Connecticut Banking - Q1 2018 by The Warren Group

First Quarter 2018

PRESENTED BY

THE CONSUMER EXPERIENCE

B A N K I N G C H O I C E AWA R D S . C O M

First Quarter 2018 • Connecticut Banking Magazine

First Quarter 2018

COVER STORY

CONNECTICUT BANKERS ASSOCIATION

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

Second Vice Chairman Cynthia C. Merkle

First Vice Chairman Stephen L. Lewis

President & CEO

President-Northern Connecticut People’s United Bank President and CEO Thomaston Savings Bank

President and CEO Union Savings Bank

Lindsey R. Pinkham

Meet the Future of Connecticut Banking............................. 10 FEATURES

Military Lending: Landmine or Goldmine................................. 4 Powell Offers Steady Hand ................................................. 6 The Cost Shift Advantage.................................................... 7 BankWorld 2018................................................................... 8 Data and Information Rich: Customer Retention First.......... 21

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

Preventing and Responding to Elder Financial Exploitation... 22

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.

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................................................................ 7 Bankers in the News .................................................... 24 Banks in the News........................................................ 28

Connecticut Banking Magazine • First Quarter 2018

Military Lending: Landmine or Goldmine By Kimberly Graves

oldiers from the Civil War under Grant to currently deployed troops in Afghanistan have rested under the umbrella of federal legislation protecting their financial welfare while serving, though I can’t imagine that is any semblance of consideration for the sacrifices they make. In 1948 the Supreme Court added texture to the legislative predecessor of the Servicemembers Civil Relief Act (SCRA): “The Act should be read with an eye friendly to those who dropped their affairs to answer their country’s call.” LeMaistre v. Leffers, 333 U.S. 1, 6 (1948). Seven decades, incalculable wars, and scores of unrefined lawmakers later, the umbrella is once again in the spotlight. In October of this year the Consumer Financial Protection Bureau (CFPB) published a nation-wide snapshot focused exclusively on servicemember complaints. Statistics Kimberly Graves in the report reflect a consistently upward trend in servicemember complaints filed with the CFPB, with two categories of complaints pulling in the largest number: debt collection and mortgages. The previous month the Federal Trade Commission (FTC) launched a dedicated website for its newly-created Military Task Force, which followed two summits earlier this year hosted by the commission and dedicated entirely to discussing and addressing servicemember financial challenges. A current senior official at the Office of the Comptroller of Currency (OCC) emphasized in a speech to military bankers last August that banks should expect to be held accountable for violations. When the regulations are violated, both banks and servicemembers suffer the consequences; when the regulations are followed, landmines become goldmines for both the bank and the servicemember. To effect that conversion, banks must accomplish three objectives: (1) understand the various regulations, (2) evaluate bank compliance and (3) implement missing compliance policies and procedures.

Regulatory Perimeter The primary components of military lending regulation are the SCRA; Military Lending Act (MLA); Dodd-Frank prohibitions on unfair, deceptive and abusive acts and practices (UDAAP); and state laws. Agencies including the CFPB and DOJ have filed suits against financial institutions for violations of these rules and secured consent agreements or court verdicts penalizing the institutions with civil fines up to $30 million. In 2016 Navy Federal Credit Union paid $23 million in restitution to consumers and a $5.5 million civil penalty for UDAAP violations consisting of training deficiencies and collection attempts threatening to contact servicemember commanding officers. Of note in the case, the CFPB found that these collection attempts were deceptive despite the servicemember having signed an account agreement expressly providing permission to contact a commanding officer because the language was buried in fine print, nonnegotiable and not bargained for. The previous year, Santander and Bank of America felt the sting of multimillion dollar civil money penalties resulting from violations of the SCRA. The DOJ website boasts of awards in cases against financial institutions as recent as September ranging from just over $1,000 to just under $1 million. The cases include violations of the SCRA by lenders who repossessed servicemember vehicles. Recent private actions against banks by servicemembers include liability for 4

foreclosure, repossession, and interest rate violations.

SCRA Unlike other regulations that target specific areas of a bank, the SCRA is broad with provisions penetrating multiple departments and product lines. The Act primarily covers active duty military and their dependents; in limited circumstances business agreements are covered. Violations are subject to enforcement actions, civil penalties and private suits. The SCRA piles on with criminal penalties for several violations, making the stakes even higher for bankers. The crown jewel in the Act for new servicemembers is the interest rate cap of 6 percent on all loans (including mortgages) consummated before entering military service. Servicemembers must expressly invoke this right within 180 days of release from the military. You read that correctly – the regulation permits retroactive interest reduction. Calculation of the interest rate is unique and can be tricky. The SCRA, among other things, also provides protections against default judgment, rights to terminate leases, judicial stays or extensions, revised statutes of limitation, amended contractual liability and prohibition on creditor self-help actions like foreclosure and repossession without court approval.

MLA Three areas of the MLA for banks to note: (1) Certain oral and written (yes –

First Quarter 2018 • Connecticut Banking Magazine

both) disclosures are to be made before extending credit; (2) Prohibitions are placed on mandatory arbitration clauses, prepayment penalties and waivers of certain legal rights, including those under the SCRA and (3) Rates are capped at 36 percent on all covered loans, with a distinct rate calculation inclusive of “add on” products like credit insurance and ancillary fees. Coverage is limited to servicemembers on active duty and dependents. Originally MLA applicability was limited, but the 2015 amendments expanded coverage to most Truth in Lending (TILA) loans. Thus, most consumer credit subject to a finance charges or with installments is now included. Credit cards and student loans are the big additions, while mortgages, most auto loans and overdraft protection remain excluded. The final piece of the amendments became effective in October. Creditors are required to determine if a borrower is covered by the Act, but safe harbor is available if verification is obtained through the MLA online database or consumer credit report containing military status. Violations can result in enforcement actions, civil penalties, private suits and criminal liability.

compliance is critical. Military lending is a pervasive compliance risk, reaching from the board of directors to the teller. Key areas to consider include eligibility management, loan servicing, vendor oversight, SCRA/ MLA benefit allowances and denials and product development.

Implement Though designing compliance structure is always bank-specific, some general considerations are useful in the military lending arena. Bank software may not be adaptable to the distinct nature of military lending requirements, so it might be necessary to implement a manual system to tackle factors like eligibility, rate compliance and review, and enforcement action compliance. The status of an individual customer can change quickly, either in to or out of coverage under the regulations. Therefore, it is incumbent on the bank to incorporate an effective monitoring system. The grave impact of personnel training and education cannot be overstated, with myriad enforcement actions citing

deficiencies therein. Interdepartmental communication, such as between compliance and product development, is another essential consideration in the implementation effort. Finally, managing third party vendor compliance can make or break the enterprise-wide military lending management effort, a point emphasized in the same speech by the OCC official mentioned earlier.

Conclude I Must It is clear the risks banks face for noncompliance with military lending law and regulation are far-reaching, including reputation, compliance, legal, and safety and soundness. Conversely, compliance can and often does lead to enhanced relationships with the military community forging partnerships that last a lifetime. It would be a tough pill to swallow to believe that most banks fail to comply with military lending law and regulation intentionally, but as we all know, the road to hell is paved with good intentions – and minefields. Let your compliance management system be your goldmine. u

UDAAP Definitions for unfair, deceptive and abusive are found in the regulation itself and the CFPB has provided additional guidance and examples in their manual online. Actual instances of actions the Bureau claimed were violations include threatening to call a commanding officer, misrepresenting the creditor’s intended actions with respect to legal remedies, hidden fees and deceptive advertising.

ABA

STONIER

Graduate School of Banking

State Laws Some states have enacted stronger protections than the federal regulations. These are not preempted by federal regulations so long as they provide more protection, not less. For example, in California reserve members called into active duty are entitled to defer payments on a whole host of loan types. Other states have statutes making a violation of the MLA a violation of state law, posing the possibility of additional liability for violations.

University of Pennsylvania | June 7-14, 2018 abastonier.com

In partnership with the Wharton School.

Evaluate Evaluation of the bank’s existing level of 5

Connecticut Banking Magazine • First Quarter 2018

Powell Offers Steady Hand, Deregulatory Touch as Fed Leader By Bert Ely, Opinion Contributor, The Hill

s widely anticipated, President Donald Trump nominated Jerome “Jay” Powell to a four-year term as chairman of the Federal Reserve’s Board of Governors, succeeding Janet Yellen. Although Powell currently is a member of the board, serving a term that expires in 2028, he must separately be confirmed by the Senate as Fed chairman. Yellen’s term as chairwoman expired on Feb. 3, but she can continue to serve as chairwoman if Powell has not been confirmed by that date. Once Powell is confirmed as chairman, Yellen could continue serving as a member of the Board of Governors until her term as a board member expires in 2024. She will likely leave the board, though, when her term as chairwoman ends or upon Powell’s confirmation, whichever comes later. Powell’s nomination concludes months of a very public, reality TV-like spectacle as to whom the president would appoint as Fed chairman. Thankfully, that unnecessary drama has come to an end. Having served on the Board of Governors for over five years, Powell is intimately familiar with all aspects of Federal Reserve activities, notably monetary policy and banking supervision. He will not face a learning curve, but he will now be the leader of the Fed, not just a board member. There is every reason to believe that under Powell’s leadership, the Fed will continue with the monetary policies launched by Yellen as the economy has continued to recover from the financial crisis – a gradual shrinkage of the Fed balance sheet coupled with a slow, cautious rise in interest rates. At the same time, the Fed cannot become too complacent about the economy as the current economic expansion approaches a record length – 101 months and counting – especially given the various asset bubbles that exist today inflated by a prolonged period of excessively low interest rates. Those bubbles could start popping as rates rise. Consequently, Powell and his fellow governors will need to be prepared to respond quickly to sudden adverse economic news.

