Connecticut Banking 4Q 2013

Fourth Quarter 2013

Financial Literacy Initiatives Prove that Knowledge is

Power

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Fourth Quarter 2013

Financial Literacy Initiatives Prove that Knowledge is

Power

CONNECTICUT BANKERS ASSOCIATION

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

Second Vice Chairman Richard J. Cantele

First Vice Chairman Stephen P. Reilly

President & CEO Lindsey R. Pinkham

President & CEO Liberty Bank, Middletown

COVER STORY

Financial Literacy Initiatives Prove that Knowledge is Power.......................................... 10 Connecticut banks aren’t just out to create better bank customers. They want to create better citizens.

President & CEO Salisbury Bank, Lakeville

President & CEO Northwest Community Bank

FEATURES

Connecticut’s Grade on Financial Literacy............................. 4

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

Getting to Know Chandler Howard Chairman of the CBA.......................................................... 12 CBA Announces 2013-2014 Officers and Executive Committee...................................... 16

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 25

Colleen E. Clancy

©2013 The Warren Group Inc. All rights reserved. The Warren Group is

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.

Page 20

CBA Calendar................................................................ 8 Banks in the News........................................................ 18 Bankers in the News..................................................... 24 3

Connecticut Banking Magazine • Fourth Quarter 2013

Connecticut’s Grade on Financial Literacy

By Thomas S. Mongellow

W

hile the concept and desirability of thrift and personal financial skills have been around since the early 1800s and spurred the development

of the thrift banking industry, it garnered renewed attention of the CBA back in the late 1980s. That’s when the Connecticut Legislature’s Banks Committee created

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a task force to study mortgage lending results based on then recently released Home Mortgage Disclosure Act (HMDA) data. The task force included consumers, representatives from consumer groups, Fannie and Freddie, mortgage insurance companies, regulators, legislators and of course, CBA member banks.

Over a period of several months, there was an exhaustive exploration of data from the state and the country, presentations by all stakeholders and extensive discussions about every aspect of mortgage lending. The conclusion was that, in many cases, bad credit due to mismanagement of personal finances was one of the main causes of mortgage application denials.

Further investigation showed that the mismanagement was due to a lack of basic financial skills or literacy. “Basic,” for purposes of the task force, meant how you were paid and how bills were paid, budgeting, how financial problems were dealt with and, ultimately, how credit reporting issues came about and were responded to. Credit options for “new” borrowers focused in particularly on personal or “starting” bank products, such as car or personal loans, credit cards, utility payments and even checking accounts.

As a result of the task force findings, the banking industry recommended that the Legislature consider implementing a statewide financial literacy curriculum that be implemented at a ninth- or tenth-grade level. Because students were just getting part-time jobs at those ages, the concept was that they would be able to actively implement the financial lessons they learned. The industry saw that a basic financial skills curriculum would be invaluable to all students as they entered the workforce. Effectively managing their personal finances could only lead to a more secure and promising financial future. continued on page 6

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Connecticut Banking Magazine • Fourth Quarter 2013

Financial Literacy continued from page 4

Additionally, the ability to build assets, one of the key provisions of future Individual Development Account efforts in the state, would be that much more attainable. The personal skills to maintain good credit, build assets, stabilize finances and more, seemed like an obvious winning strategy. Surprisingly, this common-sense approach was never brought up for consideration. Whether it was politics, costs or lack of interest was unclear.

Banks Step into the Breach Since then, many banks and their strategic partners have recognized the need for financial education for both students and adults. Many banks now provide educational programs, which have clearly met some of the need, but the industry doesn’t have the capacity to reach everyone. Nor does it necessarily reach residents at the critical time when a person starts making financial decisions that may impact them for years to come. It’s

difficult to match the state educational system’s ability to communicate those positive lessons about personal finance to virtually all high school students.

This void may be one of the key reasons that a recent study by the Center for Financial Literacy out of Champlain College gave the primary education system in Connecticut and nine other states an “F” in providing personal finance topics.

That’s right – our state, with its highest per capita income in the nation, flunked financial literacy education in its primary schools.

It’s not that efforts haven’t been made to implement courses. Some schools have initiated a personal finance curriculum.

And as the study revealed, since 2007, state legislators have introduced seven bills to mandate some degree of a financial literacy curriculum. The most recent one was favorably voted out of the Banks Committee in 2011, but unfortunately, none of these seven proposals were enacted into law. The Legislature did pass a partial solution in 2009 allowing inschool bank branches, which have been

providing education in some schools across the state.

There’s obviously a cost to a school system for adding a curriculum, but the benefits of financial literacy from a local and societal impact cannot be denied.

Wouldn’t the state be better off with fewer consumer foreclosures and bankruptcies, as well as better tax collections, more startup businesses, sustainable retirement income, and more assets staying versus leaving?

Maybe with its recent “F” grading Connecticut education leaders and local school administrators will take a leadership role in supporting and establishing a statewide financial literacy course for all students. But if not, the banking industry will no doubt continue doing their job for them. Why? Because we know that financially educated students lead to educated adults which lead to educated consumers and customers. It’s just smart business. u Thomas S. Mongellow is executive vice president & treasurer of the Connecticut Bankers Association.

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Connecticut Banking Magazine • Fourth Quarter 2013

CBA CALENDAR MONTH DATE 2013/2014 MEETING/EVENT DECEMBER 2013

JANUARY 2014

FEBRUARY 2014

11

CBA/Financial Managers Society

12

Mortgage Series #3 Workshop

13

CEFIA Workshop

25

Christmas Day

1

New Year’s Day

16

New Leaders Awards Dinner

MARCH 2014

11

IRA Essentials Seminar

12

IRA Advanced Seminar

12

CFT Banks’ Forum

13

Call Report Seminar

21

CFO Forum

APRIL 2014

2

CSFM 2014 Graduation

MAY 2014

7

Connecticut Legislative Session Ends

17

BankWorld

13

Bank Secrecy Act Seminar

20

Martin Luther King Day

14

CFT Banks’ Forum

5

Connecticut Legislative Session Starts

20

2014 Director & Senior Officer Symposium

12

CFT Banks’ Forum

26

Memorial Day

12

Lincoln’s Birthday

17

Washington’s Birthday

JUNE 2014

9

CFT Banks’ Forum

26

CBA/Financial Managers Society

JULY 2014

4

Independence Day

visit www.ctbank.com for more info

8

Financial Literacy Initiatives Prove that Knowledge is

Power

Connecticut banks aren’t just out to create better bank customers. They want to create better citizens.

