Massachusetts Banker 1Q 2012

FIRST QUARTER 2012

THE MAGAZINE

O F T H E M A S S A C H U S E T T S B A N K E R S A S S O C I AT I O N

HIGH SCHOOL STUDENTS LEARN LIFE LESSONS AT

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FEATURES

DEPOSIT SLIPS® CARTOON . . . . . . . . . . . . . . . . . . . . . . 12

COVER STORY

`Fair‘ Play? Students Learn Life is not Always Fair . . . . . . . . . . . . . . . . . . . . 20

ROCKLAND TRUST INVESTS IN EMPLOYEES . . . . . . . . . . 14

COLUMNS

Chairman’s Column . . . . . . . . . . . . . . . . . . . . . . . 4 Legislative Review . . . . . . . . . . . . . . . . . . . . . . . 10

MBA CHARITABLE FOUNDATION AWARDS GRANTS . . . . . 16

DEPARTMENTS

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Dossier: Enterprise Lives Up to its Name . . 6 On the Move . . . . . . . . . . . . . . . . . . . . . 28 Good Neighbors . . . . . . . . . . . . . . . . . . . 32 MBA Calendar of Events . . . . . . . . . . . . . . 38

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One Washington Mall, Boston, MA 02108-3906 Phone 617-523-7595 • Fax 617-523-6373 www.massbankers.org

OFFICERS Chairman: Norman S. Seppala, President Granite Savings Bank, Rockport

Massachusetts Banker is the official publication of the Massachusetts Bankers Association, which is solely responsible for its written content. The magazine is produced quarterly by

Chairman CEO & Publisher President

©2012 The Warren Group Inc. All rights reserved. The Warren Group is a trademark of The Warren Group Inc. No part of this publication may be reproduced in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system, without written permission from the publisher.

Vice Chairman: Dorothy A. Savarese, President Cape Cod Five Cents Savings Bank, Orleans

Treasurer: Michael E. Tucker, president Greenfield Co-operative Bank

President: Daniel J. Forte

Editor Bruce E. Spitzer Associate Editor Barbarajean Adams

The Warren Group

Editorial, Production and Advertising Offices:

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Questions?

Call: 617-523-7595 First Quarter 2012 n M A S S A C H U S E T T S B A N K E R

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CHAIRMAN’S COLUMN

by Norm Seppala

As I was Saying …

O

ne of the great things about writing a column, I’ve discovered, is that you can take a look back, revisit current events, or even speculate as to the future.

What better time to do all or some of that as we sit at the beginning of a new year. Therefore, what follows is a summary of the major banking issues, and a few minor subjects, that come to mind as we start 2012.

• New CFPB chief Richard Cordray says politics will not play a role in the way he runs the new agency.

Given the GOP’s opposition to the agency’s structure and the president’s recess appointment, stay tuned.

• When will the media check the retailers to ensure, as promised, they’re giving back to customers the windfall they received from the government fixing interchange fees?

• Foreclosure activists better be careful they don’t get what the wish for. A balanced and prompt solution is necessary; otherwise it could slow down the economy and the prospects for housing for years to come.

• As Barney Frank finishes his last year as our representative in Congress, it will be interesting to see who will be selected as his replace-

Event Spotlight: 4

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ment as ranking member of the House Financial Services Committee, and how well he/she understands the banking industry.

With two members of the Mass.

Congressional delegation retiring, what new person will emerge within our soon-to-be nine-member Congressional delegation, down from 10? Are any incumbents on the bubble?

In addition to the presidential election this year, will we be congratulating Sen. Scott Brown or Elizabeth Warren? Will our Congressional delegation be serving with a new administration?

With budget shortfalls everywhere, isn’t now the time that Congress and the commonwealth get serious about taxing large credit unions?

Every year in the Massachusetts Legislature there seems to be an unexpected issue that dominates.

What will it be in 2012 – transportation, health care reform, public pension reform?

Speaking of the Statehouse, after a huge jump in 2010, come November, will we see more Republican seats added, or slide back again after the election? More balance would be good, but this is Massachusetts – don’t get your hopes up.

Isn’t it a shame that, going on four years after the financial crisis hit, there is still a faction of the media, politicians and the general public who believe that all banks created the crisis? How many times

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can we make this point: punishing Main Street banks through onerous, unnecessary regulations and higher costs for doing business will harm, not help economic activities.

Although most of the Occupy protests seem to have faded with the onset of cold weather, will there be a resurgence to influence people at the polls in November?

Who would have guessed that the SUM surcharge-free ATM program would be expanding 14 years after it was created?

Hard to believe, but just over 25 years ago the combination of the MBA and the Savings Bank Association of Mass. was one of the first cross-industry association mergers in the U.S. Will we finally have a full complement of Senate-confirmed directors on the FDIC board? And will Tom Curry get a well-deserved promotion to comptroller of the currency?

Will this be the year that social media goes mainstream in a majority of our banks?

And finally, I predict that by year’s end we’ll have just as many interesting subjects to speculate about for the following year!

Norman S. Seppala is chairman of the MBA and president and president of Granite Savings Bank, Rockport. He can be reached at nseppala@verizon.net.

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DOSSIER

Enterprise Lives Up to its Name

by Jay Fitzgerald

R

Bank:

Enterprise Bank

Headquarters:

Lowell, Mass.

CEO:

Jack P. Clancy

Charter:

Massachusetts Trust Company

Assets:

$1.5 billion

Branches:

18

ATMs:

23

Founded:

1989

Employees:

370

ichard Hadley, chief executive of Tewksbury-based Envirotek USA, was pleasantly surprised that he and his firm were even nominated for Entrepreneur of the Year in the “Celebrate Excellence” awards event, sponsored by Enterprise Bank of Lowell. But Hadley, whose firm collects and recycles used restaurant cooking oils, wasn’t quite ready to actually outright win the award in November.

“I don’t even use that bank,” said Hadley of Enterprise. “So I was shocked when we actually won. It just shows how fair the event was. We were truly happy. It meant so much to us.”

Such testaments to the “Celebrate Excellence” awards are music to the ears of Enterprise chief executive Jack Clancy, whose bank started the awards ceremony three years ago as a way to honor local businesses and institutions in the Merrimack Valley area. To Clancy, it’s not just about Enterprise’s customers, as much as he values them. It’s also about an entire business and community

Jack P. Clancy

ecosystem that makes an economy work and hum – and it’s about recognizing those who contribute to that ecosystem.

“There are so many people out there going unrecognized,” said Clancy. “Entrepreneurship is one of the most important things that will bring our economy back, and we need to recognize those entrepreneurs.”

Besides entrepreneurs, Enterprise’s “Celebrate Excellence” awards also recognize businesses of the year, nonprofits of the year, community service of the year, and educator of the year.

Only three years old, “Celebrate Excellence” has turned into something of a phenomenon in the Merrimack Valley, as a who’s-who of the regional business and nonprofit community assemble to recognize those toiling successfully within the region.

Judging by the growing turnout at “Celebrate Excellence” events, the bank’s act of simple recognition has resonated in the Merrimack Valley. In 2008, the event, now held every 18 months, drew 700 peo-

ple to its initial gala. In 2010, about 1,100 people showed up for the event. And in 2011, 1,600 people attended the gala in November at the Lowell Memorial Auditorium.

The “Celebrate Excellence” events were actually conceived almost two decades ago when Enterprise Bank founder George L. Duncan, who had just received an award on behalf of his bank, mentioned to his staffers how a similar awards event should be held in Lowell for others.

It took a while to get the concept off the ground. But Enterprise finally did it, organizing the first event in 2008, as the economy alarmingly began to turn south following the collapse of Bear Stearns.

“It was a gloomy time,” recalled Clancy. “We thought it was a good time to start it. It was a bit of a way to inspire people during tough times.”

Though “Celebrate Excellence” is sponsored by Enterprise, the award winners are ultimately chosen by a deliberately picked independent board. This continued on page 8

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Dossier continued from page 6

year, Desh Deshpande, the legendary co-founder of Sycamore Networks Inc., served as one of the lead judges. There are also bank employees on the final awardsselection board.

