Connecticut Banking 3Q 2015 by The Warren Group

Third Quarter 2015

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Third Quarter 2015 • Connecticut Banking Magazine

Third Quarter 2015

R STE I G RE AY! TOD

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

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

R E T S I G RE ! Y A TOD COVER STORY

FEATURES

Consumer Compliance Applies to Commercial Credit?........... 4 Employing Strategic and Effective Communications to Support Chip Card Issuance................................................. 6 Managing Your Bank’s Pension Plan So It Doesn’t Manage You..................................................... 8

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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Bankers in the News..................................................... 12 CBA Calendar.............................................................. 15 Banks in the News........................................................ 16

Connecticut Banking Magazine • Third Quarter 2015

Consumer Compliance Applies to Commercial Credit? By Darlia Fogarty to collect and report their CRA small business and small farm lending activities. While this leaves the smaller banks breathing a sigh of relief, you may want to familiarize (train) the bank’s staff with the reporting requirements, especially in this time of mergers and acquisitions, because it is within the realm of possibility that your bank could go from the intermediate-small size bank, for CRA purposes, to a large bank rather quickly. Next we will move on to a regulation that will affect your bank, no matter what the asset size is. The first one that comes to mind is Equal Credit Opportunity Act (ECOA/Regulation B). This regulation prohibits the bank from discriminating on a prohibited basis in any aspect of a credit transaction (loan). Those prohibited basis include race, color, religion, national origin, sex, marital status and age. These protections apply to all consumers as well as commercial transactions. Don’t forget, a part of ECOA is also the Notice of Action Taken, commonly referred to Adverse Action Notice. This requirement is a little different for commercial customers versus consumers, but it still applies. Also, I would be remiss if I didn’t also state that the record retention for commercial customers, under the ECOA requirements, is also a little different versus the consumer customer requirement. Commercial credit is to be retained 12 months after the customer is made aware of the action taken, while consumer customers is 25 months. The difference between commercial and consumer are reasons to require your commercial officers to have training for ECOA. Another regulation that applies across business lines is the Flood Disaster Protection (FDPA/Regulation H). The FDPA mandates that banks cannot make, increase, extend or renew a loan secured by a building or mobile home located in a special flood hazard area unless it is covered by flood insurance for the term of the loan. What determines if flood insurance is required? The type and location of the collateral. However, the purpose of the loan (whether it is consumer or commercial) does not matter at all. Are there nuances in the requirements? Absolutely. Training should be mandatory for all loan staff. While we are talking about typical consumer protection regulations that are not typically considered when discussing requirements for commercial lenders’ training schedule, there is the Service Members Civil Relief Act (SCRA). This regulation provides protection to service members, and in some cases, their spouses, dependents and other persons subject to the obligations of service members. These protections apply to loans contracted prior to entering military service, and – you guessed it – does not make a distinction between consumer and commercial credit. Are there other regulations that make no distinction between consumer and commercial customers? Yes, there are.

hen your compliance officer informs you that loan officers who only work with the bank’s commercial portfolio should be trained on consumer compliance, it is not a joke. We hear complaints from loan officers on a daily basis about the compliance officer insisting they attend consumer compliance training. Whether that be webinars or online training, we agree. Let’s talk about the reasoning behind this recommendation. While the group of regulations, based on their names (consumer compliance, consumer protections and even the name of the new government agency, Consumer Financial Protection Bureau) would understandably lead a reasonable person to believe these regulations would only apply to consumers, there are a group of these regulations that extend their protections to commercial customers as well. Thus making it imperative for the commercial loan officers to not only know that the regulations exist, but to also understand how the regulations apply to the commercial customers. That being said, which regulations extend protection to commercial products and services? The best place to start is always at the beginning. In the beginning, banks determine the credit needs of their communities. The Community Reinvestment Act (CRA), which is Regulation BB, requires that determination to be strategically planned and executed. CRA requires large banks 4

