GSB Core Magazine, Community Newsletter, Q1 2020

COMMUNITY COMMITMENT: SOMETHING GSB AND CUSTOMERS SHARE WHEN BUSINESSES THRIVE, EVERYONE WINS DEVELOPING A LEGACY OF GIVING

President & CEO Timothy P. Geelan.

ANNUAL REVIEW EDITION

At our core, we are committed...

TO BEING A RELIABLE, STEADFAST, TRUSTWORTHY INSTITUTION that is as loyal to our customers as they are to us.

In our 2019 Annual Review, we endeavor to share with you stories that reflect our commitment to the communities and individuals we serve, our culture of social responsibility, and our efforts to evolve to meet our customers changing needs in this new age of technology while always honoring our roots.

When considering how to share our annual story, we chose to share how a peer community partner relates to our community bank. Guilford Savings Bank (GSB) and VNA Community Healthcare & Hospice (VNACHCH) are two distinct organizations with common core values.

We share that relationship with you here.

From philanthropy to personal banking, GSB strives to be a bank of trust, reliability, and access. How we achieve this through a diverse team of experienced bankers is the story of this annual report, and our everyday story, as well.

Thank you for the trust you place in us, it is trust we value... to the core.

— The community that is GSB.

ANNUAL REVIEW EDITION

WHAT’S IN THIS ISSUE? A Letter From Our CEO ................................................................... 4 Community Commitment .............................................................. 6 When Businesses Thrive, Everyone Wins ..................................... 8 2019 Annual Financials ................................................. 10 GSB Wealth Management Welcomes New CEO ...................... 12 2019 Wealth Management Financials .......................................... 13 Developing a Legacy of Giving ...................................................... 14 Community Giving .......................................................................... 16 Building a Specialized Connection ............................................... 18

2019 Directors, Corporators, and Corporate Officers ............. 20 Mission, Vision, Values .................................................................... 20 A Place to Grow ................................................................................ 22

CORE MAGAZINE | 2019 ANNUAL REVIEW

Awards ................................................................................................. 18

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“ GROWTH HAS BEEN AND CONTINUES TO BE A THEME FOR US AT GSB.”

To the community we serve, Growth has been and continues to be a theme for us at GSB. The last year was one filled with opportunities – ones we are poised to see through to fulfillment in the year ahead. Our ability to harness this potential has been critical to meet the needs of customers who are ever-seeking the modern banking experience alongside the service we are known to provide.

In the pages that follow, you will learn about not only our success in the past year, but the way we thrive because of the success of others and vice versa. As has been the case now for several years, our net income, loans, retail deposits and capital saw growth in 2019, and we continue to remain dedicated to charitable giving through both financial contributions and the giving of our time.

It’s fitting that in 2020 we celebrate 145 years in business, because no new opportunities can be explored without recognition of the past and respect for our history and origins. We are proud to offer our customers stability in their banking institution as we move into a new decade,

ANNUAL REVIEW EDITION

and we are proud to remain a sound bank that is as loyal to our clients as they are to us.

enhancement to make us more nimble and able to meet our individual customer needs.

Though our name may imply otherwise, our original Board of Corporators was not comprised solely of Guilford residents, but of individuals from throughout the shoreline. A group of people from all over the area came together to establish a bank that would stand the test of time.

It was a process to meet growth goals and enhance our offerings to solidify our foundation for the future. Navigating this process was a welcome challenge for all the members of our team as we worked and continue to work to adapt to the changes and enhance our offerings, while remaining the reliable Bank our community knows and trusts.

This set the tone for our near century and a half story that has always been one of commitment to the many communities we serve. It is one that will continue to be told in wider circles as we seek to bring our unique offerings as a local, mutual institution to greater numbers of clients who will benefit from our expertise and ability to integrate personalized service with competitive digital capabilities.

We have built a reputation of trustworthiness and authenticity that we endeavor to maintain and honor each day.

Just as we’ve grown over the years into the institution we are now, we’ve also adapted to the rise of technology and the impact that has had on the industry of banking.

In order to meet the demands of the modern era, we completed a technology

We are focused on our mission as we incorporate evolving technology and strive to better serve our customers and manage our resources while providing the best digital services.

It’s an exciting time for GSB as we look to our next 145 years, standing on the shoulders of significant milestones in our past. We are continuously evaluating how we can improve, allowing our past to inform our decisions while maintaining a forward-fixed gaze. We care about each customer because each customer is our neighbor and friend. We are committed to the success of the communities we serve.

