Connecticut Banking 2Q 2015 by The Warren Group

Second Quarter 2015

Celebrating

PLATINUM SPONSOR

Women in Banking GOLD SPONSOR

Second Quarter 2015 • Connecticut Banking Magazine

Second Quarter 2015

Celebrating

PLATINUM SPONSOR

Women in Banking GOLD SPONSOR

CONNECTICUT BANKERS ASSOCIATION

10 Waterside Dr. Farmington, CT 06032-3083 Telephone: 860-677-5060 • Fax: 860-677-5066 Chairman Stephen P. Reilly

Second Vice Chairman B. Michael Rauh

First Vice Chairman Richard J. Cantele

President & CEO Lindsey R. Pinkham

President & CEO Northwest Community Bank President & CEO Salisbury Bank & Trust

President & CEO Chelsea Groton Bank

COVER STORY

Celebrating Women in Banking............................................................... 10

FEATURES

Connecticut School of Finance & Management Class of 2015.................................. 4 Log In Today!........................................................................ 5

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

A Practical Guide to Greening Your Bank.............................. 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

Brenda Kowalski

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.

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CBA Calendar................................................................ 5 Bankers in the News..................................................... 12 Banks in the News........................................................ 16

Connecticut Banking Magazine • Second Quarter 2015

Connecticut School of Finance & Management Class of 2015

The graduating Class of CSFM 2015.

he Connecticut Bankers Association has a busy calendar of events each year. One of the more anticipated and enjoyable events is the graduation ceremony held each spring for the second-year students enrolled in the Connecticut School of Finance & Management (CSFM). CSFM is the premiere management training program offered by the association. The CBA is pleased to announce that 53 students in the CSFM Class of 2015 graduated on April 15, 2015. One of the many highlights of the graduation ceremony was the awarding of the John C. Shortell Award for Academic Excellence to Holly L. McNamara of Newtown Savings Bank and Michael V. Lentini of the Connecticut Department of Banking. This award is presented to the students who have achieved the highest academic grade while attending the Connecticut School of Finance & Management. With this ceremony now just a memory, there are now over 2,300 Connecticut bankers who have successfully completed the program requirements and graduated from CSFM. Congratulations to the graduate members of the class of 2015! u

Holly L. McNamara of Newtown Savings Bank and Michael V. Lentini of the Connecticut Department of Banking (center), winners of the John C. Shortell Award for Academic Excellence, are congratulated by Stephen Reilly, CBA chairman and president and CEO of Northwest Community Bank, and Cheryl Calderado, CBA Management Development Committee chairman and senior vice president, Dime Bank.

PICTURE YOUR EMPLOYEES OR YOURSELF HERE! The CBA has made the syllabus for the Class of 2017 available! The syllabus includes course descriptions, class schedules, fees associated with attendance and much more. You can review and complete the application on the CBA website at www.ctbank.com/CSFM and are due by Friday, June 26, 2015. Get your applications in now, as space is limited and spots fill up fast!

THE 2015 CSFM GRADUATING CLASS Erica M. Westwood, BBN Jennifer L. DeLucia, Chelsea Groton Bank Kristen S. Scott, Chelsea Groton Bank Daniel J. Landini, CT Department of Banking Michael V. Lentini, CT Department of Banking* Theresa K. Salas, Dime Bank* Sarah May, Essex Savings Bank Kim Parker, Essex Savings Bank Michelle L. Wollack, Essex Savings Bank Michael E. Bertanza, Fairfield County Bank Amy L. Britton, Fairfield County Bank Nicole M. Daly, Fairfield County Bank Lauren S. Mariani, Fairfield County Bank* Dara A. Macchi, Farmington Bank John F. Pember, Farmington Bank* Kaitlyn N. Sobeski, First Bank of Greenwich* Melissa J. Houle, First County Bank Jaroslava Kubolek, First County Bank

Isabelo Cruz, First Niagara Jonathan P. Knight, First Niagara James A. McLoughlin, First Niagara Anne M. Tingley, First Niagara Debra A. Koval, Ion Bank Sorrina Salvatore, Ion Bank Dianne R. Chiavarini, Jewett City Savings Bank Katherine E. Quakenbush, Jewett City Savings Bank Leigh-Bette Maynard, Liberty Bank Michael R. McCarthy, Liberty Bank Lynda J. Mason, Milford Bank Stella Szantova Giordano, Murtha Cullina, LLP Jennifer Blatchley, Newtown Savings Bank Holly L. McNamara, Newtown Savings Bank* Mary A. Girard, Northwest Community Bank Jennifer L. Cassidy, People’s United Bank Haseena Haider, People’s United Bank Robert J. Hudak, People’s United Bank

Justin T. Vescovi, People’s United Bank Megan E. Gawel, Salisbury Bank & Trust Company Eve H. Waterbury, Savings Bank of Danbury Donna J. Connolly, Savings Institute Bank & Trust Deborah Barber, Simsbury Bank Matthew F. Wendehack, TD Bank, N.A. Carrie Zlotnikoz, TD Bank, N.A. Todd T. Burton, Thomaston Savings Bank Michael F. Tierney, Thomaston Savings Bank Christine D. Bascetta, Torrington Savings Bank Ashley E. McCarthy, Torrington Savings Bank Jessica R. Castro, Union Savings Bank Eugene Clemente, Union Savings Bank David P. Kostek, United Bank Mary E. Reynolds, United Bank Patrick R. Moore Megan Shufelt * Denotes Honors recipient

Second Quarter 2015 • Connecticut Banking Magazine

Log In Today! The CBA encourages all member bank employees to log in to our website and database management software program. Once logged in, you will be able to access members-only areas and other site resources, manage your profile and directory information, purchase items, register for events and more!