Where the Powell Fed is likely to depart from the Yellen Fed is in the area of banking regulation, specifically in simplifying the rules mandated by the Dodd-Frank Act while trying to reduce the regulatory burden on smaller banks. For those banks, regulatory compliance is much more expensive and a drain on management time, harming their competitiveness and impairing their ability to survive as independent institutions. In this initiative, Powell will be backstopping Randal Quarles, a new Fed board member and vice chairman for banking supervision, a Fed board position created by Dodd-Frank. They worked together in the President George H.W. Bush Treasury Department and later at The Carlyle Group, a Washington-based asset management firm. So, they should have a good working relationship in improving bank supervision. Simplifying regulatory rules, though, will require coordination with other regulators, notably the Treasury Department’s Comptroller of the Currency and the Federal Deposit Insurance Corp., since banking regulations are adopted through a joint rulemaking process. That is seldom an easy or quick endeavor. The Powell Fed also will participate in ongoing negotiations with the banking regula6

tors of other nations through the international Basel Committee on Bank Supervision with regard to modifications in bank capital requirements and other rules especially important to U.S. banking companies with foreign activities. These negotiations could become contentious if the United States tries to carve out too many exceptions for U.S. banks, especially community banks, without any foreign activities. One interesting challenge facing the Fed are the number of vacancies on the sevenmember Board of Governors – three at the moment and possibly four if Yellen resigns from the board before any of the present vacancies are filled. How soon Trump will announce nominations to fill those positions is anyone’s guess, but one possible nominee is Stanford professor John Taylor, who was another finalist for the Fed chairmanship. The big question now is how quickly the Senate will confirm Powell as the next Fed chairman and whether any Senator will try to block that confirmation. u Bert Ely is a principal of Ely & Co. Inc., where he monitors conditions in the banking industry, monetary policy, the payments system and the growing federalization of credit risk.

First Quarter 2018 • Connecticut Banking Magazine

The Cost Shift Advantage By Tom Long, Principal, The Long Group LLC

ltimately, every organization has the identical purpose, to create operating leverage. This is achieved by growing revenue faster than expenses. Organizations that focus on the achievement of this goal become more productive and efficient overtime. Conversely, organizations that do not recognize the importance of creating operating leverage become inefficient. Layering on additional expense over time without a corresponding lift in revenue equates to inefficiency.

consolidation benefits represent a vehicle to fund expansion into new markets or to deploy technology within the remaining network. The contemporary cost shift requiring evaluation at every institution is the shift from people to technology. Nowhere is this more prominent than in the branch system as branch based transaction volume continues to decline in preference for alternative delivery channels. Clearly, less transaction volume equates to less staff generating a significant reduction in salary and benefits expenditure. With branch based employee turnover customary, this financial advantage is achieved through attrition. Furthermore, incorporating a universal banker model improves the client experience. As a result, the customer service and financial benefits are compelling. As an illustration of the financial benefit associated with implementing a universal banker model, a five branch financial institution recognized three quarters of a million dollars in rationalized annual savings with the use of The Long Group’s StaffingLab® solution. Furthermore, this legacy cost structure is removed in perpetuity. This cost shifting provides the financial flexibility to develop a capital reinvestment strategy to remain competitive. The deployment of technology is a capitalized expense. With an assumed expected life of four years, the bank’s reinvestment plan is amplified by three million dollars. If continuing to fulfill the mission that the organization was founded upon and the communities that it serves remains relevant today, then examining the cost shifting potential of a financial institution is the singular, most important activity to undertake. Remaining relevant in a competitive environment is essential. Choose a partner that can assist the institution navigate this challenge and visualize the opportunity. Discovering how much cost shifting potential your financial institution possesses while ensuring that service quality is maintained is vital. Each organization has more financial flexibility than imagined. Simply put, financial institutions that most appropriately deploy economic resources will create operating leverage and survive. u

In the Exponential Age, where technology and changing consumer behavior are reshaping the banking industry, navigating a financial institution’s legacy cost structure is a requirement in building a scalable business model. Remaining relevant in a changing competitive landscape reshaped by technology is the challenge. Competitors that successfully traverse this challenge will emerge with the ability to capture present and future opportunities.

Every institution has a defined capability to absorb change. This is determined by the oranization’s ability to cost shift. Cost shifting cognitively recognizes legacy expense reduction opportunities defining the organization’s capacity to layer on additional investments. Cost shifting removes expenses that should no longer be supported by the organization to encourage and fund necessary business line investments. The branch system, once thriving with traffic, has grown quiet, a result of changing consumer behavior. As a result, the branch network of organizations large and small requires inspection. To accomplish this goal, branch rationalization requires the examination of both client usage as well as market based growth opportunities to determine the optimal branch configuration required to penetrate and serve a given market. Evaluating and mitigating the business risk associated with attrition is critical to executing a branch rationalization strategy. Branch

Tom Long is the principal at The Long Group LLC, based in the Greater Boston area. For more than 20 years, The Long Group has been providing tactical guidance and insights to financial institutions through staffing and productivity analysis, strategic planning, customer and market analytics, expansion planning, and marketing. The Long Group’s ongoing research places the firm as a thought leader within the industry. Tom Long can be reached at tomlong@longgrouponline.com or at 603424-5664.

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Connecticut Banking Magazine • First Quarter 2018

JANUARY 12, 2018

Back for its 23rd year, the annual BankWorld trade show – held at Mohegan Sun and renowned for covering all things banking in Connecticut – was once again a rousing success. Presented by the Connecticut Bankers Association and The Warren Group, in partnership with the Center for Financial Training, the show offered something for everyone. Many of the 16 concurrent sessions were brimming with attendees, and the tradeshow floor, featuring over 65 vendor booths, proved once again popular. Hundreds gathered the night before the show to honor the New Leaders in Banking. This year’s 15 recipients were feted with a celebratory reception and dinner. The stories of the individuals recognized can be found on page 10. For more photos, podcasts and videos from the trade show floor, please visit www.bankworldexpo.com.

Thank you to our BankWorld sponsors! Platinum Sponsor Wolf & Company Gold Sponsors BITS COCC Customer Experience Solutions LLC Diebold Nixdorf Fiserv GraVoc Associates Information Builders National CD Rateline Inc.

Gold Sponsors Cont. NEACH Payments Group NYMBUS OCD Tech Paladin fs RSM Sage Data Security Specialized Data Systems The Long Group ZRent

Silver Sponsors Harland Clarke Integrated Security Group Magner-Magee The NBS Group Village Mortgage Bronze Sponsors Crowe Horwath Sheshunoff Consulting + Solutions Suite 3

First Quarter 2018 â&#x20AC;˘ Connecticut Banking Magazine

Photo credit: Amanda Martocchio

Connecticut Banking Magazine â&#x20AC;˘ First Quarter 2018

Photo credit: Amanda Martocchio

MEET THE FUTURE OF CONNECTICUT BANKING

In conjunction with BankWorld, the largest banking conference and expo in the Northeast, held in January, the Connecticut Bankers Association and The Warren Group honored 15 up-andcoming bankers in Connecticut. Nominated by their peers and selected by an independent review committee, these are the stateâ&#x20AC;&#x2122;s best and brightest. Here are their stories.

First Quarter 2018 • Connecticut Banking Magazine

MICHELE BONVICINI helping customers, engaging employees makes Union Savings Bank special – it is our passion and our belief to make a difference. What do you consider your biggest success? Besides being a mom, becoming the director of community relations at Union Savings Bank. How do you see technology changing the banking industry over the next 10 years? In 2017, we already have a car that drives you and itself on the road....in 2018 and beyond, I see services being totally automated and digital. It’s sad in a way as customer service that personal attention will always be important in my book. Nothing can replace handshake or a look into someone’s eyes. Technology will advance, banking anywhere, anytime will have to be very secure and currency can become part of history. You never know!

Bank: Union Savings Bank Title: Director of Community Relations Bank location: Danbury How did you come to community banking and why do you stay? My mom worked for a community bank when I was growing up. She was my role model, and I wanted to be just like her – a strong, independent woman who took care of her children, husband and family, all while being a successful business person. I love community banking – and what it stands for! We truly set ourselves apart from the big banks. Being part of the community,

If you weren’t a community banker, what would you be doing? Flying planes as an air force pilot. My dad was a hobby pilot and my fondest memories of him were in a little Cessna learning how to land and take off, all while my mom was so mad on the ground as we flew into the air with my sister and brother in tow. What’s your favorite vacation spot? Italy, and really anywhere with my husband.

LE A DI NG BY E X AMPLE MICHELE BONVIC INI NEW LE ADER IN BANKING AWARD WINNER

Congratulations Michele Bonvicini, our Director of Community Relations and Executive Director of the Union Savings Bank Foundation, for being named a New Leader in Banking by the Connecticut Bankers Association. Your passion and dedication to our communities is an inspiration to us all.

unionsavings.com

Connecticut Banking Magazine • First Quarter 2018

TODD BURTON Bank: Thomaston Savings Bank Title: VP, Retail Banking and CRA Officer Bank location: Thomaston How did you come to community banking and why do you stay? I began my career in banking working in a contact center over 22 years ago. With hard work and dedication, I was awarded many opportunities to work within various departments in retail banking, consumer and commercial lending, as well as retail management with large financial institutions. After several mergers and acquisitions in the industry over those years, many of my friends and former colleagues had transitioned to community banking. An opportunity to become part of the Thomaston Savings Bank team was available, and I wanted to work at a bank that was truly making a difference and supporting the communities it served. With the constant support, encouragement and mentoring of the executive management team at Thomaston Savings Bank for the past seven years, they have given me – along with all of the employees – the ability to make an impact and share in the success and growth of the bank, while building long lasting relationships and giving back to our communities.