Third Quarter 2015 • Connecticut Banking Magazine

One of those is the requirements under the Home Mortgage Disclosure Act (HMDA/Regulation C). Even though mortgages are the primary focus for the requirements in this regulation, there are implications for certain commercial loans. HMDA requires reporting of multi-family loans which are typically commercial loans. There are also some nuances that can lead to confusion. For example, if a customer takes out a loan for a business purpose to be secured by the customer’s primary residence, the loan would not be HMDA reportable at origination, but if it were refinanced, then it would become reportable. Why, you ask? Well, the regulation requires all refinancings of dwelling secured loans to be reported. Now you are beginning to see the need for training. Another regulation that may be overlooked when listing regulations that have implications for compliance is the Fair Credit Reporting Act (FCRA). While the regulation specifically states it is to regulate the furnishing and collecting of consumer credit information, there are instances that commercial credit transactions involve a consumer. For instance, guarantors or co-makers are, in many instances also consumers. You will also find adverse action requirements in this regulation as well. If the above regulations and the implications to commercial credit isn’t enough to persuade the commercial credit side of the

house to participate in consumer compliance training, remind them of the monetary penalties that accompany violations of many of these regulations, and hopefully training will be readily accepted. u Darlia Fogarty, director of compliance, brings a wealth of knowledge and practical experience to our banks as well as our staff. After 12 years as a commissioned national bank examiner with the OCC, Darlia developed an expertise in compliance while administering examinations in banks of all sizes. She contributed as a member of the Retail Credit Team, with a Compliance Designation. Darlia also holds 10 years of experience as a compliance officer/auditor and 4 years as a compliance/audit consultant. Darlia has spoken at a number of conventions, meetings and schools throughout the years. Her articles can be found in State Banking Association magazines, Compliance Alliance newsletters and several other publications. Darlia oversees the creation of tools and resources while also fielding questions from a wide range of regulatory and compliance issues faced by banks of all sizes. Compliance Alliance offers a comprehensive suite of compliance management solutions. To learn how to put them to work for your bank, call (888) 353-3933, visit compliancealliance.com, or email info@compliancealliance.com.

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Connecticut Banking Magazine • Third Quarter 2015

Employing Strategic and Effective Communications to Support Chip Card Issuance By Steve Sievert

hat once seemed like a distant date on the horizon, the October 2015 liability shift connected to the migration to EMV chip cards is now looming large. Many financial institutions have a laundry list of things to do related to card reissuance and may not recognize the critical importance of educating and preparing their cardholders for the change to chip cards. Consumers have many misconceptions about chip cards, according to a Security Matters survey conducted last May and social media monitoring by PwC. Some 61 percent of U.S. cardholders are concerned that they will increase the risk of fraud, when in fact the technology helps reduce fraud. Nearly 68 percent are concerned that their transactions may not process correctly, and 30 percent of cardholders are uncertain whether their new card will be easy to use. Understanding cardholders’ apprehensions gives financial institutions an opportunity to step into the conversation, provide information and guidance to their account holders, and further position themselves as a trusted resource. A strategic, frequent and consistent effort is needed to build awareness about chip cards and establish trust. There remains much work to do, and the window of opportunity is slowly closing. Based on successful chip card migrations completed in the U.K. and Canada, as well as on substantial analysis conducted by PwC, PULSE has developed a strategic roadmap to guide cardholder communications before, during and after issuance. The roadmap includes best practices for defining key messages, segmenting customers, optimizing communication channels and sequencing messages.

step guide. Using pictures and graphics can make the new payment process much easier to understand. Second, emphasize the technology features and added security of chip cards. Cardholders value security, and they will appreciate the new card if they understand it offers additional protection. Explain in basic terms the chip card’s built-in fraud protection. Another important benefit to highlight is the card’s ease of use. A common concern among cardholders is that their card won’t be accepted by merchants with a legacy magnetic stripe terminal. Be sure to stress that chip cards also have a mag stripe, and that using the new card is just as easy as using their current one. An added benefit is the chip card’s global acceptance. In addition to growing acceptance in the U.S., chip cards are used in more than 130 countries. This increased convenience is particularly valuable for travelers.

Customer Segmentation PULSE advocates a customer-centric focus. This revolves around the ability to understand customers or groups of customers at a granular level. Through data analytics, every financial institution can segment cardholder data into a broad spectrum. A customer segment can be based on simple demographic criteria such as age, gender or location, or on an individual cardholder’s transaction volumes, transaction amounts or where they use their card. When it comes to communicating about chip cards, various cardholder segments have different considerations. Customers who live paycheck to paycheck care most about security. In contrast, affluent customers who travel abroad frequently will appreciate the increased convenience of global acceptance. The key is that one size does not fit all. If you want to educate your cardholders about their new chip card, know their circumstances and interests, and tailor your communications accordingly.