We endeavor to be agile, to evolve, but to remain stalwart in our individualized

approach and understanding of our customer needs, steadfast in our values – ones we know you share. This is what has and always will make GSB stand apart from other banks. Your loyalty is appreciated and we will continue to seek to earn your trust as our growth journey evolves. We thank you for growing along with us.

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

CORE MAGAZINE | 2019 ANNUAL REVIEW

My door remains always open as we work to fulfill our promise: your community, your values, your Bank.

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VNA Community Healthcare & Hospice CFO John MacDonald and President & CEO Janine Fay (inset) meet with Lee Foo, VP, Cash Management Relationship Officer from Guilford Savings Bank. VNACHCH has for several years called GSB its Bank relationship home.

ANNUAL REVIEW EDITION

COMMUNITY COMMITMENT: SOMETHING GSB AND CUSTOMERS SHARE

VNA Community Healthcare & Hospice has existed in one form or another for well over a century. What began in the early 1900s as separate visiting nurse associations of Branford, Guilford, Hamden, North Haven, and Madison, today remains as one combined entity with a committed focus on the health and wellness of the community.

The organization – which employs more than 400 individuals and maintains offices in Guilford and Hamden – is devoted to helping keep people, particularly in the aging population, at home following or in the midst of a health crisis, or at the end of life through its hospice program.

A primary focus is teaching patients how to manage chronic conditions such as heart disease, diabetes, Parkinson’s, and Alzheimer’s at home. Families are important to VNACHCH and the agency offers resources and guidance to those caring for an ill or aging loved one through its Family Caregiver Support Network.

The home healthcare agency also works directly within the community by offering flu clinics, Ask the Nurse clinics,

and a variety of wellness education and exercise programs at multiple locations throughout its 35-town territory.

GSB and VNACHCH have always been intertwined – the second ever VNACHCH annual report from 1921 lists in its financials the agency’s bank balance with GSB – and the Bank has had and continues to have a presence on the nonprofit board today in GSB Senior Vice President & Controller Steve Supernaugh.

Most importantly, VNACHCH has for several years called GSB its Bank relationship home. A $30 million moderately sized nonprofit organization, it’s important to the agency to work with a financial institution that not only provides quality service, but one that shares its values and commitment to the community.

The VNACHCH finance staff works directly with the staff and leadership in charge of cash management at GSB. “We have a great working relationship with all their team members. Everyone we’ve worked with at GSB has been great,” said VNACHCH Chief Financial Officer John MacDonald. “They are always available to help us with any needs that we have to make sure we are managing our finances in the most efficient way possible. We have a lot of moving parts as we work with multiple insurance companies and other pay sources, while also coordinating free

services and accepting donations to our mission. We know we can count on GSB to support us through any banking process.”

Although the recent software conversion at GSB presented a few bumps in the road, MacDonald said he appreciated the GSB staff ’s commitment to fixing problems that arose to make the transition as smooth as possible.

Many GSB staff members are also proud supporters of the VNACHCH mission and so they know how important it is for the agency to succeed.

“I am, personally, a VNA Community Healthcare & Hospice donor,” said Heather Hackley, Executive Vice President and Chief Risk Officer at GSB. “I believe strongly in their mission and the services they provide, so I’m happy to be able to also professionally support the agency’s work by ensuring we are a Bank they can count on.”

These two different operations share a commonality – a more than 100 year history of devotion and service to the community and a mutual respect that helps both succeed.

CORE MAGAZINE | 2019 ANNUAL REVIEW

Just as businesses require a solid banking relationship to thrive, Guilford Savings Bank thrives as a result of its longstanding relationships with local businesses and organizations that are as deeply rooted in the community as the Bank itself.

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VNACHCH Marketing & Development Manager Abigail Storiale and new VNACHCH hire, Development Coordinator Sandy Hernandez, work daily to raise fundraising dollars for the home healthcare agency’s nonprofit mission.

GSB is one of the organization’s biggest corporate supporters.

ANNUAL REVIEW EDITION

WHEN BUSINESSES THRIVE, EVERYONE WINS

This is the essence of a thriving economy and something GSB is proud to be part of and to bolster.

There are so many ways the successful relationship GSB has with VNA Community Healthcare & Hospice has an impact far greater than what’s apparent on paper between the two entities. Employee Abigail Storiale, for example, said the Bank’s support impacts her daily operations at VNACHCH in more ways than one.

“As Marketing & Development Manager, I work with the GSB team quite a bit,” Storiale said. “We are fortunate to be one of the many nonprofit organizations that benefits from GSB grant funding on an annual basis. Knowing we can count on their support certainly makes my job just a bit easier as we strive to hit our fundraising goals.”

