Building Community 2012 by Worcester Magazine

JANUARY 5 & 6, 2012

• Move Your Money effort gains speed in Massachusetts • Lending a hand to local charities • Central Mass businesses credit local banks

A S UPPLEMENT

2 January 5 & 6, 2012

BUILDING COMMUNITY ~ Local Banks Lead The Way

A Strong Community Bank Makes All the Difference.

Doing business with a local community bank is banking at its best- our officers, directors and employees know our customers because we are their neighbors. Join our family and see for yourself the difference that our community bank can make in your life. Open a Savers Bank Checking Account today and take advantage of all its benefits including no monthly fees, free online banking and bill pay, free checks, rewards program, access to your account anywhere, anytime and our refer a friend program. Contact us online: www.saversbank.com, by phone: 800-649-3036 or at any of our 6 branch locations.

www.saversbank.com 1-800-649-3036 Southbridge / Uxbridge / Auburn Grafton / Charlton / Sturbridge

Member FDIC Member SIF Equal Housing Lender

At Savers, investing in the community means more than profits BY C. K ELLEHER The Board of Directors and employees at Savers Bank do not simply believe in supporting the dreams and the needs of the community within the four walls of t heir m any br anch l ocations. T hey also s how s upport w ith a co mmitment to a number of non-profit organizations. Savers Bank supports life-changing organizations that work to help families become stakeholders in our communities including Habitat for Humanity and the American Cancer S ociety R elay For Life. The bank’s m ission is to help strengthen the neighborhoods a nd communities in wh ich w e all li ve an d work, wh ich includes improving general needs. “Habitat f or H umanity r elies o n countless hou rs o f v olunteer w ork a nd financial support from individuals, corporations and community organizations to accomplish their m ission. Savers Bank is happy to not only be able to contribute financially, but to be able to donate m any v olunteer hou rs a s w ell,” said Joseph Co derre, t he President a nd CEO of Savers Bank. Savers Bank has donated over $5,000 to Habitat for Humanity and was recently na med a B ronze Ha mmer H ome Build Sponsor for Habitat’s lat est bu ild project. The bank’s commitment to the Sturbridge pro ject also included t wo bu ilddays d uring wh ich over 2 4 e mployees volunteered t heir t ime to he lp w ith the c onstruction o f 7 9 F airview P ark Road. The cons truction o f t he home is expected to take four more months, and should be ready for the family to mo ve in by March 2012. Habitat f or H umanity emp owers low-income families by partnering with them to build simple, decent, affordable housing. Hab itat do es n ot g ive houses away, bu t r ather se lls t hem to f amilies in ne ed t hrough n o-profit, n o-interest loans. Each y ear, S avers B ank g ives over $40,000 to community organizations and donat es t housands o f hou rs, investing in the people that make up our towns and the programs that help make them better.

The S outhbridge L ifeSavers t eam, comprised o f emp loyees o f t he br anch, was one o f 45 teams that walked in the Southbridge Relay For Life in June and the team raised $8,082 to help the battle against cancer. The re lay is a l ife-changing e vent that gives everyone in communities across t he gl obe a c hance to c elebrate the l ives o f p eople w ho ha ve bat tled cancer, rememb er l oved ones l ost, a nd fight back against the disease. Savers B ank’s L ifeSavers t eam, c om p r is e d of e mployees f rom the A uburn branch, a lso walked i n A u b u r n ’s Relay a nd they r aised over $4,000. The b ank provided a sponsorship of $ 1,000 for the event as well. Since they were founded in 1910 Savers Bank has practiced a strong legacy of community co mmitment a nd c ustomer service. T he m ission s tatement o f t he bank co mes i n t hree pa rts. T hey a re fully committed to: providing the credit, deposit a nd ot her f inancial ser vices t hat meet t he c hanging ne eds o f i ndividuals and bus inesses i n t he m arket; o ffering equal opportunity, fair compensation and advancement opp ortunities ne cessary to attract, m otivate a nd re tain q ualified individuals; a nd to b eing a res pected, highly r egarded fi nancial i nstitution, which actively contributes to t he overall needs of the community. The ba nk is n ot so lely l imited to large-scale f undraisers, bu t ha s a lso worked w ith ot her co mmunity or ganizations to help residents affected by the tornado t hat s truck Ma ssachusetts ea rlier this year and to help the Community Harvest Project. The ba nk ha s a ssets o f o ver $ 400 million, o ffering a full r ange o f c onsumer a nd co mmercial ba nking ser vices. Savers Bank is a member of the Federal D eposit I nsurance Cor poration (FDIC), t he Federal Home L oan Bank, the Co -operative C entral Bank a nd t he Massachusetts Bankers Association. The bank has offices in Southbridge, Uxbridge, A uburn, G rafton, C harlton and S turbridge. For more i nformation call 1-800-649-3036 or visit the website at www.saversbank.com.