PLEASE FOLLOW THE BELOW INSTRUCTIONS TO ACCESS OR CREATE YOUR ACCOUNT INFORMATION: 1. 2. 3. 4.

Visit www.ctbank.com Click on Login in the upper right corner At the next screen, select Create new account At the next screen è, complete the requested information and click Continue 5. If your last name and email address are already in our system, you will receive an email from Connecticut Bankers Association with a link to complete your account registration. Once you click on the link, you will need to assign a password to your account. Once assigned, you will be able to login to your account. 6. If you are not already in our system, you will be required to complete a brief new account form.

Upcoming CBA Calendar June

3 8 11 19 23

CT Legislative Session Ends CFT Bankers’ Forum Affordable Care Act Seminar Cyber Security Seminar TILA/RESPA Seminar

July

Independence Day Observed

August

CBA Golf Tournament

September 7 Labor Day 15 Asset/Liability Management Seminar 30 Director’s College October

6 12 28

Bank Security Seminar Columbus Day 2015 Mortgage Symposium

November 11 Veteran’s Day 12-15 CBA Annual Meeting 26 Thanksgiving Day December 25

Christmas Day

Connecticut Banking Magazine • Second Quarter 2015

A Practical Guide to Greening Your Bank By Yalmaz Siddiqui

Step two: Buy Greener

inancial organizations, such as banks, have not historically been thought of as having significant environmental impacts. However, this reasoning is myopic. Banks and other financial services firms can have a multitude of direct and indirect environmental impacts, from the products and services they buy, to the everyday commuting and travel of their staff, to the buildings they occupy and the waste they generate. Since it is actually demand for products, buildings and fuel that drives upstream environmental impacts, shifting demand to greener alternatives can significantly reduce environmental impacts. This article will provide a framework and tangible steps banks can take to go greener.

Since purchasing drives environmental impacts up the supply chain, buying greener can help reduce impacts all the way up that chain. Once priorities have been clarified, the next step may be to re-allocate purchasing dollars towards “greener” products that help reduce the environmental impacts most important to the bank, while focusing on the highest expense categories in each office or offices where the bank spends the most on these products. But what is a “greener product”? There are three main reasons one product could be considered “greener” than another over its lifecycle: Reduced waste and pressure on resources. Recycled, remanufactured, rechargeable and reusable products generally deliver both benefits; wood and paper products from “responsibly managed forests” help reduce pressure on natural habitats; and recycling solutions help divert end-of-life materials from the waste stream. Reduced fuel, energy and greenhouse gases: Energy-efficient, carbon-balanced, locally-sourced and renewably-powered products deliver these benefits. Reduced harsh chemicals. Non-toxic, chlorine-free, bio-based and biodegradable products generally deliver this benefit. Depending on the environmental issues most important to the bank, purchasing decisions can be focused on actions most likely to reduce impacts related to those issues. Another consideration is how green the bank wants to buy. Historically “green” has been a binary concept: Products have been considered “green” or “not green.” But this is a flawed simplification. There is a continuum of green-ness: from not green to light green to dark green. Any product – even if it has just a minor green benefit – is likely “greener” than another without that benefit. The greenest products deliver maximum environmental benefits across the product lifecycle.

Step one: Ask ‘Why Green?’ Before starting a green program, the most important first step is to ask why you’re doing it. For a greening effort, this may be done most effectively with a small “green team” of interested people at every level, across functions. It is useful to include a representative from upper level management as the “champion,” a senior manager with overall responsibility for implementation, a facilities manager, a purchasing manager and an administrative assistant. The task of this team is to step back and to think about the scope and priorities of the banks greening effort. The environment is such a wide-reaching concept that “option paralysis” is often a major barrier to action. The following fundamental questions can be used to prioritize your efforts. 1. Ask what are the bank’s main environmental impacts? In banks, common impacts include paper and office supplies purchases, printing, text purchases, technology purchase and use, landfill waste, travel to client meetings, electricity, and new building construction. 2. Ask where are these impacts more significant – at the bank’s head office or at its branch locations? In certain departments or equally across the bank? Answers to these questions will help you focus on reducing your most material environmental impacts. 3. Ask which environmental issues matter most to the bank. This may be as much a personal question as an organizational one, and there may also be a link between the two: Does the bank have a stated interest in energy and climate change? Deforestation and biodiversity? Reducing toxic chemicals? Minimizing waste? The bank’s main concerns could drive first actions. 4. Ask how does the bank approve or disapprove of new programs? Are budgets constrained and cost savings critical or are there opportunities to invest in ideas that deliver returns over time? What is the timeline for payback? Does the bank want to be a green leader irrespective of economic considerations?