What do you consider your biggest success? On a personal level, my biggest success would have to be my family, my two amazing daughters and loving wife. I would have to say that there isn’t one big success that I can measure, but rather the many small successes that happen every day that inspire me and motivate others to be more successful. Working with such a great group of people collaborating together for one common goal of making Thomaston Savings Bank the only bank of choice in town. Having the ability to mentor, coach and teach other employees and witness the growth and accomplishments in their own careers. How do you see technology changing the banking industry over the next 10 years? Technology will continue to grow and be an integral part of banking services. It will be imperative for banks to remain innovative and increase their digital channels as Millennials’ expectations of the availability of technology escalates. However, it is equally important for banks to not lose focus of the customer experience, and maximize its platform staff to become true financial advisors, counsel its customers and deepen their relationships. Branch automation has and will continue to reduce branch transactions. The banks that can balance innovation, security, confidentiality and integrity and simultaneously enable staff to interact with customers, by providing them with superior customer service and financial guidance, will be the banks Continued on page 20 that will remain successful.

DIANE CROSBY How did you come to community banking and why do you stay? I never thought about a career in banking until I was looking for work and found a job at a local bank. As time went by and the banking industry underwent numerous bank mergers, which opened some doors for me to gain a position where I could use my accounting degree. Community banks are a great place to work as they not only provide essential financial services to individuals and businesses but also help out within the community they reside in. What do you consider your biggest success? I feel my biggest success is raising my three kids and seeing them become successful young adults. Bank: Windsor Federal Savings and Loan Association Title: AVP/Controller Bank location: Windsor

How do you see technology changing the banking industry over the next 10 years? Technology is rapidly changing with most customers utilizing online banking 12

and mobile banking services. Many customers no longer come into a branch as they can deposit a check on their phones and pay bills online. I believe that technology will continue to rapidly change the banking industry over the next 10 years. I feel that future technology will help the banking industry combat fraudulent activity and the typical brick and mortal branches will need to adjust to the new environment. If you weren’t a community banker, what would you be doing? I would probably be providing accounting services for a business or an accounting firm. What’s your favorite vacation spot? My favorite vacation spot is Disney World. I am a Disney fanatic and even though my oldest is 24 years old we still take vacation there annually. It’s a great place for the entire family to come together and just have fun.

First Quarter 2018 • Connecticut Banking Magazine

ROGER DELGIORNO

Bank: The Simsbury Bank and Trust Co. Title: VP – Mortgage and Consumer Lending Operations Manager Bank location: Simsbury How did you come to community banking and why do you stay? I worked for large banking institutions my entire career before coming to Simsbury Bank. Most recently I was an account executive and Simsbury Bank was one of my customers. When calling on Sims-

bury Bank I saw they had a need to enhance their mortgage originations area to compete with the larger banks in its market area. I was looking for a change from the “big bank” way of over promising and under delivering to its employees and customer. Simsbury Bank agreed to hire me as a Product Coordinator to assist in funding loans faster and with a better execution of service. Moving from a large bank culture to a community bank was such a refreshing change for me. The concept of “see a need, fill a need” was actually possible at Simsbury Bank. It amazed me that lower level employees of the bank had access to senior management, up to the president of the bank, who were not only eager to listen to ideas but encouraged all their employees take on leadership roles and through their actions invest in the future success of the bank. Simsbury Bank senior management supports all their employees by giving them the tools and the path to success that not only leads to success in their duties, but also allows for career growth. The

bank’s investment in its employees builds employee loyalty and creates a pride in the people who work at Simsbury Bank. This sense of pride creates enthusiastic customer interactions that become infectious. I have been at Simsbury Bank for four years and I stay because you cannot get this type of relationship between management and employee or company and customer with any other type of institution. What do you consider your biggest success? My biggest success at Simsbury Bank is being an integral part of the creation, roll out, and day to day functions of the wholesale mortgage originations channel of Simsbury Bank which has become a major source of revenue to the bank. How do you see technology changing the banking industry over the next 10 years? Mobile banking continues to be at the forefront of change in the banking indus-

Continued on page 20

LIVING UP TO

New leaders in banking We are pleased to congratulate Xana Dolan and the other leaders being recognized by the Connecticut Banking Association and the Warren Group. At Webster, living up to our customers, communities and each other is what matters most. It is part of our core values brought to life by our leaders and our bankers. It is their dedication and commitment to you that makes us a stronger organization.

The Webster symbol is a registered trademark in the U.S. Webster Bank, N.A. Member FDIC. Equal Housing Lender

Connecticut Banking Magazine • First Quarter 2018

XANA DOLAN I’ve stayed in community banking because of the many opportunities I have received to enhance my career and skills, as well as give back to the community in the many different volunteer activities offered where I work.

Bank: Webster Bank Title: VP, Background Screening, Service of Process & Research Bank location: New Britain How did you come to community banking and why do you stay? I decided to come to community banking because I wanted to work for a local company that gave back to their community.

What do you consider your biggest success? One of my biggest successes occurred when I took on a newly created role. Within months of taking on this role, I had created an internal database to track certain documents as well as bank-wide policy and procedures for the department. I also met face to face with many individuals that would be using the database and/or receiving these types of documents to conduct training. Over the years we have made significant enhancements to this database and it’s now completely paperless and has users from 10 different departments. How do you see technology changing the banking industry over the next 10 years? I see technology advancing over the next

10 years. I believe it will make many tasks more efficient and automated. Even with the advanced technology, people will still be needed to understand the processes behind the programs and to work with other departments and customers. If you weren’t a community banker, what would you be doing? If I was not a community banker, I would like to think that I would be working as a special education teacher or for a non-profit company. Although these non-community banking jobs would be challenging, they would be rewarding. What’s your favorite vacation spot? My favorite vacation spot is Greece. I have an uncle and aunt who lived in England and when they retired they moved to Greece. Everywhere you look you see beauty. The beaches were amazing and the water was so blue but clear. My husband and I now compare every beach to ones in Greece. We can’t wait to go back!

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First Quarter 2018 • Connecticut Banking Magazine

EILEEN ENGEL

Bank: Liberty Bank Title: Credit Risk Manager Bank location: Middletown How did you come to community banking and why do you stay? I began my career in banking at Chase Manhattan Bank in New York City over 30 years ago. My academic background was in math and economics. I was looking for a position that would allow me to continue to use this skillset on an ongoing basis. After three years in the city, I returned to Connecticut. I

knew I wanted to stay in banking and recognized that I thrive on human interaction and establishing long-term relationships. I interviewed at six banks and received five offers. Liberty was my top choice. I stay in community banking because of the relationships and the vast opportunities that have been afforded me. My current position is internal to the bank however I have held positions in retail offices and in sales as a loan officer. I have processed, closed and underwritten loans in my time at Liberty. I have managed several major projects beginning early in my career. I have acted as a trainer and as a mentor. My managers and supervisors at Liberty Bank have allowed me to explore many areas of banking. I have been encouraged to grow, think outside the box and be innovative. We are encouraged and expected to work together in a team environment where each individual is important. Community banking is just that – a community of people who truly care about what they are doing, who know their customers, who respect each other and work toward a common goal from the top down.

What do you consider your biggest success? My biggest success is recognizing that I would not be here today without the constant support, input and encouragement of the people around me. Every success I have is a direct result of the people I work and live with. How do you see technology changing the banking industry over the next 10 years? Technology has completely changed the banking industry over the last 10 years and will continue to do so over the next 10 years. I see more and more “home banking” coming into play. We are already aware that the up and coming youth do not want to run to an office. They want to grab their phones and apply for any product. We are well on our way to meeting this demand but I see more partnering with other businesses/industries presenting additional product lines in conjunction with the financial from an individual’s phone. This would result in partnerships across many varied Continued on page 20 business entities.

BRIAN FONCK need to help customers with the financial goals. I have also been able to grow my career at the different banks that I have worked. I also enjoy developing my team as well as the team that reports to them. What do you consider your biggest success? I would say that my because success was earning my bachelor’s degree while working full time.

Bank: Newtown Savings Bank Title: Vice President, Regional Manager Bank location: Newtown How did you come to community banking and why do you stay? I started in banking after leaving a sales job in the retail field after high school. I decided to stay in banking because I enjoyed

How do you see technology changing the banking industry over the next 10 years? I would think that more customers will utilize the online channels such as mobile banking, mobile deposits, remote deposits and individual teller machines. I would think that paper statements and notices won’t be an option. The branches are slowing down year over year with transactions which will eliminate some branches and reduce the size of the branch. In addition, more customers will utilize the chat through the PC, mobile and increased phone calls. If you weren’t a community banker, what would you be doing? Police officer. What’s your favorite vacation spot? Wildwood, New Jersey. 15

Connecticut Banking Magazine • First Quarter 2018

CHRISTOPHER GAUTHIER

Bank: Dime Bank Title: Vice President and Commercial Loan Officer Bank location: Norwich How did you come to community banking and why do you stay? After my second year in college, I was looking for a summer job that was: 1) close to my parents’ house and 2) had air conditioning. I spent the prior summer working in the hot summer sun at a marina in Mystic and wanted something different. Not only did Dime Bank have an office less than a mile from my parents’ house, but working

for a bank seemed like a relaxing air-conditioned gig for the summer, so that’s where I went for a job. The next summer I came back. At the end of that summer I stayed on and worked for the bank while also going to school. They continued to give me new responsibilities and projects. I learned how the bank and its employees played an integral part of the community I grew up in. I asked for more responsibility and they gave me opportunities to learn and grow. As I neared graduation they offered me a job as a credit analyst in the commercial lending department. That eventually led to a position as a lender. Essentially, a summer job I landed on a whim, without a lot of forethought, ended up being my foot in the door to a real career. What do you consider your biggest success? Successfully balancing my work life and family life. The best day at work can’t compete with a Sunday afternoon hanging out by the pool with my wife and kids.