Key Messages Semantics can be extremely important in building awareness and trust in the new cards. Even what the cards are called matters a great deal. The use of the term “EMV” may contribute to cardholder confusion, since few even know what the abbreviation stands for. In contrast, the term “chip card” emphasizes how the card is different and alludes to its primary benefit which is increased card security. Four key message elements should be incorporated into chip card communications to prepare cardholders for changes in the payment experience, and to increase their understanding of the benefits of chip cards. First, provide clear instructions on how to use a chip card. The payment experience is different from what cardholders are accustomed to at the point of sale, so provide a step-by-

Communication Channels How you provide information to your cardholders can be just as important as your message. Segmentation can help here, too. For instance, most cardholders under age 30 are tethered to mobile devices and tend to trust information when it is communicated via social media from those they know. On the other hand, many customers, particularly those in their 40s and 50s, are more comfortable with direct 6

Third Quarter 2015 • Connecticut Banking Magazine

mail or email and still visit bank branches where a teller can answer questions, provide a demonstration or hand them a brochure. PULSE recommends leveraging every channel available to increase the reach and frequency of your message. Utilize digital methods, including your website and ATM screens, as well as more traditional methods such as direct mail. Your customer-facing employees also should be well informed and armed with talking points. Developing a list of frequently asked questions (FAQs) can be particularly helpful in providing cardholders answers to current or anticipated chip card questions. Typically, FAQs are casual and use conversational language that can be shared across multiple channels to educate cardholders.

One month prior to issuance, send instructions for how to use a chip card and explain how the payment experience will change. When cardholders receive their chip card, it should be accompanied by an understandable description of what makes the new card different, how to activate it, how to use it and its benefits. In the weeks following issuance, track cardholder behaviors and tailor communication as appropriate. If cardholders don’t activate their new card within a few weeks, a personalized follow up may be in order to uncover perceived obstacles. Similarly, if a cardholder’s usage is lower than their historic trend, outreach may be necessary to incentivize new card usage. But it doesn’t end there. PULSE also recommends ongoing communications to build support for, and trust in, the new chip cards for many months. Be sure to monitor the interactions in your contact center, branches and on social media to identify top customer pain points. Consider the launch of your new chip card program an opportunity to develop proactive customer communications. u

Message Sequencing PULSE recommends starting communications about the issuance of your new cards approximately 60 to 90 days in advance, depending on your customer segmentation and channel mix strategies. This should be a general communication that emphasizes the benefits of the new cards. It builds awareness and establishes a solid, accurate foundation of understanding. A reminder notice, 60 days prior to issuance, is important to keep chip cards top of mind and explain the benefits of the new cards.

Steve Sievert is executive vice president of marketing and communications for PULSE, a Discover Financial Services company headquartered in Houston, Texas. PULSE is one of the nation’s leading debit/ATM networks, serving thousands of banks, credit unions and savings institutions across the country.

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Connecticut Banking Magazine • Third Quarter 2015

Managing Your Bank’s Pension Plan So It Doesn’t Manage You Best Practices for Defined Benefit Plan Management By Steve Mendelsohn Plan’s Funded Status

With $10 Million outside the Plan

$10 Million Contributed to the Plan

Pension Benefit Obligation

(100,000,000)

Assets

85,000,000

95,000,000

Funded Status

(15,000,000)

(5,000,000)

Pro Forma Forward Expense

With $10 Million Outside the Plan

$10 Million Contributed to the Plan

Service Cost

4,000,000

Interest Cost

3,900,000

Expected Asset Return

(6,000,000)

(6,725,000)

Pension Expense

1,900,000

1,175,000

Pre-tax impact

725,000

Reduction in PBGC cost

240,000

Combined Impact

965,000

Pre-tax Return on asset

9.65%

Return outside the Plan

350,000

Net Pre-tax impact

615,000

ord association has many applications, from psychological profiling to parlor games. When it comes to retirement plans, defined benefit (DB) plans often have associations of their own: unpredictable or high costs, unfunded liabilities, difficult to manage or distractions for my organization. You get the picture. There is no doubt that proactively managing a defined benefit plan can present some challenges. However, DB plans can be managed and offer certain strategic advantages for all organizations. In addition, they have unique advantages for financial institutions. The key is to ask the right questions: “Is it worthwhile for my organization?” and if so, “What can I do to take advantage of the unique benefits to the business in a well-managed DB plan?”