COST AND QUALITY CONSIDERATIONS A recent Supply Chain Study (The Green Supply Chain, published by CSC, Manhattan Associates and IBM) confirms that concerns about cost justification constitute the most significant barrier to implementing a sustainable supply chain strategy. But while buying green may mean spending more for some products, the reality is that over a “basket of goods” it can be less expensive in the long run to go green at the office. Don’t believe it? Within the office context, calculate how much money is spent on new ink and toner cartridges. By switching to recontinued on page 8

Answering these questions can help establish your bank’s priorities. The next step is to act. Each of the following examples focuses on the office context, but the principles apply more widely.

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Connecticut Banking Magazine • Second Quarter 2015

Greening Your Bank

Think before you print and print on both sides: Financial industry professionals often have a strong predilection to printing, then filing. Keeping documents electronically not only saves paper; it simplifies searching. By printing double-sided you can save up to 50 percent on paper costs. While some of these documents may need to be printed, and printed single-sided, perhaps a more significant percentage do not. Moreover, if there is concern about how people within the bank will react to the appearance of double-sided printouts, consider if magazines or books had one blank side on every page. While there may be an adjustment period, people will likely quickly get used to printing double-sided. Recycle everything you can: Recycling programs can be set up for almost every end-of-life material in every office of a bank. The office facilities manager can work with local waste authorities and shredding firms to recycle recyclable products. Work to reduce fuel: Working with suppliers also affords opportunities to be green and reduce fuel. Every bank-related purchase triggers a series of activities in the supply chain, nearly all of which require fuel or energy. By consolidating orders or switching to biweekly or weekly delivery schedules for regularly shipped items, such as office supplies, greenhouse gas emissions associated with every day delivery can be reduced.

continued from page 6

manufactured cartridges a typical bank can save over 10 percent of what may be a large sum. Remanufacturing helps keep waste out of landfills and removes the need for oil to create new cartridge shells. The quality of remanufactured cartridges has improved significantly recently – today’s remanufacturing processes result in high quality, guaranteed cartridges that work effectively every day. The second major category of purchasing in banks is often paper. Since over a third of landfill space in North America is comprised of used paper, buying recycled paper products can help divert this resource from landfill into new paper products. Just as the quality of remanufactured cartridges has improved, so has the quality of recycled paper products. In some brands, items with 10 percent, 30 percent, 50 percent or even 100 percent post-consumer recycled content can hardly be distinguished from virgin (non-recycled) paper. In addition to products that feature the benefits of containing recycled content, office products may contain a wider range of other green benefits. Durable and refillable pens and pencils can generally be considered greener than disposable; products from the Sustainable Forestry Initiative or Forest Stewardship Council-certified forests can generally be considered greener than products from non-certified forests; biodegradable packaging and dishware can generally be considered greener than Styrofoam. All of these choices help reduce the pressure on resources and can result in less waste. Another category of products to consider in a quest for a greener bank is technology. Climate change is one of the most significant environmental issues of the day. One main solution to climate change is to use less electricity. Using energy efficient products can lower utility costs and reduce the carbon emissions associated with climate change. Energy Star qualified electronics are readily available and are often in the same price range as non-Energy Star items. Smaller items like laptops or LCD panels also provide green benefits because these products generally draw less energy than larger alternatives. Finally, switching employee desk-lights to compact fluorescent light bulbs (CFLs) and retrofitting office lighting may represent a very quick and cost-effective way to reduce energy costs and carbon footprints. According to the EPA’s Energy Star website (www.energystar.gov), CFLs last up to 10 times longer than regular incandescent bulbs, can save up to 75 percent of energy costs, and fit most types of light fixtures.

Step four: Sell Green Once the bank’s “green team” has decided what to do, one of the realities of green efforts is that organization-wide support is, at least initially, not necessarily enthusiastic. But “new green” thinking is about not forcing change onto unreceptive audiences, but encouraging small steps in a greener direction without being imposing. By helping people within the bank see that they can personally benefit from greener office programs, they are more likely to join the efforts than resist it. To “sell green” it is also important to debunk some myths. Running pilots on greener products and developing simple financial models to show how buying green and being green can save money can help convert even the most ardent naysayers.

Step five: Tell Green Finally, there is nothing that encourages like positive reinforcement. Telling customers, competitors and employees about your green programs can help them understand and appreciate them. By celebrating even small wins with communication, events and press releases, you can create momentum for broader green office efforts. To really celebrate the bank’s achievements, consider creating a website or report detailing your progress. The Global Reporting Initiative (GRI) is an international body that creates standards for sustainability reporting. The guidebook can be downloaded at www.globalreporting.org. The bank’s green team can work with the GRI guidebook to create a report that meets some or all of these guidelines. u

Step three: Be Greener Buying green means using purchasing dollars to encourage greener products in the supply chain. But “being green” need not cost a dime. To start being greener in the bank, consider five simple tips: Switch off to save: Encouraging employees to turn off lights and computers while not working – day or night – can save energy and reduce utility bills and carbon emissions. By plugging all your electronics into a power strip, all the office equipment can be turned off in one go. Drop the disposables: Buying three cups of coffee and three bottles of water a day may not seem like a lot, but over a year’s time will result in contributing over 600 cups and 600 bottles to the local landfill. Using a reusable mug for coffee and a glass for water can help reduce waste and resource use and save the bank money.