By Christina P. O’Neill A national report released by Vermontbased Champlain College evaluates state initiatives to include financial-literacy training courses in grades K-12 curricula, at a time in kids’ lives where they are most receptive to learning. Surprisingly, many of the New England states, (Vermont, Champlain College’s host state, Connecticut, and Massachusetts), received a failing grade in the report. The report’s authors, Champlain’s Center for Financial Literacy at Champlain College, invited comment from state officials who may dispute the findings or who wish to provide documentation that could support a higher grade.

Despite its grade in the report, Connecticut has ample financial-literacy training that falls outside the state purview, but which is well accepted at the local level. And the state’s banks should be proud of their work on the many local initiatives between Connecticut’s banks and local school boards and school administrators that occur statewide.

Connecticut’s financial literacy efforts are based on local knowledge of what school systems want and need from banking personnel that they know from long-standing relationships, and according to local input, banks and nonprofit organizations are teaming up to deliver effective programs to the state’s most learning-receptive children.

Checking in on what’s happening in the state are: Chandler J. Howard, president and CEO, Liberty Bank; Martin J. Geitz, president and CEO, Simsbury Bank; Christine Traczyk, community development manager at Farmington Bank, and Louis J. Golden, president, Junior Achievement of Southwest New England.

A Dress Rehearsal for Solvency Howard says Liberty Bank works with the Connecticut Banking Association on various financial literacy issues and assists in advocacy issues that address all age ranges, not just K-12. Through its Community Development Group, it hosts two Credit for Life fairs, which are daylong programs that put students into a simulation of the buying decisions they’d have to make once they are financially independent. The program – essentially a dress rehearsal for financial independence – feature various real-life vendors – for example, auto dealers and other retailers, as well as other financial institutions – which walk students through hypothetical decisions that all add up to a measure of how financially astute the kids are, versus how astute they need to be, to achieve a sustainable budget. A pilot program in Middletown was so successful that a second program is now offered in New London, 40 miles south.

A national program, Teach Children to Save, is a daylong program offered annually in partnership with the American Banking Association, targeting elementary school children. Liberty Bank’s community development arm also participates in a curriculum called Understanding Money and Credit, administered quarterly throughout the bank’s market area footprint, in concert with various local social agencies. The program, created by Money Management International, covers topics such as understanding your credit report, calculation of net worth, financial goals, and insurance, as well as budgeting and using credit wisely. The program has a pre-test and a post-test.

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An FDIC-sponsored program called MoneySmart has several modules such as borrowing, credit cards, paying for college, targeting first-time homebuyers.

Liberty Bank also offers adult financial literacy programs through local social service agencies, amounting to 15 to 20 seminars a year, covering the basics of lending, checking accounts, using credit, and homeownership.

Liberty Bank’s web site features a financial literacy section, as well as a page for its Facebook followers, which posts responses to commonly-asked questions.

“It’s in the financial community’s best interest to provide this [instruction]” Howard says. Working directly with local school systems and developing programs based on predetermined needs, as well as funding the initiatives, are all welcomed by the host communities. “That’s compelling and welcoming to local boards, that we are willing to devote the staff and the time to come in and do it.”

Reaching the Young Geitz says his bank takes an alternate route. For the last two years, it has partnered with Junior Achievement to present a full-day curriculum at Tariffville Elementary School that targets grades K-6, with differing material for each grade level. “We were impressed with quality of material JA created, targeted to each age group,” he says. “Coming back for a second year, we found many students anticipating the next segment.”

The plan is to continue the engagement.

Fourth Quarter 2013 • Connecticut Banking Magazine

Simsbury Bank also offers one- or twohour programs in high schools to teach about checking accounts and debit cards and other basic financial tools, which now include online banking.

Another dimension is offered by an economics teacher in one of the senior high school classes, who presents a class covering the costs of economic development, from permitting approval through construction and financing, including how a lender looks at underwriting and approving a construction loan.

Simsbury Bank also participates in the High School Inc. program offered by the Hartford public school system. This year, the bank hosted a summer intern, a high school student between his junior and senior years, who worked in many different departments, and who put a presentation together to cite what he had learned.

Managing Money and Making Money Junior Achievement’s three organizations in Connecticut collectively reached out to about 65,000 students last year.

There are three JA organizations in the state – JA of Southwest Connecticut in Norwalk, JA of Western Connecticut in Bridgeport, and Junior Achievement of Southwest New England. “Our programs focus on three things,” says Golden – to help young people become financially responsible, to prepare them for the world of work, and to expose them to opportunities for entrepreneurism. “It’s not enough just to manage money; it’s important to know how to make money,” he says. JA’s programs run the full range of K-12 and conform to state curriculum standards and common core standards.

JA’s financial literacy programs are delivered by volunteers from the banks across the state. “We know that bankers care deeply about their communities and want their young people to be financially responsible,” he says. “We’re able to give them a curriculum that provides powerful lessons in how to manage money – how to save it invest it, and balance a checkbook.

The banks don’t need to create a curriculum; we have one that the schools love.”

JA programs help banks fulfill their obligations under the Community Reinvestment Act by serving low-income areas.

However, he adds, the programs are needed

across all economic strata. “One of the different factors in suburbs is that students [tend to] have easy access to money,” he says, but that access isn’t always associated with increased responsibility. That being said, students in both cities and suburbs benefit from JA programs, Golden says.