Her department processes donations on a daily basis and she said her team has always found the GSB staff to be readily available, knowledgeable, and helpful when needs arise, which ensures all transactions are handled as seamlessly as possible.

Storiale also noted that employees at VNACHCH – as with any company – acutely feel the financial stress or success of the organization. For an operation like the VNA, as state and federal cuts to Medicare and Medicaid have been made, the nonprofit faced challenges and made well thought-out decisions to weather the storm.

“We are fortunate to be one of the many nonprofit organizations that benefits from GSB grant funding on an annual basis. Knowing we can count on their support certainly makes my job just a bit easier as we strive to hit our fundraising goals.”

– Abigail Storiale “I came from a company where I had very little benefits, so I was excited to have more of that here. Our financial health as a business is in part due to our banking relationship, so I credit both our senior management team and the relationships they have with GSB for our ability to support our employees,” Storiale said.

She also said as the company continues to seek out new fundraising development opportunities, she was able to grow her team.

“We’re holding strong and really focused on spreading the message that we are a nonprofit that will benefit from donations at present and for years to come. With that in mind and because our fiscal situation allows for it, we were able to add a person to my team who will be instrumental in our continued success,” Storiale said.

On a personal note, she added that she is a GSB customer who has always found the team to be helpful and consumer focused, unlike some larger institutions.

“We have our mortgage through GSB. We attended their first-time home buyer seminar years ago when we bought our first house and we’ve always had great luck reaching out to their staff with questions or banking needs,” she said.

“They really do care about people.”

CORE MAGAZINE | 2019 ANNUAL REVIEW

When a business succeeds, it is not only good for the business itself, but for the employees and the local economy they pass their dollars on to through daily living.

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GSB FINANCIALS

As of December 31, 2019 (In Thousands)

OTHER LOANS

REAL ESTATE LOANS

(Excludes Deferred Fees)

(Excludes Deferred Fees) 2019

2018

2017

$29,201

$31,203

$29,856

$305,344 $230,481

2019

$299,894 $228,387

2018

$207,524

2016

$177,453 $30,642

2015

$153,044 $30,652

2014

$118,952 $28,648

$291,465

$268,099

$242,684

$233,113

Residential RE

Commercial RE

6,234

17,382 8,131

2017

10,759 9,161

2016

10,179 715

2015

9,074 1,033

2014

8,030 552

2nd MTG

2019 was a challenging year for the banking industry, due to decreasing interest yields on assets and higher interest expense on deposits, resulting in margin compression. Despite this, GSB had a successful year and continued growth, resulting in an increase in total assets of $51.1 million, or 6.5%, to $838 million at year end. Capital remains strong at $101.9 million, and GSB continues to be classified as a well-capitalized financial institution.

ANNUAL REVIEW EDITION

Deposits increased by $28.9 million, or 4.6%, which were redeployed into the community through residential, consumer, and commercial lending. Total loans grew by $63.2 million, or 10.8%, primarily in commercial loans, which grew by $61.2 million.

From this position of strength, GSB made a major, long-term investment into core technology in 2019. Over the long term, the initiative will enhance client experience

56,369

20,645 30,820

23,136

40,275

41,268

20,667

Construction and A & D

C&I

Consumer

with better technology and innovative service. Additionally, the new technology will automate many manual processes which will improve efficiency and reduce cost, thereby allowing the Bank to focus more time on client relationships.

This past year was marked by continued growth. GSB drives growth by serving the financial needs of small businesses throughout the state of Connecticut.

In addition to a portfolio of $307.5

HISTORICAL GROWTH HISTORICAL GROWTH HISTORICAL GROWTH

TOTAL DEPOSITS

(Excludes Escrow, Sweeps and Brokered CDs)