“We do try to remove ourselves from the process,” said Clancy.

This year, the awards-selection board had to sort through more than 150 applications in order to ultimately determine the 2011 winners.

Before the final gala in November, the bank hosted a “pre-event” gathering this past fall to celebrate all of those who were being considered for the awards. The “preevent” has become almost as important as the final gala itself, said Clancy.

“As far as we’re concerned, they’re all winners,” he noted.

In the end, 10 businesses and individuals were recognized at the final “Celebrate Excellence” award event, after listening to keynote speaker Chris Gardner, whose life as a homeless man who rose to the top of Wall Street was the focus of the 2006 movie “Pursuit of Happyness” (sic). Attendees also watched a pre-recorded video of Micky “Irish” Ward, also the focus of a Hollywood film, “The Fighter.”

Past speakers included Theo Epstein, the former Red Sox general manager and now GM for the Chicago Cubs, and Tedy Bruschi, former star linebacker for the New England Patriots.

The Businesses of the Year awards went to Jackson Lumber & Millwork of Lawrence and Whittemore Company Inc. of Lawrence.

Entrepreneurs of the Year went to Hadley’s Envirotek USA and F.H. Cann & Associates of North Andover, and the Cann family’s separate Coffee Cann Café of Lawrence.

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“It was great to share the award with everyone,” said Frank H. Cann Jr., owner of F.H. Cann & Associates, an accounts receivables management firm. Cann’s family is also the owner of the recently opened Coffee Cann Café, a breakfast and lunch shop in Lawrence.

“It was a very touching moment,” said Cann of winning the “Celebrate Excellence” award. “It meant so much because of the sacrifice of so many.”

Only three years old, “Celebrate Excellence” has turned into something of a phenomenon in the Merrimack Valley, as a who’s-who of the regional business and nonprofit community assemble to recognize those toiling successfully within the region.

Cann’s accounts-receivables firm has banked with Enterprise since 2008, Cann said. “It’s been a breath of fresh air since,” said Cann.

Both Hadley and Cann said it’s important to recognize the successes of businesses and other institutions, especially during rough economic times.

“It’s a fantastic idea,” said Hadley. “It’s great from a morale standpoint.”

It’s also good for business, as Hadley has discovered.

Since winning the “Celebrate Excellence” award, Hadley’s

M A S S A C H U S E T T S B A N K E R n First Quarter 2012

Envirotek USA has found it easier to approach potential customers within the Merrimack Valley area.

The reason: They’ve heard about the award through the local media.

“We’ve picked up a lot of business since the award came out,” he said. “It’s made a big impact.”

Today, Envirotek services about 1,000 restaurants in New England and also runs operations in the Caribbean.

Other “Celebrate Excellence” winners this year include: Educator of the Year: Michael Delahanty, superintendent of schools in Salem, N.H. George Duncan Award for Excellence: MSI Mechanical Systems Inc. of Salem, N.H. Nonprofits of the Year: Challenge Unlimited Ironstone Farm of Andover; and D’Youville Life & Wellness Community of Lowell.

Community Service Awards: Lowell Sun Charities of Lowell; and Bridget Shaheen, executive director of Lazarus House Ministries in Lawrence.

For Clancy, making sure to recognize those in the nonprofit sector is important.

“We call it a ‘virtuous cycle,’’’ said Clancy of everyone who contributes to how a community works. “This is not just about business. It’s about all the other facets (of a community).”

Clancy, whose $1.5 billion-asset bank is celebrating its 25th anniversary this year, said he hopes the “Celebrate Excellence” awards will continue to grow both in popularity and stature over coming years.

“It’s the most recognition some of these people will receive in their careers,” said Clancy. “This is our signature event, a way to recognize excellence in our community.” n

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LEGISLATIVE REVIEW

by David Floreen

Halftime

T

he holidays are over, football completed, and winter has begun. Yet in legislative parlance, we’re at halftime. The first year of the two-year cycle is complete. The “mustdos” for 2011 are done, the key priorities for 2012 are being finalized, and groundwork is being laid for acting on bills before electionyear politics dominate the agenda.

The year 2011 ended much as it began, with intense partisan bickering and brinkmanship in Washington over spending and taxes. There were also disputes that have a direct impact on fiscal and spending programs in Massachusetts, as well as our key industries such as health care, higher education and defense.

Together, they receive hundreds of millions annually in federal funding.

For the third time in a year, Republicans and Democrats in Congress could not agree on a host of financial issues. One week before Christmas Congress approved and President Barack Obama immediately signed a $1 trillion appropriation bill (H. R. 2055) that funds the Pentagon and dozens of other federal agencies through Sept. 30, 2012. It cuts spending of many domestic agencies by close to 10 percent, extends the flood insurance program through May 31, 2012 and contains a provision inserted by Sen. Richard Durbin (D-IL) that directs the Federal Trade Commission to study the impact of the Durbin interchange amendment on community banks and the potential for banking industry pricing collusion.

A separate temporary measure, which extended the 2-percent re-

duction in payroll taxes and unemployment benefits for two months, was not resolved until Christmas Eve as Senate and House Republicans had to resolve starkly different approaches to funding the continued payroll tax cut. To fund the $33 billion in benefits, Fannie Mae and Freddie Mac will charge higher fees to back new mortgages or refinancings beginning later this year. When fully phased in, those increases could add about $17 per month to a $200,000 mortgage. The bill also prevents a scheduled 27 percent cut in Medicare reimbursements to doctors. Congress plans to vote on a further extension of the payroll tax cut by the end of February.

Republicans succeeded in including a provision in the tax bill designed to force Obama to decide within two months on whether to allow construction of the proposed 1,700-mile Keystone XL pipeline, which is to deliver up to 700,000 barrels of oil daily from tar sands in Alberta, Canada, to refineries in Texas. The language requires him to issue the needed permit unless he declares the pipeline would not serve the national interest. The President wanted to delay a decision until after the 2012 elections to allow for additional study and avoid choosing between two key Democratic constituencies: environmentalists or unions.

These issues would have been avoided had the deficit reduction “Super Committee,” appointed last August to develop a comprehensive spending reduction/revenue package, been successful. However, with neither side willing to budge, at least publicly – some reports suggest that there was much more private agreement among the 12

members than they could sell to their own parties and outside constituencies – the payroll tax, extension of unemployment insurance benefits beyond 99 weeks, fiscal 2012 appropriations and related matters, had to be addressed during the Christmas holidays.

The political stalemate in the nation’s capital precipitates economic uncertainty, which only stimulates caution and inaction. The European countries’ struggle to restructure their debt, sustain their financial markets and banks, and convince their voters that austerity is their best elixir, strongly reverberate through American markets. Massachusetts is closely watching these European challenges, since exports are a key element of our hightech manufacturing and medical device economy, and Europe is a key market.

Beacon Hill Report As the New Year begins, let’s assess what passed in 2011 and what we can expect in 2012: Traditionally, relatively few major bills are enacted in the first year of the legislative cycle aside from the annual budget and a few other matters. By the end of 2011, the Legislature enacted and Gov. Deval Patrick signed 225 bills into law. More than 150 were special acts dealing with a specific community or individual. The few major new laws enacted included: municipal health insurance reform; significant court management and probation reform; phase two of public pension reforms; the first overhaul of state alimony laws in decades; redistricting all state Senate and House of Representative seats; and a sweeping realignment of the continued on page 12

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state’s Congressional seats from 10 to nine, mandated by the 2010 federal census.

Perhaps the most visible legislation adopted in 2011 was Chapter 194 of the Acts of 2011, establishing a five-member gaming commission that will oversee the creation of up to three destination casinos in different geographic areas of the commonwealth and one slot parlor.

The new law also establishes a new state anti-money laundering law, Chapter 267A of the General Laws, and permits Attorney General Martha Coakley to access CTRs and SARs from financial institutions if the AG no longer can obtain those reports directly from FINCEN. We applaud the attorney general for working with the association on crafting the final language that reflected the needs and concerns of both financial institutions and law enforcement.