JA’s entrepreneurial programs teach students how to find a need and fill it, whether with a product or a service – and make money at it. “We don’t try to steer students one way or the other,” says Golden. A JA-inspired student company, Kozy Toes, run by students throughout the Hartford school system, was so successful selling brightly colored socks that it returned 300 percent to its shareholders.

The 15 participating students came from eight high schools in the Greater Hartford region, both urban and suburban schools.

“I think students need to get a grounding in what’s possible,” Golden says. The Kozy Toes entrepreneurs grew close to each other and developed skills they can take into the future.

“Students experience everything firsthand, which makes it very real,” he says.

“When you are in school, it’s theoretical, but if you are developing a product for a company, it’s now very real for you.”

Students in the third-grade program run a hypothetical restaurant. But it’s not just about cooking. They have to make decisions about who to hire, and how to price their menu based on food costs. They get paid with hypothetical money but get reallife lessons in how to use it in a banking system, inclusive of deposits, ATMs, and balancing checkbooks.

In middle school, students are assigned a job or profession, and learn how to manage their monthly income, both gross and net. “You may be an airline pilot, and someone next to you is [working in] fast food. You’re not struggling to put your budget together, but the person sitting next to you is.”

The Lesson Within the Lesson Farmington Bank utilizes the ABA’s Teach Children to Save, Get Smart About Credit program, the FDIC’s MoneySmart program and encourages its employees to choose the curriculum which suits their audience the best. Recently eight Farmington Bank employees visited the fourth grade classes at the Metacomet Elementary 11

School in Bloomfield.

Of the JA’s financial programs for school children, Christine Traczyk says that JA puts a financial context into many of the hands-on activities that sparks the interest of the students. “Kids don’t realize how much they’re learning,” says Traczyk.

The bank partners with JA to teach the entire JA program for all the grades at a New Britain school in one day with 50 employees teaching different teams.

One parent-teacher organization asked if the bank could do a workshop for parents who are facing the prospect of financing college for their kids. “Sometimes, adults don’t want to admit that they don’t know [the basics],” Traczyk says.

At the other end of the age spectrum, the bank hosts seminars at senior centers on identity protection. In a new program, the bank works with homeless shelters with transitional housing, which offers training in money-management skills for financially-vulnerable clients. The bank has just begun partnering with the Connecticut Association of Human Services, which offers a statewide curriculum and which is seeking volunteers to teach it.

Creating a Better Future Financial literacy isn’t just about balancing a checkbook, and the seminars offered to people of all ages with the support of Connecticut-based banks go far beyond the minimum education required to make people better bank customers.

The programs offer a holistic view of how to choose between wants and needs, and wise versus unwise decisions. It also gets to the heart of the notion that one shouldn’t spend money on something one doesn’t understand, and that applies to people all across the educational spectrum, as we’ve had ample opportunities to learn during the fiscal crisis of the last five years.

With their consistent commitment to helping people become better citizens – not just better bank customers – the presence of local bankers in their communities’ social network makes a strong case for a larger forum for financial literacy at the state level. u Christina O’Neill is editor of custom publications for The Warren Group, publisher of Connecticut Banking. She may be reached at coneill@thewarrengroup.com.

Connecticut Banking Magazine • Fourth Quarter 2013

GETTING TO KNOW

CHANDLER HOWARD

CHAIRMAN OF THE CBA

Tell us about your banking career.

My banking career began in 1974 and was born out of my volunteer work with the Red Cross. At the time, I had gotten back from Vietnam and was having trouble finding a job. I had a lot of time on my hands, so, following my moth-

for a job. In a few weeks, I had received a letter inviting me to interview for an entry level position at the bank. In addition to working at People’s Bank, I also spent a number of years at Fleet Bank, as well as Bank of America, following their merger. In total, I have been in the

The government will continue to pass legislation with or without our input. Clearly, it is in our best interest to strongly advocate for fair treatment of both financial institutions and our customers. er’s advice, I used it helping people in the Northeast recover from Hurricane Agnes. Later that year, I was selected as a Red Cross Volunteer of the Year. At the awards banquet – unbeknownst to me – I was seated next to the chairman of People’s Bank. He asked what I was doing and I explained I was currently searching

banking community for the last 38 years.

Thankfully, my career path has brought me to Liberty Bank where I truly believe I belong. Liberty Bank is a community bank in the truest sense of the term – valuing local, personal and service driven banking above all else.

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Like many bank executives, you serve on many boards – how do you find the time? You have been very active in your philanthropic efforts in the communities you serve, why is that important to you?

I must admit, much of the credit in this arena would have to go to my mother. She was an immense inspiration to me in many ways, and one of the most pivotal was sending me off to volunteer at the hospital when I was younger. There was one thing my mother always said that has stuck with me: “Nobody can do everything, but everyone can do something.” I have done my best over the years to stay true to that mentality and her spirit. There were many times throughout my career that I was given a hand, a guide or an opportunity. Now is my chance to return those favors to others who are doing their best to improve the communities we live and work in.

Fourth Quarter 2013 • Connecticut Banking Magazine

Tell us about the bank’s ongoing branch expansion.

As a local community bank, one of the best ways Liberty has to introduce itself in new towns and counties is by a physical presence. In the last five years, we’ve opened a dozen locations that have allowed us to begin our move into Hartford and New Haven counties. Clearly, people’s banking preferences have changed in

the last decade, with the proliferation of online and mobile banking. Even so, we realize that there is still a market segment that seeks and appreciates face-to-face contact with their financial professionals.

So, too, as a community bank, it is our responsibility to be personally present and involved in the many towns and cities we serve through philanthropy, volunteerism and sponsorships. It is also our respon-

sibility to have our finger on the pulse of community issues so we can appropriately advocate and support efforts such as affordable housing.

Where do you think future areas of profitability will be for banks?