900,000 900,000 900,000

7,000 7,000 7,000

66,246 800,000 800,000 800,000 66,246 66,246 66,246 66,246 66,246 75,346 75,346 75,346 75,346 75,346 75,346 66,246 700,000 88,675 123,821 700,000 700,000 88,675 88,675 88,675 88,675 88,675 75,346 123,821 123,821 123,821 123,821 123,821 94,265 79,084 94,265 94,265 94,265 94,265 94,265 123,821 600,000 79,084 79,084 79,084 79,084 79,084 77,420 71,644 88,675 600,000 600,000 71,644 71,644 71,644 71,644 71,644 58,837 77,420 77,420 77,420 77,420 77,420 94,265 79,084 147,490 52,770 58,837 58,837 58,837 58,837 123,441 500,000 71,644 58,837 77,420 500,000 147,490 147,490 147,490 147,490 147,490 52,770 52,770 52,770 52,770 52,770 500,000 123,441 123,441 123,441 123,441 118,293 123,441 58,837 112,045 147,490 118,293 118,293 118,293 118,293 118,293 123,441 100,483 52,770 112,045 112,045 112,045 112,045 112,045 400,000 400,000 100,483 100,483 100,483 100,483 100,483 118,293 400,000 112,045 138,640 145,582 100,483 131,333 145,582 300,000 138,640 138,640 138,640 138,640 138,640 145,582 145,582 145,582 145,582 300,000 132,117 127,026 131,333 131,333 131,333 131,333 131,333 138,640 300,000 132,117 132,117 132,117 132,117 132,117 145,582 127,026 127,026 127,026 127,026 127,026 131,333 200,000 132,117 200,000 127,026 163,402 200,000 155,454 139,073 124,512 117,348 163,402 163,402 163,402 163,402 163,402 100,000 155,454 155,454 155,454 155,454 155,454 139,073 139,073 139,073 139,073 139,073 100,000 124,512 124,512 124,512 124,512 124,512 117,348 117,348 117,348 117,348 117,348 163,402 155,454 139,073 124,512 117,348 100,000 2015 2016 2017 2018 2019 - 2015 2015 2015 2015 2015 2016 2016 2016 2016 2016 2017 2017 2017 2017 2017 2018 2018 2018 2018 2018 2019 2019 2019 2019 2019 Retail CD MMDA Savings Int. Bearing DDA DDA 2015 2016 2017 2018 2019

Retail Retail CD Retail CD Retail CD Retail MMDA CD MMDA CD MMDA MMDA Savings MMDA Savings Savings Savings Int. Savings Bearing Int. Int. Bearing Int. Bearing DDA Int. Bearing DDA Bearing DDA DDA DDA DDA DDA DDA DDA DDA Retail CD MMDA Savings Int. Bearing DDA DDA

-

6,000 6,000 6,000 5,000 5,000 5,000 4,000 4,000

4,000

3,000 3,000

3,000

2,000 2,000

2,000

1,000 1,000

1,000 2011 2012 2012 2013 2013 2014 2014 2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 2011

2011

Total Assets 2014 2012 Total 2013 Assets

Total Assets

million in commercial loans, GSB continues to offer competitive business deposit products, which include business checking accounts with lower fees and higher interest rates. As a result, GSB’s business deposits reached $137.8 million at year end.

Our growth on the balance sheet translated to $31.2 million in interest income on loans and investments, offset by increased interest expense of

$7.3 million, resulting in net interest income of $23.9 million. Our net margin remains healthy at 3.04%.

Noninterest income of $4.0 million reflects strong performance in wealth management revenue, which increased by 4.6%. Disciplined management of noninterest expense resulted in net income of $6.3 million for 2019, an increase of 3.4% from 2018. Our continued financial performance allows us to reinvest back

Loans 2015 Loans 2016

Loans

2017

- -

-

NetIncome Income 2018 2019 Net

Net Income

into our community and make long term investments in our business.

Along with countless volunteer hours, GSB donated $290,965 to the community.

Strategic investments in the Bank included enhanced core technology, reorganization into a mutual holding company structure, and investment in our employees, through innovation, tuition reimbursements, and educational programs that foster growth and development.

CORE MAGAZINE | 2019 ANNUAL REVIEW

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

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GSB WEALTH MANAGEMENT WELCOMES NEW CEO

GSB Wealth Management’s new CEO is, above all, focused on helping people.

“I have been a banker and in the wealth management space for 36 years,” Ken Russell explained. “I’ve worked at companies large and small, run wealth management divisions large and small.

Through it all, the most consistent thing is the client. Regardless of the size of the portfolio of wealth, clients ask the same questions and I’m here to help answer them.”

Most recently, Russell was a Private Client Advisor and Market Director with Bank of America Private Bank in New Haven working with wealthy business owners, entrepreneurs, families and family offices.

He said he is and always has been focused on helping people from a financial perspective during life’s major transitions, be that when

they make their first significant investment decisions or when they are going through a divorce or the death of a loved one.

Other past experience includes serving as President of the New England region of GenSpring Family Offices, as a Director with Citigroup, and as Managing Director with J.P. Morgan Chase, among other roles.

“In this field, you really are making a difference for people. You’re making their financial lives easier,” he said.

“For a large multi-generational family, perhaps you’re helping them with their legacy for a downstream generation.

For a family of more moderate means, you’re helping them plan for retirement or college for their children.”

ANNUAL REVIEW EDITION

He enjoys working with people in that

latter group, for whom the financial stakes are particularly high.