At the end of December the Legislature enacted, and Patrick signed, a bill delaying the effective date of the new Massachusetts Uniform Probate Code from January 2 to March 31, 2012. Later this

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winter we anticipate that the Legislature and Patrick will enact the Massachusetts Uniform Trust Code (UTC), which also includes a series of technical corrections and modifications of the fee schedule to the new Massachusetts Uniform Probate Code with a March 31 effective date. Together, these two new laws will be the most sweeping revisions and codification of trust and probate laws and practices in Massachusetts in over 100 years.

This year is a presidential election year and in Massachusetts, for a change, several spirited Congressional races and dozens of highly fought contests are likely for state senate and representative. Until 2010, most Massachusetts Congressional seats were either uncontested or had seen weak opponents, unless it was an open seat.

For 2012, due to the mandated redistricting and the loss of one seat from 10 to nine, many incumbents are forced to run in districts where 30 to 60 percent of their constituents may be new. The population shifts for state senate and representative seats are less dramatic,

M A S S A C H U S E T T S B A N K E R n First Quarter 2012

but it is far too early to predict what impact the generally higher voter turnout for presidential elections, coupled with the Scott Brown vs.

Elizabeth Warren contest, will have on legislative races.

Under joint legislative rules, all committees are required to act on all bills under their jurisdiction by the third Wednesday in March (this year, March 21) of the second year of the legislative cycle. Therefore the first three weeks of March will be very busy as committees and their staffs assess all the testimony and lobbying provided over the past 12 months and determine whether to give a favorable or unfavorable report to a bill, amend it, or send it off to a “study” – a polite way to put a bill on long-term hold.

Without a doubt, mortgage/foreclosure issues will dominate the banking agenda for 2012 on Beacon Hill. Over 40 bills have been filed and referred to three separate committees: Financial Services, Housing and Judiciary. Only the Committee on Financial Services held hearings in 2011. Other bills will be heard this winter. In addition to promoting legislative action, Coakely has advocated for strong legal remedies and financial penalties on lenders who engaged in abusive lending and foreclosure practices. She initiated law suits against five major lenders, alleging mortgage fraud regarding their mortgage servicing practices and their utilization of the MERS network to sell and service loans.

While some activists praise her initiatives, others, including Paul Willen, senior economist and advisor at the Federal Reserve Bank of Boston, caution that government efforts to stall foreclosures ultimately do not stop foreclosures and simply prolong the crisis.

The association is deeply involved in several legislative and regulatory initiatives that seek to address the mortgage housing situation in reasonable, responsible and costeffective ways.

Other issues to watch early in 2012 include: legislation to update various out-of-date banking laws; efforts to expand oversight of tax expenditures and credits for businesses; financial literacy initiatives in the K-12 curriculum; debt collection reform and as yet unforeseen developments. The biggest non-budget matter likely to consume legislative attention in 2012 is health care payment reform – the top priority for Patrick. Look for legislation to emerge possibly

by March.

Washington Update The standoff continues between Congress and Obama and between the branches on so many issues.

Whether it’s the stalled appointments to lead the Office of Comptroller of the Currency (OCC) (Thomas Curry) or the Federal Deposit Insurance Corporation (FDIC) (Martin Gruenberg) Congress has withheld approval of these and other appointments over procedural, philosophical or substantive grounds. The absence of permanent leaders for these critical banking regulators continues to inhibit real planning within the agencies. In a very controversial move on Jan. 3, Obama in a recess appointment appointed Richard Cordray to lead the Consumer Financial Protection Bureau. The banking industry and Republicans in Congress have strongly opposed the single regulator structure of the CFPB and have refused to support any nominee to head the agency until the single regulator head is replaced with a fivemember board. Now that Cordray is in office, it will be very interesting to see how the CFPB moves forward in regulating non-bank financial institutions.

The CFPB has moved forward with its first major regulatory initiative to conduct a thorough review of existing banking regulations. Specifically, it is seeking public input to identify

provisions of regulations it inherited from other federal regulators that are candidates for “updating, modifying or eliminating because they are outdated, unduly burdensome, or unnecessary.” Comments are due by March 5, 2012. This is a critical first step in the long process of working through the thick underbrush of outdated regulatory requirements. In fact, most of the activity in Washington affecting banks in 2012 will be at the regulatory agencies.

Finally, this column would not be complete without a tribute to Rep. Barney Frank, who, to the surprise of many, announced on November 29 that he would not be a candidate for re-election in 2012.

Frank has served Massachusetts for 31 years, most recently as chair and now ranking minority member of the House Committee on Financial Services. This writer has known Frank since he served as a

state representative in the 1970s, and the association staff and leadership have worked very closely with Rep. Frank on many issues, particularly during the very trying days during the financial crisis and the ultimate enactment of the Dodd-Frank Act. While we did not agree on every issue, the Massachusetts banking industry and our nation was well served by Frank’s intellect, sense of humor, persistence, political instincts and commitment to addressing the issues in a generally pragmatic way. We look forward to a strong and positive relationship during the final year of his leadership. No doubt 2012 will be most interesting. n David Floreen is senior vice president at the MBA. He can be reached at df loreen@ massbankers.org.

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Rockland Trust Invests in Employees

B

usiness leaders will tell you that a company’s greatest resource is its employees. How the workforce performs is fundamental to the organization’s growth, competitiveness, success – and its bottom line.

Cultivating, engaging and retaining employees, including creating employee satisfaction, is paramount for senior management.

Sage HRMS reports that companies with 300 employees on average spend $4.5 million annually on turnover, and that to replace an employee can cost anywhere from 30 to 400 percent of the individual’s annual salary. Conversely, they say that every dollar invested in the workforce yields $10 in profit.

The leadership team at Rockland Trust Company fervently believes that investing in its talent is imperative for both personal and organizational success. Currently, there are approximately 1,000 employees within the bank’s network of 67 retail branches, eight commercial lending centers, four mortgage banking centers and three management offices in the commonwealth, and an investment management and commercial lending office in Rhode Island.

Serving as the foundation of its commitment to invest in its workforce,

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Rockland Trust, led by President and CEO Christopher Oddleifson, established an executive Education Council that meets regularly to assess and implement plans to develop leaders. This is one initiative employed to help the bank’s leadership achieve the goal of growing the company into what they want it to be in the future.

As an integral part of its strategic plan to meet the goal, Rockland Trust has partnered with the New England College of Business and Finance (NECB). Founded over 100 years ago as an educator for banking institutions, the Boston-based college has been fully online for more than 10 years to accommodate working adults looking to improve their skills and careers both cost effectively and with flexibility, while balancing work and family.

Rockland Trust’s employees (and their family members) receive a 25 percent discount on NECB’s tuition, which for most nets out at zero each year when leveraging the company’s tuition assistance benefit. Hundreds of Rockland Trust employees have either graduated from NECB or taken courses and seminars, including the new master of science in business ethics and compliance (MBE) degree, the only degree of its kind in the country.

M A S S A C H U S E T T S B A N K E R n First Quarter 2012

Rockland Trust’s director of talent development, Michael Shipman, says the bank’s leaders are extremely gratified that annually, on average, 35 students take advantage of the tuition assistance program and enroll at NECB. He points out that executives, including Oddleifson, make sure to acknowledge employees’ educational achievements each year with graduation luncheons. Shipman says, “Learning has become contagious around here.

We’ve got people who were hired with high school diplomas who now hold master’s degrees. Some have moved into new areas of the business while others continue to move up.”

In addition to encouraging educational advancement, Rockland Trust employs other initiatives to enrich its workforce. These include efforts to foster diversity and inclusion; promote engagement and satisfaction; and appreciation efforts that reflect employees’ contributions and value to the organization. For a different perspective, Rockland Trust has also sent ascending executives to the New England School for Financial Studies operated by the Massachusetts Bankers Association in coordination with other banking associations in New England. Inside the bank, leadership has created a coaching culture that supports management and leadership development, and provides training on technology and how it can be leveraged.

Shipman affirms the ROI is there.

“Our employees have really responded to our programs, which help advance commitment and productivity, both key challenges for management today.

Moreover, our retention rates are high with an average tenure of nine years, and turnover rates are low. This translates into significant savings annually.”