It is an ever-changing landscape for continued on page 14

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Chandler Howard continued from page 13

There was one thing my mother always said that has stuck with me: “Nobody can do everything, but everyone can do something.” I have done my best over the years to stay true to that mentality and her spirit.

bankers nowadays, and what proved to be a revenue generator, even in the recent past, may not be in the future. Since the financial downturn, many banks have turned to increased product fees to boost revenue.

This already may be a passé option.

Here are some trends that I believe may be workable in the near-term: convenience-based value-added services (such as expedited bill pay) for a small charge, or extra account security controls/real-time customizable alerts for a small charge. We must look for opportunities to offer new and expanded services where customers perceive value and are willing to pay a small extra charge.

At this point, some banks are charging customers for download of their mobile banking app. While Liberty’s remains free, advanced functionality in the future might come with transaction-related fees. Liberty has also launched person-to-person and person-to-business online payments. Again, this is perceived as valuable and customers are willing to pay a slight cost for the convenience of doing this on their computer desktops.

Clearly, another opportunity waiting in the wings for the banking industry is acting as a payment clearinghouse and processor for other banks. Not all banks have the infrastructure to capitalize on this, but others certainly will. Other revenue opportunities are expansion of services provided to include insurance and/ or investments, as well as planning ser-

vices that can boost assets under management as well as fees.

How will banks deal with the regulatory burden – both in hard and soft costs?

The implementation of the DoddFrank Wall Street Reform and Consumer Protection Act, including the establishment of the Consumer Financial Protection Bureau (CFPB), has meant explosive growth in banking regulation. This most certainly presents challenges, including significant cost implications, particularly for smaller institutions.

Some estimates indicate the actual time spent on meeting regulatory requirements has risen from about 10 to 15 percent to more than 30 percent of the average bank’s daily time spent. While this may be somewhat overstated, it clearly indicates that additional staff, policies, procedures, and technology resources are needed to address compliance in the current environment.

At Liberty Bank, we have certainly seen our share of this escalation of both hard and soft costs. In the last year, we have added about a dozen staff members … from special case managers and additional compliance staff, to information security personnel and BSA staff … to assist all our business lines. We have supported this with new technology, including an incident management monitoring platform, an alert notification system, beefed up 14

antivirus software, and consumer fraud technology to identify suspicious patterns of activity.

On the soft side, we have stepped up what we considered prudent governance and oversight of our regulatory commitment. Our operational risk committees have expanded, BSA monitoring has been enhanced, and our board reporting now includes a quarterly review of customer complaints.

Clearly, what is in the best interest of our customers is in the best interest of Liberty Bank. So, regardless of the cost, we are committed to taking all steps necessary to have the people, processes and technology at work to protect our customers.

Is it still important to reach out to Washington on banking legislation, since it seems so dysfunctional?

Yes. The government will continue to pass legislation with or without our input. Clearly, it is in our best interest to strongly advocate for fair treatment of both financial institutions and our customers. The banking industry is fortunate to have one of the best-organized and proactive associations representing us in Washington, the American Bankers Association. The Connecticut Bankers Association is equally as active and involved.

We must rely on their guidance, but also be ready to act to support their efforts when called upon, both locally and in the national arena. u

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Connecticut Banking Magazine • Fourth Quarter 2013

CBA Announces 2013-2014 Officers and Executive Committee

T

he members of the Connecticut Bankers Association recently elected its officers for its 2013-2014 term, ending November 2014.

Named chairman of the association was Chandler J. Howard, president and CEO, Liberty Bank, Middletown. Howard has been with the bank since 2007. He began his banking career as a teller at People’s Bank in 1974. During his career, he has worked at banking and non-banking institutions, including First City Fund Corporation, Connecticut Innovations, Bank of America, Fleet Bank and People’s Bank. He graduated with a master’s degree in finance from Rensselaer Polytechnic Institute and a bachelor’s degree from the University of Connecticut. Known for his involvement with community organizations, he has received numerous awards, including The Hartford Courant’s Tapestry Award for his personal and corporate commitment to fostering diversity; the Champion of Children Award from the Village for Families & Children; the Corporate Leader of the Year Award from the Christian Activities Council; and, most recently, the Whitney M. Young Service Award from the Boy Scouts. He is always a strong, visible supporter for the United Way. Named first vice chairman of the association was Stephen P. Reilly, president and CEO, Northwest Community Bank, Winsted. Reilly has been with the bank for 16 years. Previously, he was employed

by Union Trust Co. He graduated with honors from ACB’s National School of Banking and is a graduate of the University of Connecticut with a bachelor’s degree in marketing. He is well known in the community and involved with numerous community organizations, including United Way, Northwest CT Chamber, Northwestern CT Community College, Charlotte Hungerford Hospital, Connecticut Community Bankers Association, chairman of FISH/Susan B. Anthony Golf Tournament, chairman of Rotary Junior PGA Golf Classic and chairman of 2010 United Way Annual Fundraising Campaign.

Named second vice chairman of the association was Richard J. Cantele, Jr., president and CEO, Salisbury Bank, Lakeville. Cantele became president and CEO in 2009, prior to which he served as president, chief operating officer and director of the bank since 2005. He serves as secretary of the Connecticut Community Bankers Association.

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Cantele graduated from Fairfield University with a bachelor’s degree in finance; and graduated from the Stonier Graduate School of Banking in 1997.

Cantele has been an executive officer of Salisbury Bancorp Inc. since 2001 and Salisbury Bank & Trust Company since 1989.

