Windsor Federal Savings locations went in to their communities and held informational classes as part of the nationally recognized “Teach Children to Save” Day.

Connecticut Banking Magazine • Third Quarter 2013

BANKERSintheNEWS Heidi DeWyngaert

Bob Torra

Michele Watkins

Janet West

Richard Cascio

Tony Buccieri

Heidi DeWyngaert, president of The Bank of New Canaan and executive vice president and chief lending officer of BNC Financial Group, was elected to the board of the Connecticut Housing Finance Authority. Bob Torra joined the bank as vice president and head of the bank’s Business Cash Management Services. Berkshire Bank named employees Chuck Sharp, Lisa Davison, Michelle Rouleau, Tara Kimberley

Donna Stefanski and Ishmael Bryan

M. Schweighoffer

Melissa Heard

Denise T. K. Ogden

Arthur Barton

Andrea Coreau

Kevin P. Judge

Catherine M. Burns

Jeanneen V. Griffin

Deb Burgess

Tony Joyce

and Teddi Averin Volunteers of the Year for outstanding community service.

students recognized for graduating in the top 10 percent of the class.

Chelsea Groton Bank promoted Richard Cascio to executive vice president, senior loan officer. Branch manager and assistant vice president Donna Stefanski and collection specialist Ishmael Bryan graduated from the Connecticut School of Finance & Management. Bryan received the Michael J. Piette Honors Award; one of six

Dime Bank announced the appointment of Denise T. K. Ogden as commercial lender; Arthur “Chuck” Barton as vice president, senior commercial loan officer; and Johnna Taylor, senior vice president, chief credit officer.

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Fairfield County Bank announced the appointment of Andrea Coreau to senior vice president of retail banking; Kevin P. Judge to Infinex investment executive; and Michele Watkins to assistant vice president of electronic banking. Janet West, assistant vice president – branch manager and Tony Buccieri, assistant vice president – branch manager, graduated from the Connecticut School of Finance and Management. Farmington Bank announced the appointment of Michael T. Schweighoffer to the newly created position of executive vice president, chief lending officer. Melissa Heard was appointed as vice president, government banking and Catherine M. Burns was promoted to executive vice president, chief risk officer. First Niagara named Jeanneen V. Griffin to serve as first vice president and team leader, commercial real estate lending. The bank welcomed Deb Burgess as the multi-state bank’s senior vice president and director of treasury management. Margaret Y. Livingston, president and CEO of Guilford Savings Bank announced her retirement, effective Jan. 31, 2014. Timothy P. Geelan will succeed her as president and CEO. John Roman joined the bank as vice president,

Third Quarter 2013 • Connecticut Banking Magazine

John Roman

Andrew Stephens

Brian Toman

Wendy Annino

Kelly Speranza

Sue Murphy

Executive Director Sue Murphy. The West Haven Chamber of Commerce presented Lynn Viesti Berube, vice president of The Milford Bank, with the Chamber Service Award at its annual meeting. Michael Giorgio

Steve Habetz

Darren Piper

commercial loan officer; Andrew Stephens as special assets officer; and Brian Toman as branch manager. Liberty Bank named Wendy Annino vice president and electronic channel manager, and Kelly Speranza was appointed assistant vice president, consumer lending. The Women and Families Center presented the Women in Leadership Award to Liberty Bank Foundation

Rockville Bank announced Brandon Lorey joined the company as senior vice president and head of consumer lending. Salisbury Bank announced Richard (Dick) P. Kelly joined the bank as vice president and senior commercial loan officer, and Donald E. White was appointed executive vice president and chief financial officer.

Brandon Lorey

Richard P. Kelly

Donald E. White

information technology manager, Salisbury Bank & Trust, graduated from the Connecticut School of Finance & Management. Savings Bank of Danbury announced Michael Giorgio joined the bank as senior vice president of information services; Steve Habetz joined the Stamford Mortgage Company LLC, a wholly owned subsidiary, as vice president/residential lending; and Darren Piper joined the bank as vice president and commercial lender. Simsbury Bank promoted Jocelyn Mitchell, senior market manager, and Ken Sklodosky, senior market manager, to vice president. continued on page 22

Michael Jordan, assistant vice president,

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Connecticut Banking Magazine • Third Quarter 2013

BANKERSintheNEWS

continued from page 21

Jocelyn Mitchell

Ken Sklodosky

David Donofrio

Caitlin R. McCall

John-David Scarritt

Daniel J. Rys

Deborah Jacobson

Matthew Wilcox

Karen Farrenkopf

Barbara Chianese

Peter G. Sepelak Jr.

Peter G. Sepelak Jr., assistant branch manager, graduated from the Connecticut School of Finance & Management. Anthony F. Bisceglio, executive vice president and chief financial officer, will retire in 2014. Ken Sklodosky, vice

Anthony F. Bisceglio

Kate Crovo and Melissa Rowe

Jenna Meyn

president and senior market manager, received the Paul Harris Award from the Rotary Club. Eve Lai joined the bank as mortgage loan officer, and David Donofrio joined as vice president of secondary marketing.

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Frank Carmon IV

TD Bank named Caitlin R. McCall store manager. Thomaston Savings Bank congratulates JohnDavid Scarritt on receiving the Spirit of Caring Award from the United Way of West Central Connecticut, and Assistant Branch Manager Kate Crovo and Deposit Account Coordinator Melissa Rowe, who recently graduated from the Connecticut School of Finance & Management. Torrington Savings Bank welcomed Kimberley Brown as vice president of residential lending, and Wendy Healey as vice president of retail banking, sales and marketing. Union Savings Bank promoted Deborah Jacobson to senior vice president, compliance and risk management; Matthew Wilcox to vice president, e-marketing specialist; Karen Farrenkopf to vice president, hiring and retention manager; Barbara Chianese to assistant vice president, commercial services supervisor; Jenna Meyn to assistant vice president, loan servicing development and document retention manager; Rui Dantas to assistant vice president, loan servicing manager; and Shelley Turian to Assistant vice president, education and development support specialist. Ross Mannuzza, Richard Kalnins and Roberta Reed joined the bank’s mortgage origination team. Windsor Federal Savings announced the addition of Frank Carmon IV to the board of directors.

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