Shipman describes the atmosphere as “inspiring” as people gain confidence and pride through their accomplishments, which make them feel more connected to the organization and its business goals and aspirations.

Rest assured, the all-important customer also wins in this scenario, impacting the bottom line in the right direction. Rockland Trust’s customers are more satisfied because they

enjoy a higher level of quality and service with a more educated and trained workforce.

“The value of our investment can’t be overstated; we absolutely wouldn’t be achieving the results we are without cultivating the talented people we hire,” declares Shipman.

The bank’s efforts have paid off not only with more satisfied workers and customers, but others have taken notice, as well. The organization was honored by The Boston Globe as one of the Top Places to Work in Massachusetts three years in a row, from 2009 to 2011.

The award recognizes the state’s most progressive companies based on the results of confidential employee surveys conducted by an independent research firm. Employers are measured on employee feedback based on six factors: direction, execution, managers, career, conditions, and pay and benefits.

Shipman says people often ask him about employees, “What if you train them and they leave?” To which he responds, “What if we don’t, and they stay?” n

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NUTTER MCCLENNEN & FISH LLP • ATTORNEYS AT LAW First Quarter 2012 n M A S S A C H U S E T T S B A N K E R

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PHOTO FEATURE

MBA Charitable Foundation Awards Grants

T

he Massachusetts Bankers Association (MBA) Charitable Foundation recently awarded its annual community grants. The 32 grants totaled $125,000.

The foundation has now provided gifts totaling $1.42 million over its 15-year history.

Supported by the 190 member banks of the MBA throughout Massachusetts and New England, the foundation distributed the grants over eight geographic regions in Massachusetts, giving awards to deserving social service agencies.

“There were many deserving organizations to consider,” said Dorothy A. Savarese, chairman of the MBA Charitable Foundation and president of Cape Cod Five

Cents Savings Bank, Orleans. “We’re pleased to be able to help folks in their time of need and salute the many organizations throughout New England that do such good work.”

The Massachusetts Bankers Association Charitable Foundation awards are symbolic of the many individual donations banks make on a regular basis to organizations and causes in their local communities. In addition to the more than $40 million per year given by Massachusetts banks to local charities, employees contribute thousands of volunteer hours each year across the commonwealth.

The MBA Charitable Foundation Award recipients follow.

MBA Charitable Foundation AWARD RECIPIENTS Group I Cradles to Crayons Brighton, Mass. $5,000 Fisher House Boston West Roxbury, Mass. $5,000 West End House Boys & Girls Club Allston, Mass. $5,000

Group II Boys & Girls Clubs of Middlesex County Somerville, Mass. $5,000 John M. Barry Boys & Girls Club of Newton $5,000 Woburn Council of Social Concern $5,000

Group III Healing Abuse Working for Change (HAWC) Salem, Mass. $5,000

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Pettengill House, Inc. Salisbury, Mass. $5,000 Wellspring House Gloucester, Mass. $5,000

Group IV Friendship Home, Inc. Norwell, Mass $5,000 Interfaith Social Services Quincy, Mass. $5,000 My Brother’s Keeper North Easton, Mass. $5,000

Group V A Baby Center Hyannis, Mass. $5,000 Boys & Girls Club of Taunton $5,000 The FLY Foundation (Financial Lift for Young Adults with Cancer) Fall River, Mass. $5,000

M A S S A C H U S E T T S B A N K E R n First Quarter 2012

Group VI Bottom Line Worcester, Mass. $5,000 Community Harvest Project, Inc. North Grafton, Mass. $5,000

Group VII Cooley Dickinson Hospital Northampton, Mass. $5,000 Rachel’s Table Springfield, Mass. $5,000 Springfield Day Nursery Corp. $5,000

Group VIII Girls Inc. of the Berkshires Pittsfield, Mass.

Family Life Support Center, Inc. Adams, Mass. $5,000

In addition to the 22 primary award recipients, 10 non-profits received “Honorable Mention” awards of $1,500 from the MBA Charitable Foundation: Christian Community Service of North Reading Fuller House of Stoneham Natick Service Council Nantucket Emergency Food Pantry/Nantucket Interfaith Council Pro-Home, Inc. Taunton, Mass.

Sandwich Food Pantry Incorporated Marlborough Community Cupboard Woods Memorial Library Barre, Mass.

The Parish Cupboard West Springfield, Mass.

Berkshire South Regional Community Center Great Barrington, Mass.

A BABY CENTER

BOTTOM LINE

BOYS & GIRLS CLUB OF MIDDLESEX

BOYS & GIRLS CLUB OF TAUNTON

COMMUNITY HARVEST PROJECT

COOLEY DICKINSON HOSPITAL

First Quarter 2012 n M A S S A C H U S E T T S B A N K E R

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FOUNDATION AWARDS GRANTS

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continued from page 17

CRADLES TO CRAYONS

FAMILY LIFE SUPPORT CENTER

FISHER HOUSE BOSTON

FRIENDSHIP HOME INC

GIRLS INC OF THE BERKSHIRES

HEALING ABUSE WORKING FOR CHANGE

INTERFAITH SOCIAL SERVICES

JOHN M. BARRY BOYS & GIRLS CLUB

M A S S A C H U S E T T S B A N K E R n First Quarter 2012

MY BROTHER’S KEEPER

PETTENGILL HOUSE

RACHEL’S TABLE

SQUARE ONE

THE FLY FOUNDATION

WELLSPRING HOUSE

WEST END HOUSE BOYS & GIRLS CLUB

WOBURN COUNCIL OF SOCIAL CONCERNS

First Quarter 2012 n M A S S A C H U S E T T S B A N K E R

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FINANCIAL EDUCATION

’Fair’ Play?

Life is not Alwa

Students Learn ays Fair

by Jay Fitzgerald

T

ess Arruda has a newfound respect for what her parents go through when it comes to running her family’s household finances.

“Money is a lot to deal with,” said Arruda, 16, a junior at Dartmouth High School. “I’ve learned that it can be real stressful. You don’t want to end up being in debt.”

So how did Arruda and other teenage students at Dartmouth High School suddenly arrive at the conclusion that their parents are, in general, under a lot of financial pressure that most children are so blissfully unaware of?

The answer: “Reality Day,” also known as Credit for Life. Dartmouth High School recently hosted a “Reality Day Fair” in its gymnasium in which hundreds of students, all of them juniors, were assigned make-believe jobs, with set monthly salaries, and household budgets they had to meet – or else. Think of Monopoly on a more personal scale: Students running from booth to booth and, instead of moving pieces on a game board, try to line up deals for renting apartments, buy cars, get insurance, set aside money for savings, sign up for utilities and cell

phone plans, and make it work mathematically by the end of a three-hour session.

And, oh, one of the 13 booths that students had to go to was deliberately set up as the rough equivalent of “Go to Jail” – or, in this case, students got socked with unexpected hits to their imaginary household budgets, such as losing a cell phone (deduct $200) or getting a speeding ticket (deduct $150).

Across Massachusetts, more and more high schools are hosting “reality fairs” for students to learn, first hand, via adopting an imaginary profession with an imaginary monthly wage, how the real world of household finances works.

The various fairs – now held regularly at numerous high schools in western Massachusetts, the South Shore, Cape Cod and in greater Boston – are usually sponsored by a local financial institution. In the case of Dartmouth’s “Reality Day,” the main sponsor was Citizens-Union Savings Bank of Fall River. Bristol County Savings Bank was among the other sponsors of the Dartmouth fair. continued on page 22

First Quarter 2012 n M A S S A C H U S E T T S B A N K E R

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REALITY DAY continued from page 21

“These events have really gained traction in recent years,” said Monica Spach Curhan, vice president and marketing director at CitizensUnion. “At some fairs I’ve attended, I’ve had kids come up to me and say, ‘My parents really have to do this stuff all the time?’ They’re shocked. Some of them don’t have a clue about [household] finances and how budgets work.”

The Dartmouth High School fair was the school system’s first. Citizens-Union has sponsored similar fairs at Durfee High School in Fall River over the past three years, while other banks have sponsored fairs in their own geographic areas.