The other elected officers include: Past Chairman John J. Patrick, Jr., chairman, president and CEO, Farmington Bank President and CEO Lindsey R. Pinkham, Connecticut Bankers Association The CBA also elected others to its Executive Committee. In addition to the chairman, first vice chairman, second vice chairman, past chairman and president, the Executive Committee consists of nine at-large members and the co-chairs of the CBA’s Legislative Committee: For at-large seats with terms expiring in November 2014: William H.W. Crawford, president and CEO, Rockville Bank Kevin J. Cunningham, president, Bank of America-Connecticut, Hartford Edward O. Handy, president, RBS Citizens, CT and RI For at-large seats with terms expiring in November 2015: Michael J. Casparino, president, Northern Connecticut, People’s United Bank, Bridgeport B. Michael Rauh, president and CEO, Chelsea Groton Bank, Groton For at-large seats with terms expiring in November 2016: Stephen L. Lewis, president and CEO, Thomaston Savings Bank David A. Schneider, CEO, Fairfield County Bank John F. Trentacosta, president and CEO, Newtown Savings Bank Legislative Committee co-chairs: Rheo A. Brouillard, president and CEO, Savings Institute Bank & Trust, Willimantic Martin J. Geitz, president and CEO, Simsbury Bank Re-nominated to the professional staff headquartered in Farmington: Thomas S. Mongellow, executive vice president and treasurer Colleen E. Clancy, first senior vice president and secretary u

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Connecticut Banking Magazine • Fourth Quarter 2013

BANKSintheNEWS p Chelsea Groton Bank awarded 15 scholarships to local high school graduates that exemplified community service through their volunteer efforts, excelled academically, and exhibited strong leadership skills. p Bankers’ Bank Northeast 2013 Charitable Golf Tournament raised funds for various bank sponsored non-profit organizations in New England.

Dime Bank visited the Mashantucket Youth Summer program to teach the “Get Smart About Your Finances” curriculum to 30 youth.

Dime Bank announced its second annual 2014 Calendar Photo Contest, allowing local amateur photographers to showcase their talent. p Chelsea Groton Foundation pledged $100,000 to support Lawrence + Memorial Hospital’s new Cancer Center.

p Bankwell celebrated the September rebranding of The Bank of Fairfield, The Bank of New Canaan and Stamford First Bank by donating $1,500 to both Operation Hope and The Center for Women and Families.

Chelsea Groton Bank was named a Fast 50 Lender in Connecticut by The Commercial Record.

Chelsea Groton Bank received the NAACP New London Chapter’s Education Award, recognizing the bank’s community education program, leadership, service and dedication.

p Dime Bank awarded scholarships to 10 local high school students. p Bankwell unveiled a dedication plaque honoring the company’s founders and a $2,500 contribution to the New Canaan Community Foundation.

Dime Bank contributed $10,000 to United Community Families & Services.

Dime Bank was awarded a Gold Award in the Deposit Category, two Silver Awards for the Community Champions Category and a Bronze Award for Marketing at the New England Financial Marketing Association’s Awards Gala.

p Dime Bank Foundation awarded a $3,500 grant to the Jonnycake Center to help fund its Emergency Food Assistance Program.

Berkshire Bank and Greenpark Mortgage employees carried out 18 community service projects during the bank’s fifth annual company-wide Community Service Day. Berkshire Bank’s two charitable foundations awarded $691,416 in grants from Jan.1, 2013, to June 30, 2013, to nonprofit organizations across Massachusetts, New York, Connecticut and Vermont.

p Dime Bank Foundation awarded a $2,500 grant to help Bethsaida replace flooring in the Katie Blair House program.

18

p Eastern Savings Bank participated in a “Credit for Life Fair,” a financial reality event designed to prepare high school seniors for life beyond the classroom.

Fourth Quarter 2013 • Connecticut Banking Magazine

Eastern Savings Bank employees raised money for Big Brothers/Big Sisters by Bowling for Kids’ Sake.

Essex Savings Bank received a Silver Level Award for creativity and accomplishment at the New England Financial Marketing Association’s Awards Gala.

p First County Bank sponsored the 2013 Norwalk Summer Concert Series.

Essex Savings Bank announced that nonprofit community organizations will receive $103,196 from the directors’ portion of the Bank’s Community Investment Program, bringing the 17-year contribution total to $3.7 million.

Essex Savings Bank raffled two Kindle Fire HDs to celebrate its newly opened Chester Branch.

p First County Bank sponsored a Getabout van, and First County Bank Foundation donated a $5,000 grant to Getabout to provide transportation to medical destinations.

p First Niagara sponsored the Greater Manchester Chamber of Commerce Chef ’s Challenge.

p First Niagara supported the New Haven Symphony Orchestra’s School Night at the Symphony program.

First County Bank received a Gold Award in the Loan, PR and Overall Philanthropy Categories and a Silver Award in the Brand Category from the New England Financial Marketing Association.

p Farmington Bank was a “Miracle Maker Power Hour” sponsor during WDRC-FM’s 11th Annual Radiothon benefitting the Connecticut Children’s Medical Center, matching listener call-in contributions.

First County Bank was announced a Top Community Bank Leader in Social Media by the Independent Community Bankers of America.

p First County Bank presented $20,000 to Norwalk Seaport Association for its sponsorship of the Oyster Festival.

p Farmington Bank marked the official opening of its East Hartford branch office with a ribbon-cutting ceremony. The Farmington Bank Community Foundation made donations to local organizations.

p First Niagara presented the Visiting Nurse Association of South Central Connecticut with a grant to support the organization’s Home Health Care Fund

p The First National Bank of Suffield sponsored PMC Kids Ride to fight cancer. Nearly 100 area children rode their bikes to raise $13,000 for the Dana-Farber Cancer Institute and The Jimmy Fund.

p First County Bank awarded three high school seniors each a $5,000 scholarship from the Richard E. Taber Citizenship Award.

p Farmington Bank helped finance an affordable housing project in West Hartford.

Farmington Bank was named one of the Top Workplaces of Greater Hartford by The Hartford Courant and FoxCT.

p First Niagara, presenter of the New Haven Open at Yale, spent the day in Newtown to introduce youths to the game of tennis.

19

p Guilford Savings Bank teamed up with Madison Cares to continue its commitment to the communities it serves. Dubbed the “GSB Communiteam,” volunteers from the bank took part in Habitat for Humanity’s current build.

Connecticut Banking Magazine • Fourth Quarter 2013

BANKSintheNEWS

continued from page 19

Guilford Savings Bank offered a free Homebuyer Seminar. Experts were assembled from various stages of the home buying process for an informative discussion, aimed to educate and empower future homebuyers.