“The advice I give could change the direction of their lives, whether or not they can retire when they want, for example, and I take that very seriously,” he said. “For the people who need it most, what we’re doing at GSB Wealth Management is very valuable.”

GSB Wealth Management serves clients across the United States and internationally with account values ranging from $250,000 to over $10 million. The team provides concierge level service and customized investment strategy, along with comprehensive financial planning. It is a performance-driven operation that puts the client’s goals above all else. The fee structure is aligned so that the success of the client and firm is mutually shared.

GSB WEALTH MANAGEMENT FINANCIALS As of December 31, 2019 (In Thousands)

ASSETS ASSETS ASSETS UNDER UNDER UNDER MANAGEMENT MANAGEMENT MANAGEMENT ASSETS ASSETS ASSETS UNDER UNDER UNDER MANAGEMENT MANAGEMENT MANAGEMENT

GROSS REVENUE GROSS REVENUE

$2,000 $2,000

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

$1,900 $1,900

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

$1,800 $1,800 $1,700 $1,700

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

$1,600 $1,600

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

$1,500 $1,500

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

(2019 Results Reflected on an Annualized Basis) (2019 Results Reflected on an Annualized Basis)

$1,400 $1,400

201520152015 201620162016 201720172017 201820182018 201920192019 201520152015 201620162016 201720172017 201820182018 201920192019

$1,300 $1,300

2015 2015

2016 2016

2017 2017

2018 2018

Russell said what attracted him to work “Our current clients believe in the process His work remains a source of fun at GSB Wealth Management is the GSB and have invested themselves emotionally and fulfillment in his life. commitment to making a difference in the and financially with us already. I want to “I have never met anyone in 36 years who communities it serves. Wealth management protect that,” he said. “If anything, I’ll couldn’t have actually benefited from services and financial planning are at the just try to add to that experience. working with a financial advisor,” he said. core of the GSB mission, and the two Russell acknowledges there has “All of our clients do something else for a entities have been partners now for the been some turnover at GSB Wealth living and, as a result, they’ve built their better part of a decade.

Management; however, several lives and businesses and have collected GSB Wealth Management has developed core employees and familiar faces things – which tend to be assets – that a reputation that sets it apart from big continue to assist clients. As a result, they need a plan for. We’ll walk clients banks, brokers and small RIAs with limited the new additions will enhance the through the process. They may be taking resources and support. Its partnership with a value proposition with continuing far too much risk or haven’t planned on a community bank gives it backing in business commitment to growth and serving tax impact or there is an estate planning investment, expertise and leadership. the community. aspect they haven’t considered.”

“GSB is really earnest and sincere in its efforts to grow this business so more people can be helped,” Russell said.

He wants his transition into the role of CEO to be smooth, almost undetectable.

As a Wallingford resident, Russell also “It is nearly impossible for an individual to maintains a summer home in Old Lyme be dispassionate and objective about their where he and his wife spend summers own money, so a big part of what we do and, as such, he has a love of the shoreline for clients is to be just those things. Our area. He has two grown children. job is to help people find the answers they need and make the most of their wealth.”

2019 2019

CORE MAGAZINE | 2019 ANNUAL REVIEW

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

13 *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.

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VNACHCH offers a variety of health and wellness programs for the community, including educational programs and exercise classes held throughout its 35-town territory. Many exercise classes are held on a weekly basis in the organization’s Guilford Wellness Center in its building on Boston Post Road. These community wellness programs are supported by donations of individuals and businesses, like GSB.

ANNUAL REVIEW EDITION

DEVELOPING A LEGACY OF GIVING

Just as organizations that benefit from the generosity of GSB are able to do good work along the shoreline for the betterment of these towns, businesses that benefit from a banking relationship with GSB return their financial support to nonprofits as well.

VNA Community Healthcare & Hospice CEO Janine Fay knows that GSB’s impact on other local businesses allows the owners of those locations to be generous with their own giving.

The owner of MIX Design store on the Guilford Green, Maggie Moffet Ferrell, has been vocal about the success she has found working with GSB – a bank she praises for its support of the community, which for the GSB team includes responsive lending personnel and a commitment to bolstering economic growth and employment.

When VNACHCH held its annual #GivingTuesday fundraiser last November, not only did GSB step up to serve as an event sponsor, but local businesses such as and including MIX Design Store made donations to the raffle and silent auction

to help make the event a success.

“When local businesses are doing well, they are able to allow some funds to flow through to nonprofits like ours in the form of their own donations, both monetary and in-kind. This is exactly “When local businesses are doing well, they are able to allow some funds to flow through to nonprofits like ours in the form of their own donations, both monetary and in-kind. This is exactly the type of support that allows us to continue our mission.” – Janine Fay

the type of support that allows us to continue our mission,” Fay said.