How do you see technology changing the banking industry over the next 10 years? The easy answer is that there will be a continued shift from bricks and mortar to mobile and digital. This relates to deposit accounts, mortgages, consumer loans, insurance products, and investments all continuing to be engaged by consumers through online platforms at an increasing rate. The more complicated answer is that biometrics, blockchain, automation (of retail platforms), AI and chartered FinTechs, all have the potential to turn the industry on its head and change things in a manner that we don’t yet understand. Specific to me, it has always been believed that one of the hardest things to automate and move to an online platform would be small business lending. Community banks have thought that line of business to be somewhat insulated from online competitor threats. However, the explosive and continued growth of OnDeck, Kabbage, Lending Club and others have made it possible to enter the small business lending market as both an investor into small busi-

Continued on page 20

LORI HEATH

Bank: Collinsville Savings Society Title: Vice President of Retail Banking Bank location: Canton How did you come to community banking and why do you stay? I started in banking as a teller several years ago. I was unsure of my career path at the time and transitioned to a mortgage

company servicing loans. My manager left the mortgage company to take a position at a community bank where there was an opportunity for a loan servicing manager. He reached out to me and I jumped at the opportunity. My experiences have led me to Collinsville Savings Society, a small community bank, where I am responsible for all matters related to branch operations; including managing staff, retail products, product promotion, advertising, lending by branch personnel and facilities management. I absolutely love how diversified my responsibilities are and find my position extremely rewarding.

How do you see technology changing the banking industry over the next 10 years? Increased efficiencies resulting in cost savings, by maximizing the use of all available technology. The large population of Millennials expect instant access with ease of use in every facet of their life and community banks must meet their banking expectation. Security continues to be a concern of which we need to remain vigilant. The virtual branch is on the forefront; however, nothing can replace the personalized service we as community bankers pride ourselves on.

What do you consider your biggest success? I consider my biggest success “balance.” I have been able to rise to the challenge of managing a career, staying committed to my family by being involved in my children’s education, athletics, music and numerous events as well as volunteering and being present in the local communities where I work and live.

If you weren’t a community banker, what would you be doing? I would have my own event planning business.

What’s your favorite vacation spot? Summers in Rhode Island with family and friends, and of course, the Caribbean!

First Quarter 2018 • Connecticut Banking Magazine

JENNIFER IVES-GROEBL time teller in 1986, working weekends while attending college. I was a finance major and a “numbers geek” so it actually turned out to be a good fit. Upon graduation I was hired full time and never looked back. After working in various departments, I found lending to be my niche. Since joining Litchfield Bancorp in 1994, I have been blessed with the good fortune of working for a small community bank with a strong commitment to its employees but also recognizes the importance of giving back to the communities we work, live and serve. That philosophy mirrors my own desire to give back to those in need. Bank: Litchfield Bancorp Title: Vice President of Residential Lending Bank location: Litchfield How did you come to community banking and why do you stay? I began my banking career as a part-

What do you consider your biggest success? While I am extremely grateful for my professional opportunities and achievements, I consider my biggest success my family, my husband Joe and our two sons, Mattheu and Jacob. They are my true pride and joy!

How do you see technology changing the banking industry over the next 10 years? It’s hard to imagine where technology will take us in 10 years since it’s already been 10 years since the iPhone was introduced, what could possibly be more innovative than that! I do think the trend will continue with more advances to mobile banking via smartphones. I also see technology continuing to limit the one on one personal interactions with bankers and their customers. If you weren’t a community banker, what would you be doing? I came very close to going to school to become a pharmacist. But knowing what I know today I probably would have done something in the fashion industry like becoming a buyer or designer. What’s your favorite vacation spot? So far Punta Cana in the Dominican Republic, it had beautiful beaches and crystal clear water

LUCINDA LONGO I worked had a small drug store with a lunch counter. Each day I had lunch with a branch manager of Litchfield Bancorp. He suggested that I apply for a teller opening. I did not think I was anywhere near qualified to work in a bank and this manager assured me I was. I applied and the rest is history. I stayed in community banking as I enjoyed the job and found it to be a very rewarding career.

Bank: Connecticut Mutual Holding Co. Title: Vice President and Senior Operations Manager Bank location: Winsted How did you come to community banking and why do you stay? I was employed by a small business that did not offer health care, sick days, vacation time or any benefits. If you worked, you got paid; if you didn’t work, you didn’t get paid. As a young, single parent, I was looking for some stability and benefits. The town where

What do you consider your biggest success? Actually have three items that stand out as my biggest successes. 1. Earning the AAP designation was very rewarding. 2. Working at consolidating the operations departments of our banks into one holding company entity was another. 3. The most recent success is the restructuring of the deposit operations to position our banks for the future of banking. How do you see technology changing the banking industry over the next 10 years? We are in an industry that has stood the test of time but now must change or become 17

extinct. The new generation of customers prefers digital communication versus face to face, the ability to speak to a bank representative at any time and fast payment solutions. Banks will need to embrace new technologies to make this transition of molding services and products to their new customers’ lifestyle, providing low-cost and hi-tech communication channels with non-traditional bank hours all with keeping security at the forefront. We must continue to leverage our traditional stability for financial services, work with our regulators to keep pace with the fast-moving payment options and nontraditional services while moving forward to create the bank of the future. If you weren’t a community banker, what would you be doing? If I was not a community banker, I would be a full-time dairy farmer. What’s your favorite vacation spot? My favorite vacation spot would be Maine.

Connecticut Banking Magazine • First Quarter 2018

MONICA MACNEIL

Bank: Dime Bank Title: AVP – Branch Manager Bank location: Norwich How did you come to community banking and why do you stay? When graduating from high school, I really didn’t know what I wanted to do. My “boyfriend’s” sister worked at Nor-

wich Savings Society and suggested I apply there. I started as a teller in 1981. I ended up enjoying the work so much I’ve been in banking for 36 years so far. I love working with people and assisting them in any type of banking including problem solving that may not be specifically related to banking. Sometimes bankers are psychologist, marriage counselors or just a friend with an open ear. I love working with the community and trying to help in any way possible. The current branch I am in is different than most because it’s in downtown Norwich and has its challenges. I enjoy thinking outside the box trying to reach our goals in ways that wouldn’t work for most other branches. Outside of the bank, I went to college and earned my associate’s degree when I was in my 40s. What do you consider your biggest success? Within the bank, adjusting to changes. Accepting new challenges and taking

them on with great enthusiasm. Keeping positive no matter what and teaching those around you to do the same. How do you see technology changing the banking industry over the next 10 years? I think we’ll continue to see less and less people coming inside branches to do their banking. Online banking will take over most tasks that can be accomplished within a facility. If you weren’t a community banker, what would you be doing? First, I would have to win the lottery enabling me to open a dog adoption facility. I would train them before adopting them out and I would investigate those who want to adopt to make sure they are the correct fit. If it doesn’t work, no questions asked, they can bring the dog back. What’s your favorite vacation spot? Aruba!

MATTHEW MORRELL

Bank: Chelsea Groton Bank Title: Vice President, Retail Lending Sales Manager Bank location: Groton

How did you come to community banking and why do you stay? I am a community lender by default. I wasn’t always conscious of that, but when I review my resume, I’ve always worked at smaller, local organizations whose mission statement heavily benefited the communities in which they did business. A few years ago, while considering the path of my career and the opportunities that have presented themselves but didn’t catch my interest, I came to the conclusion that I am a community lender. An environment where there are few layers between leadership and the rest of the employees is where I am most comfortable. I thrive when a policy or a decision can be discussed when it no longer makes sense or when it’s impact has shifted. In mortgage lending the value proposition is not in fee, rate or service... all lenders try their best to be competitive in those areas. The value proposition that I can sell is the philosophy of the organization, the mindset. The profits of a community bank goes back 18

to the community in which it serves. When all decisions are made with that in mind, those decisions are easily made. What do you consider your biggest success? I’m hopeful that my biggest success is my reputation. When I was a loan originator, I was straightforward and honest with my customers. I’m certain I lost deals to slicker salespeople but I never felt like I misled someone. As a leader, I’m still learning, but I try hard to continue to be straightforward and honest. Getting my MBA a few years ago at night with a toddler and newborn at home and a wife with her own challenging career was an accomplishment that I’m proud to have succeeded at. How do you see technology changing the banking industry over the next 10 years? Advances will continue to be made in the banking industry. Things that we

Continued on page 20

First Quarter 2018 • Connecticut Banking Magazine

ERICKA WINSTEAD quickly realized I wanted a change of pace. A family member recommended a local bank and I interviewed for a loan servicing position at what was then Eastern Savings and Loan (now Eastern Savings Bank). From the moment I started at ESB I felt like I was part of a family. I have stayed in community banking because I truly believe that being active in your community is not only important but it also helps to build a foundation for growth and success. Bank: Eastern Savings Bank Title: First Vice President, Loan Operations Manager Bank location: Norwich How did you come to community banking and why do you stay? I would say that community banking found me, in essence. I began my career in banking in 1998 after relocating from California. I took a contingent transfer to a retail management position here in Connecticut but

What do you consider your biggest success? My biggest personal success is definitely my family. I have a strong support system at home that encourages me and participates in all of the volunteering and community events with me. How do you see technology changing the banking industry over the next 10 years? My biggest career success has come in the last few years. Last year I joined the board for Habitat for Humanity, volunteer on the LEAD Committee for GNACC and was recently pro-

moted to my current role at Eastern Savings Bank. My two roles are so intertwined it’s hard to say where one ends and another begins. If you weren’t a community banker, what would you be doing? I see technology evolving over the next 10 years into a more virtual environment. Most brick-and-mortar banks will have to get creative in the use of staffing and resources to find ways to stay innovative. Mobile banking and online channels will be essential for growth. If you weren’t a community banker, what would you be doing? If I wasn’t a community banker, I would find ways to still help people. I would seek out a nonprofit or company that helps my local community grow and have sustainability. What’s your favorite vacation spot? Our favorite vacation spot is Navarre, Florida. We have family that lives there and it is such a beautiful place to just relax.