BUILDING COMMUNITY ~ Local Banks Lead The Way

January 5 & 6, 2012 3

Bay State Savings Bank’s commitment to the area creates partnership for success with customers and communities SUBMITTED

BAY STATE SAVINGS BANK

Since 1 895, B ay S tate S avings Bank ha s b een a t rue co mmunity bank, in vesting in th e c ommunity and s upporting t he b anking ne eds of l ocal p eople a nd b usinesses. B ay State S avings B ank i s co mmitted to remaining m utual, in dependent, a nd locally ma naged wi th t he i nterests of o ur c ustomers a nd co mmunities always coming first. We offer a full range of retail and commercial products a nd ser vices, i ncluding o nline banking a nd cash ma nagement, with 24-hour A TMs at a ll bra nch l ocations in and around Worcester. Bay State Savings Bank is committed to g iving ba ck, a nd w e proud ly i nvest in th e c ommunities th at invest in u s. I n 2011, w e s upported o ver 7 0 n on-profit organizations a nd worthy programs t hat enhance t he qu ality o f l ife i n ou r co mmunities… Adopt-a-Student | A merican Red Cross | A sian F estival | Au burn L ittle

Cќњњђџѐіюљ Lђћёіћє JѢѠѡ Gќѡ ю Wѕќљђ Lќѡ Sіњѝљђџ юѡ BюѦ Sѡюѡђ SюѣіћєѠ Bюћј Bay State B St t Savings S i Bank B k Earns E SBA Preferred P f d Lender L d Designation D i ti

Need ęnancing for your business? We have a solution for you! • Experienced Lenders • Fully Insured Deposits • Local Decision Making Cюљљ UѠӔ

Bay State Savings Bank receives a Preferred Lender plaque from the Small Business Administration. Pictured from leĞ to right: From Bay State - Peter Alden, President & CEO; Tim PigoĴ, VP/Commercial Lending; Osman Acheampong, Credit Administion OĜcer; Steve Groccia, SVP/Commercial Lending; from SBA - Ann Rice Hunt, Lead Lender Relations Specialist, U.S. SBA; Robert H. Nelson, MA District Director, U.S. SBA, and David Pérez, VP/Commercial Lending, Bay State Savings Bank.

508-890-9000/800-244-8161 • www.baystatesavingsbank.com

4 January 5 & 6, 2012

BUILDING COMMUNITY ~ Local Banks Lead The Way

Leominster Credit Union committed to enriching the communities

SUBMITTED UNION

LEOMINSTER CREDIT

Leominster C redit U nion b elieves as a l ocal, co mmunity-based bus iness, it is important to give back to the communities and people who have helped us achieve our success. One of LCU’s core values is to invest in the communities we ser ve b y b etter u nderstanding a nd helping to a ddress t he f ull d iversity o f their needs. We do t his i n a v ariety o f w ays. Through co ntributions to i nstitutions like Cl inton H ospital, M ount W achusett Co mmunity College a nd F itchburg State U niversity; b y pro viding sc holarships to deser ving s tudents w ho demonstrate a co mmitment to co mmunity service; a nd t hrough donat ions to l ocal school groups and not-for-profit organizations. O ur emp loyees l end t heir support and volunteer their time with a number o f l ocal n on pro fits a nd g rassroots initiatives. During the winter they donated b lankets f or f amilies i n ne ed, they provided the gift of reading by collecting b ooks f or c hildren w ho m ight not have access to them, planted trees to celebrate A rbor Day a nd mos t re cently