Yalmaz Siddiqui is the director of environmental strategy for Office Depot. He oversees the organization’s global environmental strategy to “increasingly buy green, be green and sell green.” Part of his job responsibilities includes assisting companies, including banks, to implement green purchasing programs. Yalmaz can be reached at yalmaz.siddiqui@officedepot.com. 8

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Celebrating

Women in Banking Connecticut Women Bankers Met to Recognize Strengths, Challenges at Inaugural Conference

By Laura Alix

he banking industry needs women if it wants to thrive. Banks today are faced with myriad challenges, from nonbank competitors scooping up loans and deposits online to everincreasing regulatory burden to shifting customer behavior patterns. In the face of such obstacles, cultivating diversity in the banking industry might almost sound like something that should be a secondary concern, but companies with diverse leadership produce better results. That was one of the themes underpinning the inaugural Connecticut Women in Banking conference, hosted by the Connecticut Bankers Association and attended by over 200 people from its member banks and associate members. The event was the product of brainstorming sessions by the organization’s Women in Banking committee. “It’s exciting for us,” said Kathy Romagnano, the president and CEO of the Savings Bank of Danbury and a member of the CBA’s Women in Banking Committee. “The environment is tremendous. The industry has changed so much.” Romagnano counted four female bank CEOs in the state of Connecticut currently and added, “Hopefully we’ll

see a much broader range of CEOs in the next 10 years.” Mentorship is often a common theme in any conversation about women moving up in the financial services industry. Asked about her own experience in that area, Romagnano said that many of her mentors had been men who recognized and nurtured the potential they saw in her. But she also said, “What I’d like to see are more women in a position to mentor and help develop the careers of other women who are moving up.” The day kicked off with “Rising to the Challenge: Women and Leadership in the World of Banking,” delivered by Dorothy Savarese, the president of Cape Cod Five Cents Savings Bank in Massachusetts and vice chairman of the American Bankers Association. “We’re facing so many challenges from nonbank competitors, to regulatory overlay, shrinking margins, cost of compliance – so we’re really dancing as fast as we can, and we need women’s creativity and collaborative approach and innovation and insights,” she said. “We have got to develop our human talent and if we ignore half of that, we’re not going to be competitive as an industry.” 10

Savarese expressed admiration for Connecticut’s women in banking. She recalled the time when she tried to organize a similar gathering for Massachusetts’ women in banking, only to face resistance from those who did not want to be thought of as “women bankers,” but simply as “bankers.” Indeed, some people want to pretend that gender differences don’t exist, she said. “But the bottom line is, they do. There are differences between men and women and they are wonderful differences, but what we have to do is recognize that we’re working in a world where the rules have largely been made by men. So, you need to understand them and how to deal with them,” she said. It’s incumbent upon banks to make their industry look like the people they serve, too, she said. But more importantly, Savarese noted, “More diverse management teams produce better results.” The Women in Banking committee pulled together a line-up that day that seemed to mirror some themes in Savarese’s talk. Like Savarese herself, the conference seamlessly transitioned from discussing the challenges women specifically face to the challenges bankers face as an industry.

Second Quarter 2015 • Connecticut Banking Magazine

PLATINUM SPONSOR

“The Fed is very crafty. They say a lot without saying anything,” said Lindsey Piegza, chief economist at Sterne Agee, when she delivered the economic update after Savarese’s speech. “On the one hand, the Fed removed that patient language, a very hawkish move, throwing open the door for a near-term rate increase … possibly by June. But at the same time, they lowered their forecast for growth and inflation so essentially they found a brick wall behind that open door. The question is: Why do they do both of these moves? Doesn’t that confuse the market?” Those two moves in tandem, Piegza explained, allowed the Fed some measure of control over the market’s reaction to a clearly hawkish move. Afterward, Kristin Sundin Brandt, president of Sundin Associates, described her own challenges juggling work and family. The co-founder of the “Manic Mommies” podcast pulled up a stock photo of a “working mother” – smartly attired, baby balanced on her hip, phone to her ear and frying pan in front of her – as she described her grand vision at the start of motherhood: “I was going to work outside of the home, and I was going to be fantastic at it.” Then she flipped to a disas-

GOLD SPONSOR

trous scene: “This is what happens when you leave your toddler – for just a minute! – with an industrial-sized container of baby powder. More heartbreaking is that the bed was covered in freshly folded clothing.” “I was literally trying to do it all and then some,” she said. “One thing I realized is that a lot of the changes and the lessons that I learn as I find my balance come from my work, come from my career. The first was that I had to recognize that I couldn’t do it all, but I could get it all done.” In between laughs, she dispensed a few words of wisdom: Say “no” when you need to, ask for help when you need it and don’t be afraid to fail. Over lunch, Patience P. “Duby” McDowell shared some tales from the trenches, recalling her early days as a television news reporter, and then opened up the floor to a lively discussion about political coverage of Hilary Rodham Clinton’s campaign. Kristine Oliver, managing director at Pearl Meyer & Partners, followed her with a discussion of compensation trends. As the day finally wound to a close, guests gathered into the Salon Ballroom, murmuring and casting glances about, 11

looking for the final speaker of the day. She was taller than anybody else in the room, so she would have been easy to spot. She was running late, but she would be here any minute now… Finally, Rebecca Lobo, sports analyst and former UConn basketball player arrived. “I’m extra tall today, wearing my heels,” she commented. “When I was leaving, my 10-year-old said, ‘Mom, what are you doing wearing heels? You’re tall enough!’ I said, ‘Well, I can’t get shorter. I can get taller. And hopefully you will be wearing really tall heels when you’re older, too.’” Before launching into her talk about “playing, presidents and parenthood,” Lobo commented, “This is my second day in a row in a room full of powerful women.” The night before, she remarked, was the WNBA draft at Mohegan Sun. “You guys aren’t quite as tall, but you are perhaps more powerful.” Planning of the CBA’s 2nd Annual Women in Banking Conference in April 2016 has already begun. u Laura Alix a reporter at The Warren Group, publisher of Connecticut Banking.