million to a plan currently funded at 100 percent on a GAAP basis, the plan would now be reported as “overfunded” by $5 million and that overfunding in the plan is reported as Tier I capital. For a plan with continuing benefit accruals, the $5 million could simply be prepaying for future accruals. For a fully frozen plan, it could begin covering some of the higher costs associated with terminating a plan. It is important to note that the assets in the plan generally must stay in the plan (unless it is terminated) and is therefore no longer accessible to the institution. However, if you are planning to keep the capital reserves invested and not access them, they are simply going from a liquid asset you never plan to touch to one that is illiquid. Please note that for larger banks ($250 billion and over), BASEL III can complicate this. Banks under $250 billion needed to simply make the AOCI opt-out election on their first call report filed after Jan. 1, 2015. Once the assets are in the plan, the plan’s trustees are required to follow ERISA’s prudent investor rules, which can allow for greater diversification and higher returns. These expected higher returns are used to develop the pension expense for GAAP. Therefore, once deployed into the plan, these assets are credited with a higher return

Focus on the P&L Cost Under U.S. Generally Accepted Accounting Principles (GAAP), the financial statement cost of a DB plan is measured separately from the cash funding. In fact, the cash contributed into the plan actually serves to lower the financial statement cost. Further, the cash put into the DB plan is considered Tier I capital. That is, if you contribute $5 8

Third Quarter 2015 • Connecticut Banking Magazine

than when outside the plan. Of course, if the assets do not achieve these returns in the long run, there will be ultimately be offsetting loss charges run through P&L. Below is an example for an underfunded plan. Consequently, when you change your focus from cash to P&L, the DB plan looks like an excellent and effective place to deploy your Tier 1 capital. The result is a high-quality, well-managed pension benefit plan for all employees that generates favorable P&L results.

these key executives to make a mid-career change by coming to your organization. To a minor extent, the DB plan can be a small hedge against rising interest rates, as underlying liabilities will decrease as interest rates rise. Much of the insights and strategies discussed in this article are more applicable for community banks (and other financial institutions). Some of the other positives, such as retaining key employees and helping all employees retire on their own terms, are more widely applicable. That said, the complexities and challenges of a DB are not eliminated but they can be managed. One key to this is making sure you get customized, key measures of the plan, typically on an accounting (GAAP) basis to make good decisions on proactively managing your DB plan. Of course, plan sponsors should also consult with their other key advisors (tax, accounting, legal, investments, etc.) regarding any significant funding and accounting decisions/strategies. u

Standing in the Community While most organizations would like to have a positive standing within their community, it has extra significance for community banks as the local community is their primary source of business. Their standing as a solid, reliable institution within the community is important to their core business. Since many (or most) retirees tend to remain in the community, their financial well-being is a reflection on the bank. A defined benefit plan is a very effective way to ensure your long-service retirees have the means and lifetime income to retire and sustain a reasonable level of lifetime income. This is not to say you can’t provide very good retirement benefits through a defined contribution plan. Rather, there will simply be greater variance in results. Many banks tend to hire middle managers and other key leaders mid-career after they’ve initially worked for a larger commercial bank. A defined benefit plan can be an effective way to attract

Steve Mendelsohn, EA, MAAA, FCA, is MassMutual’s national practice leader for defined benefit actuarial services. He is an actuary with more than 30 years of experience in helping plan sponsors. manage their retirement program. Steve is an enrolled actuary, a member of the American Academy of Actuaries and a fellow of the Conference of Consulting Actuaries. MassMutual provides retirement services to more than 35,000 retirement plans covering approximately 3 million participants.

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Connecticut Banking Magazine • Third Quarter 2015

ith unsolicited and unwanted email becoming a larger problem, email services and IT departments have made their spam filters more stringent. Unfortunately, these tougher guidelines for filtering can cause legitimate emails from the Connecticut Bankers Association to be labeled as spam or to never even be received. To make sure you and your organization can continue receiving our legitimate and informative mailings, we suggest that you add the CBA domain (@ctbank.com) to your whitelist, as well as the individual email addresses from any CBA employees. A whitelist is a list of email addresses that you want to receive email from. Adding our addresses to your whitelist ensures that the emails will not be filtered as spam. At the very minimum, we suggest you add the “from” domain (@ ctbank.com) into your email system's address book. Additionally, as an employee of a CBA Member, we are continuing to encourage your 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! We hope you take a moment to whitelist and register with us! We want to keep you advised of all the educational opportunities available as well as important changes affecting our industry. Should you have difficulty or questions about the login process, please don’t hesitate to contact the CBA at (860) 677-5060, or cba@ctbank.com. 10

Please follow the below instructions to access or create your account information: 1. Visit www.ctbank.com 2. Click on Login in the upper right corner 3. A t the next screen, select Create new account 4. A t the next screen (), 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. I f you are not already in our system, you will be required to complete a brief new account form.