Pictured: Gordon Edmonds, LCU President & CEO pictured center right smiles proudly as part of the LCU Team gets ready to distribute donations. held f ood a nd to y d rives f or t hose l ess fortunate during the holidays. But t he cor nerstone o f L CU’s co mmunity outreach is our Financial Education program. We believe that through knowledge p eople a re emp owered to take con trol o f t heir f inancial f uture. Whether it’s a s tudent questioning how

to pay for college, a y oung adult learning to avoid credit pitfalls, or just about any o f us t rying to s tretch a house hold budg et, ou r g oal is to pro vide t he tools a nd i nformation ne eded to m ake informed decisions. We are so committed to this endeavor t hat w e app ointed a F inancial L it-

eracy O fficer. I ngrid A dade, w ho is a Certified Educator in Personal Finance, spends her t ime in the community providing ed ucation p rograms t o s tudents and adults alike. S he has been invited to lead programs at schools, as well as local or ganizations i ncluding t he A frican C enter f or E ducation, B oys a nd Girls Cl ubs, M ontachusetts I nterfaith Council Homeless Shelter a nd t he D isabled Veterans. The entire t eam at L CU is proud to say that we are committed to en riching the co mmunities i n w hich w e l ive a nd work. Founded in 1954, Leominster Credit Union ( LCU) is a memb er-owned, notfor-profit f inancial co operative w ith a full range of deposit, lending and other financial ser vices. H eadquartered i n Leominster, Ma ssachusetts, L CU is proud to c laim nea rly 6 0,000 memb ers and more t han $6 00 m illion i n a ssets. LCU ha s se ven br anch l ocations i n Leominster, W orcester, C linton, H olden, Sterling and North Leominster with ATM ser vices at a ll br anch l ocations. 24-hour on line ba nking ser vices a re available at www.leominstercu.com and by telephone at 800-649-4646.

BUILDING COMMUNITY ~ Local Banks Lead The Way

January 5 & 6, 2012 5

Trust is at the heart of Rollstone Bank & Trust SUBMITTED

ROLLSTONE BANK & TRUST

Rollstone B ank & T rust ha s l oyally ser ved t he p eople a nd businesses of C entral Ma ssachusetts s ince 1846. Our approa ch ha s a lways b een to pu t the ne eds o f ou r c ustomers f irst. You can se e t hat i n a ll facets of t he ba nk. Whether i t’s ou r d ay-to-day ba nking operations, ou r co mmunity ou treach efforts, or our wealth management division, w e f ocus on i mproving t he lives o f o ur customers. As a true community bank, a nd the o nly local ba nk Fitchburg • Leominster • Harvard with a Trust Department, R BT’s f ocus is on he lping t hose w ho l ive a nd w ork r ight here. O ur o fficers a nd emp loyees a re deeply involved in the community and many of its activities. We have always been, a nd will continue to b e focused on the needs of local families, schools, and or ganizations. R BT b elieves i n banking i deals t hat s upport t he l ocal economy through local people. Our T rust D epartment is here to provide c omplete e state, t rust, a nd investment ser vices f or y ou a nd y our Member FDIC

family. Our services range from estate planning to trust and IRA administration to p rofessional i nvestment m anagement, and more. We will work with you to de velop t he b est p lan f or y ou, your family, and/or your business. We strive to provide the personal, responsive ser vice t hat y ou e xpect f rom a community bank. We d ifferentiate ou rselves f rom other t rust co mpanies b y pro viding highly p ersonalized tr ust an d i nvestment management services on a local, face-to-face basis. W e live r ight here i n y our neig hb orhood a nd • Townsend • Worcester our d ecisions a re made r ight here at ho me. I f you have questions you can simply call or come in for the answers. RBT ha s a lways a dhered to sa fe, responsible, c ustomer-focused b anking pr inciples t hat support t he p eople and bus inesses o f ou r c ommunity. With a t rack re cord l ike ou rs, y ou can f eel co mfortable en trusting y our financial ne eds to R ollstone B ank & Trust, y our co mmunity co mmercial bank.

