GSB Core Magazine, Community Newsletter, Q1 2021

ALWAYS OPEN

ANNUAL REVIEW EDITION

“If we have learned anything the past few days, it is that we are stronger when we support each other.”

That headline — shared on March 18, 2020 — is as true today, as it was in the dramatic initial days of the pandemic. It was the theme behind the GSB announcement of a $100,000 donation to four regional foundations, and it went on to serve as our guide for the challenging months that followed.

We were all stronger, together.

With this annual report, never has the phrase, “hindsight is 2020,” had deeper meaning. In this remarkable year, all of us at GSB learned a great deal about our strengths, adaptability and the importance of our community-bank mission. We closed the year, stronger, more focused and prepared to be the only bank our customers will ever need.

CORE MAGAZINE | 2020 ANNUAL REVIEW

From the first days of the pandemic, to the day we launched a new branch in North Haven, not only did we never close, we were proven to be more open, than ever.

— We are always open at GSB.

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Page 4

A Letter From Our CEO

Page 6

Open for Business

Page 8

Open to New Partnerships

Page 9

GSB Wealth Management Financials

Page 10

2020 Annual Financial Information

Page 12

Open to New Ideas

Page 14

Opening New Opportunities

Page 16

Open to Our Community

Page 18

Awards, New Corporators, Retirees

Page 20

2021 Directors, Corporators, and Corporate Officers

Page 20

Mission, Vision, Values

Page 22

Opening New Doors

CORE MAGAZINE | 2020 ANNUAL REVIEW

WHAT’S IN THIS ISSUE?

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“ A YEAR OF DEDICATED SERVICE AND STRATEGIC GROWTH” To the community we serve, Although the last year was a difficult one in the face of the COVID-19 pandemic, we are proud to say that GSB is thriving and is committed, as always, to providing the best service to our customers under every circumstance.

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The banking industry in Connecticut and nationwide continues to see mergers and acquisitions, leaving GSB as one of the few remaining institutions of its kind. Consolidation in this space means a lack of connection to the community, and, in a time like a global pandemic – though truly any time as each day brings its own bend of uncertainty or change – understanding of the local environment is critical.

What the people of Connecticut are experiencing is uniquely different from what those in the Midwest are going through as COVID-19 continues to impact all our lives. As much as other banks make the claim that they are able to focus locally through regional management, the key driver of operations is strategy. Strategy takes place at the top, and therefore the strategy of larger banks can never

match the view we have at GSB that comes from years of immersion in the area we serve.

As we grow our physical footprint and our products and services strategically, we focus on the community in deeper ways than others can because our leadership live here. We understand these communities on a personal level, which is the most meaningful thing we can contribute in the evolution of the offerings we seek to provide.

This year, we not only continued to seamlessly serve our customers despite the challenges of the pandemic, we expanded in exciting ways. We opened our seventh branch location in North Haven, acquired a successful registered investment advisor under the umbrella of GSB Wealth Management, strengthened our commitment to diversity, equity and inclusion, and launched online account opening for the business community.

We remain focused on efficiency and customer engagement, harnessing technology whenever possible to allow face-to-face interactions between those we serve and our subject-matter experts.

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Unlike so many other banks that no longer have a true connection to those they serve, we understand the fundamentals of the business industry at this challenging time and can meet the specific needs of business owners statewide by offering them every possible avenue to work with our team to achieve goals.

The strength in our digital channel combined with our unparalleled

We continue to focus on innovation.

We are steadfast in our commitment to our core mission and values. We remain excited about the opportunities ahead. We are grateful for your loyalty and support.

I am proud to share with you in the following pages stories of the growth we’ve seen in this last year and expect to continue to foster at GSB – the only bank you’ll ever need.

Timothy P. Geelan President & CEO TGeelan@GSByourbank.com (203) 458-5456

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devotion to individualized service is indicative of our ongoing commitment to the success of the entrepreneurs, individuals and economies that we serve.

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GSB is offering more now virtually than ever before, including most recently a roll out of online account opening capabilities for business accounts, but the team is excited to interact with customers in person as well.