Connecticut Banking Magazine • Third Quarter 2015

Joseph Aceto

Michele Johnson

Mary Lynn M. Drake

Benjamin Fetterman

Julie O’Connor

Jayne Bolton

Karen Bixby

Dara Macchi

Susan Post

AnnaMarie Boccuzzi

Jorge Jimenez

Michelle Sawyer

E.J. D’Ettore

Brian A. Andstrom

Joseph Aceto joined Bankwell Financial Group as vice president, business development. Michele Johnson, chief risk officer, was promoted to senior vice president and Mary Lynn M. Drake was promoted to first vice president. Benjamin W. Fetterman was named senior vice president, director of retail banking. Gary Farrugia, Scott Gladstone and Leah A. Hartman were appointed corporators of Chelsea Groton Bank at its annual meeting. Penni Harlow was promoted to branch manager of Chelsea Groton Bank. The Center for Financial Training recently honored the following employees: Elaine Brunelle, Dawn DeCristofaro, Jennifer Seuferling, Lisa Lelek, Alyssa Bryan and Regan Nichols, during the annual graduation and awards ceremony. Paulette Retsinas, financial planner with Chelsea Groton Financial Services and an Infinex investment executive, earned “Elite Advisor” status from Infinex Financial Group. Julie O’Connor, assistant vice president/ credit manager, was promoted to vice president and credit manager at Dime Bank.

Chelsea Groton Bank employees celebrate at the CFT graduation.

Kriste Stevenson

Agnieszka Stephens

Penni Harlow

Paulette Retsinas

BethAnn Ericson

Laura LaCombe

Erin Harris

Brian Risler

Jennifer Rodriguez

Trina Johnson

Liberty Bank United Way co-chairs accept awards at the campaign ceremony.

Jayne Bolton joined Fairfield County Bank as senior mortgage loan officer. Farmington Bank announced the following promotions: Karen Bixby, vice president, residential loan servicing manager; Dara Macchi, vice president, marketing manager; Susan Post, officer and business analyst; Kriste Stevenson, assistant vice president, training manager; Agnieszka Stephens, officer, commercial credit team leader; Laura LaCombe, assistant vice president, residential assets manager; and Erin Harris, assistant vice president, chief of staff. Brian Risler was appointed assistant vice president and mortgage sales manager. AnnaMarie Boccuzzi was promoted to vice president, estate and trust officer at First County Bank. Jorge Jimenez was appointed vice president and associate relationship manager at First Niagara Bank, and Michelle Sawyer was appointed branch manager. E.J. D’Ettore was hired as vice president of commercial lending at ION Bank. Brian A. Andstrom was elected to the board of directors at Jewett City Savings Bank. 12

Jennifer Rodriguez was appointed assistant vice president at Liberty Bank. She is a graduate of the Connecticut School of Finance and Management program. Trina Johnson was appointed an officer of the bank, responsible for internal audit. Melinda St. John was appointed an officer, responsible for the design and construction of the bank’s facilities. Betsy Clifford was appointed assistant vice president, responsible for underwriting commercial real estate. Cara Ehlers, branch manager, and Tom Ballachino, CRE, co-chairs of the 2014 United Way Campaign at Liberty Bank were honored at the annual Middlesex United Way Campaign Awards. Christopher Horvath was promoted to IT manager at Naugatuck Valley Savings and Loan. Steve Essex was named an executive officer at Salisbury Bank. Megan Gawel was named vice president, branch administrator. She is a recent graduate of the Connecticut School of Finance and Management. J. Adam Higgins was named vice president, commercial loan officer.

Third Quarter 2015 • Connecticut Banking Magazine

Melinda St. John

Betsy Clifford

Christopher Horvath

Steve Essex

Megan Gawel

J. Adam Higgins

Meredith Tiedemann

Laurie Gervais

Robert Niderno

William Groves

Daisy Paulhus

Luis Maysonet

Nicole Sweeney

Sarah Wallace

Christopher Moore

Leslie Clancy

Barbara Yelle

Jack Flynn

Peter C. Pabich

Brian McLaughlin

Roger DelGiorno

Douglas Mearkle

Anthony Mattioli

Nancy O’Donnell

Brenda Corbo

John Celli

Eugene Clemente

Rita Elkhoury

Vida Bundra

Brandon C. Lorey

Anthony Sweet

Tom Howe

Joe M. Cox II

Aaron Bohigian

Meredith Tiedemann of Salisbury Trust Wealth Advisory Services earned the designation of certified private wealth advisor. Lynn Sussina joined the Savings Bank of Danbury as vice president, credit risk manager and Agi Pace joined as senior vice president, director of development and human resources. Savings Institute Bank & Trust announced the following promotions: Jonathan Wood, executive vice president in retail banking; Laurie Gervais, executive vice president, chief administrative officer; Robert Niderno, vice president, branch manager; William Groves, assistant vice president, branch manager; Daisy Paulhus, assistant treasurer, branch manager; Luis Maysonet, assistant treasurer, audit manager; Nicole Sweeney, branch officer; and Sarah Wallace, branch officer. Savings Institute Bank & Trust employees celebrated at the CFT Annual Graduation and Awards Banquet. Simsbury Bank welcomed the following new employees: Christopher Moore, vice president, controller; Leslie Clancy, vice president, residential real estate