Students, colleges encouraged to ‘move their money’ PROVIDED

BY MOVEYOURMONEY.INFO

Colleges and students have a huge impact on t heir co mmunity’s economy. I t on ly m akes sen se t hat they u se th eir finances t o h elp th e community thrive. College st udents w ith ju st a f ew dollars to t heir na me m ight n ot t hink that t heir ba nking de cisions m atter, but t hey do . S maller ba nks a nd c redit unions work harder to meet your needs as a cons umer while also doing more to support the community. The b ig ba nks k now t hat new s tudents a re g reat t argets; i f t hey g et students ho oked w hen t hey f irst g et to campus, they will likely keep that account for decades. That’s why it’s so important t o ma ke s ure t hat s tudents are a ware t hat t heir ba nking hab its

matter. Colleges co ntrol m ore t han $ 300 billion i n endo wments a nd operating funds in the U.S. That’s a huge amount of mone y t hat cou ld b e re invested i n the co mmunity i nstead o f w ith W all Street megabanks. The banking relationships y ou de velop at 1 8 t end to stay with you through the rest of your life. Start banking locally and begin a lifetime of investing locally. What Can You Do? Start w ith y our o wn mone y. L ook for co mmunity ba nks a nd c redit unions in your neighborhood that offer special student rates. Where does your school keep its operating funds? Do you know how its endowment is i nvested? U nforContinued on page 12

}

Since 1846, Rollstone Bank & Trust has been committed to giving back to the community. Through sponsorships, donations, leadership and volunteerism we are helping to create stronger, healthier cities and towns. For dozens of local causes across our footprint, Rollstone Bank & Trust employees roll up their sleeves and give generously of their time and talent. We take pride in supporting the people and businesses of our community. Our donations go to local causes, our mortgages are made on local properties, and our commercial loans strengthen local businesses. We are neighbor helping neighbor. We invite your support.

Community Involvement & Investment

Become a Rollstone Bank & Trust customer and join us in supporting the community. Call: 978-345-1061, toll free: 1-800-640-1166 or visit: RollstoneBank.com

Member FDIC

Fitchburg • Leominster • Harvard • Townsend • Worcester

6 January 5 & 6, 2012

BUILDING COMMUNITY ~ Local Banks Lead The Way

Spencer Savings Bank has helped us plow ahead and grow BY JEREMY AHEARN, O PERATIONS MANAGER, A HEARN EQUIPMENT From t he 1 977 one -man e quipment shop founded by Tim Ahearn in a d ark stone ba sement i n N orth B rookfield to to day’s t hriving A hearn E quipment Corporation on Route 9 i n Spencer, our business has g rown based on e xpertise, honesty and excellent customer service. These f ounding pr inciples a re a lso t he reasons we ba nk w ith S pencer S avings Bank. We s tarted small a nd a s m y father’s r eputation grew in th e l ocal agricultural i ndustry, m y m other, Donna s tarted to run m any o f t he behind-the-scenes operations o f t he business. T hey soon r ealized t hey were o utgrowing their rural location. As a res ult, T im and D onna f ound a 7 -acre p lot o f la nd on Route 9 in Spencer, which is the current location of Ahearn Equipment. The business grew even more, so my parents, Tim a nd D onna, t urned to S pencer Savings Bank when they realized the

need to expand this new location. They needed a ba nking pa rtner to he lp t hem grow into the business we are today. Expanding f rom 1 2,000 t o 2 7,000 square f eet, h iring emp loyees, k eeping the f inancial pi cture i n c heck, i t a ll needed t o be o rchestrated w ith a b ank that ha d t he sa me pr inciples a s w e do . Spencer S avings B ank o ffered us f ast, local de cision-making, hones t p eople, and g reat c ustomer ser vice t hat w e needed to rely on for our future. Even in tough t imes, w hen the a gricultural industry was dwindling, o ur l ocal bankers were there for us j ust l ike ou r loyal e mployees. After a ll, A hearn Equipment i s a corporation b uilt around people who — Jeremy Ahearn are de dicated to Operations Manager share i n t he co mAhearn Equipment pany’s g oals a nd visions. A s a t rue local co mmunity bank, S pencer S avings B ank is bu ilt around those same principles. Today, m y brot her, J oshua, a nd I oversee t he e xperienced sa les, ser vice and pa rts t eams i n t he s pacious ne w showroom. We have over 50 quality

“We are proud to work with our community bankers.”