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OPEN FOR BUSINESS: GSB CONTINUES TO ADJUST TO THE ERA OF COVID-19

It’s been nearly a year since business and schools first closed, at which time much of the GSB staff moved to remote work and branch lobbies were closed to the public to help keep customers and staff safe. All inperson services began being offered either by appointment or through the drive-up windows and customers were encouraged to use mobile and online banking options.

Staff offered online tutorials or phone instruction sessions for customers new to the technology, and work was done on an individual basis with customers impacted by the pandemic.

Now, although the increasing vaccination rates offer hope of a potential return to normalcy, these measures remain in place to ensure transmission risk remains low.

“I’d love to be at a place where we are reopening our branches, but unfortunately, as we see the virus is changing, transmission continues and vaccines are taking longer than expected to roll out so we’ll be in a modified state with our lobbies closed to the public a while longer,” explained Shalonta Ford, Vice President of Retail Banking.

“Despite that, we’re proud that we

have been able to fully service our customers by appointment and digital means.”

GSB is offering more now virtually than ever before, including most recently a roll out of online account opening capabilities for business accounts.

“We’re extremely busy,” Ford said.

“Our drive-thru lanes are quite active.

Customers are still coming to the bank and some of what they do in the drivethru lane does include things that could be done digitally, but we know during this difficult time people who can go out want to see us, which is great because we still want to see them.”

The newest GSB branch in North Haven, boasts shared conference space with video conferencing available in office areas so customers have access via video chat to GSB subject-matter experts in all areas. This is something that will be implemented as an option for all GSB customers as the COVID-19 pandemic revealed the real benefit of Microsoft Teams and Zoom to connect people who are apart face-to-face.

“We can have a residential loan officer or cash management expert or commercial lender meet with a customer without that customer having to drive up and down the highway,” Ford said.

“We can have people in a Teams conference with a customer essentially sitting across from them. We’re able to touch so many more customers that way.”

The GSB team will also focus attention in the coming months on virtually offering the GSB At Work program, which in the past involved onsite meetings with employees of businesses to outline product and service offerings.

“We can now do that virtually as well, which is really exciting,” Ford said. “It will be efficient for us to bring all of these things to businesses without ever having to leave the branch.”

Ultimately, Ford said, as GSB continues to adapt and adjust the team has come to recognize its own resiliency.

“We’re proud of the work we’ve been able to do and continue to do for our customers,” she said.

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As the COVID-19 pandemic continues, GSB remains focused on serving customers every way possible with the personal touch for which it is known.

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OPEN TO NEW PARTNERSHIPS: MERGER EXPANDS WEALTH MANAGEMENT OFFERINGS With a goal of opening the door to new capabilities to serve the customers of GSB and GSB Wealth Management, CTMA Wealth Management recently became part of the GSB team and its offerings.

CTMA Founder Chris Abely joined GSB Wealth Management as the Chief Investment Officer, bringing with him a trifecta of experience and a solid foundation with the investment management and financial planning operation that focuses on individuals, small businesses and credit unions.

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At its core, according to GSB Wealth Management CEO Ken Russell, this merger will allow the investment team and the investment process to scale for the good of current clients of both GSB Wealth Management and CTMA. “For GSB Wealth Management clients, they gain a highly experienced and credentialed Chief Investment Officer in Chris Abely, and CTMA clients gain the investment depth we have associated with our $250 million in client assets. CTMA clients gain a larger investment team and GSB Wealth Management clients will benefit from Chris’ leadership,” Russell said.

CTMA was founded a decade ago CTMA has strong capability in

by Abely, a Chartered Financial retirement plans for small businesses, Analyst with three decades of banking, which Russell said is an important insurance and investments experience, addition to GSB Wealth Management. making him uniquely qualified for the role he will continue to hold as CTMA “That’s not something we did previously so we’re excited to offer that, and it becomes part of GSB. aligns very well with the commercial “I’ve literally been in every aspect banking clients of GSB,” Russell of finance,” he said. “It’s a passion said. “For the bank itself, it can now for me more than it’s a job. I view broaden and deepen relationships this as a legacy and I’m excited for with commercial clients by offering what’s ahead. I think we’ll add to the retirement planning.” vibrancy of what’s offered.”