ERINN YOUNG

Bank: PeoplesBank Title: Deposit Operations Officer Bank location: Holyoke How did you come to community banking and why do you stay? I began my career in community banking as a proof operator with a small bank in Georgia. I wanted to work for a bank that cared for the community it served and much as I do. Through hard work and

dedication, I was able to advance quickly into an operations role where I developed a keen understanding of banking behind the scenes. My time within operations proved to be essential to the success of my next banking role as a teller in the retail department. Retail banking and customer service became a sincere passion of mine. From this new role, I was able to hone my leadership and sales skills while developing a compassionate yet structured managerial style. I remained in retail banking for 20 years and value the many opportunities this role provided to me. Last year I made the brave decision to transition back to the operations department in order to expand my banking knowledge and my managerial proficiencies. This new role is very rewarding and I am enjoying this new opportunity. For over 20 years I have remained a strong proponent of community banking. I am proud and honored to work for a bank that values its associates, its customers and its community with such passion. 19

What do you consider your biggest success? My biggest success is my ability to create and maintain healthy long-lasting relationships both with my internal and external customers. How do you see technology changing the banking industry over the next 10 years? Technology is our future and if any bank would like to see success in 10 years they and their associates must embrace innovation and create more tech savvy ways to bank. In 10 years, I see a transition from traditional brick-and-mortar banking to strictly on-thego banking. If you weren’t a community banker, what would you be doing? I would be a traveling comedian. Though my children do not find me funny, most adults (especially moms) think I am hilarious! What’s your favorite vacation spot? My favorite vacation spot is Italy. I love the culture, the architecture, the food and – most importantly – the wine.

Connecticut Banking Magazine • First Quarter 2018

EILEEN ENGEL Continued from page 15 If you weren’t a community banker, what would you be doing? I would be in health care. I find looking at a problem and determining the best course of action for the benefit of the individual/group exciting and challenging. I believe health care today is a growing and innovative field and if I could be two people I would be working in both fields. What’s your favorite vacation spot? Osprey Beach, New London. I have termed it my “peaceable place.” I shut the gate at the top of the steps and the world melts away.

CHRISTOPHER GAUTHIER Continued from page 16 ness loans or as a borrower. Every year their platforms get better and their market shares get bigger. Even more concerning, Amazon has entered the market and reportedly made $1.0 billion in small business loans last year through Amazon Lending. That’s scary. If you weren’t a community banker, what would you be doing? If I wasn’t working in community banking, I would have fallen into some line of work that involved financial analysis. That’s what I’m good at. Working in commercial lending has made me realize that once I’m out of banking, I’ll probably find a second career in real estate investment. We have two investment properties now and we’re looking at adding more over the coming years. What’s your favorite vacation spot? I’ve been fortunate enough to have traveled a fair amount and to have seen some cool things, but nothing is better than exploring and experiencing a vacation spot you’ve never been to before. That first time you see something new is the best. I’ve been to a lot of places, but rarely the same one multiple times. Don’t go back to the same places – this world too big and there’s so much more to see.

MATTHEW MORRELL

TODD BURTON

Continued from page 18

Continued from page 12

couldn’t even conceive of now will become normal, just like the tools of today were inconceivable a decade ago. In our organization it has created a need to re-invent our branches which has been an exciting initiative for 2017. Advances will continue to be made that make banking and lending easier when it’s working, and frustrating when it isn’t. Through it all, we will still be human and require interactions with other humans. If you weren’t a community banker, what would you be doing? I truly don’t know. When earning my undergraduate degree in English I’d tell people, almost in defense of it, that such a degree will allow me to pursue anything, and I built a career in residential lending. Now in my 22nd year, this career has provided me a great knowledge base in an industry that has evolved in many ways over the years. I’ve worked with great people and have helped many customers realize the dream of homeownership or finance other lifetime goals. It has helped provide a stable environment for my family. It’s all good! What’s your favorite vacation spot? I’m not well travelled but since the summer of 1996 I’ve vacationed yearly in Cape Cod. It started with a few college friends, then couples, then our families. As a result our kids have become more like cousins and I have an endless amount of great memories. 20

If you weren’t a community banker, what would you be doing? I would be a carpenter. What’s your favorite vacation spot? Norway. My wife is Norwegian and we love traveling to her homeland to visit family and friends.

ROGER DELGIORNO Continued from page 13 try. Providing a means for customers to have access to their funds and bank products and services 24/7 from anywhere in the world and be able to deliver those funds and services to meet customer needs at a moment’s notice is what today’s banks need to be able to deliver. If you weren’t a community banker, what would you be doing? I would be a teacher. I love interacting with people who have a desire to learn and be coached on how to be better. What’s your favorite vacation spot? My favorite vacation spot is always the next vacation spot that my family and I travel to together. My wife, Stacey, and my sons, Andrew and David, love to travel and we want to see the world and everything it has to offer.

First Quarter 2018 • Connecticut Banking Magazine

Data and Information Rich: Customer Retention First By Susan R. Carroll, President, Words & Numbers Research Inc.

onventional wisdom is that most community banks incorporate market share growth into their strategic plans. After all, customer expansion is essential to financial vitality. In pursuit of this goal banks have become vulnerable to the aggressive selling of both software packages and consulting. “Big data, data analytics, predictive modeling” are positioned by vendors as critical data-driven marketing tools that most community banks lack. Claritas alone offers 68 market segments for cus-tomer prospecting (i.e., young digerati, kids and cul-de-sacs, township travelers). The level of data literacy and demographic analysis required to make these sophisticated databases become the marketing powerhouse envisioned is often beyond a community bank’s expertise. Sub-stantial financial investment encompassing staff recruitment, training and organizational restructur-ing are also part of the equation. There is another data-driven tool that can support a bank’s effort to systematically increase its mar-ket share. Cost-effectiveness is one of its hallmarks and its usage prepares a bank to eventually in-corporate a powerful data-based software system. It is the rich internal customer database that banks are blessed with. Oftentimes internal databases are perceived as weak stepsisters to the aforementioned proprietary software packages. This perception undervalues the importance of market retention as an integral component of market growth. In their zeal to capture new customers, banks often overlook the necessary objective of holding on to their existing customers. Accenture states that about a quarter of new customers defect during the first year. It costs five times more to get new customers than to retain the old. Additionally, cus-tomer attrition on an annual basis is estimated to be 10 percent. This adds up to a lot of new and existing customers going out your back door. Data rich and information poor is the resulting status. But being data rich is a marketing opportuni-ty. Knowing your own customer base inside and out enables banks to establish deep relationships with customers beyond the “Have a nice day” scenario. It is a pathway for growing geographic and demographic markets, and fostering positive word of mouth, the most effective marketing tool for capturing new customers. Building an internal database is tedious work. That may be the reason that banks skip it and move to the “sexy” goal of purchasing highpowered software. However, any community bank can con-struct an effective marketing engine using their customer data with these four steps. 1) Identify inactive customers. Infrequent account usage is a warning sign. It signals potential defection to the competition. Proactively collecting utiliza-tion data helps to create strategies to avert departure. 2) )Describe active customers by key target segments. You need to develop different fields (or variables in data literacy jargon) on each and every one of these customers in your database. And this is simpler than you might think. Two de-mographics are priceless: town (and state) and age. Both are already in your database; they

just need to be numerically coded and attached to your customer. These two varia-bles allow you to do target segmentation by geography and by customer journey (or lifestyle stage). With geography you can monitor the number of customers who are both opening and using accounts, purchasing loan products and services or becoming inactive - by town or region. Market growth and shrinkage can be accurately assessed as well as service utilization and product demand. With age you can maximize your bank’s product recep-tion during the customer journey or lifestyle stage. Checking account customers ages 25-35 are your potential firsttime homebuyers, while home equity loans might appeal to your 55+ customers who want that dream vacation. Marketing dollars can be judi-ciously targeted for “hits” versus “misses.” 3) Create a customer loyalty spectrum. Numerically code the products that customers have purchased over time (checking, savings, time deposits, mortgages, HELOCs, credit cards, debit cards etc.). A diversified portfolio of products and services translates into loyalty as a lifetime customer. Loyalists should be rewarded and integrated into your marketing strategies. Look at them as your brand ambassadors. 4) Continuously enhance your customer database. Customer-provided information can be proactively coded into your database with the expressed purpose of getting to know who does business with you. Knowing customers’ family composition, employment fields, and their outside interests enable your bank to culti-vate an authentic customer experience for them. This is the bottom line – you neglect your existing customers in the pursuit of new customers at your own risk. Focus on keeping them. Capturing new markets is certainly an essential business practice and the new data-driven products on the market have their place. But without making the most of a rich database of your own customers first, you may find your growth strategy is self-defeating. u Susan R. Carroll is president at Words & Numbers Research Inc. in Torrington, Connecticut. She can be reached at (860) 489-5639. 21