L- R: Joshua and Jeremy Ahearn, “The Tractor Guys” of Ahearn Equipment Christopher Navin Photography, Inc.

brands o f e quipment a nd t he bus iness employs 4 0 p eople. W e a re proud to w ork w ith ou r co mmunity ba nkers, Randy W ebber a nd M ike Q uink, w ho

help us w ith a ll ou r bus iness ba nking needs; a nd w e l ook f orward to m any more y ears o f con tinued g rowth a nd success.

We see ourselves as a local business partner, much more than a bank BY K. MICHAEL ROBBINS, PRESIDENT CEO, S PENCER SAVINGS BANK

AND

Ahearn E quipment is just one story of many local businesses t hat we h ave t eamed up w ith o ver th e years. As a true community b ank, we take great pride in be ing a ble t o help l ocal bus inesses g row a nd create jobs to help our e conomy. O ur commercial b ankers, Randy Webber and Mik e Q uink have t he e xpertise and t he ab ility to make local decisions and as a result can offer face-to-face service as well as fast turnaround on approvals. We t hink o f ou rselves a s pa rtners with each local business we work with.

Banks co me a nd go, but business pa rtners a re w ith y ou t hrough t he ‘ longhaul’.” Spencer Savings Bank i s a “ mutual” s avings b ank. This m eans t he Bank h as n o p ublic s tockholders. Instead, i ts dep ositors a re i ts o wners and i t is t herefore not a l ikely t arget for a t ake-over b y a la rger i nstitution. The bank has office locations i n S pencer, S pencer F air Plaza, L eicester, Rutland, W arren and at a bus iness banking c enter in Worcester. V isit online at www.spencerssavingsbank. com or call 508-885-5313 or 800-5472885. Member FDIC. Member DIF and Equal Housing Lender.

Spencer Savings Bank is a “mutual” savings bank. This means the Bank has no public stockholders. Instead, its depositors are its owners and it is therefore not a likely target for a take-over by a larger institution.

L - R: Randal D. Webber, Senior Vice President - Senior Loan Officer and Michael J. Quink, Senior Vice President - Commercial Division Manager.

BUILDING COMMUNITY ~ Local Banks Lead The Way

January 5 & 6, 2012 7

BANK LOCAL At Spencer Savings Bank youâ&#x20AC;&#x2122;ll ďŹ nd the very best in local community banking.

That means great service delivered by your friends and neighbors, local decision-making and passion for supporting the central Massachusetts Region. So why be just a number at a big bank, when you can be part of the family at SSB?

Member FDIC

Each depositor is insured by the FDIC to at least $250,000. All deposits above the FDIC insurance amount are insured by the Depositors Insurance Fund (DIF).

Spencer Main OfďŹ ce 508-885-5313 Spencer Fair Plaza 508-885-9707 Leicester 508-892-4100 Rutland 508-886-2291 Warren 413-436-7726 Business Banking Center, Worcester 508-849-3933 s SPENCERSAVINGSBANK COM

8 January 5 & 6, 2012

BUILDING COMMUNITY ~ Local Banks Lead The Way

Avidia Bank contributes time and dollars to the community SUBMITTED

AVIDIA BANK

Avidia Bank has always focused on making a difference in the community. Being a responsible cor porate ci tizen is so mething everyone at Avidia takes very seriously. We invest in t he community t hrough t he ba nking services and products we provide, loans to businesses for growth and to i ndividuals to he lp bu y ho mes, a nd to t hose or ganizations that support those in need. Every year Avidia Bank contributes well over $100,000 to worthwhile organizations in all the communities w e ser ve. A nd ou r emp loyees volunteer t heir t ime a nd con tribute mone y to a w ide v ariety o f n on-profits g roups a ll year long. That is what a community bank and community ba nkers should do. T hat’s how we make a difference.

Making a Diơerence in Your Community Our employees volunteer their own time to many non-proƤt organizations throughout the region.

That’s how we make a diơerence.