construction relationship manager; Barbara Yelle, deposit operations manager; Christian DeBerry, mortgage loan advisor; and Jack Flynn, mortgage loan advisor. Peter C. Pabich was elected to the bank’s board of directors. Brian McLaughlin joined the bank’s home loans team as a mortgage loan advisor. Roger DelGiorno was promoted to secondary market manager and wholesale mortgage manager with the title of assistant vice president. Lisa Sanders joined TD Bank as senior relationship manager in commercial lending, and Douglas Mearkle joined as senior vice president, head of U.S. sales in the bank’s merchant services division. Alexander Moskalenko was promoted to vice president, sales officer in treasury management services. Anthony Mattioli joined Thomaston Savings Bank as vice president, senior commercial loan officer. Nancy O’Donnell was promoted to senior vice president compliance/risk/BSA officer. Brenda Corbo was hired as vice president/ consumer lending.

Lynn Sussina

Agi Pace

Jonathan Wood

Savings Institute Bank & Trust employees celebrated at the CFT Annual Graduation and Awards Banquet.

Union Savings Bank announced the election of the following corporators at the bank's annual meeting: Cheryl A. Bakewell, Scott Lavelle, Martin Marola, Clayton Fowler, Stanley J. McKenney and Jacqueline Cassidy. John Celli was promoted to vice president, trust investment officer, wealth management; Eugene Clemente to assistant vice president, operations manager, information technology; and Rita Elkhoury, assistant vice president, merchant sales and service, treasury services. Vida Bundra was promoted to assistant vice president, branch manager. Brandon C. Lorey was appointed executive vice president, head of consumer strategy at United Bank. Anthony Sweet joined the bank as vice president, relationship manager. Tom Howe, retiring executive vice president of Webster Bank and president of Webster Investment Services (WIS), received the Bank Insurance & Securities Association’s “Circle of Excellence Award.” Joe M. Cox II, certified financial planner, senior vice president, director of wealth advisory services at Webster Wealth Advisors, was continued on next page

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

Bruce Wandelmaier

John Driscoll

John Crawford was recognized by the St. Martin de Porres Academy.

on the list of Top Financial Advisors according to the Financial Times. Aaron Bohigian, assistant vice president and associate relationship manager for business banking, was appointed to the board of directors of Knox Inc. John Driscoll, senior vice president and senior relationship manager at Webster Private Bank, was appointed to the board of directors of the Capital Community College Foundation. The Saint Martin de Porres Academy honored board member John Crawford for his dedication to

Third Quarter

ER T S GI RE AY! D TO

Cheryl Poryanda

Kara Williams

inner-city education and underserved youth. Bruce Wandelmaier was promoted to executive vice president, treasurer. Cheryl Poryanda, senior vice president, market manager, received the 2015 Leadership Award from Women and Families Center. Kara Williams, senior vice president, director internal audit, was elected to the board of directors of The Cove Center for Grieving Children. Janel Crite, senior auditor, is on the board of directors of Girls on the Run of Greater New Haven. Todd DellaCamera

was promoted to senior vice president, funding manager; Rebecca Maxwell was promoted to senior vice president, treasury sales; Richard Razza was promoted to senior vice president, treasury portfolio manager; Lynn Ryan was promoted to senior vice president, assistant controller, chief financial officer group; Fred Smith was promoted to senior vice president, assistant controller, chief financial officer group; and Juliana Dalton was promoted to senior vice president, senior credit executive in the chief risk officer group. u

2015

4TH QUARTER 2015 EDITION OF CONNECTICUT BANKING SUBMISSION DEADLINE: THURSDAY, SEPTEMBER 24, 2015 PUBLICATION DATE: THURSDAY, NOVEMBER 12, 2015 SUBMITTING: Text may be submitted via email, disk or hard copy.