Connecticut Banking Magazine • First Quarter 2018

Preventing and Responding to Elder Financial Exploitation By Jennifer Kirby, Compliance Specialist

inancial exploitation is a fast-growing form of abuse of seniors and adults with disabilities. Despite its growing prominence, however, financial abuse of elderly people is vastly underreported. Older persons are targeted because they possess more assets, and those who are impaired either physically or mentally may have to depend on others for help in making financial decisions or carrying out daily transactions. Elder financial exploitation is defined as the illegal or improper use of an older person’s funds, property or assets. There are many types of activities that can be characterized as Jennifer Kirby elder abuse, but in general, all involve improper use of an older person’s assets. Elderly persons are often victimized by frauds, scams and identity theft. Unfortunately, elder financial exploitation commonly involves trusted persons, such as caretakers or family members, but elderly persons may be victimized by strangers as well. While technology has provided numerous benefits to customers, it also has provided another channel for fraudsters to prey on older citizens. Banks are generally well positioned to detect when older account holders have been targeted or victimized. Bank employees are often on the front line of identifying and reporting elder abuse. In August of 2017, the Consumer Financial Protection Bureau (CFPB) and the Financial Crimes Enforcement Network (FinCEN) issued a Memorandum on Financial Institution and Law Enforcement Efforts to Combat Elder Financial Exploitation. The memorandum referred to FinCEN’s Advisory to Financial Institutions on Filing Suspicious Activity Reports Regarding Elder Financial Exploitation. The advisory provides potential “red flag” in-

dicators and instructions on how to report elder financial exploitation activity through Suspicious Activity Reports (SARs). Among other important takeaways, the Memorandum reminds financial institutions that they can play a key role in detecting, responding to, and preventing elder financial exploitation. In March of 2016, the CFPB issued guidance on preventing and responding to elder financial exploitation. The guidance is intended to assist financial institutions in adopting best practices to prevent elder financial abuse and to intervene effectively when such abuse occurs. Now is a good time to review your bank’s practices considering the guidance, as well as the broader regulatory and litigation risks presented by elder financial abuse. Key recommendations include: • Develop, implement and maintain internal protocols and procedures for protecting account holders from elder financial exploitation. These measures should include, but are not limited to: (a) adopting training requirements; (b) implementing procedures for making reports; (c) complying with the Electronic Fund Transfer Act (EFTA), as 22

implemented by Regulation E; (d) arranging the sharing of account information with trusted third parties and (e) procedures for collaborating with key stakeholders. • Train management and staff to prevent, detect and respond. Banks should train employees regularly and frequently. In addition, banks should tailor training to various employee roles (e.g., tellers versus managers). Training programs should include, at a minimum: (a) adoption of a clear and comprehensive definition of elder financial exploitation; (b) warning signs that may signal financial exploitation (e.g., transaction patterns, behavioral changes, theft and coercion scenarios etc.) and (c) preventative measures and clearly defined action steps for interacting with account holders, steps for reporting to authorities and communication with trusted third parties. • Use technology to monitor for signs of elder financial exploitation. Banks should utilize technology to flag suspicious account activity. This would include, at a basic level, differentiating between services/products and types

First Quarter 2018 • Connecticut Banking Magazine

of activity that may be associated with elder exploitation risk. Banks using predictive analytics should review their filtering criteria against individual account holders’ patterns and explore additional risk factors that may be associated with elder financial exploitation. • Report all cases of suspected exploitation to relevant federal, state and local authorities. Banks should report suspected financial exploitation to all appropriate local, state or federal authorities, regardless of whether reporting is mandatory. ļļ Mandatory and voluntary reporting of elder abuse is governed by state laws, rather than federal legislation. Since the state laws are also in flux, banks should be aware of the reporting requirements in each state in which they do business (and this issue is discussed further below). ļļ FinCEN encourages the filing of SARs where a financial institution knows or suspects elder financial exploitation. However, this reporting only augments reporting and investigations at the state level. ļļ Understand that the GrammLeach-Bliley Act (GLBA) is not a barrier to reporting suspected elder financial exploitation. ļļ Understand the roles of first responders. Banks should understand how Adult Protective Services (APS), law enforcement and the long-term care ombudsmen work, and the actions that they will and will not take. ļļ Include core components in reports to state and local authorities. A list of basic components of a complete report can help banks support the allegation and assist responders. ļļ Expedite documentation requests from APS, law enforcement and other government entities investigating reports of financial exploitation. Provide documents at no charge. • Protect older account holders. ļļ Offer age-friendly services that can enhance protections against

financial exploitation. This may include, for example, offering information on planning for incapacity or disability, honoring powers of attorney, protective opt-in account features (e.g., withdrawal limitations, alerts, transaction restrictions for merchant categories etc.) and highlighting the risks of joint account access. ļļ Comply with EFTA and Regulation E. The EFTA, among other things, generally protects a customer from personal liability for timely reported unauthorized transfers, and provides limited liability when unauthorized transfers involve a lost or stolen device. ļļ Enable older account holders to consent to information sharing with trusted third parties. • Collaborate with other stakeholders. ļļ Develop relationships with law enforcement and APS personnel to facilitate timely response to reports.

ļļ Coordinate efforts to educate older account holders, caregivers and the public. Overall, the CFPB’s guidance provides banks with a clearer picture of best practices in the prevention of elder financial abuse. Due to regulatory risks concerning this area, we recommend banks revisit their current policies and procedures concerning elder financial abuse. u Jennifer Kirby, compliance specialist, has over 15 year’s experience in the financial services industry. She began her career with a national bank in San Antonio, Texas while receiving her Bachelor of Business Administration degree in finance. She continued her interest in finance through law school and focused her course work on creditor and transactional issues. While in law school, Kirby worked at a commercial litigation law firm with a specific focus on creditors’ rights and collection litigation matters. Since 2011, she has been part of a leading team of attorneys and compliance experts who assist all levels of bank personnel with a wide range of compliance issues.

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Connecticut Banking Magazine • First Quarter 2018

Joe Gianni

Rita ElKhoury

Scott Davis

Damon Ralph

Frank Coppola

Janine Saraiva

Robert Mallozzi

Alexis Kahn

Marielle Winkelman

Taylor Loomis

Samantha Bazydlo

Diane Arnold

Brad Lupinacci

Dave Zamary

Victoria Magin

Barbara Potter

Brett Eagleson

Kris Cricchi

Shalonta Ford

Steven Supernaugh

Ginger Fennell

Allison StandishPlimpton

Angela Smart

Benjamin Wagoner

Robert Flood

Randy Sonzoni

Nancy Ritucci

Chandler Howard

Bank of America announced Joe GiEssex Savings Bank announced Diane anni was named Hartford market presi- Arnold was named a 2017 Woman of FIRE. dent. First Bank of Greenwich announced Bankwell announced Rita ElKhoury Barry Small joined the board of directors. joined as vice president and treasury management sales officer. Scott Davis joined First County Bank announced Brad as vice president and commercial lender. Lupinacci joined as vice president and Damon Ralph was named assistant vice commercial banking officer. Dave Zamary president and commercial lender. Frank was named to New England Mortgage Coppola joined as commercial lender. Ja- Bankers Conference 2017 Hall of Fame. nine Saraiva was named vice president and treasury management sales officer. Guilford Savings Bank announced Robert Mallozzi joined as senior vice pres- Victoria Magin was promoted to assistant ident, director of business development. vice president and core banking/vendor administrator. Barbara Potter was proBerkshire Bank – CBT Region an- moted to vice president and loan servicing nounced John Gillis joined as sales man- manager. Brett Eagleson was promoted to ager. assistant vice president and commercial lender. Kris Cricchi was promoted to asChelsea Groton Bank announced sistant vice president and financial analyst. Alexis Kahn joined as assistant vice presi- Shalonta Ford was promoted to vice president and business banking officer. Mari- dent and branch administration officer. elle Winkelman was promoted to branch Steven Supernaugh was promoted to semanager. nior vice president and controller. Randy Sonzoni was promoted to assistant vice Connecticut Community Bank, N.A. president and human resources generalist. announced Taylor Loomis was promoted to assistant treasurer of e-banking. Ion Bank announced Nancy Ritucci received the quarterly outstanding cusDime Bank announced Samantha tomer service award. Ginger Fennell was Bazydlo joined as corporate officer and promoted to executive vice president and branch manager. chief risk officer. 24

KeyBank announced Allison StandishPlimpton was promoted to senior vice president and business banking team leader. Liberty Bank announced Chandler Howard was one of four panelists at The Chamber of Commerce of Eastern Connecticut’s Diversity in Leadership Breakfast. Angela Smart received the Paul Harris Fellowship Award from the Willimantic Rotary Club. Benjamin Wagoner was promoted to loss prevention officer. Robert Flood was recognized by Southington Magazine as a pillar in the community for 17 years. Carla Abate was promoted to health savings product manager. Jennifer Rodriguez was named a 2017 Woman of FIRE. Rosa Carrero received the Midstate Chamber of Commerce’s 2017 Shining Star Award. David Boufard and Jon Cruz received a proclamation to dedicated volunteers for their involvement in the city’s 40th Sailfest Celebration. Jewell Jones received a 100 Women of Color award for her leadership and community dedication. James Stoetzle was promoted to technology officer and systems supervisor. Daniel Lalone was promoted to technology officer and systems security engineer. Frank Marchetti was promoted to assistant vice president and credit risk appraiser. Patty Gugliotti was nominated