Ion Bank was listed among the top 10 workplaces in southwest Connecticut in the category of midsized companies.

The Ion Bank Foundation awarded a $2,500 grant to Girls Incorporated of Southwestern Connecticut to support summer camp programs.

p The Ion Bank Foundation awarded a $500 grant to the Howard Whittemore Memorial Library to help fund the upgrade of its children’s nonfiction book collection.

p Liberty Bank completed its acquisition of The Bank of Southern Connecticut.

Liberty Bank ranked #5 among Connecticut’s top workplaces for large-sized employers by The Hartford Courant and FoxCT.

p Liberty Bank set aside a pool of $5 million to write 15- and 30-year fixed-rate mortgages at a 1/2 percent rate discount for New Haven homebuyers at the grand opening of its new location in downtown New Haven. In addition, the bank presented $15,700 in grants to 10 local nonprofit organizations.

p Naugatuck Valley Savings and Loan awarded the Ronald D. Lengyel Scholarship to Naugatuck High School graduate Sarah Chandler.

Naugatuck Valley Savings and Loan randomly selected five local military service members, from nominations received, to publicly recognize, and made a donation on behalf of each to the Wounded Warrior Project.

p Northwest Community Bank held a ribboncutting for its relocated Torrington branch office.

p The Ion Bank Foundation granted $5,950 to fund a new registration management system for the Boys & Girls Club of Meriden. p Quinnipiac Bank moved into a new corporate office.

The Ion Bank Foundation granted $5,000 to St. Margaret Willow Plaza Neighborhood Revitalization Zone Association to support and expand its youth and seniors programs. p Litchfield Bancorp’s new branch office in Watertown opened for business.

p Jewett City Savings Bank contributed over $2,200 to help the Preston Memorial Committee complete the restoration of the Revolutionary War Monument and to establish a tribute garden.

p The Milford Bank sponsored a drive to collect items which will be used for Victim Support Packages by the Rape Crisis Center of Milford.

20

p Rockville Bank Foundation presented The Governor’s Prevention Partnership with a $10,000 contribution to support The Partnership’s mission to keep Connecticut kids safe, successful, and drug-free.

Fourth Quarter 2013 • Connecticut Banking Magazine

t Salisbury Bank and Geer sponsored a meet and greet with Becky Aikman, author of Saturday Night Widows. t Salisbury Bank announced its support for the expansion of the Ancram firehouse. t Salisbury Bank made a contribution to Community Health Programs to underwrite its new interactive website.

t Savings Bank of Danbury had an inaugural team of runners participate in the United Way of Western Connecticut King of the Hill 5K, raising over $500. t Savings Bank of Danbury employee volunteers worked at Head Start and the Salvation Army sorting food collected from the recent United Way Stock the Pantries Food Drive.

Salisbury Bank’s final Shred-it Event shredded and recycled over 8,000 pounds of paper, bringing the season’s grand total to 38,740 pounds.

Salisbury Bank hosted its Semi-Annual Employee Celebration where employees brought non-perishable food items to donate to local community food programs.

Salisbury Bank announced the seven recipients for its 2013 Annual Scholarship Program.

p Savings Bank of Danbury participated in Literacy Volunteers of Greater Waterbury – Waterbury Reads Summer Program.

p Union Savings Bank employees participated in the United Way of Western Connecticut’s Annual Day of Action, continuing its support at the corporate level by being a platinum sponsor of the event.

p Union Savings Bank employees participated in the JDRF Walk to Cure Diabetes. Rick Judd, executive vice president of wealth management, served as honorary chairman for the event. t Union Savings Bank partnered with the American Red Cross to sponsor a blood drive, which brought in over 50 people and collected 40 pints of blood.

Salisbury Trust announced multiple scholarship fund winners promoting postsecondary education for local students.

Salisbury Trust announced the two winners chosen for the Richard Kountz Fund, recognizing young composers. Kountz composed the song “Happy Birthday.”

p Savings Bank of Danbury broke ground on its new branch, which will showcase the bank’s newest technology offerings, and serve as office and training space.

p Simsbury Bank’s Bloomfield branch staff marched in the Bloomfield Memorial Day Parade, distributing free flags and candy to children and tee shirts to adults along the parade route.

p Union Savings Bank provided $5,000 to the Village Center for the Arts. t Webster Bank was recognized by CCARC, which supports people with disabilities, with this year’s Partners in Business Award.

Webster Bank had a team of volunteers paint at a therapeutic shelter in Waterbury.

p Simsbury Bank celebrated the Granby branch’s 15th anniversary.

Webster Bank received the Community Service Leadership Award from Financial Services Roundtable.

Simsbury Bank was selected as one of The Hartford Courant and FoxCT Top Workplaces.

p Savings Bank of Danbury participated at the New Milford Village Fair Days, handing out balloons and tote bags and raffling an iPad mini.

t Simsbury Bank hosted a booth at the Strawberry Festival, where staff handed out free popcorn, candy and piggy banks to children.

21

p Webster Bank played a significant role in converting Lovell House, a former New Haven public school building, into an 18-unit rental property.

Connecticut Banking Magazine • Fourth Quarter 2013

BANKSintheNEWS

continued from page 21 Webster Bank was named a Top Workplace

by The Hartford Courant and FoxCT.

p Webster Bank received the Job Shadow of the Year Award from High School, Inc., a college preparatory school.

t Westport National Bank donated well over $7,000 worth of groceries to two local food pantries.

Webster Bank had a team of volunteers do a number of chores from painting to pruning at Family Services of Greater Waterbury, a United Way agency.

A team of 85 volunteers from Webster Bank turned out for Newtown Volunteer Day and participated in a variety of clean-up projects at Cullens Youth Association.

p Webster Bank is part of a neighborhood revitalization project in the historic Hillside neighborhood of Waterbury.