Connecticut Banking Magazine â&#x20AC;˘ Second Quarter 2015

Christopher Gruseke

Renee Fournier

Lucinda Longo

John Mancini

Melanie Main

Robert Miller

Krishna Odedra

Nancy Roberts

Loriann Mancuso

Shirley Mostowy

Ericka Winstead

Dana Voelzke

Pamela Hippolyte

Karen Kelly

Gerard Fleurizard

Anna Maria Pace

Sara Tucker

Leonard Policastro

James Cormier

Amy Arnold

Nicole Skelly

Bruce Rogers

Paul McCraven

Renee Fournier joined the bank as assistant vice president and marketing manager. Lucinda Longo was promoted to vice president at the Connecticut Mutual Holding Company. Becky Frechette, branch manager at Dime Bank, celebrated 20 years at the bankâ&#x20AC;&#x2122;s employee appreciation event. Crystal Sides joined Dime Bank as senior vice president and director of compliance and internal audit and was an honors graduate of the CSFM; and BethAnn Ericson joined the bank as assistant vice president and residential loan originator. DeVol Joyner was welcomed as a new corporator of Dime Bank. John Mancini was named senior vice president and chief credit officer at Eastern Savings Bank; Melanie Main was promoted to vice president and deposit operations manager; Robert Miller was promoted to assistant vice president and commercial lending officer; Krishna Odedra was promoted to commercial lending officer; and Nancy Roberts was promoted to assistant vice president and area manager. Loriann Mancuso was appointed assistant vice president and customer care manager, 12

BethAnn Ericson

Kirsten Glasz

Tapas Deb

Kelly Rediger, loan servicing manager, was promoted to vice president at Chelsea Groton Bank; Rachel Carlson, retail lending operations administrator, was promoted to assistant vice president; Nancy Murphy, business intelligence analyst, was promoted to assistant treasurer; Yana Kozleva was promoted to senior auditor and assistant treasurer. Rediger, Carlson, Murphy and Kozleva are graduates of the Connecticut School of Finance and Management. Richard Balestracci was promoted to portfolio manager, commercial loan officer and assistant treasurer. Giusy Beaman was promoted to branch operations manager and assistant secretary.

Crystal Sides

Louis Silva

Valerie Saiz

Christopher Gruseke was appointed CEO and president of Bankwell Financial Group Inc. He was also appointed as CEO of the companyâ&#x20AC;&#x2122;s subsidiary, Bankwell Bank, and to the board of directors of the company and bank. Mario Harriott was appointed vice president and branch manager. Louis Silva was promoted to cash management sales officer and assistant vice president; and Kirsten Glasz was promoted to mortgage loan originator. Valerie Saiz joined the bank as assistant vice president, commercial lender; and Tapas Deb joined as assistant branch manager.

Becky Frechette

Mario Harriott

DeVol Joyner

and Shirley Mostowy was appointed assistant vice president and residential lending development officer. Ericka Winstead, assistant vice president and loan production manager, received the Southeastern Connecticut 40 Under Forty Award. Dana Voelzke of Fairfield County Bank was named a five-star mortgage professional in Connecticut by Five Star Professional. Pamela Hippolyte joined Farmington Bank as CRA and residential loan specialist. Karen Kelly, senior vice president and chief marketing officer at First County Bank and vice president at First County Bank Foundation, was named a 2015 YWCA Greenwich BRAVA Award Honoree. Gerard Fleurizard was promoted to assistant vice president and branch manager, and Anna Maria Pace was promoted to assistant vice president and branch manager. Sara Tucker joined as senior vice president and director of business banking; and Leonard Policastro joined the residential lending division as a mortgage loan originator.

Second Quarter 2015 • Connecticut Banking Magazine

Andrea Wolfert

Kathy Duncan

Kristen Popolizio

James Gannuscio

Billie Peszynski

Marlon Shields

Alicia Goncalves

Kasey Yakavonis

Nicholas Bryan

Ryan Storms

Seamus Walsh

John Davies

Rosa Hoag

Raymond Kostka

Mark Dandurand

Kimberly Schmaltz

Deborah Merritt

James Cormier was promoted to the position of assistant vice president and commercial lending at the First National Bank of Suffield. Amy Arnold was named branch manager. Nicole Skelly joined the bank as branch manager. Bruce Rogers, regional director for First Niagara risk management was honored with the Boys and Girls Club of Stamford’s 2015 Guardian of the Community Award. Paul McCraven, senior vice president of community development, was named an honorary member of the Walter Camp Football Foundation. Andrea Wolfert was appointed vice president, treasury management. Kathy Duncan was promoted to branch manager at Guilford Savings Bank, and Kristen Popolizio was promoted to assistant branch manager. James Gannuscio joined the bank as operations manager. Marco Cabral of Ion Bank was named a five-star mortgage professional in Connecticut by Five-Star Professional. Anna Michael, bank teller, was awarded the bank's top annual customer service commendation. Billie Peszynski and Marlon Shields were appointed assistant vice presidents at Liberty Bank. Bob Macklin, president and CEO of The Milford Bank, was awarded the Milford Chamber of Commerce’s Lifetime