800-508-2265 l www.avidiabank.com Member FDIC l Member DIF l

Equal Housing Lender

BUILDING COMMUNITY ~ Local Banks Lead The Way

January 5 & 6, 2012 9

At GFA Credit Union the focus is on members GFA F ederal Cre dit Union is y our local f inancial i nstitution. Wi th a network of eight branches a nd a w ide range of ele ctronic s ervices, w e’re a f ull ser vice co mmunity f inancial institution ser ving C entral Ma ssachusetts a nd S outhern N ew Ha mpshire. While w e’re la rge en ough to pro vide the i nnovative solutions you ne ed, we haven’t l ost touc h o f ou r n umber one commitment – you, our members. When yo u j oin G FA, yo ur m embership op ens do ors to y our f inancial future and qualifies you for all of our innovative solutions. As a full-service financial i nstitution, we o ffer a pro duct or service for just about any financial need – f rom loans and mor tgages to c hecking a nd sa vings a long w ith electronic s ervices, o nline b udgeting tools, f inancial e ducation resou rces, a f ull l ine o f bus iness so lutions a nd more. In addition to our wide range of of ferings, y our m embership a lso gives you superior service, better rates on l oans a nd sa vings, l ower f ees a nd the p eace of m ind k nowing t hat GFA is a strong and safe institution. Plus, choosing t o b ank w ith G FA p rovides

local l oans a nd dep osit ser vices f or others right here in your own community. A ll of t hese equal g reater value for you, our member. Our focus on members is a key part of being a credit union. We are a notfor-profit f inancial i nstitution, w here you are both a customer and an owner. The i mportant d ifferences b etween credit unions and other financial institutions mean we are focused, above all else, on pro viding v alue, ser vice a nd safety to ou r memb ers. T his is t he GFA difference. One e xample o f t he GF A d ifference is ou r M ember R ewards pro gram. M ember R ewards o ffers y ou the opp ortunity to ea rn e ven b etter rates, from day one. You earn points based on your length of membership, existing ba lances, a nd t he dept h o f GFA products you use, which are then applied to l ower y our ne xt cons umer loan rate or increase your next certificate rate (IRA or Share). It’s one way we reward you for taking advantage of your membership. With all of these reasons to choose GFA, we hope you’ll join today and

look to us f irst for f inancial solutions throughout y our l ifetime. F or more information or i f y ou ha ve a ny questions p lease v isit us at g fafcu.com,

call us at 978-632-2542 or visit your local br anch i n A shburnham, F itchburg, G ardner, H ubbardston, R indge, Rutland and Winchendon.

‘Move Your Money’ effort gaining momentum PROVIDED

MOVEYOURMONEYPROJECT.ORG

The nation’s biggest banks took risky bets with your money to help create the greatest f inancial crisis since t he G reat Depression. T hen t hey to ok t rillions of do llars i n ba ilout mone y f rom t he government, g ave t hemselves m assive bonuses a nd con tinue to pa y l obbyists to pre vent c hange. T hey c harge y ou obscene fees a nd r idiculous c redit ca rd interest ra tes, y et c ontinue t o f oreclose on thousands of homes across the country. If Congress won’t take action to stop

these “Too Big to F ail” banks it’s up to us do to it ourselves. Move y our mone y to a co mmunity bank or credit union. These local financial institutions are the main sources of small bus iness l ending a nd provide f or stable l ocal e conomies a nd i ncreased job growth. They charge fewer fees and pay out higher rates of interest, and the fees that they do charge are usually less than the big guys’. Move your money to stop supporting the big banks and take a step to end “Too Big to Fail”. Continued on page 12

10 January 5 & 6, 2012

BUILDING COMMUNITY ~ Local Banks Lead The Way

The “New Rules” push community banking initiative Making the Financial System Work for Us PROVIDED BY THE INSTITUTE LOCAL SELF-RELIANCE