Webster Bank’s Darien banking center earned EPA recognition for energy and water conservation, leading all New England facilities by reducing energy use by 26.2 percent.

p Windsor Federal Savings opened its new East Windsor office with a traditional ribbon-cutting and grand opening reception. Donations were made to several community organizations.

Webster Bank announced the investment in major renovations at its four West Hartford banking centers to enhance convenience.

p Webster Bank held two ribbon-cutting ceremonies for its new and newly renovated banking centers in Storrs and Waterbury.

Webster Bank received four readers’ polls honors. The Bristol Press, The New Britain Herald, The Waterbury Observer, and The Bristol Observer all voted Webster “Best Bank.”

p Windsor Federal Savings donated $30,000 to the Windsor Historical Society’s Strong Howard House restoration project.

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Connecticut Banking Magazine • Fourth Quarter 2013

BANKERSintheNEWS Mike Sheahan

CFT's 66th Annual Graduation & Awards Ceremony

Jane Anderson

James Wood

Brendon P. Fray

Steven Bokoff

Elizabeth D’Amato

Robert Benoit

Patrick McRedmond

Ilene Malina

Wendy Macedo

Robin Tavares

John W. Couillard

Morgan Coen

Krishna Odedra

Kathleen Callinan

Ammar Amirouche

Elizabeth Vincenzi

Christine Koster

David J. Rotatori

Robert Voets

Chelsea Groton Bank welcomed Mike Sheahan, senior vice president and retail lending manager, to its executive team. Eight employees were honored at the Center for Financial Training’s 66th Annual Graduation & Awards Ceremony: Dawn DeCristofaro, vice president, commercial loan officer; Kathryn Alves, assistant treasurer, credit department manager; Sonya Mis, assistant secretary, training manager; Lindsey Kaika, electronic banking representative; Giusy Beaman, head teller; Elaine Brunelle, assistant branch manager; Kelly Meakem, head teller; and Stacey Melia, customer service specialist.

Collinsville Savings Society announced Jane Anderson joined as vice president, commercial banking, and James Wood as assistant vice president, portfolio manager, commercial banking.

Darien Rowayton Bank named Brendon P. Fray senior mortgage banker.

manager; and Krishna Odedra joined as commercial credit analyst.

Essex Savings Bank promoted Kathleen Callinan, a graduate of the Connecticut School of Finance and Management, to assistant vice president, and hired Robert Benoit as vice president and commercial loan officer.

Fairfield County Bank appointed Patrick McRedmond to vice president, sales managerretail lending.

Farmington Bank announced Ilene Malina, senior vice president and chief marketing officer, graduated with top honors from the American Bankers Association School of Bank Marketing and Management.

First County Bank appointed Wendy Macedo assistant vice president, branch manager and mortgage loan originator.

Dime Bank named Steven Bokoff director, and appointed Elizabeth “Beth” D’Amato vice president, commercial loan officer.

Guilford Savings Bank announced Ammar Amirouche joined as controller and Elizabeth Vincenzi joined as secondary market processor and underwriter.

Eastern Savings Bank promoted Robin Tavares to compliance officer; John W. Couillard joined as AVP, commercial lending; Morgan Coen joined as branch operations

Ion Bank announced Christine Koster joined the bank’s commercial lending department.

David J. Rotatori was named executive vice president. He will continue to serve the bank 24

Craig Wallace

Gary Salinsky

as chief financial officer, chief risk officer, and corporate secretary. Security Chief Robert Voets was awarded the 2013 Investigator of the Year Award by the Connecticut chapter of the International Association of Financial Crimes Investigators, citing his role in identifying commercial businesses in Cheshire and Seymour that had been compromised in a series of network hacking cases. The bank awarded its quarterly customer service commendation to Craig Wallace, assistant vice president, infrastructure operations.

Jewett City Savings Bank appointed Gary Salinsky vice president and commercial loan officer, and promoted Tisha Avery to small business lender.

Liberty Bank President and CEO Chandler J. Howard was recognized at the 100 Men of Color Gala, recognizing men of color who have achieved distinction in their profession or industry, and have made a difference in their community. Howard was also appointed to the Federal Reserve Bank Community Depository Institutions Advisory Council, serving in 2014.

Executive Vice President Deborah Bochain was honored as a 2013 Woman of FIRE, recognizing the best and brightest women in the local finance, insurance, and real estate sectors, by The Commercial Record. Service Supervisor Jennifer Godwin was recognized

Fourth Quarter 2013 • Connecticut Banking Magazine

Jennifer Godwin and Christopher McAllister

Tisha Avery

Chandler J. Howard

Deborah Bochain

Michael Levinson

Sheila Mason

Diane Wynne

Laura Bertekap

Melissa Root

Margret Warner

Patty Gallagher

Clare Geoghegan

Lorraine McInerney

Carese Henry

David Myrick Jr

by the U.S. Department of Defense with its Patriot Award for her workplace support of coworker and Connecticut National Guard sergeant Christopher McAllister, Customer Service Specialist. The bank appointed Suzanne Atwood assistant vice president and branch manager; Glenn Davis, vice president and community development/CRA officer; David Gregoire, vice president, credit officer and portfolio manager; Steven Hurlbut, vice president, responsible for the credibility, compliance and accuracy of the bank’s commercial and residential appraisal functions; Michael Levinson, assistant vice president and portfolio manager for credit and small business lending center; Sheila Mason, vice president, serving as a credit officer and portfolio manager; Jorge Perez, vice president, senior commercial loan officer; and Diane Wynne, vice president and information security officer. The bank named Laura Bertekap vice president, risk management and promoted Gary Mackiewicz to vice president, responsible for protection of assets, customers, and employees. Don Peruta, resort finance loan manager, was inducted into

Eric R. Newell

Suzanne Atwood

Don Puerta (left)

Mark Attanasio

Erin Kinsella

Patricia A. Culos

Tara Decker

the Liberty Bank Volunteer Hall of Fame for community involvement.