He said he looks forward to the The 30-year Madison resident opportunity to implement new began his career in New York offerings and areas of investment as as a Capital Markets Analyst well as deeper rigor in existing areas before become a Vice President of the investment process for the of Commercial Banking and later benefit of current and future clients. embarking on business ownership.

“The relationship embraces the leaders As he looked at his succession plan, of CTMA and will encourage the Abely decided the best course of entrepreneurial spirit as part of the action was to sell his assets and the new leadership team, while seeking partnership with GSB was born. to leverage back office synergies and the reputation and solid footings of a mutual community bank,” said “This is a fabulous Kyle Eagleson, GSB 1st EVP, Chief opportunity with the Financial Officer.

talent GSB has and what we’re bringing to the table,” he said.

“It’s a natural fit.”

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GSB WEALTH MANAGEMENT FINANCIALS As of December 31, 2020 (In Thousands)

GROSS FEE INCOME

ASSETS ASSETS ASSETS UNDER UNDER UNDER MANAGEMENT MANAGEMENT MANAGEMENT $500,000 $500,000 $500,000

(2020 Results Reflected on an Annualized Basis) $2,000

$450,000 $450,000 $450,000

$1,900

$400,000 $400,000 $400,000

$1,800

$350,000 $350,000 $350,000 $300,000 $300,000 $300,000

$1,700

$250,000 $250,000 $250,000

$1,600

$200,000 $200,000 $200,000 $150,000 $150,000 $150,000

$1,500

$100,000 $100,000 $100,000

$1,400

$50,000 $50,000 $50,000 $-

$1,300

$2016 2016 2016 2017 2017 2017 2018 2018 2018 2019 2019 2019 2020 2020 2020

2015

2016

2017

2018

2019

2020

*GSB Wealth Management, LLC is a separate subsidiary of The Guilford Savings Bank. GSB Wealth Management, LLC is a registered investment advisor and makes investment recommendations that involve products that are not Bank deposits, are not guaranteed by the Bank, not FDIC insured and involve investment risks, including the possible loss of principal.

Chris Abely, Chief Investment Officer and Ken Russell, Chief Executive Officer, both of GSB Wealth Management, looking forward to reaching new heights together.

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$-

9

GSB FINANCIALS

As of December 31, 2020 (In Thousands)

OTHER LOANS

REAL ESTATE LOANS

(Excludes Deferred Fees)

(Excludes Deferred Fees) $311,687

2020

$305,369

2019

2019

$230,481 $29,201 $299,894

$24,865

$291,058 $182,659

2017

$10,894

2016

$10,275

$29,856 $268,099 $137,879

$9,467

$39,575 $715

$30,641

Residential RE

Commercial RE

2020 was a unique year that presented unprecedented challenges throughout the world due to the ongoing COVID-19 pandemic (“COVID-19”). Along with devastating health repercussions, COVID-19 caused significant disruptions to the global economy and impacted our way of life.

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$29,618

$17,532

$8,131

$31,203

2016

$56,369

$20,645

$6,234

2018

$198,769

2017

$49,510

$3,463

$26,616

2018

$56,296

2020

$246,688

Adapting our business to the changes and meeting the needs of our customers in these unprecedented times quickly became the overarching priority at GSB. The bank shifted our service delivery model to protect our customers and employees. Typical face-to-face transactions were serviced digitally or through drive-up windows. In rare instances where face-to-face service was needed, the bank offered convenient appointments

2nd MTG

through online scheduling. This is just one example of the many ways the bank was able to pivot and adapt to the new COVID-19 environment.

Through this action GSB supported the community through the pandemic, delivered uninterrupted banking services and provided over $40 million of loans to support businesses impacted by the pandemic.

The financial support to our customers was mainly in the form of facilitating Paycheck Protection Program (“PPP”) loans, which are forgivable loans guaranteed by the Small Business Administration, with the purpose of providing monetary support to businesses negatively impacted by COVID-19. In addition to this program, GSB proactively worked with existing borrowers to navigate hardships caused by the

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Construction and A & D

C&I

Consumer

pandemic. GSB’s efforts helped consumers stay current on their loans, helped stabilize small businesses through an unexpected downturn, and ultimately lead to record annual asset growth for the Bank. A win for the consumers, businesses, the Bank, and most importantly the community which the Bank serves.