Fairs’ Popularity Spreading The success of various reality fairs has recently caught the attention of state policy makers, who are intrigued with their potential to teach students life lessons about financial matters.

“Involving students at a young age in reallife financial scenarios is absolutely critical to their development,” said Massachusetts Treasurer Steven Grossman. “I’ve participated in these reality fairs and have personally witnessed the extraordinary level of interest and engagement. The practical lessons that the students take away from these events will help them achieve and sustain financial stability throughout their lives.”

Grossman attended and participated in Boston’s first reality fair in October, when more than 125 Boston students received real-world lessons on financial choices and their impacts.

22

M A S S A C H U S E T T S B A N K E R n First Quarter 2012

The concept of reality fairs traces its routes to the credit-counseling industry, which years ago developed a comprehensive game template that allowed students to experience the burden of making and spending money within a set budget, just like adults.

The game eventually spread like wildfire in some parts of the country, and eventually became fairs hosted by schools and sponsored by leading local businesses, usually financial institutions.

Citizens-Union’s Curhan and others credit Leo MacNeil of HarborOne Credit Union for bringing the reality fair concept to Massachusetts in the 1990s, holding a number of fairs at high schools in the southeast area of the Bay State.

MacNeil, who used to work with Curhan, said schools are clamoring for fairs as a way to teach kids the importance of household financing and budgeting.

But getting a fair up and running is harder than one may think, MacNeil says. “Running a fair is like running a wedding – it can be overwhelming,” he warns. “It’s worth it. It’s definitely worth it. But it’s a lot of work.”

Pulling it all Together For the Dartmouth High School fair, the main volunteer organizer was Mark Eisenberg, a retired food distributor. Negotiations had to be conducted with school officials and local businesses that could sponsor booths.

The intricate rules of the event – and they can be quite intricate – also had to be ironed out,

At Dartmouth’s reality-check station, unexpected outcomes – both good and bad – befell students.

though most fairs are run off a standard template that’s passed from an event organizer to a fair organizer.

“It took a lot of work, months even,” said Eisenberg, a Dartmouth resident who helped organize the Dartmouth fair along with his wife, Joyce.

In the days leading up to the fair at Dartmouth High School, participating students were assigned specific “jobs” with an accompanying “salary,” as if they were all 25-year-olds now out in the working world.

At the Dartmouth fair, for instance, a “market researcher” made $32,000 per year. A “materials engineer” made $58,000.

There was also a devilish twist added to the day: Each student was assigned a credit score based on their real-life grade point average at Dartmouth High. The higher one’s GPA, the higher their credit score going into the game.

In all, there were 13 main booths at Dartmouth High School’s Reality Day. Each table was manned by adult volunteers, most of them employees at various businesses in Dartmouth and from surrounding towns.

The housing booth was manned by representatives from Gardner Realty of Dartmouth.

The savings and retirement table was handled by representatives from Bristol County Savings Bank.

Other booths were for community service, part-time jobs, education, insurance, transportation, furniture, personal luxury, credit and lending, health and nutrition, clothing, housing and the dreaded “reality-check” table.

Lesson Learned … Eventually At the outset of the Dartmouth event, it’s not unfair to say that most of the students had that classic teenage “do I really have to do this?” look on their faces. Some could be overheard complaining about what a “dumb idea” the fair was before it had even begun.

But once they were handed special budget sheets, pencils, notebooks and calculators, the 269 students were told to start going to each booth, in whatever order they wanted, as long as they stopped at each table.

The game was on. The competitive spirits were engaged. The cynicism was noticeably down. The students were off and running.

A sociological note here to parents, based on the overwhelming initial reaction of students at Dartmouth High’s fair: Teenage students really want to have their own apartments. The housing table was initially inundated with students lining up to “rent” their own place to live.

There was some logic to the move: Mortgages and rents were and are the biggest single expenditure in most households, so it made sense to get the rental situation and financing under control first.

But Jeff Gardner, vice president of Gardner Realty, which sponsored the housing table, said he could see how intrigued and excited the students were about getting their own abodes, even if it was part of an imaginary exercise.

“A lot of these kids are pretty savvy,” said Gardner. continued on page 24 First Quarter 2012 n M A S S A C H U S E T T S B A N K E R

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Across Massachusetts, more and more high schools are hosting “reality fairs” for students to learn, first hand, via adopting an imaginary profession with an imaginary monthly wage, how the real world of household finances works.

REALITY DAY continued from page 23

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Most of the students opted for the shared three-bedroom apartments, each paying $500 per month in imaginary rent.

“I only had a few inquiring about the onebedroom [$800 per month] option,” said Gardner. “One kid said to me, ‘I can’t stand living with anyone else.’ So he got the one-bedroom.”

The next big stop on the 13-booth circuit: Transportation. As in cars. Teenagers. No surprise there.

But for many students, they realized they might not be able to afford that VW Jetta or Lexus on their assigned make-believe budgets.

Most opted for more affordable cars, like a Kia. Some students realized they needed a parttime job to meet their desired monthly expenditures – but there were only 25 part-time job slots available in total at the fair’s part-time jobs booth. Tough luck if you couldn’t find a second paying job.

At the education table, career counselors from UMass-Dartmouth told students how much they owed in monthly student-loan payments. But they were also told that if they got advanced degrees by going to school at night, they could make $250 more per month. Some signed up as fast as possible.

At the savings and retirement table, Michael Patacao, branch manager at Bristol County Savings Bank, counseled students to set aside some of their money for savings. “As we kind of expected, savings and retirements kind of take a back seat with them,” Patacao said of the students.

Still, the vast majority of students did set aside some imaginary money each month.

Patacao said the entire event was a “real

M A S S A C H U S E T T S B A N K E R n First Quarter 2012

eye opener” for him as a professional banker, watching students grapple with household finances, even if it was only a make-believe event.

“I wish I had this experience when I was in high school,” said Patacao. “It’s really a great event.”

By far, the most hilarious part of the day, at least through the eyes of non-participating observers, was the reality-check desk.

At some fairs, a similar booth is sometimes nicknamed the “Wheel of Misfortune.”

Curhan said she once went to a fair in which students could end up losing their job in the middle of a game. Some students got so upset and angry that they were laid off, organizers decided to eliminate the layoff option at future fairs, Curhan said.

At Dartmouth’s reality-check station, unexpected outcomes – both good and bad – befell students. They reached into a box and pulled out a fortune card with a statement on it. One read: “Speeding ticket – $150.” Another had “You inherit $500.”

“Oh, no!” one student exclaimed when he got hit with an imaginary $250 charge to repair a home computer contaminated by a virus.

“Please, please, please let it be good,” muttered another student as he reached into the box to pick a fortune card. No such luck: “Stolen credit card – $50.” Life’s tough, kid.

Toward the end of the three-hour event, students could be seen milling about the gymnasium floor, some returning to booths to renegotiate previous deals. (Returning leased Lexus continued on page 26

“It was a good experience. A lot of people were freaking out that they were going into debt. It was kind of nerve-wracking.” – Student Tess Arruda

REALITY DAY continued from page 25

26

cars was a biggie.) Others sat on the gymnasium benches, scratching and erasing items on their budget sheets, trying to balance their salaries and expenditures.

Others waited in line to have their final budget sheets reviewed and checked off as being properly balanced. Representatives from CitizensUnion manned the final “credit counseling” booth.

“I’m in debt,” sighed Evan McCarthy, 16, a Dartmouth student, when asked how he was doing. McCarthy had realized that maybe he should not have leased that more expensive Chevy Volt, though he said he was proud that he opted for the less expensive three-bedroom apartment rental.

“It’s pretty informative,” said McCarthy of Dartmouth’s “Reality Day” fair. “It was fun.”

“It was a good experience,” said student Tess Arruda. “A lot of people were freaking out that they were going into debt. It was kind of nervewracking.”

Greg Jones, chairman of the Dartmouth School Committee, said he was “absolutely thrilled” by how seriously the students were treating the event.

“This is a real good way to throw the cold water of reality at these kids,” said Jones, who was snapping photos during the fair. “Kids really get to see and understand what their parents are going through.”

Jones, who has a freshman son at Dartmouth High, said he sees the school district hosting a reality day fair in years moving forward.