First Quarter 2018 • Connecticut Banking Magazine

Carla Abat

Jennifer Rodriguez

Rosa Carrero

Kyle Guilfoyle

Faith Wilson

Scott Miller

Lorraine Bassett

Donna Cabot

Lori Donicz

David Boufard & Jon Cruz

Jewell Jones

James Stoetzle

Daniel Lalone

Frank Marchetti

Patty Gugliotti

Peter Ganci

Michael Devitt

Matthew Nawrocki

Matthew Hallet

Maryann Gorgone

Mary Beth Cronin

Margaret Blundon

Danielle Pezzenti

Kim Emmons

Kelly Speranza

Joseph Burke

John-Paul Aldi

Jacquelyn F. Boyden

Jacqueline Nelson

for “Employee of the Year” by the Southington Chamber of Commerce. Kyle Guilfoyle joined as an officer and branch manager. Faith Wilson was promoted to assistant vice president and mortgage loan officer. Scott Miller was promoted to vice president and investment services. Peter Ganci was promoted to assistant vice president and mortgage loan officer. Michael Devitt was promoted to credit risk banking officer. Matthew Nawrocki was promoted to assistant vice president and mortgage loan officer. Matthew Hallet was promoted to vice president and information security. Maryann Gorgone joined as assistant vice president and gateway branch manager. Mary Beth Cronin was promoted to retail lending officer. Margaret Blundon joined as first vice president, business information services and project management office manager. Lorraine Bassett was promoted to retail lending officer. Donna Cabot was promoted to credit risk banking officer. Lori Donicz was promoted to human resources officer. Danielle Pezzenti was promoted to mortgage servicing officer and retail lending. Kim Emmons was promoted to assistant vice president and benefits administrator. Kelly Speranza was promoted to first vice president and secondary market manager. Joseph Burke was promoted to vice president and se-

nior loan officer. John-Paul Aldi joined vice president and mortgage loan officer. as assistant vice president and senior com- Jacqueline Nelson was promoted to vice mercial real estate underwriter. Jacque- president and senior loan review manager. lyn F. Boyden was promoted to assistant Continued on page 26

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Connecticut Banking Magazine â&#x20AC;˘ First Quarter 2018

Eileen Engel

Dina Martone

Deborah Miller

Deborah Ewald

David Cantor

Loredana Pascuzzi

Paul McLaughlin

Kenneth Weinstein

Anthony Giobbi

Michael Astorino

Richard DeMayo

Maura Malo

Nicole Chase

Allison Romeo

James Moran

Kathleen Zembrzuski

Patrick Kelley

Gil DaRocha

Delia Espinal

Jennifer TheofanidisCronin

Peter Izzo

Richard Cheney

Pamela Mower

Beth Rivera

Janice Maschi

Morgan Kleckner

Eric Bennett

Jeffrey Sattler

Holly Charron

Mark Kantor

Dr. Kolawole

Lisa Allegro

Aaron Mambrino

Cindy Merkle

Carla Pierce

Steven Simmons

Kasey Beckendorf

Jordan Fogel

Joseph MarcAurele

Anne Faunce

Eileen Engel was promoted to first vice president, retail lending underwriting manager. Dina Martone was promoted to officer, quality assurance manager. Deborah Miller was promoted to assistant vice president and mortgage loan officer. Deborah Ewald was promoted to vice president and community banking portfolio manager. David Cantor joined as senior vice president, commercial banking team leader. Loredana Pascuzzi joined as assistant vice president and CRE Lending relationship administrator. Litchfield Bancorp announced Paul McLaughlin was promoted to executive vice president. Newtown Savings Bank announced Kenneth Weinstein was promoted to president and CEO. Anthony Giobbi was promoted to chief banking officer. Michael Astorino joined as first vice president and retail lending manager. Richard DeMayo joined as vice president and commercial loan officer.

Northwest Community Bank announced Maura Malo was promoted to senior vice president. Salisbury Bank & Trust Co. announced Nicole Chase joined as assistant vice president and branch manager. Allison Romeo joined as assistant vice president, customer support and electronic services manager. Savings Bank of Danbury announced James Moran was named vice president and residential lending officer. Kathleen Zembrzuski joined as senior vice president and residential lending officer. Patrick Kelley joined as senior vice president and senior commerical lender. Gil DaRocha and Delia Espinal completed the Greater Danbury Chamber of Commerceâ&#x20AC;&#x2122;s education series Leadership Danbury. Savings Institute Bank & Trust announced Jennifer Theofanidis-Cronin was named branch manager. Peter Izzo 26

was selected to serve the East Hampton area as a mortgage consultant. Richard Cheney joined as branch manager. Pamela Mower was selected to manage the Colchester and East Hampton locations. Beth Rivera was named branch manager. Janice Maschi was assigned floating branch manager. Morgan Kleckner was named mortgage consultant for the Moosup, Lisbon and Griswold areas. Eric Bennett was selected as branch manager. Jeffrey Sattler joined as senior vice president and commercial lending. Holly Charron was promoted to branch manager. Mark Kantor was selected call center manager. Simsbury Bank announced Dr. Kolawole was elected to the board of directors. Lisa Allegro joined as senior relationship manager. Thomaston Savings Bank announced Melissa Cipriano was promoted to assistant secretary and contact center manager. Keith Gibson and

First Quarter 2018 • Connecticut Banking Magazine

Frederick Blasius joined as corporators. Andrea Phillips was promoted to assistant secretary and loan servicing team lead. Darlene Boucher was promoted to assistant secretary and commercial credit analyst. Katherine Crovo was promoted to assistant secretary and branch manager. Todd Burton was promoted to vice president of retail banking and CRA officer. Rebecca Kayfus was promoted to senior vice president, senior human resource officer and corporate secretary. Nancy O’Donnell was promoted to senior vice president, chief risk officer and BSA officer. Brenda Raleigh was promoted to assistant vice president and compliance officer. Torrington Savings Bank announced Aaron Mambrino was appointed to the board of trustees.

SEND BANKSintheNEWS & BANKERSintheNEWS Submissions to cba@ctbank.com

Union Savings Bank announced Cindy Merkle was honored at the Good Scout Award reception by the Connecticut Yankee Council for inspiring future generations of young people. Carla Pierce was awarded the inaugural Community Hero Award. Steven Simmons joined as director of security. Kasey Beckendorf was promoted to director of compliance.

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United Bank announced Jordan Fogel joined the board of directors of Chrysalis Center. Washington Trust announced Mark Gim will become president and chief operating officer. Kathleen Ryan was promoted to executive vice president of wealth management. Joseph MarcAurele will retire with Edward “Ned” Handy succeeding him as chairman and chief executive officer. Ronald Ohsberg was named chief financial officer. Thomas Klump was promoted to senior vice president and chief information officer. William Wray was promoted to senior executive vice president and chief risk officer. Kristen Disanto was promoted to senior executive vice president, chief human resources officer and assistant secretary. Westfield Bank announced Anne Faunce joined as assistance vice president and branch manager.

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Connecticut Banking Magazine • First Quarter 2018

Bankwell donated $10,000 to the Mill River Collaborative. Bankwell donated $5,000 to Wilton Rocks for Food benefiting the Connecticut Food Bank and the Wilton Food Pantry.

Bankwell joined with Fairfield Theatre Co. to support Autism Speaks by raising $1,825.

Bankwell donated $5,000 to the Tiny Miracles Foundation.

Bankwell was a sponsor of the Filling in the Blanks 4th Annual Backpack Drive.

Bankwell sponsored the Mindfulness and Meditation program presented by the Community Mindfulness Project.

Bankwell was the presenting sponsor of the 20th Anniversary 5K Run for Home & Work Boot Challenge for Habitat for Humanity. Bankwell provided $18 million in bond financing over 10 years to the Millport Housing Project to provide 113 affordable housing units.

Berkshire Bank was named a finalist in the 2017 Corporate Citizenship Awards.

Berkshire Bank awarded $14,000 to The Jimmy

Fund & Dana Farber Cancer Institute as part of the Exciting Assists Grant program.

Berkshire Bank will donate $52,500 in scholarships

Bankwell sponsored a holiday gift and toy drive in support of Kids Helping Kids. Bankwell donated $5,000 to support Healthier Norwalk Kids..

to split among 35 high school students who have shown volunteerism.

Bankwell donated $10,000 to the Wilton Warrior Council. Bankwell partnered with New England Dance Theater with a $5,000 donation for the NEDT Nutcracker Benefit Performance.

Berkshire Bank announced additional investments in its employees and communities following the recent passage of federal tax reform legislation, including a $2 million contribution to charitable organizations.

Berkshire Bank had a ribbon cutting ceremony for

its new Farmington branch and presented a $5,000 grant to Stanley Whitman House.

Berkshire Bank Foundation awarded $483,382 in

grants and pledges to 127 nonprofit organizations during the third quarter and provided more than $1.5 million in grants in 2017.

Bankwell sponsored the Open Door Shelter Fundraiser hosted by Fat Cat Pie Co. Bankwell donated $2,900 to the Connecticut Humane Society as part of the Bank’s Pet Adoption Project.

Berkshire Bank awarded grants to three nonprofit organizations for the 2018 hockey season.

Bankwell sponsored a shred day/food drive where donated food items were given to the Keefe Community Center’s food kitchen.

Chelsea Groton Foundation gave over $170,000 to 89 nonprofits during the fall giving cycle.

First Quarter 2018 • Connecticut Banking Magazine

Chelsea Groton Bank donated $2,800 to the Three River’s College Foundation. Chelsea Groton Bank held a ribbon cutting for its reinvented Center Groton branch, with a donation to Groton Human Services for $1,854.

Farmington Bank’s annual support of Connecticut’s largest charity golf event for veterans surpassed $100,000.

First County Bank employees donated a total of $1,500 to the Undies Project.

Farmington Bank along with 102.9 The Whale and Whole Foods, collected 2,600 pounds of Thanksgiving food and $1,000 to Hands On Hartford.

First County Bank volunteers led the Stamford Balloon Parade. Guilford Savings Bank donated school supplies to local educators to celebrate Giving Tuesday.