In addition to the aforementioned operational changes caused by the pandemic, the Bank had to manage drastically lower interest rates and deteriorated credit conditions. In response to the lower interest rates, GSB lowered rates on loans and deposits and carefully balanced the desires of our customers with our net interest margin constraints.

To address the credit conditions, GSB appropriately funded the loan loss reserve and prudently

TOTAL DEPOSITS TOTAL TOTAL TOTAL DEPOSITS TOTAL DEPOSITS TOTAL DEPOSITS DEPOSITS DEPOSITS

(Excludes Escrow, Sweeps and Brokered CDs) (Excludes (Excludes (Excludes Escrow, (Excludes Escrow, (Excludes Escrow, Sweeps Escrow, Sweeps Escrow, Sweeps and Sweeps and Brokered Sweeps and Brokered and Brokered CDs) and Brokered CDs) Brokered CDs)CDs)CDs)

$700,000 00,000 00$700,000 $700,000 $700,000

HISTORICAL GROWTH $7,000

$1,000,000

$81,996 $81,996 $81,996 $81,996 $81,996 $81,996

TOTAL DEPOSITS

$900,000

$6,000

$66,246 (Excludes Escrow, Sweeps and Brokered CDs) $66,246 $66,246 $66,246 $66,246 $66,246 $171,348 $800,000 $75,346 $171,348 $171,348 $171,348 $171,348 $171,348 $700,000 $75,346 $75,346 $75,346 $75,346 $75,346 $81,996 $88,675 $123,821 $500,000 $700,000 $88,675 $88,675 $88,675 $88,675 $88,675 $94,265 $123,821 $123,821 $123,821 $123,821 $123,821 00,000 00$500,000 $500,000 $500,000$79,083 $66,246 $600,000 $94,265 $94,265 $94,265 $94,265 $94,265 $79,083 $79,083 $79,083 $79,083 $79,083 $77,420 $171,348 $600,000 $75,346 $77,420 $77,420 $77,420 $77,420 $77,420 $400,000 $58,837 $171,066 00,000 00$400,000 $400,000 $400,000 $147,490 $88,675$123,441 $123,821 $58,837 $58,837 $58,837 $58,837 $58,837 $500,000 $171,066 $171,066 $171,066 $171,066 $171,066 $147,490 $147,490 $147,490 $147,490 $147,490 $500,000 $94,265 $79,083 $123,441 $123,441 $123,441 $123,441 $123,441 $118,293 $112,045 $77,420 $118,293 $118,293 $118,293 $118,293 $118,293 $300,000 $112,045 $112,045 $112,045 $112,045 $112,045 $400,000 $58,837 $171,066 00,000 00$300,000 $300,000 $300,000

$600,000 00,000 00$600,000 $600,000 $600,000

$123,441 $145,582 $118,293

$147,490

$145,582

$138,640

$5,000 $4,000 $3,000

$400,000

$138,640 $169,154 $112,045 $138,640 $138,640 $138,640 $138,640 $138,640 $131,333 $145,582 $145,582 $145,582 $145,582 $145,582 $300,000 $200,000 $169,154 $169,154 $169,154 $169,154 $169,154 $300,000 $132,117 $131,333 $131,333 $131,333 $131,333 $131,333 00,000 00$200,000 $200,000 $200,000 $132,117 $132,117 $132,117 $132,117 $132,117 $200,000

$100,000 00,000 00$100,000 $100,000 $100,000$124,512

$132,117

$131,333

$169,154

$2,000

$200,000

$163,402 $155,454 $139,073 $136,781 $163,402 $163,402 $163,402 $163,402 $163,402 $155,454 $155,454 $155,454 $155,454 $155,454 $100,000 $139,073 $139,073 $139,073 $139,073 $139,073 $136,781 $136,781 $136,781 $136,781 $136,781 $124,512 $124,512 $124,512 $124,512 $124,512 $100,000 $163,402