M A S S A C H U S E T T S B A N K E R n First Quarter 2012

Addressing Financial Literacy No one is saying such fairs are the solution, but the fairs are emerging as an important part of introducing financial education and awareness into school programs, said David Floreen, senior vice president of the Massachusetts Bankers Association.

“Lots of people get into financial trouble, not because they’re stupid, but because they never had the opportunity to learn about finances,” Floreen said. The banking industry will continue to push for legislation to make financialeducation part of the state’s mandated school curriculum, he said.

But until then, banks and other institutions will have to shoulder much of the burden of financial education through events such as Reality Day fairs and the MBA’s “Common Cents” contest and video (www.MassCommonCents. com). The financial-education video – which was co-sponsored with Bank of America, Cape Cod Five Cents Savings Bank, Danversbank, Citizens-Union Savings Bank, and PeoplesBank – is being distributed to hundreds of high schools throughout Massachusetts.

Jodie Gerulaitis, financial-education officer at Country Bank in Ware, said her bank is planning a massive expansion of its fair sponsorships, partly because the bank feels it needs to take action as long as financial-education isn’t formally offered in schools.

In the past, Country Bank was involved with a group of other western Massachusetts

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banks in hosting “Credit for Life” fairs for high-school students. But last year, Country Bank decided to sponsor fairs on its own – and this coming spring it plans to hold seven high-school fairs in Ware, Palmer and elsewhere in western and central Massachusetts.

“We’re going to have a very busy spring,” said Gerulaitis. “The schools are so limited in what they can afford, so they really view this as a great opportunity for their students.”

Joan Reid, head of public relations at Rockland Trust, said her bank has co-sponsored a Credit for Life fair at the South Shore Vocational Technical High School for the past two years. Rockland Trust has also been a booth sponsor at a Quincy High School fair.

“It’s fabulous,” she said of the fairs Rockland has been involved in over recent years. “It gives students that real-life experience. The last couple of years, we’ve heard more and more from schools that want their own [fairs]. It’s really taking off.” n

Stonier partners with the Wharton Business School

Jay Fitzgerald is a freelance writer.

First Quarter 2012 n M A S S A C H U S E T T S B A N K E R

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OntheMove Sarah Galvin

Peter Alden

David Eidle

Jason O’Connell

Christopher O’Connell

William Hines

Todd Crowley

Amy Corda

John Brennan

Arley Ewald

Debra Ruetz

Maria Heskes-Allard

Paula DiGregorio

Robert Rivard

BARRE SAVINGS BANK – Hires Sarah Galvin, vice president and senior loan officer.

BAY STATE SAVINGS BANK – Hires Peter Alden, president and chief executive officer.

BERKSHIRE BANK – Hires David Eidle, senior vice president of corporate initiatives; James Curran, senior vice president and commercial regional manager; John Faber and Karen Dumas, senior vice presidents and commercial relationship managers; David Sabourin, vice president and commercial relationship manager; Suzana Trebicka, assistant vice president and senior commercial credit underwriter; and Timothy Hussey, assistant vice president and portfolio manager.

BLUE HILLS BANK – Hires Martha Sloan Felch, senior relationship manager.

BOSTON PRIVATE BANK & TRUST COMPANY – Promotes Francis Crosby, senior vice president and branch manager; Jason O’Connell, director of research;

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Christopher O’Connell, sales manager; hires William Hines and Todd Crowley, vice presidents and investment management and trust sales professionals.

CAMBRIDGE SAVINGS BANK – Hires Amy Corda, senior vice president of business development.

CAPE ANN SAVINGS BANK – Promotes John Brennan, vice president and senior trust officer.

CAPE COD FIVE CENTS SAVINGS BANK – Hires Vanessa Greene, director of compliance.

CHICOPPE SAVINGS BANK – Promotes Arley Ewald, financial reporting officer; hires Debra Ruetz, cash management officer.

CLINTON SAVINGS BANK – Promotes Maria Heskes-Allard, senior vice president and commercial lending, Danielle McCarter, assistant vice president and human resources manager; hires Paula DiGregorio, consumer loan officer, and

M A S S A C H U S E T T S B A N K E R n First Quarter 2012

Robert Rivard, vice president and commercial loan officer.

COMMERCE BANK – Promotes Laila Mhirig and Amanda Misilo, office managers; hires James How, Bette O’Reilly and David Rose, office managers.

COMMONWEALTH COOPERATIVE BANK – Promotes Carol McClintock, president and chief executive officer.

COUNTRY BANK FOR SAVINGS – Hires Mary McGovern, chief financial officer.

EASTHAMPTON SAVINGS BANK – Hires Patricia Cramm, assistant vice president of facilities.

FIRST TRADE UNION BANK – Hires Jo-Anne Corcoran, senior vice president of retail banking; Brett Hill, senior vice president and senior credit officer; Craig Nardi, vice president and residential portfolio manager; David Nemeth, vice president of operations and Shye Tzadok, credit analyst.

continued on page 30

James How

Laila Mhirig

Amanda Misilo

Bette O’Reilly

David Rose

Mary McGovern

Patricia Cramm

Jo-Anne Corcoran

Brett Hill

Craig Nardi

David Nemeth

Shye Tzadok

Lise Zapatka

Kelly Quevillon

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OntheMove Charlette Weeden

Geoffrey Homoliski

Kathleen Maroney

John Dean

Marilyn Sandler

Maud Dentico

Brenda Santarpio

Jeanna Veneto

Robert Orlando

Lynn Brown

Michelle Crosby

Michael DeMarco

Maureen Bernard

Tricia Dandrow

Allison Manchester

Thomas Quinn

Mark Pitts

Jeff Ryan

Martin O’Riordan

Charles Mandrachia

Charles Gaffney

Gerald Marcus

Randal Webber

Lynne Esposito

Patricia Ostrout

Marianne Hosford

Lori Kowal

Douglas Schmeling

HAVERHILL BANK – Promotes Lise Zapatka, senior vice president, and Kelly Quevillon, vice president of operations; hires Charlette Weeden, vice president of finance.

MIDDLESEX SAVINGS BANK – Promotes Geoffrey Homoliski and Kathleen Maroney, vice presidents; John Dean and Marilyn Sandler, community banking officers; and Maud Dentico, business development officer.

MUTUAL BANK – Promotes Brenda Santarpio, assistant treasurer/branch manager, and Jeanna Veneto, branch manager.

NEEDHAM BANK – Hires Robert Orlando, vice president and senior residential loan officer.

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continued from page 27

PEOPLESBANK – Hires Lynn Brown, first vice president of commercial banking, and Michelle Crosby, branch manager.

SCITUATE FEDERAL SAVINGS BANK – Promotes Thomas Quinn, executive vice president.

RANDOLPH SAVINGS BANK – Hires Michael DeMarco, commercial loan officer.

SOUTH SHORE SAVINGS BANK – Promotes Mark Pitts, vice president and credit manager; hires Jeff Ryan, commercial loan officer.

READING CO-OPERATIVE BANK – Hires Maureen Bernard, assistant vice president and residential loan officer.

ROCKLAND TRUST COMPANY – Hires Tricia Dandrow, vice president and commercial loan officer; Susan Porcello, vice president and compliance officer; and Allison Manchester, audit officer.

M A S S A C H U S E T T S B A N K E R n First Quarter 2012

STONEHAM SAVINGS BANK – Hires Martin O’Riordan, vice president and senior credit officer, and Charles Mandrachia and Charles Gaffney, vice presidents and commercial loan officers.

STONEHAMBANK – Hires Gerald Marcus, vice president of commercial lending.

Michael Quink

Kyle Bourque

Paul Buonopane

Karen McNulty

Gregg Desmarais

Brenda Woods

Elisabeth Johnson

Karen Nash

Jamie Adams

Daniel Barnard

Jennifer Armandi

Adam Trivilino

Matthew Wisdom

Sheryl Walsh

Robert Howard

Barbara-Jean DeLoria

Donna George-Ebbeling

Milly Parzychowski

Sheila Gonzalez

Patrick Royce

Robert Totaro

PHOTO SUBMISSIONS:

Submit photos and text for consideration for inclusion in Massachusetts Banker to Barbarajean Adams at bjadams@massbankers.org.

