Connecticut Banking 1Q 2011

First Quarter 2011

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Connecticut Bankers Association

10 Waterside Dr. Farmington, CT 06032-3083 Telephone: 860-677-5060 • Fax: 860-677-5066 Chairman John C. Roman

Second Vice Chairman John J. Patrick, Jr.

First Vice Chairman Martin J. Geitz

President & CEO Gerald M. Noonan

President & CEO Nangatuck Valley Savings & Loan

President & CEO Simsbury Bank

Chairman, President & CEO Farmington Bank

Senior Vice President & Secretary Lindsey R. Pinkham

Cover Story

Asset/Liability Management 2011.................................................. 12 A Year of Improving Economic Outlook

Vice President & Treasurer Thomas S. Mongellow Vice President Colleen E. Clancy

Connecticut Banking is an official publication of the Connecticut Bankers Association and is published quarterly by

With the exception of official association announcements, the Connecticut Bankers Association and The Warren Group disclaim responsibility for opinions expressed in Connecticut Banking. This publication is intended and designed to provide accurate and authoritative information, not to provide legal, accounting or other professional advice.

Connecticut Banking

Editor Lindsey R. Pinkham

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Features

Q&A with James C. Smith. ................................................................ 4 Caught on Camera............................................................................... 8 CBA Elects Officers for 2010-2011.................................... 10

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Promotable Projects

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Promotable People..................................................................... 20 3

Connecticut Banking Magazine • First Quarter 2011

Jim Smith, Webster Bank’s chairman, president and CEO, raises a glass during the bank’s 75th anniversary celebration at Webster’s main branch in downtown Waterbury on Oct. 11, 2010.

Q&A with James C. Smith On Oct. 11, 1935, 24-year-old Harold Webster Smith opened First Federal Savings and Loan of Waterbury, the institution that grew into $18 billion Webster Bank, the largest independent commercial bank headquartered in New England. The bank has had two chairmen and CEOs in its history, Harold Webster Smith and his son, James C. Smith, who joined the company in 1975. James Smith spoke with Connecticut Banking about Webster’s 75-year history and the industry.

Q. Can you describe the bank’s founding in the midst of the Great Depression?

At the time many banks had so much inventory they were more interested in unloading properties than writing new loans. My dad wanted to start a thrift to help people of everyday means build and buy their own homes. So he borrowed $25,000 from family and friends and another $75,000 from the federal government under the National Housing Act and opened up in an 11-by-38-foot, one-room office on the second floor of the Farrington Building on the Waterbury Green.

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Over the years our mission has evolved.

Today we help people achieve their financial goals by providing a full range of business banking, consumer banking, mortgage banking and investment management services to individuals, families and small- and middle-market businesses in our four-state franchise.

Our vision has expanded from wanting to be the best bank in our neighborhood to striving to be the leading regional bank in our markets, as measured by financial return, customer satisfaction and reputation.

Q. With the advent of deregulation, Webster began a remarkable period of transition and growth in the 1980s. How did that happen?

With the advent of deregulation in the mid-1970s, Webster began to offer checking accounts and then came adjustable rate mortgages. Before long we were planning the conversion from a mutual form of ownership to a publiclyheld holding company (NYSE:WBS), which took place in 1986 with the creation continued on page 6

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Connecticut Banking Magazine • First Quarter 2011

Q&A with James C. Smith continued from page 4

footing. The economy is growing, job growth has resumed, albeit more slowly than we would like. What worries me most is the condition of the state budget.

Either we break from the past and chart a new direction toward greater fiscal responsibility and accountability, or we will continue to see our job creation, population growth and economic prospects lag.

Smith was joined by more than 200 people, including many children from the Greater Waterbury YMCA who brought homemade birthday cards, during the bank’s 75th anniversary Day of Giving celebration on the Waterbury Green on Oct. 11, 2010.

of Webster Financial Corporation.

Because we were so strongly capitalized, we were well positioned to grow when the downturn of the early 1990s hit Connecticut. The acquisition and integration of like-minded banks became one of our core strengths. By 2002, one out of four Connecticut banks that had been independent in 1991 became part of Webster. We doubled in size three times in a dozen years, and completed the transition from a thrift to a federal commercial charter by 2004. It was certainly an exhilarating time in the industry and for the bank. Today, Webster is the largest independent commercial bank headquartered in New England and one of the top 30 U.S. banks.

Q: Given all the ups and downs in the economy over the past 75 years, what has allowed Webster to survive and grow?