$1,000

$155,454

$-

$139,073 $136,781 $124,512 $$- $- $-2016 2017 2018 2019 2020 $2016 2016 2016 2016 2017 2016 2017 2017 2017 2018 2017 2018 2018 2018 2019 2018 2019 2019 2019 2020 2019 2020 2020 2020 2020 2016 2017 2020 Retail CD MMDA Savings 2018 Int. Bearing2019 DDA DDA RetailRetail CDRetail CD Retail CD MMDA Retail CD MMDA CD MMDA MMDA Savings MMDA Savings Savings Int. Bearing Savings Int.Int. Bearing Int. DDA Bearing Int.DDA Bearing Int.DDA Bearing DDA DDA DDA DDA DDADDADDA Retail CD Savings MMDA Savings Bearing DDA DDA

examined credit risk to preserve our strong asset quality. The higher loan provision expense coupled with record low rates continues to compress our net interest margin. To offset these costs and differentiate revenue streams, GSB continues to focus on non-interest income from value-added services. With that aim, GSB Wealth Management completed the acquisition of CTMA, a local RIA with approximately $198 million in assets under management. The purchase will lead to an additional $1.3 million of annual revenue, significantly increasing GSB’s non-interest income.

Despite the headwinds from COVID-19, GSB had a successful year and the financial status of the bank remains strong. Assets on December 31, 2020 were

$-

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Total Assets

$971.0 million, an increase of $132.8 million or 15.8% from 2019. $132.8 million in annual asset growth represents the highest nominal growth in our history. Bank capital remains strong with a yearend total of $107.6 million. The high capital level enhances our strength, helping us exceed the ratios for a well-capitalized classification.

Deposits increased by $90.6 million, or 14.0% for the year, which was another record for annual growth. As a community bank, these deposits are redeployed locally through residential, commercial and consumer lending. Total loans grew by $46.0 million, or 7.1%, primarily in commercial & industrial loans due to the PPP Loans, of which $34 million were outstanding on December 31, 2020. Many of these loans helped local small businesses

Loans

$-

Net Income

survive the most extreme months of the shutdowns caused by the pandemic.

GSB continues to drive growth by serving the financial needs of small businesses and consumers throughout the state of Connecticut. Our asset growth translated to $31.8 million in interest income on loans and investments, offset by decreased interest expense of $4.9 million. This resulted in net interest income of $26.9 million, an increase of 9.9% from 2019. After factoring in provisions for loan losses, net non-interest income and expense, and strategic expenses, GSB’s final net income was $6.2 million for 2020. Operating under a mutual holding company structure, our net income is redeployed into our business and our community to ensure future viability of both.

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GSB recently began offering online account opening for business accounts. Adding this to an already strong repertoire of digital services, GSB is well positioned to serve customers in whatever way they prefer – be that in person or remotely.

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OPEN TO NEW IDEAS: EVOLVING TECHNOLOGY AT THE FOREFRONT

“This has been our focus for a while as we are always working to ensure we’re integrating the latest technology and offering the best products to our customers,” explained Pat Murphy. “We’re consistently simplifying processes to make sure that whether customers are opening an account, getting a debit card, setting up online banking or otherwise operating as a remote customer because they can’t or would prefer not to come into a branch that we can meet their needs in the channel they prefer.”

A big step GSB recently took in online offerings was to begin offering online account opening for business accounts.

“This is a huge game changer,” Murphy said. “This helps us expand what we offer throughout our state.

Businesses who have been referred to us or who have simply heard good things about us and want to do business with us but are not local, now we have an ease of interaction with them to open that account.”

The whole process takes just five to 10 minutes, Murphy explained, and all documents are exchanged and signed electronically.

“Document uploads are really simplified, and I think with COVID-19 going on in particular it’s been a real help to a lot of businesses,” he said. “They need to get an account open but perhaps they don’t have time to make an appointment and come to one of our branch locations. We’re really now offering banking on their terms.”

He said this new offering separates GSB from its competition well.

“The fact that we now offer this really separates us because a lot of our larger peers still don’t offer this ability to businesses,” he said.

“Coming from a smaller bank like us, that’s a big win.”