FOR

The f inancial c risis a nd i ts e conomic a ftershocks ha ve s pawned the f irst ser ious e xamination o f t he structure o f ou r c urrent ba nking s ystem a nd t he pu blic p olicies t hat ha ve fueled conso lidation o ver t he la st 30 years and untethered financial institutions from their communities. From the 1930s through the 1970s, state a nd f ederal p olicies n urtured a strong ne twork o f co mmunity-based financial i nstitutions ( both ba nks a nd credit un ions). B eginning in 1 980 and con tinuing t hrough t he la st t hree decades, Congress and federal regulators systematically dismantled these policies. The result has been a tidal wave of mergers a nd a n u nprecedented concentration of market power. The number of community banks (those with a $1 b illion i n a ssets or l ess) ha s fallen by more t han half, while the four big-

gest ba nks - C itigroup, J P M organ Chase, B ank o f A merica a nd W ells Fargo - now hold nearly 40 percent of all U.S. deposits and control half of all bank assets. This delinking of banks from their communities ha s op ened u p a v ast distance b etween d epositor, b orrower and l ender, a nd ha s s pawned a f inancial system t hat devotes a n increasing share o f i ts resou rces to s peculative activities over productive investments. Today, a g rowing number of e conomists, p olicymakers, a nd ci tizens believe that this separation was at the root o f t he f inancial se ctor’s co llapse in the fall of 2008 and that we ought to look at the benefits of moving toward a f inancial s ystem t hat is pr imarily co mposed o f i ndependent ba nks and c redit u nions. A lthough se verely diminished as a result of public policies embraced over the last 30 years, our nation is still home to about 8,000 credit u nions an d m ore th an 7 ,600 community banks. The N ew R ules P roject lau nched

the Co mmunity B anking I nitiative to provide t he empi rical a nd conc eptual u nderpinnings f or a co mmunityscaled f inancial s ystem, w hich w ill reduce sy stemic r isk a nd st rengthen local e conomies, a nd to i dentify pub-

lic p olicies th at c an r evitalize s uch a system. To learn more ab out t he “Community B anking I nitiative” em ail i nfo@ ilsr.org or call ILSR’s Stacy Mitchell at 612-276-3456.

Bay State

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loan or line of credit UniBank’s Fast Track is your answer. With Fast Track you ‘ll get a great rate and you can borrow up to $250,000. You’ll always receive quick attention to your loan request, too. At UniBank you’ll also get a bank dedicated to providing customized solutions tailored to fit your specific needs as well as a financial partner that will work with you every day to improve your business. Why wait? For more information, stop by any UniBank branch or 1.800.578.4270 today.

www.unibank.com Main Office: 49 Church Street • Whitinsville, MA • 508.234.8112 • 1.800.578.4270 *This offer is available for a limited time and requires a business checking account. After 12 months, the Business Line of Credit converts to Prime +2%. Term loan converts to applicable rates. Member FDIC/Member DIF

BUILDING COMMUNITY ~ Local Banks Lead The Way

January 5 & 6, 2012 11

Get back to work. We’11 mind your banking. The Small Business Administration (SBA) recently granted Preferred Lender status to Southbridge Savings Bank. Pictured left to right accepting their certificate is, Brian Chandley, VP-Director of Commercial Lending & Services; James Sandagato, Asst. VP Commercial Lending & Services; Phil Pettinelli, President & CEO; Keith Kirkland, VP Commercial Lending & Services; Robert Nelson, SBA District Director of Mass., Ronald CooperAsst. VP Commercial Lending & Services; Anne Hunt, SBA Asst. District Director/Lender Relations; and Doina Gity, SSB Credit Analyst.

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Southbridge Savings says time is right for small businesses SUBMITTED BY SOUTHBRIDGE SAVINGS BANK “Starting a s mall bus iness i n a d ifficult ec onomy p rovides s ome un ique opportunities a nd i nteresting b enefits. With a so lid s trategic p lan, a v alueadded pro duct or ser vice, a nd rea listic projections, en trepreneurs ca n a ctually take advantage of the times to minimize costs a nd m aximize opp ortunities,” states B rian C handley, V ice P resident and Director of Commercial Lending & Services at Southbridge Savings Bank. And w hen i t co mes to ser ving t he needs o f t he l ocal co mmunity i n t heir professional ende avors, C handley l ikes to think that Southbridge Savings Bank, which first opened its doors in the mid1800s, is second to none: “We have a l ong-standing t radition o f pro viding a f ull a rray o f pro ducts a nd ser vices that w ill a ssist b usiness c ustomers i n meeting t heir g oals.” M ost re cently, Southbridge Savings Bank was g ranted the U .S. S mall B usiness A dministration’s ( SBA) P referred L ender s tatus. Awarded to l enders w ho ha ve cons istently demons trated a co mmitment to businesses, t he PLP ( Preferred L ender)