PHOTOS (head shots only for Bankers In The News) will be accepted, but are not required. Headshots should be no smaller than 2 by 3 inches. All images should be high resolution (at least 300 pixels per inch). Images for Banks in the News should be no smaller than 4 by 6 inches. Please email your submissions to cba@ctbank.com. Please be sure to label your email for Inclusion in Connecticut Banking in the subject line. 14

Third Quarter 2015 • Connecticut Banking Magazine

Upcoming CBA Calendar August 2015

CBA Golf Tournament

September 2015 7 15 30

Labor Day Asset/Liability Management Seminar Director’s College

October 2015

Bank Security Seminar Columbus Day 2015 Mortgage Symposium

6 12 28

November 2015 11 12-15 26

Veteran’s Day CBA Annual Meeting Thanksgiving Day

December 2015 25

Christmas Day

January 2016

1 New Year’s Day 14 New Leaders Dinner 15 BankWorld 18 Martin Luther King Day

February 2016

3 15

Legislative Session Begins President’s Day

April 2016

CSFM Graduation 15

Connecticut Banking Magazine • Third Quarter 2015

Bank of America employee volunteers, community partners, and Special Olympic athletes participated in the Special Olympics Unified Relay Across America.

Dime Bank participated in the Center for Hospice Care’s 20th annual WALK event.

The Farmington Bank Community Foundation presented a check for $5,000 to support Covenant to Care for Children’s Critical Goods Program

Bank of America employees volunteered to teach financial education with Junior Achievement at the Wish Elementary School in Hartford. Chelsea Groton Bank supported a local military organization in honor of Military Appreciation Month.

The Dime Bank Foundation presented a $1,500 grant to the Healing with Horses program.

Chelsea Groton Bank celebrated financial literacy month with free community seminars.

The Farmington Bank Community Foundation presented a check for $5,000 to support the Connecticut Association for Human Services’ CT Money School program.

The Dime Bank Foundation awarded $2,500 to the Eastern Area Health Education Center. Essex Savings Bank donated $500 to the Madison Food Pantry. Farmington Bank hosted high school students in JA career walk. First County Bank and Chairman and CEO Reyno Giallongo Jr. were recognized by Childcare Learning Centers. Dime Bank was awarded the 2014 Live United Award for Outstanding Achievement by United Way of Southeastern Connecticut.

Dime Bank’s Blue Crew volunteered at The Integrated Day Charter School’s Empty Bowls program.

Essex Savings Bank hosted the Middlesex County Chamber of Commerce meeting.

Fairfield County Bank donated $5,000 to Meals on Wheels of Ridgefield.

Congratulations to Rey Giallongo, chairman and CEO, and to First County Bank Foundation for being this year’s honorees at the Ferguson Library’s annual fundraiser.

Third Quarter 2015 • Connecticut Banking Magazine

First County Bank hosted an Employee Health Fair for its employees.

First County Bank hosted a complimentary “Let’s Talk” Small Business Educational Seminar entitled “Is Your Business Properly Insured?”

First Niagara was the speaker sponsor for the Greater New Haven Chamber of Commerce’s Annual Meeting. First Niagara donated 300 gently-used computers to Concepts for Adaptive Learning.

First Niagara volunteers spent a day in classrooms across Connecticut to teach Junior Achievement’s “JA in a Day” curriculum to elementary school students.

First County Bank held a ribbon cutting at the grand opening for its new executive offices.

First County Bank rolls the ball at the Junior Achievement Bowl-a-thon.

First County Bank Foundation recognized at 2nd Annual Mayor’s Summer Youth Employment Program Breakfast.

First Niagara was honored by the Governor’s Prevention Partnership at a recent Honor Roll Breakfast.

First Niagara served as presenting sponsor for the Greater Manchester Chamber of Commerce’s 114th Annual Breakfast & Meeting.

The main stage on the New Haven Green for the 2015 International Festival of Arts and Ideas will be known as “The First Niagara Stage.”

Ion Bank committed $10 million to an innovative economic development program that seeks to revitalize Meriden’s downtown business districts. The Ion Bank Foundation awarded a $3,000 grant to the American Red Cross Connecticut Chapter.

The Ion Bank Foundation announced the winners of its Community Awards Program at a special ceremony awarding grants totaling $60,000 to over 50 local nonprofit organizations.

Jewett City Savings Bank employees participated in the Griswold Bicentennial Parade.

continued on page 18

Connecticut Banking Magazine • Third Quarter 2015

Salisbury Bank announced its 2015 Community Shred Day Schedule taking place through October.