Despite the ongoing commitment to new technology, Murphy said the personal touch offered by the GSB staff is still what sets it apart.

“We still keep that local feeling,” he said. “When you call into our call center, it isn’t hard to get a live person and the people in that center are the same ones working on opening those accounts for you. It’s easy to reach the exact people you need. So we still have a local feeling with all the digital options.”

Murphy noted the expertise of the staff extends to that digital world.

“Our people are going to make sure you are in the best digital product for you and getting all the

benefits of the systems we have,” he said. “We make sure all your needs are being met. Technology goes a long way, but the people we have behind it supporting it are what makes a difference.”

He enjoys the fluidity GSB now has to bank with customers however fits their needs.

“You can come in and see us, but we’re not just your local bank where there is one branch in town you have to drive to. You can bank with us and never walk through a brick and mortar building if you so choose.”

He’s proud of many of the accomplishments GSB has made in the digital space so far, including implementing its person-to-person payment tool and increasing speed for account-to-account transfer.

“We’re working on a lot of improvements to the way we serve people and will have many selfserve options to come later this year,” Murphy said.

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Already committed to harnessing the latest technological capabilities, GSB has seized the opportunities presented by the COVID-19 pandemic to continue to embrace a digital transformation.

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Dr. Beth Collins is a board-certified plastic surgeon who worked with GSB to expand her Guilford practice to a second location in Mystic. She credits the bank for helping her to get a mortgage and purchase the building she is now renovating and making the process as easy as possible.

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OPENING NEW OPPORTUNITIES: PERFECT NEW LOCATION MEETS PERFECT BANK PARTNER

The board-certified plastic surgeon in Guilford spent a couple of years working with GSB to identify buildings and options, but it was when she toured a building in Mystic that she new she’d found the spot for her dream office while expanding her market reach.

“It’s been a really wonderful experience,” said Dr. Collins. “GSB has always been there for me. I had relationships with other larger banks and the thing that I see as unique is it’s a smaller community bank and there is a much more personal touch.”

GSB provided Collins an SBA 504 commercial real estate loan, allowing her to put only 10 percent equity into the acquisition of her new building.

Eagleson explained, “We closed the loan for her in early March 2020 and as fate would have it COVID hit. Her plans for Mystic have been put on a temporary hold until the return of more normal times and GSB stands committed to her project and we are committed to helping Dr. Collins in any way we can.”

GSB handled the financing for the project so Collins could focus on Collins said of the lending process serving her customers with aesthetic and overall relationship with the bank, medicine utilizing both surgical and “GSB made it just so easy for me. non-surgical procedures as part of They were very much invested in my her full-service cosmetic surgery and success and having my business go medspa practice. She credits the bank “Dr. Collins has an excellent reputation, forward. Just as much as I was, I felt.” a strong book of business, and is for helping her to get a mortgage a very financially sound business and purchase the building she is now owner,” said Brett Eagleson, VP and renovating and making the process Commercial Loan Officer as easy as possible.

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When Dr. Beth Collins wanted to grow her practice and open a second location, she relied on GSB for support in the process.

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OPEN TO OUR COMMUNITY In March, we were proud to support the four community foundations of Branford, Guilford, Madison, and Middlesex County, to help members of our community facing financial hardships due to the COVID-19 pandemic. Our friends at these foundations shared with us how all community contributions truly make a difference. Here’s what they had to say:

GUILFORD & BRANFORD COMMUNITY FOUNDATIONS: “Our communities were rocked by COVID-19. Guilford Savings Bank proactively gave significant donations to our COVID-19 Response Funds as the impact of the pandemic became more clear. These funds provided support for infants to seniors, from basic needs to assisting local businesses, and diapers to surgical masks. We don’t know how the pandemic will unfold, but we do know that with GSB’s support, the foundations will be here to help.”

$297,000 CORE MAGAZINE | 2020 ANNUAL REVIEW

DONATED TO THE LOCAL COMMUNITY IN 2020

$

$15,000

EMPLOYEE CONTRIBUTIONS MATCHED BY THE BANK

75

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NON-PROFIT BOARDS OF DIRECTORS

MADISON COMMUNITY FOUNDATION:

MIDDLESEX COUNTY COMMUNITY FOUNDATION:

“The overwhelming support from the community is humbling. Our foundation was able to provide immediate assistance to members of our community affected by the economic shutdown, thanks to generous donations such as this.”