GSB is one of the largest sponsors of VNACHCH’s annual Breakfast in Bloom event, held the first Tuesday of every May. The Bank’s continued commitment to the VNACHCH mission contributes to the home health and hospice care the organization is able to provide to thousands each year, while also supporting wellness education and activities for the general population.

The people helped by a mission of healthcare are able to live their highest quality of life and remain active members

of the community, giving back in their own ways to nonprofit missions that speak to them personally through volunteer and donor efforts.

GSB employees themselves invested thousands of hours of volunteer time and efforts in service on local boards in 2019 – including 79 board positions with those people serving in a total of 42 committee positions. GSB also has a strong focus on giving to needs-based nonprofits and arts and education organizations.

A total of $290,965 was given out to 151 community organizations, including $22,000 that was given out in scholarships. Causes supported maximize CRA (Community Reinvestment Act) contributions, which accounted for 16 percent of dollars granted.

In addition to relying on GSB for corporate sponsorship support, the staff members at VNA Community Healthcare & Hospice are also proud to call GSB employees friends and allies.

“We know we can count on the GSB team to show up for us – to attend our events, to serve as advocates in the community and to be individual donors in support of our mission themselves. They are truly a community-focused institution and we appreciate all that they do,” Fay said.

CORE MAGAZINE | 2019 ANNUAL REVIEW

GSB is continuing its 145-year legacy of charitable investing into the local community, supporting hundreds of nonprofit and civic organizations on an annual basis in a way that filters out to the community at large.

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‘Giving Tuesday’ (left)

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GSB is a proud annual supporter of the mission of VNA Community Healthcare & Hospice. The home healthcare and hospice agency serves thousands of individuals throughout its 35town territory each year. It also provides extensive community care resources. Pictured are members of the GSB staff at VNACHCH’s annual Giving Tuesday fundraiser at Stony Creek Brewery in December.

COMMUNITY GIVING

$290,965 DONATED TO THE LOCAL

COMMUNITY IN 2019

$

$

$14,600 EMPLOYEE CONTRIBUTIONS MATCHED BY THE BANK

ANNUAL REVIEW EDITION

The ‘Art’ of Community Support (above) GSB was a season-long sponsor of The Katharine Cultural Arts Center, Inc. in 2019 and provided refreshments to all theatergoers for a number of performances. This is a continuation of support that GSB has given to The Kate in recent years. GSB’s sponsorship of the organization allows it to continue to develop unique and diverse productions as it continues to thrive into a new decade of operation.

Time well spent

12,250 VOLUNTEER HOURS

$58,200

DONATED TO LOCAL COMMUNITY FOUNDATIONS

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NON-PROFIT BOARDS OF DIRECTORS

One of GSB’s significant financial commitments is to local community foundations, an effort that allows those groups to maximize their own giving to help area communities. Another commitment on the part of GSB is the giving of manpower. Volunteer hours and nonprofit board service given generously by employees helps keep these organizations in a position to make an incredible impact.

Raise the Roof (right)

$22,000 IN HIGHER EDUCATION SCHOLARSHIPS ANNUALLY

151

COMMUNITY ORGANIZATIONS

Gifts that keep giving GSB has been committed to supporting community organizations since its founding, giving that support to 151 organizations in 2019. For many years, GSB staff members have served as mentors with Guilford Youth Mentoring, celebrating its 20th anniversary this year. Bank volunteers were instrumental in the formation of the organization when it began as a partnership between Guilford Youth & Family Services and Guilford High School in 1999, and staff members have been committed to its mission ever since. In addition to staff volunteering as mentors, GSB makes financial contributions to GYM to support mentor training and educational materials.

CORE MAGAZINE | 2019 ANNUAL REVIEW

Raise the Roof, the shoreline’s Habitat connection that aims to build homes in the New Haven area for families in need, is a longtime recipient of GSB’s support. The organization held its fifth anniversary signature event, Gala of the Stars: Dancing for the Cause, in November and GSB President and CEO Timothy Geelan served as the evening’s honorary chairperson. The Bank is committed to positively impacting families as they work toward the American dream of home ownership.

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Christopher Hartmann (seated), Nancy Gerson (right) and Jen Corradi (back) serve as Relationship Development Specialists for GSB.

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BUILDING A SPECIALIZED CONNECTION The work at Guilford Savings Bank is truly focused on relationships. That is why GSB incorporated the role of Relationship Development Specialist into its team.