Throughout our history, we’ve been guided by principles that my father set down from the beginning, one of which had to do with rules. Rule number one, remember we are in the business of taking and managing risk. Rule number two, never take a risk you can’t afford. And rule number three, you’d better know the difference between rules one and two!

Q: The bank has also been guided by what’s

known as “The Webster Way.” What is its genesis?

At its essence, banking is about mutual trust and the relationships forged by the values and day-to-day actions of our bankers. In 1995, when we changed our name to honor my father, we adopted the value system known as “The Webster Way,” which captured the essence of what we stand for. It is simple and straightforward, but challenging to live by. The Webster Way says we take personal responsibility for meeting our customers’ needs; we respect the dignity of every individual; we earn trust through ethical behavior; we give of ourselves in the communities we serve; and we work together to achieve outstanding results.

Taken together, our mission, vision and values form Webster’s unshakable core, which binds our 3,000 Webster bankers together in pursuit of our common goal ... adding value for those who rely on us.

Q: Where does Connecticut stand economically?

In relative terms, Connecticut has weathered the Great Recession better than other regions in the country. Real estate did not appreciate as much during the boom periods, so we didn’t have as far to fall. Our banks are on solid 6

Q: What does the future hold for banking?

We’ll likely see increased consolidation driven by higher capital requirements, an economy growing slower than in recent economic recoveries and increased regulatory burden and associated costs brought on by recent financial regulatory reform. We can expect pressure on returns on capital. Smaller institutions will increasingly find it in their self-interest to align themselves with larger banks whose infrastructures can accommodate the increased regulatory burden and benefit from economies of scale.

Q: And the future for Webster?

We are focused on financing the recovery in southern New England and being the regional bank of choice. In 2010, we expanded our commitment to superior customer service by creating 200 new positions, adding extended hours in over half of our 182 branches, extended our Customer Care Center hours to seven days, and followed through on our commitment to expand lending to small- and mediumsize businesses. In the fourth quarter alone, we originated nearly $1 billion in loans.

We have emerged stronger than ever before from one of the most difficult financial and economic periods in the history of our nation. We are a stronger institution because of it and we’re excited to compete as the homegrown commercial bank.

We have a clear roadmap for success.

We are executing our superior servicequality model in our markets from Westchester County to Boston. By knowing our markets and our customers and serving them well, we will create financial value for them, support for our communities, opportunities for our Webster bankers, and improving returns for our shareholders. u

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Connecticut Banking Magazine • First Quarter 2011

CONNECTICUT BANKERS

Caught on Camera Liberty Bank – Jerry Delmato, a reverse mortgage specialist at the bank, is one of only 28 people nationwide and the first individual in Connecticut to achieve the Certified Reverse Mortgage Professional (CRMP) accreditation. This new professional designation is awarded by the National Reverse Mortgage Lenders Association (NRMLA), a consumer advocacy group. Accreditation is granted based on industry experience, a continuing education requirement, including an ethics course, as well as passing an exam and background check.

Savings Bank of Danbury presented a $500 donation to the Southbury Fuel Bank at a ribbon cutting ceremony that took place on Jan. 31 at the new Southbury office. The Southbury Fuel Bank provides assistance towards heating expenses for Southbury families and individuals experiencing financial hardship. Pictured, from left: John DiBiaso, assistant vice president and branch manager, Savings Bank of Danbury, Southbury branch; Sandra Saren, Southbury Fuel Bank; H. William Davis Jr., Southbury’s First Selectman; Hal Wibling, president and CEO, Savings Bank of Danbury.

Farmington Bank – John J. Patrick Jr., chairman, president and CEO, was named chairman of Hartford March for Babies, the March of Dimes’ largest annual event in the Hartford area. In 2010, Hartford March for Babies raised over $330,000.

Greater Hartford March for Babies will take place on Sunday, May 1 at Rentschler Field in East Hartford. Pictured: John J. Patrick Jr., chairman, president and CEO of Farmington Bank.

Webster Bank – the Connecticut Appleseed Center for Law and Justice, Inc., has selected the bank as winner of the Good Apple Award for 2010 for its philanthropy in the community and support of Connecticut Appleseed initiatives, which serve the state’s at-risk population.

Connecticut Appleseed is a statewide, non-partisan 501(c)3 organization whose mission is to develop solutions for the causes, rather than the symptoms, of our state’s social problems.

Quinnipiac Bank & Trust – Mark Candido, president and CEO, was recently awarded “Small Business Person of the Year”

by Business New Haven, the region’s venerable business publication, which hosts its annual Civic Awards in March.