“Thank you, Guilford Savings Bank, for putting your hearts and dollars to work in the community. We are honored to work with you and humbled by your commitment to our region. You truly are GREAT people doing GREAT things in our community.”

100,000

$22,000

IN HIGHER EDUCATION SCHOLARSHIPS ANNUALLY

124

COMMUNITY ORGANIZATIONS

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DIRECT RESPONSE TO COVID RELIEF FUNDS VIA COMMUNITY FOUNDATIONS

17

Ryan Todd Graduated from the Connecticut School of Finance and Management as Valedictorian

Heather Hackley

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Shoreline Chamber of Commerce Woman of Excellence

THE ELECTION OF OUR NEW CORPORATORS Kenneth Russell

18 ANNUAL REVIEW EDITION

Ralph Volpe

Janet Sandella 2020 George Bailey Distinguished Service Award Nominee

Adam Carner

After more than 23 years of devoted service, Barbara Truex, Vice Chairman of the GSB Board of Trustees, retires on March 16, 2021.

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GSB PEAK Award

19

2021 BOARD OF TRUSTEES Charles L. Havrda, Chairman William W. Lee, Vice Chairman Robert L. Carmody Stephen J. Dowler Ryan Duques Timothy P. Geelan Sandra J. Ruoff

OUR MISSION:

Paul Sullivan, Jr.

2021 BOARD OF CORPORATORS (INCLUDES THE BOARD OF TRUSTEES)

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OUR VISION: Guided by our values and an unwavering commitment to improve the lives of those served, we endeavor to be the preeminent independent community bank in Connecticut.

Deborah V. Abildsoe Christopher Balestracci Jeffrey Beatty David M. Brown Philip Carloni William A. Childress Kyle Eagleson Joshua G. Geballe Richard A. Gentile Robert J. Hartmann, Jr. Steven K. Inglese Evan Jackson Deirdre Jacob Mary Jo Kestner Vaughn C. Knowles J. Richard Lee Hawley W. Lincoln, IV Laura A. Martino Mark D. Matlosz Christopher McKeon Samuel McKnight, Jr. Michael J. Mikolay Lisa Miksis Camille R. Murphy Andrew R. Page Peter A. Palumbo Liza J. Petra Thomas J. Richardson Susan P. Robins Kenneth Russell Juan M. Salas-Romer Sean Scanlon Jeffrey E. Vailette Anthony A. Valentino Ralph Volpe

CORPORATOR EMERITI Margaret Y. Livingston H. Logan Page, III

20 ANNUAL REVIEW EDITION

To provide comprehensive financial solutions to individuals, families, and businesses predicated upon building mutually beneficial, strong, and lasting relationships.

INDEPENDENCE: Remaining a strong, mutual financial institution engaged with the community we serve.

COMMITMENT: Through meaningful philanthropy of financial resources and human resources, we are catalysts in improving the quality of life for our neighbors.

TEAM DEVELOPMENT: Recruitment, retention and reward of a strong and compassionate team through a culture that encourages empowerment and growth.

RELATIONSHIPS: With integrity and earned-trust, we build long-standing relationships as a result of consistent, service excellence.

CREATIVITY: Through shared ideas, continuous improvement and leadership, we invite new thinking that responds to and anticipates needs.

STEWARDSHIP: Aware we are a community institution, not only a financial institution, we invest wisely in ourselves, others, and tomorrow.