Jahmeca S. Miller

Bob Macklin

Dick Kelly

Todd Rubino

Geoffrey Talcott

Michelle L. Sullivan

Richard Bochicchio

Kimberly Anne Curry

Achievement Award. Macklin retired from the bank in April. Susan Shields was appointed CEO and president. Naugatuck Valley Savings and Loan announced the following promotions: Phil Masquelette first vice president; Hunter Merrill, first vice president; Steve Greenberg, vice president and residential mortgage sales leader; Annmarie Luskay, vice president; Jacqueline Hasenauer, vice president; Kelly Crone, vice president; Robert Stabile, vice president; Matthew Hallet, assistant secretary and information systems security officer; Michele Gagnon, assistant secretary; Christopher Horvath, assistant secretary; and Elizabeth Perugini, assistant secretary. Newtown Savings Bank announced the following officer promotions: Alicia Goncalves, assistant treasurer, consumer lending manager; Kasey Yakavonis, assistant treasurer, cash management officer; Nicholas Bryan, assistant treasurer, senior accountant; Ryan Storms, assistant vice president, branch manager; and Seamus Walsh, assistant vice president, manager of retail banking training and development. Karen Galbo was appointed director of the People’s United Community Foundation. John Davies was named regional president and chief lending officer at Salisbury Bank and Trust Company. Dick Kelly assumed the title of executive vice president and 13

Naugatuck Valley Savings and Loan

Faye Baldwin

chief credit officer. Todd Rubino and Geoffrey Talcott, senior vice presidents and senior commercial loan officers, were designated team leaders for their respective regions. Faye Baldwin joined the bank as assistant vice president, branch manager. Rosa Hoag was assigned to manage two offices. Cheri Krusen joined as assistant vice president and branch manager. Raymond Kostka joined Savings Bank of Danbury as vice president of commercial banking. Mark Dandurand, Kimberly Schmaltz and Deborah Merritt joined Savings Institute Bank & Trust as mortgage consultants. Richard Evans joined Start Community Bank as vice president and commercial loan officer. Halim Omar was promoted to branch manager. Rick Burek was named information technologies specialist. Carl Porto Sr. and Josh Teplitzky were elected to serve on the board of directors. MaryAnn Bonacci was promoted to relationship manager in commercial lending at TD Bank; Lee J. Fernandez was promoted to vice president, relationship manager in commercial banking; Jahmeca S. Miller was promoted to assistant vice president amd store manager; Angel M. Bonilla was named assistant vice president and store manager; Joseph Nelson was promoted to senior credit officer – continued on next page

Connecticut Banking Magazine • Second Quarter 2015

Diane Roveto

John E. Janco

Jeffery Paz

Vincent DiGilio

Richard Fink

Judy LaBella

Ivan Shiffman

Deb Roche

Gina Scherbner

Kasey Beckendorf

Ron Wiltshire

Dawn C. Morris

William Wrang III

Robert Torres

Cynthia Giovacchino

Ray Beloin

Patricia Alexander

John Ciulla

Jacquelyn Waddock

Maria Salomone

Steven C. Taylor

Robert Guenther

Timothy Bergstrom

Michael O’Connor

Christopher Motl

David Miree

Kara Williams

Wendy Colleary

Connecticut in credit risk management; and Michelle L. Sullivan was promoted to vice president and small business relationship manager. Richard Bochicchio joined the bank as managing director of business development in asset based lending. Kimberly Anne Curry, assistant vice president and branch manager, and Diane Roveto, assistant secretary and branch manager at Thomaston Savings Bank were recipients of the Vantis Life Insurance Company’s President’s Council Award for 2014. John E. Janco was appointed president and CEO of Torrington Savings Bank. Jeffery Paz, Union Savings Bank’s vice president and region manager of commercial lending, was appointed as a board member of the United Way of Northwestern Connecticut. Vincent DiGilio was promoted to vice president and business banking manger. Other business banking officers include: Richard Fink, Judy LaBella, Ivan Shiffman, Deb Roche and Gina Scherbner. Donald T. Studley was elected chairman of the board of trustees. Studley succeeds Jack Tyransky, who resigned from the board of trustees on April 1.