Betsy Sands

Sean Dunn

SPENCER SAVINGS BANK – Promotes Randal Webber, senior vice president and senior loan officer; Lynne Esposito, vice president of mortgage origination; Patricia Ostrout, vice president of retail administration; Marianne Hosford, vice president of personnel; Lori Kowal, assistant vice president marketing; Douglas Schmeling, assistant vice president and credit officer; hires Michael Quink, senior vice president of commercial division manager; Kyle Bourque, vice president of commercial lending; and Paul Buonopane, vice president of mortgage underwriting.

portfolio loan officer; Derek Davoli, portfolio manager; Shawn Moeller, commercial team leader; Gregg Desmarais and Brenda Woods, store managers; hires Elisabeth Johnson, vice president and portfolio manager; Karen Nash, assistant vice president and account administration manager; and Jamie Adams, Daniel Barnard, Jennifer Armandi, Adam Trivilino and Matthew Wisdom, store managers.

UNITED BANK – Promotes BarbaraJean DeLoria, senior vice president; hires Donna George-Ebbeling, senior vice president and chief credit officer; and Milly Parzychowski, assistant vice president and residential lending sales manager.

THE COOPERATIVE BANK OF CAPE COD – Hires Sheryl Walsh, vice president of retail banking and sales manager.

TD BANK – Promotes Michael O’Hare, vice president and foreign exchange team lead; Karen McNulty, vice president and foreign exchange team; Brandon McCabe,

THE VILLAGE BANK – Hires Robert Howard, vice president of commercial lending.

WEBSTER FIVE CENTS SAVINGS BANK – Promotes Patrick Royce, small business lending officer, and Robert Totaro, branch manager.

WALPOLE CO-OPERATIVE BANK – Hires Sheila Gonzalez, vice president and commercial loan officer.

WINCHESTER SAVINGS BANK – Hires Betsy Sands, commercial loan officer, and Sean Dunn, retail lending officer. n

First Quarter 2012 n M A S S A C H U S E T T S B A N K E R

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GoodNeighbors FRAMINGHAM CO-OPERATIVE BANK donates $5,000 to John Andrew Mazie Memorial Foundation.

MIDDLESEX SAVINGS BANK donates $10,000 to Employment Options, Inc.; $5,000 to Framingham Adult ESL Plus; $15,000 to Hockomock YMCA; $15,000 to Jewish Family Services of Metrowest; $9,800 to Medway Community Farm, Inc.; $15,000 to Metrowest YMCA; $15,000 to Minuteman Senior Services; and $9,500 to Open Table.

MUTUAL BANK donates $500 to Veterans Services Organization.

ROCKLAND TRUST COMPANY donates $25,000 to United Way of Greater Plymouth; $5,000 to Middlesex Human Services Agency.

WEBSTER FIVE CENTS SAVINGS BANK donates $2,000 to the Rainbow Child Development Center to support its preschool program. Pictured, from left: Karen Kempskie-Aquino, vice president, Webster Five Cents Savings Bank; Joyce Rowell, executive director, Rainbow Child Development Center; Richard Leahy, president and CEO; and Debbie Almstrom, vice president, Webster Five Cents Savings Bank.

BANK OF CANTON donates $2,500 to St. Boniface Haiti Foundation to support its education and health care programs in Haiti.

Pictured, from left: Jim Andersen, St. Boniface Haiti Foundation supporter; Kathie Ludecker, assistant branch manager, and Jeanne Roche, assistant vice president and branch manager; Nannette Canniff, Bank of Canton and former St. Boniface Haiti Foundation president and CEO; and her husband Fred Canniff.

SPENCER SAVINGS BANK donates $1,000 to West Warren Senior Center.

WEBSTER FIVE CENTS SAVINGS BANK donates $5,000 to Tri-Valley, Inc.; $2,000 to the Jewish Family Service of Worcester; $2,000 to Life-Skills, Inc.; $7,500 to Nichols College Collaborative Program.

BANK OF CANTON donates $5,000 to Quincy Community Action Programs, Inc. (QCAP) to sponsor its casino night fundraiser and silent auction. Pictured, from left: Bob Coneys, director of administration and finance, and Beth Ann Strollo, executive director, QCAP; Judy Farmer, regional lending manager, and Stephen Costello, president and CEO, Bank of Canton.

FRAMINGHAM CO-OPERATIVE BANK donates $10,000 to Framingham Downtown Renaissance (FDR) to support its implementation of the revitalization of the downtown Framingham area. Pictured, from left: Ted Welte, director, FDR; Marlene Aron, senior associate broker, MetroWest Commercial Real Estate; Mark Haranas, president and CEO, Framingham Cooperative Bank; Michael Semizoglou, vice president, Framingham Co-operative Bank and treasurer, FDR; Rachel Stewart, administrative director, Framingham Co-operative Bank Charitable Foundation and promotion committee member, FDR; and Dr. Dale Hamel, vice president, Framingham State University and president, FDR.

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SPENCER SAVINGS BANK donates $5,000 as the second installment on the $10,000 donation pledged to NeighborWorks HomeOwnership Center to support its homebuyer counseling and education services. Pictured, from left: Esmerelda Thornton, director, NeighborWorks HomeOwnership Center; Ruth M. Cavanagh, vice president of commercial lending, Spencer Savings Bank; Mullen Sawyer, executive director, Oak Hill Community Development Corporation.

M A S S A C H U S E T T S B A N K E R n First Quarter 2012

WEBSTER FIVE CENTS SAVINGS BANK donates $1,000 to the Worcester Educational Development Foundation to fund its Books for Babies Program, an early-literacy program for new mothers. Pictured, from left: Karen Kempskie-Aquino, vice president, Webster Five Cents Savings Bank; Barbara Drapos, literacy program coordinator, RSVP Worcester Area Volunteers; Sandra Mayrand, president, Worcester Educational Development Foundation; Paula Harrity, coordinator of volunteer services, Worcester Public Schools; and Richard Leahy, president and CEO, Webster Five Cents Savings Bank.

BAY STATE SAVINGS BANK donates $5,000 to the American Red Cross of Central Massachusetts to benefit the youngest tornado victims in western Massachusetts. Pictured, from left: Paul Gilbody, executive vice president, Bay State Savings Bank; Lisa Piehler, executive director, American Red Cross of Central MA; Diane Giampa, senior vice president human resources and marketing, Bay State Savings Bank; and Steve Malley, integrated marketing specialist, Cumulus Broadcasting.

STONEHAM SAVINGS BANK donates $1,549 to The Jimmy Fund to support its cancer care and research for children and adults.

Pictured, from left: Kelsey Duggan, senior assistant, special events, The Jimmy Fund; Maria Guardia, assistant vice president and branch manager, Stoneham Savings Bank; and Joe Durkin, director of special events, The Jimmy Fund.

FRAMINGHAM CO-OPERATIVE BANK donates $2,000 to Framingham Cultural Council (FCC) to promote programs in the arts, humanities and interpretive sciences to the cultural vitality of the Framingham community. Pictured, from left: Joel Winett, clerk, FCC; Rachel Stewart, administrative director, Framingham Co-operative Bank Charitable Foundation; Mary-Ann StadtlerChester; P. Nandi Varris, chair, FCC; and Cindy Camuso, vice chair, FCC.

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First Quarter 2012 n M A S S A C H U S E T T S B A N K E R

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ROLLSTONE BANK & TRUST donates $5,000 to the Fitchburg Fire and EMS departments for the purchase of four self-contained breathing apparatus cylinders. Pictured, from left: Lt. Jack Gilmartin and Captain Gregg Normandin, Fitchburg Fire Department; Jim Adams, vice president, Rollstone Bank & Trust; Fitchburg Fire Chief Kevin Roy; and Linda Racine, executive vice president, Rollstone Bank & Trust.

COMMERCE BANK donates $500 to Dismas House to support its mission of reconciling former prisoners to society through the development of a supportive community. Right, Michael Roy, senior vice president of Commerce Bank, presents a check to Dave McMahon, co-executive director of Dismas House.