Liberty Bank awarded $3,500 to Jumpstart for Young Children, $1,000 to the WorkPath Fund, and $500 to the Partnership for Strong Communities.

Liberty Bank presented the 2015 Liberty Bank Youth In Action Awards. Each award recipient was able to direct a $1,000 donation to the nonprofit organization of his/her choice. Salisbury Bank financed a new roasting facility for Irving Farm coffee roasters. Salisbury Bank offered the community a free seminar on Internet Security. Salisbury Bank offered a free seminar on defending yourself against account takeover.

Liberty Bankers participated in the Greater New Haven Heart Walk by raising $7,275 to support the cause. Liberty Bankers volunteered at the 2015 New London Credit for Life Fair. People’s United Bank announced its partnership with the Connecticut Coalition to End Homelessness in the Be Homeful project – an awareness and fundraising campaign to end family homelessness before it begins.

Salisbury Bank announced its 2015 Annual Scholarship Program, which was created to assist students who have a proven financial need while already making a difference in their communities. Salisbury Bank provided consumers with valuable housing information in recognition of American Housing Month. Savings Institute Bank & Trust has partnered with CB Leasing, Inc., to provide leasing services for its current and prospective customers.

Liberty Bank employees participated in a Color Me Rad 5K race, raising $300 to feed hungry children.

Simsbury Bank sponsored the Ladies Tertulia in April. A Tertulia is a social gathering of people, having similar interests to talk about current affairs.

Liberty Bank Foundation grants support Middletown community. Simsbury Bank sponsored a school essay contest and recognized six Simsbury students winners.

Liberty Bankers dropped by the Newington Humane Society to deliver the $1,000 proceeds from the bank’s internal Join the Movement campaign.

People’s United Community Foundation awarded $100,000 to DonorsChoose.org to help teachers obtain the school supplies they need for their students through its “Uniting Cash for Classrooms” campaign.

Simsbury Bank’s Chief Financial Officer & Junior Achievement taught Simsbury high school students how to run a business.

continued on page 20 18

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Connecticut Banking Magazine • Third Quarter 2015

Simsbury Bank adopted Tariffville Elementary School to deliver Junior Achievement’s business and economics program to 283 students from kindergarten through the sixth grade.

Union Savings Bank was honored to participate in their 2nd annual Save-A-Suit drive. The Bank collected men’s and women’s suits, and shirts and ties to support this organization that provides veterans with professional business attire and the confidence needed to succeed.

Union Savings Bank established a Business Banking Department to assist the small business market.

United Way Day of Action is always a special time for Union Savings Bank

United Bank Foundation presented a $1,000 check to the Hartford Youth Scholars Foundation.

Torrington Savings Bank opened a new Trust and Investment Management Office.

Torrington Savings Bank presented the Torrington Historical Society with a check for $1,000.

Union Savings Bank awarded one of three Happy Debit Days winners with $500 each just for using their debit card!

Danbury’s Park Avenue school was welcomed by Union Savings Bank Branch managers for a morning of hands-on river learning at the Still River Greenway.

Torrington Savings Bank received the Designation of Savings Excellence award by America Saves.

Union Savings Bank employees completed the Susan G. Komen Race for the Cure.

United Bank Foundation presented a $300 check to the South Windsor Lions Club.

United Bank Foundation’s Academic Scholarships totaled $45,000 and were given to 19 collegebound high school students.

United Bank Foundation Connecticut presented its 2015 Vocational Awards to 16 area students, totaling $20,000.

continued on page 22

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Connecticut Banking Magazine • Third Quarter 2015

United Bank marked the official opening of its newest full-service banking branch at a ribbon cutting ceremony.

Webster Bank presented The Tiny Miracles Foundation with a donation of $5,000. Webster Bank earned Greenwich Associates Excellence Awards for Overall Satisfaction for Middle Market Banking, International Service for Small Business Banking, and Best Brand for Ease of Doing Business.

Webster Bank, the official bank of UConn Athletics and University of Connecticut Alumni Association, celebrated the UConn Women’s Basketball team winning a national championship as the lead sponsor of the parade.

Webster Bank’s sponsorship of Hoops for Homeless enabled four teams to play in the fundraiser, which raised money for the Road to Recovery program. Webster Bank sponsored a homeownership education workshop. Webster Bank added its name to the Museum Center at the Mark Twain House at a ribbon cutting event held in May. Webster Bank was named “Best Bank” by readers of CTNOW in its “Best of Hartford 2015” survey.

Three members of Webster Bank paid tribute to those who died in battle while serving our country at an annual Memorial Day flag planting ceremony.

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