Three individuals fill the role: Christopher Hartmann, Nancy

KRISTOPHER CRICCHI, ABBY PATRIZIO, RANDY SONZONI - Connecticut School of Finance and Management graduates

ANNUAL REVIEW EDITION

SANDY LONG, DEB CROUCH, HEIDI SAMUELSON, MICHELLE MONGILLO – PEAK Award for exemplary customer service

Gerson and Jen Corradi. Each is trained and prepared with the best resources to bring an exceptional level of service to the customer experience.

“Establishing trust and long-lasting relationships is of the utmost importance to our team, and to GSB as a whole,” Corradi explained.

The trio works to offer personalized solutions and unique combinations of GSB’s products and services in an effort to help customers achieve their financial goals.

face-to-face interactions in hopes of fostering life-long relationships.”

Hartmann agreed with the sentiment, and stressed that the having the role of Relationship Development Specialist at GSB has helped the Bank retain the core of its identity through its evolution and growth to meet today’s technological standards.

Gerson has been a resident of the Connecticut shoreline and an active member of the Madison community for 20 years, so she relishes the opportunity in her role to connect with her neighbors.

While Corradi leans into her more quiet strengths of compassion and patience, Hartmann said he focuses on vocal advocacy for his customers.

Corradi has a special affinity for helping veterans due to her father’s own military service, while Hartmann is especially fulfilled helping young customers.

“There is something tangible and momentous about being handed your first business debit card or checkbook, and I couldn’t be more thrilled to be the person that gets to facilitate those first steps,” he said.

“We want to know the preferences of each customer—not only how he or she likes “I remember my first Madison Newcomers Gerson most enjoys making a personal cash back, but whether he or she prefers an Club dinner party, my four children connection. oatmeal raisin or a chocolate chip cookie attended the public schools in town, and “My treasured successes can be found when on Cookie Friday,” Corradi said.

I have been involved with giving back our customers share their lives with me; through The Madison Foundation and She said she is proud of her role because when we share a moment or news, or even Neighbor To Neighbor programs,” she said. it is one that grew from GSB’s roots in the when we cry over a loss together,” she said.

“I hear the voices of customers and can relate community that extend back to 1875.

“I recently lost a client and friend. When I to them. It is that awareness that builds met his executor, he told me, ‘I was told to trust and relationships that finds financial “We support our local business owners, do whatever Nancy tells you to do.’ That’s solutions to meet our customers’ goals.” families, and foundations through volunteer trust. I believe it to be an honor to serve work and engagement in community groups Each Relationship Development Specialist and to engage in the community.” and events,” Corradi said. “At GSB, we value brings their own unique focus to their job.

RENEE PALLENBERG – ABA’s Stonier Graduate School of Banking Graduate

CORE MAGAZINE | 2019 ANNUAL REVIEW

DAWN CALLAHAN, JANET SANDELLA, CHRISTINE FONTANA, RENEE PALLENBERG – Yale New Haven Children’s Hospital Dr. Babar Distinguished Service Award

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2019 BOARD OF DIRECTORS Charles L. Havrda, Chairman Barbara L. Truex, Vice Chairman Robert L. Carmody William A. Childress Stephen J. Dowler Ryan Duques Kyle Eagleson Timothy P. Geelan Richard A. Gentile William W. Lee Camille R. Murphy Sandra J. Ruoff Paul Sullivan, Jr.

2019 BOARD OF CORPORATORS (INCLUDES THE BOARD OF DIRECTORS)

Christopher Balestracci Jeffrey Beatty David M. Brown Philip Carloni Joshua G. Geballe 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 Andrew R. Page Liza J. Petra Thomas J. Richardson Susan P. Robins Juan M. Salas-Romer Sean Scanlon Jeffrey E. Vailette Anthony A. Valentino

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

ANNUAL REVIEW EDITION

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.

OUR MISSION:

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.

President & CEO Chief Financial Officer Chief Lending Officer Chief Risk Officer Director of Human Resources Senior Operations Officer Sr. Credit & Commercial Loan Admin. Officer Director of Marketing & Cash Management Controller Banking Technology Officer Loan Operations Manager Retail Lending Manager Commercial Loan Officer Senior Commercial Lender Cash Management Relationship Officer Retail Banking Officer Compliance Officer Commercial Loan Officer Assistant Controller Network & Security Manager BSA Officer Commercial Loan Officer Market Manager Mortgage Loan Officer Commercial Credit Manager Information Systems Manager Operations Manager Information Security Officer Senior Credit Analyst Loan Processing Manager Marketing Manager Finance Manager Senior Credit Analyst Community Development Officer Facilities & Vendor Manager Digital Banking Manager Human Resources Supervisor Training & Development Manager