NEEDHAM BANK donates $75,000 to Needham Community Council Capital Campaign to cover the costs of renovations at the organization’s new location. Pictured, from left: Jack McGeorge, president and CEO, Needham Bank; Mark Whalen, executive vice president and COO, Needham Bank; Sandra Robinson, executive director; and Frank Bond, co-chair, capital campaign committee and board member, Needham Community Council.

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M A S S A C H U S E T T S B A N K E R n First Quarter 2012

WEBSTER FIVE CENTS SAVINGS BANK donates $5,000 to Seven Hills Family Services to assist in providing the Day Habitation and Health programs with new technological equipment. Pictured, from left: Richard T. Leahy, president and CEO, Webster Five Cents Savings Bank; Kathleen A. Myshrall, vice president of advancement, Seven Hills Foundation; Dr. Katherine Cleary, vice president, Seven Hills Family Services; and Karen Kempskie-Aquino, vice president, Webster Five Cents Savings Bank.

CLINTON SAVINGS BANK donates $1,500 to Coffeelands World Gifts Espresso Café that was established by the Polus Center for Social and Economic Development, Inc. to provide job opportunities to those with disabilities and a market for artwork made by local disabled artists or victims of landmine accidents abroad. Pictured, from left: Clinton Savings Bank President and CEO Robert J. Paulhus Jr.; Polus Center COO Theresa E. Kane; and Clinton Savings Bank Vice President and Commercial Loan Officer Mary T. Dean.

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www.masshousing.com First Quarter 2012 n M A S S A C H U S E T T S B A N K E R

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NEEDHAM BANK donates $3,500 to sponsor the Spinal Muscular Atrophy Golf Tournament to support its research to find a cure.

Pictured, from left: Michael Browne, vice president of operations, Needham Bank; William Johnson; and Tim Day, residential loan officer, Needham Bank.

FRAMINGHAM CO-OPERATIVE BANK donates $10,000 to the Framingham Police Department for the addition of a new K-9 force. Pictured, from left: Trustees of the Framingham Co-operative Bank Charitable Foundation Susan Acton and Paul Galvani; Framingham Police Chief Steven Carl; Framingham Co-operative Bank Charitable Foundation Chairman Robert Lamprey; Framingham Co-operative Bank President and CEO and Foundation Trustee Mark Haranas; and Foundation Administrative Director Rachel Stewart.

BRISTOL COUNTY SAVINGS BANK donates $25,000 to Community Care Services to support more than 30 programs for children, adults, the elderly and families in southeastern Massachusetts, Rhode Island and Connecticut. Pictured, from left: Mark Cuddy, president, Richardson-Cuddy Insurance of Attleboro and board member of Community Care Services; Patrick Murray, executive vice president, treasurer and COO, Bristol County Savings Bank and president, Bristol County Savings Charitable Foundation; Thomas Fisher, president and CEO, Community Care Services; and Michele Roberts, senior vice president, Bristol County Savings Bank and clerk, Bristol County Savings Charitable Foundation.

BRISTOL COUNTY SAVINGS BANK donates $5,000 to Buttonwood Park Zoo to sponsor its “Boo at the Zoo” event which raises funds for its educational and family programs. Pictured, from left: Dr. William Langbauer, director, Buttonwood Park Zoo; Sonia Schonning, executive director, Buttonwood Park Zoological Society; Len Sullivan, executive vice president; Michele Roberts, senior vice president and clerk of the Bristol County Saving Charitable Foundation; and Pete Selley, senior vice president, Bristol County Savings Bank and board member, Buttonwood Park Zoological Society.

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M A S S A C H U S E T T S B A N K E R n First Quarter 2012

SOUTH SHORE SAVINGS BANK donates $10,000 to Caritas Communities to serve the housing needs of low-income individuals through the development and long-term management of affordable rooming houses. Pictured, from left: South Shore Savings Bank President and Chief Executive Officer John C. Boucher, Caritas Communities’ President and Chairman of the Board Frank Capezzera, and South Shore Savings Bank Senior Vice President Peter McGowan. n

NEFMA. It’s where you belong.

“I have been very impressed with the quality of speakers and relevancy of the topics at NEFMA conferences. I believe weaving in their positive energy with your passion to implement creative ideas and see them through will be critical to your bank’s success and career.

I greatly value what they offer marketing professionals.”

Gregory R. Shook President & CEO Essex Savings Bank

New England Financial Join us at the Spring Conference, Marketing Associ May 10-11, at

Stowe Mountain Resort, Stowe, VT. To learn more about NEFMA, become a member and register for the conference, please visit us at www.nefma.org or call 617.926.1370

www.nefma.org

25NEF022_SB_Tstmnl_8_125x10_625_jh5.indd 1

1/23/12 10:16 AM

2012 MBA Calendar Dates are subject to change. Announcements are mailed approximately six weeks prior to event. For additional information, contact the education department at 617-523-7595.

Visit our website at: www.massbankers.org

February 15

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Accounting 101 Marriott Courtyard, Marlborough CFO Forums Middlesex Training Center, Westborough

March 12

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Fundamentals of Credit Analysis: Part 1 Marriott Courtyard, Marlborough Fundamentals of Credit Analysis: Part 2 Marriott Courtyard, Marlborough Branch Managers’ School Marriott Courtyard, Marlborough Risk Forum Marriott Courtyard, Marlborough Fundamentals of Credit Analysis: Part 3 Marriott Courtyard, Marlborough Call Report Seminar Marriott Courtyard, Marlborough Fundamentals of Credit Analysis: Part 4 Marriott Courtyard, Marlborough Asset Liability Doubletree Hotel, Westborough IT Workshop Marriott Courtyard, Marlborough Fundamentals of Credit Analysis: Part 5 Marriott Courtyard, Marlborough Fundamentals of Credit Analysis: Part 6 Marriott Courtyard, Marlborough

April

5 Business Development

Marriott Courtyard, Marlborough 9 Fundamentals of Credit Analysis: Part 7

Marriott Courtyard, Marlborough 10 Director/Trustees College New England Workshop

Sturbridge Host Hotel 11 Annual Spring Security Seminar TBD 11 Director/Trustees College New England Workshop

Hilton Hotel, Dedham 12 Director/Trustees College New England Workshop

Sheraton Wakefield 23 Fundamentals of Credit Analysis: Part 8

Marriott Courtyard, Marlborough 24 Fundamentals of Credit Analysis: Part 9

Marriott Courtyard, Marlborough 26 Branch Managers’ School

Marriott Courtyard, Marlborough

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M A S S A C H U S E T T S B A N K E R n First Quarter 2012

May

11 CFO Forums Middlesex Training Center Westborough 14 Fundamentals of Credit Analysis: Part 10

Marriott Courtyard, Marlborough 17 Branch Managers’ School

Marriott Courtyard, Marlborough 18 CFO Forums

Middlesex Training Center, Westborough 20-25 The New England School for Financial Studies-Freshman Class

Babson College Executive Conference Center, Wellesley

June 4

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Charitable Foundation Golf Tournament Worcester Country Club, Worcester Annual Bank Technology/Retail Banking Conference Holiday Inn Boxborough Woods, Boxborough 2012 HR Forums Middlesex Training Center, Westborough The New England School for Financial Studies – Senior Class Babson College Executive Conference Center, Wellesley Risk Forum Marriott Courtyard, Marlborough Executive Officers Conference Wequassett Resort, Chatham

September 6

7

10-14

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Writing an Effective Credit Memo Marriott Courtyard, Marlborough Risk Forum Marriott Courtyard, Marlborough Annual Bank Compliance Academy Marriott Courtyard, Marlborough New England Conference Equinox Resort, Manchester Village, VT

October

16 IT Workshop

Marriott Courtyard, Marlborough 18-19 Advanced School of Commercial Lending TBD 22-26 School of Commercial Lending TBD

November 9

15

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CFO Forums Middlesex Training Center, Westborough Bank Secrecy Act Conference Doubletree Hotel, Westborough CFO Forums Middlesex Training Center, Westborough 2012 HR Forums Middlesex Training Center, Westborough

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