Kasey Beckendorf joined the bank as compliance officer. Ron Wiltshire joined the United Bank's private mortgage banking team in Eastern Massachusetts. Webster Bank announced the following achievements and promotions: Dawn C. Morris, executive vice president and chief marketing officer, was named board co-chair of the Governor’s Prevention Partnership; William Wrang III, executive vice president of commercial real estate, received the Middlesex United Way’s Tocqueville Society Philanthropy award; Robert Torres, vice president and dual banking center manager, is a member of Leadership Greater Hartford’s QUEST class of 2015; Cynthia Giovacchino, senior vice president and senior financial consultant and Ray Beloin, CFP, senior vice president and senior financial consultant at Webster Investment Services, were named as the nation’s Top 25 Advisors by Profitability; Patricia Alexander, vice president and manager, was named to the executive board of the Ridgefield Chamber of Commerce; John Ciulla, executive vice president of commercial banking, received the Junior Achievement of Western Connecticut’s Dr. George R. 14

Union - Chairman Studley

Dunbar Free Enterprise Hall of Fame award; Jacquelyn Waddock, senior vice president and senior private banker, was the recipient of the Valley Shore YMCA’s Sturges Redfield award; Maria Salomone, vice president and manager, is on the board of directors of the Susan B. Anthony Project; Steven C. Taylor, vice president and manager, joined the Community Health Resources board of directors; and Robert Guenther, senior vice president, director of corporate and government communications, is the chairman of the Connecticut Chapter of the Appalachian Mountain Club. Leslie Robertson was named senior vice president, commercial banking; Timothy Bergstrom was named regional president in Connecticut for the Greater Hartford region; Michael O’Connor was named regional president in Connecticut for the Greater Waterbury region; Christopher Motl was named executive vice president, middle market banking; and David Miree was named executive vice president for consumer deposits, investments, and network management. Kara Williams was promoted to senior vice president and director of internal audit. Wendy Colleary joined Windsor Federal Savings as vice president, commercial loan and business development. u

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Connecticut Banking Magazine • Second Quarter 2015

Bankwell celebrated the opening of its new Norwalk branch with a Ribbon Cutting ceremony. Dime Bank’s Blue Crew was at the WARM Center in Westerly, R.I., to serve up meals.

The Farmington Bank Community Foundation learned the challenges faced by local nonprofit organizations at a “Spill the Beans” listening session.

Farmington Bank announced the fourth annual Farmington Bank Community Concert Series, featuring 18 free performances by Simply Swing. The Bank of America Charitable Foundation selected Inspirica to win the Southern CT Neighborhood Builders Award.

Dime Bank’s Senior Vice President of Retail, Marketing and Sales Josh Brier, took the Seal Splash plunge supporting Mystic Aquarium.

Bank of America awarded the Hartford Consortium for Higher Education $200,000 to expand its efforts preparing and mentoring students for college and the workforce. Chelsea Groton Bank partnered with the Housing Development Fund to present a Home In a Day event for first-time homebuyers.

Essex Savings Bank annually commits 10 percent of its after tax net income to qualifying organizations. This program provides financial support to over 200 nonprofit organizations.

Farmington Bank will host nine free Shred Days at 11 branch locations in 2015.

Essex Savings Bank was named one of the 2014 Affordable Housing Program Award winners by The Federal Home Loan Bank of Boston.

Chelsea Groton Bank presented a Small Business Expo for current and aspiring small business owners. Farmington Bank sponsored the eternal flame at the National Iwo Jima Memorial in New Britain.

Dime Bank received the Judge’s Choice Award at the Norwich St. Patrick’s Day Parade.

Farmington Bank employees tracked their health goals, including eating, exercise and sleep habits and were given points based on participation in a 28-day Nutrition Challenge.

Farmington Bank was recognized by the Disabled American Veterans, Hardware City Chapter 8, for its ongoing support of veterans and its role as presenting sponsor of the Golden Kielbasa Veterans Open charity golf tournament

First County Bank and partners won Gold in the Social Media category at the New England Financial Marketing Association’s 2015 Best in Marketing Awards Ceremony.

First County Bank sponsored the Chocolate Expo at the Maritime Aquarium in Norwalk with over 30 First County Bank volunteers.

continued on page 18

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Connecticut Banking Magazine • Second Quarter 2015

First County Bank sponsored a Real Estate Networking event.

First Niagara’s Mentoring Matters program awarded New Haven’s “Gang of Dads” with a $10,000 first prize grant in their “Mentoring Stories” video contest.

Guilford Savings Bank presented a check to several Shoreline Food Banks to establish a “Green for Greens” program, providing healthy, fresh produce during the winter months.

Ion Bank Foundation awarded a $10,000 grant to the Naugatuck Economic Development Corp. First County Bank was honored as the 2015 Healthy Workplace Employer by The Business Council of Fairfield County. First Niagara was honored with the “Investor of the Year” award for its service and contribution to the college at Manchester Community College Foundation’s Annual Hall of Fame Reception.

First County Bank employees participated in Wear Red Day in support of raising awareness of heart disease in women.

First County Bank employees donated to SoldierSocks, a nonprofit organization dedicated to improving the lives of service men and women.

The First Niagara Foundation donated $10,000 to the Neighborhood Music School in New Haven and was named program sponsor for the City Initiative, a program that offers middle and high school students the opportunity to participate in music lessons free of charge. First Niagara also served as the presenting sponsor of the school’s Le Jazz fundraising event.

The First Niagara Foundation donated $5,000 to The Cardinal Shehan Center in Bridgeport

Jewett City Savings Bank Foundation presented a $2,500 check to the Preston City Congregational Church Food Pantry.