GSB WEALTH MANAGEMENT, LLC Kenneth R. Russell, Jr. Brant Walker Colleen Venter Ted Reagle

President & CEO Senior Vice President Chief Compliance Officer Wealth Management Advisor

CORE MAGAZINE | 2019 ANNUAL REVIEW

2019 CORPORATE OFFICERS Timothy P. Geelan Kyle J. Eagleson, 1st EVP Lyle Fulton, EVP Heather P. Hackley, EVP Christine Beirne, SVP David Finnerty, SVP Peter E. Muszynski, 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 Gay Butler, AVP Keira Cervoni, AVP Kristen Conlon, AVP Kristopher Cricchi, AVP Todd Konnik, AVP Lisa LeMonte, AVP Victoria Magin, AVP Patrick Murphy, AVP Randy Sonzoni, AVP Brian Toman, AVP

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A PLACE TO GROW GSB EMPLOYEES COMMITTED TO PROFESSIONAL AND PERSONAL IMPROVEMENT

Guilford Savings Bank employees are local farms – delightful items from valued not just for the work ethic and strawberries to local honey to sweet corn expertise they bring to their jobs each day, – in recognition of employees’ mindful but for who they are as individuals and efforts to improve health and wellness. their unique contributions to the culture Professionally speaking, the Bank of this team. GSB prides itself on being a operates on a PEAK team development place that allows team members to grow model, which seeks to recognize those and develop, and to become the best who live out an ideal of cooperative versions of themselves. culture and help to raise their peers Small steps are taken each day to show and the Bank itself to their and its appreciation to employees for efforts to highest potential. This model – which better themselves personally – such as stands for Performance, Engagement, through the CSA (Community Supported Accountability and Knowledge: the Agriculture) brought on as a reward for guiding principles for success at GSB employees who participate in wellness GSB – has helped to make the Bank an programs at the Bank. employer of choice in the industry.

The CSA offers participants weekly baskets full of fresh, produce from

ANNUAL REVIEW EDITION

Several GSB employees were given PEAK awards in 2019 and one was

ALEX SULPASSO

chosen as a New Leader in Banking by the Connecticut Bankers Association and Connecticut Banking magazine.

Alexander Sulpasso, VP, Operations Manager, was recognized as a New Leader in Banking for his notable impact to GSB and to the community.

Individuals are nominated each year by their employers who believe them to be “rising stars” in their profession.

Nominees are reviewed by an independent panel of judges, and a select group is chosen for recognition.

Randy Sonzoni and Abby Patrizio were given PEAK awards in May for graduating from the two-year Connecticut School of Finance and

Management program run by the Connecticut Bankers Association. The pair tied for second place in their class of 65 students.

The purpose of the program is to provide an opportunity to junior management personnel and other key employees of Connecticut’s Banking industry to obtain a more comprehensive knowledge and awareness of banking theory, practices and procedures, capital markets, and management functions to help them prepare for increased responsibilities within their respective management roles.

“Graduating second in the class was quite an achievement. The PEAK Award

RANDY SONZONI

HEIDI SAMUELSON

presented for this achievement was icing on the cake,” Patrizio said. “The PEAK Award program is an opportunity for not only the recipient, but for other GSB team members to see that hard work does not go unnoticed. Hopefully others will strive to achieve something great to then be recognized with their own PEAK Award.”

“It says a lot for GSB’s management team to take time out of their day to support fellow employees, which only highlights GSB’s Servant Leadership philosophy,” Sonzoni said. “The fact that GSB saw the potential in me to attend CSFM only emphasizes the fact that GSB does and continues to value and support its employees.”

The CSFM program helps participants to broaden their perspective of the industry and to become better aware of their own capabilities.

Heidi Samuelson was presented with a PEAK award for her exemplary customer service. She regularly receives letters from customers regarding her dedication to helping them resolve problems from start to finish. She has been stated to “go above and beyond” and “being so patient” in letters created by her many thankful clients.

Sonzoni said the most significant part of his recognition was the support he felt from GSB’s senior management team, many of whom attended the CSFM graduation.

CORE MAGAZINE | 2019 ANNUAL REVIEW

ABBY PATRIZIO

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COMMUNITYFOCUSED, TO OUR CORE. In 2019, GSB provided over $290,000 in community donations and 12,250 volunteer hours to 151 different regional organizations.

Pair this community commitment with our passion for leading-edge technology and you will find a banking relationship defined by trust and reliability.

If you currently bank with us, thank you.

If you are seeking a bank that echoes your values, learn more about GSB.

Stephanie Atsales, Assistant Branch Manager of the Main Office