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GSB WEALTH MANAGEMENT, LLC Kenneth R. Russell, Jr. Chris Abely Scott Albraccio Brant Walker Anthony Morgillo, VP Ted Reagle, VP Colleen Venter

President & CEO Chief Investment Officer Senior Vice President Senior Vice President Wealth Management Adviser Wealth Management Adviser Chief Compliance Officer

CORE MAGAZINE | 2020 ANNUAL REVIEW

2021 CORPORATE OFFICERS Timothy P. Geelan Kyle J. Eagleson, 1st EVP David Finnerty, EVP Lyle Fulton, EVP Heather P. Hackley, EVP Christine Beirne, SVP Renee B. Pallenberg, SVP Steven G. Supernaugh, SVP Anne Tedstone, SVP Michael J. DeBlieux, VP Norbert Deslauriers, VP Brett Eagleson, VP Suzanne Walsh Erno, VP Lee Foo, VP Shalonta Ford, VP James Gannuscio, VP Mark Jenusaitis, VP Lorraine McInerney, VP Bryan J. Mierzejewski, VP Abigail S. Patrizio, VP Michael D. Paz, VP Heidi Samuelson, VP Janet P. Sandella, VP Denise Sokolowski, VP Greg South, VP Alexander Sulpasso, VP Ryan Todd, VP Diane Barros, AVP Gay Butler, AVP Keira Cervoni, AVP Kristen Conlon, AVP Kristopher Cricchi, AVP Kathy Duncan, AVP Todd Konnik, AVP Victoria Magin, AVP Patrick Murphy, AVP Randy Sonzoni, AVP Brian Toman, AVP

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CORE MAGAZINE | 2020 ANNUAL REVIEW

GSB Vice President of Retail Banking Shalonta Ford recently was appointed to the role of Diversity, Equity & Inclusion Officer for GSB.

22 ANNUAL REVIEW EDITION

OPENING NEW DOORS: GSB PUTS FOCUS ON DIVERSITY, EQUITY AND INCLUSION DEI committee made up of a diverse group of employees charged with identifying the DEI strategy for the company,” Ford said. “Decisions won’t be made in a silo. We’re going to look across the organization.”

“I think as a woman of color, these things are always on my mind. It’s just something that I live with every day and everything in the last year really weighed heavily on me,” she said. “I had a fire in my gut and wanted to do my part. I felt like I could do more.

I wanted to figure out how.”

Employees will be surveyed to determine what benchmarks are appropriate, how staff currently feels GSB is doing in the DEI space, and to identify strategies and initiatives for the first year of this program.

Although she doesn’t have a background in the area of diversity, Ford said she was fortunate to “raise her hand and say to management that I’m passionate about this” and have the GSB management team embrace the idea.

Ford was appointed to the role of Diversity, Equity & Inclusion Officer at the start of 2021. She is currently working with the Human Resources team to determine a strategy for the future.

Ford and Senior Vice President, Human Resources Director Christine Beirne are enrolled in a Diversity & Inclusion program at Cornell University to receive education and training on the subject.

“Our next steps we expect to complete are to create an internal

“This is so critical,” Ford said.

“There is no time like the present.

But also, GSB has been around for a long time and we’re continuing to grow both digitally and physically in terms of our footprint.

It’s really important that we reflect the community that we serve and that we recognize things from a diversity perspective.”

She said her hope is to ensure GSB is always doing everything possible to reflect diversity in all ways, not just among its staff but in the ways it is reflected in the communities it serves.

“Whether it’s through marketing and what you see, the employees we hire or how we engage internally, or ensuring that the products we’re offering are fair and equitable to meet the needs of the community, we need to be certain we’re meeting DEI standards we can be proud of,” Ford said.

She said the most important component will be developing a roadmap and a strategic plan to follow.

“We want to make sure we don’t just think we’re doing things the right way, we’re sure we are because we’re intentional about them,” Ford said. “We want to make sure we are doing enough to create an environment where diversity is thriving and people feel included.”

Although diversity, equity and inclusion have always been important elements of GSB culture, Ford said she is energized by the chance to do more because she knows there are always opportunities for growth in this area.

“I’m thankful to be entrusted with this role and to get the education so I can add value to the organization,” she said.

CORE MAGAZINE | 2020 ANNUAL REVIEW

For GSB Vice President of Retail Banking Shalonta Ford, events of the past year brought forth an increased desire in her to bring about positive change in her workplace with regard to diversity, equity and inclusion.

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INNOVATIVE DESIGN. COMMUNITY-FOCUSED PHILOSOPHY. NOW OPEN IN NORTH HAVEN.