designation will ensure that Southbridge Savings Bank’s customers not only have access to a full range of SBA loan products, but, simplified and expedited loan processing and approval times as well. When c ontemplating a pplying f or a bus iness l oan, S outhbridge S avings Bank offers the following tips: Provide hi storical fi nancial s tatements from the past three years, as well as y ear-to-date in terim f inancial s tatements. Be prepa red to pro vide revenue a nd profit pro jections to gether wi th a pro forma ba lance s heet. I n a ddition to articulating “ best” a nd “ worst” ca se sales f orecasts, pu t to gether a “mos t likely” scenario. If y ou a re s tarting a ne w bus iness or p lanning a s ignificant c hange t o an existing b usiness, subm it a b usiness plan that validates your thought process. A last piece of advice to prospective businesses from Chandley: “Even if you don’t have a concrete plan to take your business to t he ne xt l evel, r ight n ow may be the best time to meet with your banker to talk through your business and tell us what you’re considering. We will have some insights that could prove helpful!”

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12 January 5 & 6, 2012

Move your money Continued from page 9

Invest In Main Street, Not Wall Street When y ou k eep y our mone y i n a l ocal f inancial institution it stays local, which is i mportant for building a s table e conomy a nd encou raging l ocal j ob growth. Fewer Fees, More Savings Community banks and credit unions usually charge you less i n fees, a nd often pay you h igher i nterest on your a ccounts. T he numbers a re clear: t he bigger t he bank, the higher the fees. Stop Rewarding Greed In 20 08, n ine o f t he ba iled-out ba nks pa id ou t almost $33 billion i n b onuses to t heir top e xecutives. To put that in perspective, thatâ&#x20AC;&#x2122;s more than twice the GDP of Afghanistan. Get More Personal Service Customers of community ba nks a nd c redit u nions talk to actual people when they call, instead of robotic phone-trees. T ellers o ften k now t hem b y na me a nd treat their customers like family.

BUILDING COMMUNITY ~ Local Banks Lead The Way Lend a Hand to Local Businesses Smaller ba nks do d isproportionately more s mall business lending than the big banks. Small businesses, in t urn, a re t he m ain en gine o f j ob g rowth. B anking locally is a g reat w ay to s upport i ndependent bus inesses in your home town. Join the Movement A recent poll found that nearly 1 in 10 people have already moved some of their money in protests to t he big banks. And cities, counties, states, schools, unions and other organizations a round the country have broken up with the big banks, as well. Itâ&#x20AC;&#x2122;s a national grassroots movement that lets people take a step towards creating financial equality. Take a Step To End Too Big To Fail! Go to MoveYourMoney.info to find a community bank or credit union near you.

Students Continued from page 5 tunately, t his i nformation is nâ&#x20AC;&#x2122;t a lways pu blic, bu t many schools have campus groups trying to invest their endowments responsibly. Get in touch with the school administration and start a conversation about the schoolâ&#x20AC;&#x2122;s finances.Â

Massachusetts Treasurer sees benefit of moving money to local banks Back in August, Massachusetts State Treasurer Steve G rossman promoted a â&#x20AC;&#x153;S mall Business Banking Partnershipâ&#x20AC;? to set aside up to $300 million in state funds that typically would have been deposited in large, national banks. He pledged to invest instead in community banks offering similar rates of return. The program was expected to include nearly 100 banks statewide, each getting up to $5 million, as long as the community banks promised to use t he additional deposits to ma ke loans to small businesses.

Many sc hools have t heir own c redit u nions, bu t students ca nâ&#x20AC;&#x2122;t a lways j oin t hem. C heck w ith y our school to see. If students canâ&#x20AC;&#x2122;t join the credit union, contact t he a dministration to se e why not, t hen t ry to c hange t he p olicy.Â For more i nformation c heck out www.moveyourmoney.info

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