The Milford Bank sold commemorative coins last year in honor of the city of Milford’s 375th anniversary. Beth El Center, the Boys & Girls Club of Milford, the Milford Arts Council, the Milford Historical Society and Milford’s Promise each received $1,000 from the funds raised. The Milford Bank, in partnership with the Stratford Chamber of Commerce and Stratford’s Economic Development Office, sponsored a series of seminars for small business owners and entrepreneurs.

First County Bank presented the 2nd Annual Teen Chefs Challenge

First County Bank was the presenting sponsor of the Stamford Museum & Nature Center’s Maple Sugar Festival Weekend.

Jewett City Savings Bank Foundation presented a $2,260 grant to United Community & Family Services Inc. of Norwich.

First Niagara was the presenting sponsor of the national tour debut of Matilda the Musical, at the Shubert, and provided funding for educational and outreach programs associated with the book for elementary school children in New Haven.

The Milford Bank is sponsoring the Milford Moves Pirate Day 5K. The race will take place on the same day as Milford’s annual Pirate Day celebration.

continued on page 20

Connecticut Banking Magazine • Second Quarter 2015

Newtown Savings Bank received the 2015 Business of the Year Award for Overall Achievement.

Salisbury Bank hosted a free seminar on how to care for aging parents. Savings Bank of Danbury Foundation awarded $154,040 to more than 50 agencies.

Thomaston Savings Bank participated in America Saves Week.

Savings Bank of Danbury began offering its customers the option to make debit card payments via Apple Pay.

Newtown Savings Bank employees participated in National Wear Red Day to support the American Heart Association and to kick off Women’s Heart Health Month.

Savings Institute Bank & Trust donated $5,000 to the Covenant Soup Kitchen in Willimantic.

Thomaston Savings Bank Foundation awarded the Harwinton West Side Fire Department with a grant to fund the purchase of one complete set of structural protective clothing.

Northwest Community Bank presented a $25,000 check to the American Mural Project.

Savings Institute Bank & Trust donated $3,290 to the Windham Youth Food Network. Thomaston Savings Bank donated $15,000 to Landmark Community Theatre for the 2015 season at the Thomaston Opera House.

People’s United Community Foundation honored its grant recipients during a recognition breakfast.

People’s United Community Foundation awarded nearly $122,000 to Hartford County nonprofits during its first grant cycle in 2015.

People’s United Bank will sponsor free admission at the Fairfield Museum and History Center every Monday and Tuesday in 2015.

Savings Institute Bank & Trust members, shown with Tolland community and business leaders, at the ribbon-cutting ceremony of the new Financial Solutions Center.

Thomaston Savings Bank Foundation awarded a grant to Wellspring to help fund the new Arts & Athletics Center.

Torrington Savings Bank donated approximately $650 to fund the purchase of 17 TI-84 math calculators for an honors algebra class at Torrington High School.

Torrington Savings Bank presented the New Hartford Business Council $1,000 toward its annual scholarship fund.

continued on page 22

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Connecticut Banking Magazine • Second Quarter 2015

Union Savings Bank employees volunteered at the 24th Annual Read Aloud Day program. Webster Bank received the 2014 Beautification Award from Waterbury’s Litter Control and Beautification Commission. Webster Bank joined the fight against heart disease by taking part in National Wear Red Day.

Torrington Savings Bank presented the United Way of Northwest Connecticut with a check in the amount of $32,400 towards the 2015 Annual Campaign. United Bank cut the ribbon to its new location in North Haven.

Union Savings Bank was honored to support The Tiny Miracles Foundation, an organization that strives to help the families of premature infants.

Union Savings Bank supported Sen. Michael McLachlan’s 7th Annual Women’s History Essay Contest.

United Bank Foundation Connecticut donated $100,000 to Manchester Community College through the MCC Foundation to help support the growth of manufacturing programs. United Bank launched a 12-month program called PATH Plus, designed to provide the three keys to homeownership – education, savings and mortgage benefits – for low-tomoderate income individuals and families.

Webster Bank was named a Corporate Mentoring Champion by MENTOR: The National Mentoring Partnership and The Corporation for National and Community Service.

Webster Bank, The Harold Webster Smith Foundation and NeighborWorks New Horizons joined state and city leaders and project funders for the grand opening of new and renovated homes in the historic Hillside neighborhood in Waterbury.

Union Savings Bank participated in Western Connecticut State University’s Ancell School of Business inaugural CFO Forum. Webster Bank was a gold level winner for its successful efforts in promoting a healthy workplace. The award was presented by the Business Council of Fairfield County. Union Savings Bank employees volunteered at the Connecticut Mission of Mercy free dental clinic.

Webster Bank participated in America Saves Week by encouraging customers to take the America Saves Pledge and by providing different saving tips throughout the week. Union Savings Bank partnered with the Northwest Connecticut Chamber of Commerce and the Investor Panel for the Young Entrepreneurs Academy.

Webster Bank was named Connecticut’s top bank for law firms by readers of the Connecticut Law Tribune.

Webster Bank surprised the Phillips family of Wethersfield with a special camping weekend trip after Mark Phillips told Webster that what matters most to him is making up for lost time with his family now that he’s out of the military. Windsor Federal Savings and Seabury teamed up to provide on-site banking for Seabury residents and employees. Windsor Federal Savings and Duncaster announced the opening of an on-site banking office for Duncaster residents and employees in Bloomfield.

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