Litchfield Bancorp hired Mickie-Ann Budny as the new branch manager; named Mckenzie Kelly assistant vice president for commercial lending; and promoted Melissa Root to assistant vice president and Margret Warner to vice president of commercial lending and director of commercial services.

Milford Bank promoted Patty Gallagher, a graduate of the CT School of Finance and Management, to vice president. Clare Geoghegan was named vice president. Mark Attanasio was named assistant vice president.

Naugatuck Valley Savings and Loan welcomed Patricia A. Culos as assistant vice president, commercial credit manager. Patrick Kelley joined the commercial loan department as vice president, commercial lending/ special projects officer. Karen Battaglino was promoted to the position of vice president, operations manager.

25

Glenn Davis

David Gregoire

Steven Hurlbut

Gary Mackiewicz

Mickie-Ann Budny

Mckenzie Kelly

Patrick Kelley

Karen Battaglino

Lynndel Bartulis

Newtown Savings Bank promoted Lynndel Bartulis to chief information officer; Lorraine McInerney to vice president, controller; Carese Henry to assistant treasurer and branch manager and; David Myrick Jr. to assistant treasurer and branch manager.

Daniel Migliaro was named vice president, commercial business development officer; Michael Dimech was named vice president, retail lending; Matthew Bonner was named assistant treasurer and branch manager; and Michelle Dias was named assistant treasurer and branch manager. Doug Hensal was promoted to vice president, regional manager; Brian Fonck to vice president, regional manager; Sarina Manibanseng to vice president, retail banking; and Karen Tracy to vice president, retail banking.

Rockville Bank promoted Eric R. Newell to executive vice president and head of treasury and corporate strategy.

Salisbury Bank announced Vice President and Trust Officer Steven Essex was awarded the Certified Trust and Financial Advisor (CTFA) designation from the Institute of Certified Bankers. Erin Kinsella was promoted to assistant vice president, trust operations manager, and Tara Decker to assistant vice president and branch manager. William (Bill) continued on page 26

Connecticut Banking Magazine • Fourth Quarter 2013

BANKERSintheNEWS

continued from page 25

William (Bill) J. Miller

Francis Berthiaume

Steven Cacchio

Deborah Barber

Nicole Decker

William Hendrick

Ann Lisitano

Richard J. Sudol

Luann Vinson

Alex Tie

Maureen Santropietro

Carie Hodel

Cynthia Merkle

Paul Bruce

Anne Marie Hogan

Christine Bascetta

Catherine Milite

Abby Parsonnet

Yves Cochez

John Olerio

Robert Polito Jr.

Desiree Wolfe

Bill Wrang

Nitin Mhatre

Madorie O’Hara

Sarah Soules

Timothy Throckmorton

J. Miller joined the bank’s trust and wealth advisory services division as vice president and trust officer.

Savings Bank of Danbury announced Francis Berthiaume joined the bank as its newest mortgage consultant. Steven Cacchio joined the bank as executive vice president and chief operating officer.

Simsbury Bank promoted Deborah Barber to assistant vice president and Community Reinvestment Act officer. Nicole Decker joined the bank team as a mortgage loan advisor; William Hendrick as a mortgage loan officer; Ann Lisitano as a mortgage loan advisor; Richard J. Sudol as senior vice president and chief financial officer; and Luann Vinson as a mortgage loan officer.

TD Bank promoted Amanda E. Barnard to store manager; Caroline H. Jones to account manager in government banking; Alex Tie to store manager; and Brian P. Tomlinson to store manager. Lisa Cohen was named vice president, account manager in commercial real estate.

Thomaston Savings Bank promoted Rosemary Briglia, retail banking officer to senior vice president, and announced the hiring of Maureen Santropietro, assistant manager.

Torrington Savings Bank announced Carie Hodel, assistant vice president and trust officer, earned the designation of Certified Trust and Financial Advisor.

Union Savings Bank announced Cynthia Merkle joined as executive vice president and chief operating officer; Paul Bruce as executive vice president and chief financial officer; and Anne Marie Hogan as vice president, corporate services. Christine Bascetta was promoted to assistant vice president, commercial loan officer, and Catherine Milite to assistant vice president, branch manager.

Webster Bank announced the expansion of its commercial middle market business to metropolitan New York; Abby Parsonnet was named the new regional president for that area. Yves Cochez was appointed senior vice president and chief investment strategist for Webster Private Bank. Martha Finkel, senior vice president, commercial banking, received the Chairman’s Service Award from Jewish Geriatric Services. Dawn Melesko was named one of the Top 20 Influencers on Twitter by Independent Community Bankers of America.

Chris Motl, senior vice president, director of middle market segment banking, was named to Special Olympics Connecticut board of directors. John Olerio, senior vice president, regional sales manager, Webster Investment Services, was named a Top 10 Program 26

Manager by Bank Investment Consultant.

Robert Polito, Jr., senior vice president, director of government guaranteed lending, led a workshop at the SBA Women’s Patriot Express Seminar. Sumakshi Vali, senior vice president, consumer deposits, was elected to the board of directors for Literacy Volunteers of Central Connecticut. David Van Allen, vice president, banking center manager, was elected to the board of the United Way of Central Connecticut and the board of directors of the Bristol Adult Resource Center. Kellie Jandreau, market manager, vice president, personal banking, graduated from the Leadership Greater Waterbury program. Desiree Wolfe, senior vice president, director of marketing, received the 2013 Fairfield County 40 Under 40 Award from the Fairfield County Business Journal/Westfair Communications. Bill Wrang, executive vice president, commercial real estate, received the 2013 Distinguished Citizen Honoree Award from the Middlesex County Chamber of Commerce. Nitin Mhatre was promoted to executive vice president and head of personal banking. Madorie O’Hara was appointed vice president, senior investment manager. Webster Bank appointed Peter Olson Vice President and Banking Center Manager.

Sarah Soules was promoted to senior vice president and manager of the restructuring and recovery team. Timothy Throckmorton was appointed senior vice president and director of fiduciary services. u

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