Dime Bank Foundation donated $1,510 to Collaborative for Colchester’s Children. Essex Savings Bank hosted a cybersecurity workshop for clients on how to protect themselves against online fraud and identity theft. Essex Savings Bank in Chester celebrated its 5th year anniversary with over 100 residents and businesses throughout their community.

Fairfield County Bank employees participated in SafeWalk to support the Women’s Center of Danbury raising over $10,000.

First County Bank and Westport Library announced mutual support of the library’s Transformation Project.

First County Bank teamed up with Palmer’s Market to donate 100 turkeys to the Food Bank of Lower Fairfield County.

Ion Bank Foundation awarded a $2,500 grant to the Spanish Community of Wallingford.

Ion Bank conducted a Cybersecurity Seminar for business and consumer customers.

Fairfield County Bank provided a client reception with Nicholas Perna as a guest speaker.

First County Bank hosted its Annual Celebration of Mutual Partnerships.

Ion Bank Foundation awarded a $1,000 grant to Children in Placement. Ion Bank Foundation awarded a $7,500 grant to the United Way of Greater Waterbury.

Farmington Bank volunteers taught fundamentals of business and economics to Holmes Elementary School students. Farmington Bank surprised an area nonprofit each business day for 11 days with its holiday giving.

First County Bank employees participated in the Human Services Council’s “Donate a Backpack for Family Day.”

Ion Bank Foundation awarded a $3,500 grant to the Boys and Girls Club of Meriden. Ion Bank Foundation awarded a $4,000 grant to Naugatuck Youth Services. Ion Bank Foundation awarded a $2,500 grant to The Children’s Museum’s SAFA program.

First County Bank announced the winners of FirstPrize $avings account $1,000 drawing.

Ion Bank Foundation awarded a $5,000 grant to secure jobs in Connecticut.

Connecticut Banking Magazine • First Quarter 2018

Liberty Bank received its sixth Top Workplace Award from the Hartford Courant.

Jewett City Savings Bank Foundation awarded grants totaling $11,500 to area food pantries.

Norwalk Community College Foundation announced a three-year pledge totaling $60,000 from First Niagara Foundation in partnership with KeyBank to support its Reaching Excellent Academic Levels student mentoring program.

Liberty Bank was voted number one bank by readers of the Meriden Record Journal.

Liberty Bank Foundation awarded two $20,000 grants to GROW Windham and the Windham Region No Freeze Hospitality Center.

Liberty Bank was the 2017 recipient of TEAM Inc.’s Chairman Award.

KeyBank Foundation donated $25,000 to Hartford Local Initiative Support Corp. Liberty Bank joined the Southington Rotary Club, the Lions Club, UNICO and the United Way in raising $356,372 to fill Thanksgiving food baskets.

Liberty Bank held a Holiday Donation Drive to benefit Middletown’s Albert J. Solnit Children’s Center.

KeyBank presented a $105,000 grant to the Connecticut Food Bank. Liberty Bank donated to St. Vincent DePaul Mission to assist with homelessness.

Liberty Bank presented the Willard M. McRae Community Diversity Award with a $5,000 charitable donation to Lottie Scott’s nonprofit organizations of choice. Liberty Bank's Waterbury Branch purchased over 1,000 books for the Annie C. Courtney Foundation.

Liberty Bank was a sponsor of the annual Vets Rock Concert benefiting USO Connecticut and Hiring for Heroes Job Fair.

Liberty Bank donated to Toys for Tots and the Connecticut Department for Children and Families.

Liberty Bank presented a check to Safe Futures.

First Quarter 2018 • Connecticut Banking Magazine

People’s United Community Foundation awarded more than $1 million in 2017 to Connecticut nonprofits.

Liberty Bankers dressed comfortably at work to benefit Arc of Connecticut raising $1,300.

Liberty Bank was recognized as the Best in State at the 2017 Home Builder Industry Awards.

People’s United Bank hosted fraud prevention events in partnership with AARP Fraud Watch Network.

Liberty Bank volunteers raised over $700 for the American Heart Association in the Eastern Connecticut Heart Walk. Liberty Bank Foundation presented a $5,000 check to the Shoreline Soup Kitchen.

Newtown Savings Bank donated food to the Southbury Food Pantry along with $1,000.

Liberty Bank donated a $1,200 new bike for a Naugatuck patrolman. Newtown Savings Bank commercial lenders presented a $1,000 donation to the United Way VITA program.

People’s United Bank awarded Junior Achievement with the 175th Partnership Recognition Award at Moffly Media’s 10th Annual Light a Fire Awards event.

People’s United Bank employees volunteered with the Connecticut Food Bank as part of a company-wide volunteer effort to participate in 175 volunteer projects in celebration of the bank’s 175th anniversary. Salisbury Bank offered several successful shred days to their communities. Salisbury Bank collected food and donations for local food pantries for its 10th annual Fill-TheBasket Campaign.

Liberty Bank was recognized as a valuable 20-year member and partner by The Homebuilders and Remodelers Association of Central Connecticut.

Liberty Bank Foundation received New Haven’s Columbus House John S. Martinez Community Service Award.

Newtown Savings Bank Foundation presented a $5,000 donation to The Kennedy Center to renovate the kitchen in a resident group home.

Newtown Savings Bank celebrated the grand opening of their brand new building in Newtown.

Salisbury Bank sponsored its “We Believe” program for new unwrapped gifts for local children. Salisbury Bank offered free seminars on credit scores and buying your first home and on the basics of starting your own business.

Salisbury Bank offered a free seminar on the basics of Medicare, signing up for health care, and how to pay for it.

Connecticut Banking Magazine • First Quarter 2018

Savings Bank of Danbury was a major sponsor of the I95 Camping for Cans promotion, presenting a $500 check to Hillside Food Outreach.

Simsbury Bank donated $600 to the Simsbury Camera Club for photos included in the bank’s 2018 full-color calendar.

Simsbury Bank hosted two flu clinics in conjunction with the Farmington Valley VNA. Savings Bank of Danbury presented a sponsorship check for the Regional Hospice Masterpiece Gala.

Savings Bank of Danbury employees participated in a Bowl-A-Thon to raise money for Junior Achievement of Western Connecticut.

Savings Bank of Danbury participated in Bags and Bears to collect items for foster children.

Savings Bank of Danbury employees donated 61 Thanksgiving fruit baskets to the Salvation Army.

Simsbury Bank announced their winner of their Septemberfest Candy County Contest.

Simsbury Bank sponsored the Auer Farm’s Fall Festival and distributed the booth game prizes.

Simsbury Bank sponsored the Historical Society’s Holiday Historic House Tour.

Simsbury Bank received the HBRA’s Community Service Award at their 24th Annual Home Builder Industry award event.

Simsbury Bank was the Title Sponsor for the Class of 2018 Simsbury High School Trojan’s Hall of Fame.

Thomaston Savings Bank Foundation Inc. awarded a $15,000 grant to the Boys & Girls Club of Bristol Family Center.

First Quarter 2018 • Connecticut Banking Magazine

Thomaston Savings Bank donated to local fuel banks continuing the tradition of responding to the human and material needs of their neighbors. Thomaston Savings Bank Foundation Inc. awarded a $20,000 grant to the Boys & Girls Club of Greater Waterbury.

Union Savings Bank presented the Connecticut Junior Republic with a $5,000 donation to the annual “Cars for Kids” car show.

Thomaston Savings Bank Foundation Inc. awarded a $500 grant to the Wolcott Fire Marshall to help fund smoke and carbon monoxide detectors for the local community.

Union Savings Bank visited Vogel-Wetmore Elementary School and filled totes with school supplies from the bank’s Teacher’s Closet. Thomaston Savings Bank Foundation Inc. launched “20 Ways in 20 Days” Initiative to give back to the community and commemorate the foundation’s 20th anniversary.

Thomaston Savings Bank Foundation Inc. donated a total of $590,000 to 199 grant recipients and held a reception for them.

Thomaston Savings Bank Foundation Inc. awarded a scholarship to a Naugatuck Valley Community College student.

Union Savings Bank received the Corporate Philanthropy Award at the United Way of Western Connecticut’s 4th Annual Hometown Heroes Benefit dinner.

Union Savings Bank new employees volunteered in a Friendly Hands Food Bank. United Bank presented a $2,500 check to Foodshare at the bank’s All Employee Meeting.

Union Savings Bank employees participated in the “Warm Hands, Warm Hearts” initiative and donated nearly 500 gloves, hats and socks to share with families in need.

United Bank held an annual Hot Dog on the Porch customer appreciation event.

Connecticut Banking Magazine • First Quarter 2018

United Bank sponsored the ERCCA’s Warming Hands, Warming Hearts event.

United Bank participated in the 2017 East Hartford Cleanup Day at Alumni Green Town Park.

United Bank was named “Participant of the Month” by CT Rides for leveraging mass transit and carpool commuting into Hartford.

United Bank team accepted the Business of the Year Award from the North Central Connecticut Chamber of Commerce.

United Bank's management team rang the closing bell at NASDAQ.

Wells Fargo Bank awarded a $5,000 grant to the House of Heroes, Connecticut Chapter.

United Bank held a Shred Day with a radio personality from 105.9 and The Hartford Yard Goats’ mascot.

United Bank joined Hartford Mayor Luke Bronin in announcing its sponsorship of Winterfest Hartford 2017.

United Bank’s Fairfield County Team sponsored and volunteered at St. Vincent’s Hospital Swim Across the Sound event.

Westfield Bank and its customers raised $7,200 for the American Red Cross and hurricane relief efforts.

United Bank sponsored the 2017 FitKids Marathon.

Westfield Bank presented a $5,000 Future Fund Grant to representatives of Asnuntuck Community College.

First Quarter 2018 • Connecticut Banking Magazine

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