Candido is one of seven professionals cited with awards for both successful business practices and individual contributions of personal and corporate “giving” to the community.

Rockville Bank – Laurie A. Rosner, senior vice president and marketing and administrative officer, was named Bay Path College’s first executive-inresidence for the college’s MBA program in entrepreneurial thinking and innovative practices. An adjunct faculty member at Bay Path since 2007, she teaches graduate business and entrepreneurial courses. In her role as executive-in-residence, she will assist the college with the development of an MBA program advisory board, serve as a mentor to new adjunct faculty and participate in related events and activities.

Guilford Savings Bank donates $2,000 to shoreline families in need. The recipients were: Branford Food Pantry; Madison Food Pantry; Guilford Food Bank and Estuary Council of Seniors, Inc. (Old Saybrook). Pictured, local food pantry representatives accepted a donation of $500 each.

From left: Cheryl Campbell, Madison Community Services; Paula Ferrara, Estuary Council of Seniors in Old Saybrook; Lori Wells of the Guilford Food Bank; and (far right) Wendy Cowles of the Branford Food Pantry.

Guilford Savings Bank representatives were (fourth from left) Executive Vice President Tim Geelan, President and CEO Margaret Livingston, and Business Development Officers Susan Brady and Lisa LeMonte.

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First Quarter 2011 • Connecticut Banking Magazine

Simsbury Bank is pleased to announce that Michael T. Sheahan, senior vice president and head of mortgage and consumer Lending, was elected to serve on the board of directors of the Connecticut Mortgage Bankers Association (CMBA). The CMBA is comprised of a membership of 700 individuals and 150 organizations that support Connecticut communities by expanding homeownership opportunities for thousands of residents each year.

First County Bank President and COO Rey Giallongo Jr., and 24 employees marched through downtown Stamford in November with the Cookie Monster balloon, to the delight of young and old alike at the 2010 UBS Parade Spectacular in Stamford.

Salisbury Bancorp, Inc. was honored by The Boston Club for its commitment to include women on its board of directors. Each year The Boston Club pays tribute to New England public companies that have two or more women on their boards of directors.

Sheila Bair, chairman of the Federal Deposit Insurance Corporation, was the keynote speaker at this year’s Corporate Salute event held in Boston.

“I am very pleased to have Salisbury Bancorp honored at this event,” said Rick Cantele, president and CEO of Salisbury Bank. “Salisbury Bank has a long tradition of inclusion in our workplace and on our board. We currently have three women, out of 10 outside board members, serving as directors of Salisbury Bancorp, Inc. and the bank.” Pictured, left to right: Nancy F. Humphreys, Louise F. Brown and Holly J. Nelson.

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Bank Regulatory Safety and Soundness Examinations continue to focus on Board Compensation Governance, Board Fees, Executive Salaries, Incentive Compensation, Benefits, SERPs and Perquisites

“ I work in partnership with more than 100 community banks in 12 states to identify compensation issues and develop practical solutions.”

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Stamford First Bank – Rep. Jim Himes stopped by the bank for a visit on Feb. 7, to welcome the new bank to the area, meet the staff and discuss issues ranging from Afghanistan to the Dodd-Frank Act. Stamford First Bank is a division of The Bank of New Canaan. Shown with Rep. Himes (right) are, from left: Stamford First Bank President Bob Palermo; Bank of New Canaan President Heidi DeWyngaert; and Bank of New Canaan CEO Jay Forgotson.

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Connecticut Banking Magazine • First Quarter 2011

CBA

Chairman – John C. Roman, president and CEO of Naugatuck Valley Savings & Loan (NVSL). Roman joined NVSL in 1998 as senior vice president and CLO. He was elected president and CEO in September 1999 and has been president and CEO of Naugatuck Valley Financial Corporation since the holding company was established in September 2004. Prior to NVSL, he was employed in various lending and management capacities at several other Connecticut financial institutions. He is very active in both banking and civic organizations, including the Connecticut Community Bankers Association where he is currently president. He serves on many boards, including the Naugatuck and Greater Waterbury Chambers of Commerce; the Naugatuck Youth and Family Services; Naugatuck Economic Development Corporation; and the NVSL Charitable Foundation. He earned his MBA from the University of Connecticut and his bachelor’s degree in economics, cum laude, from Central Connecticut State University.

Elects Officers for 2010-2011 The members of the Connecticut Bankers Association (CBA) elected its officers for the 2010-2011 term at the Association’s 111th Annual Meeting, held on Nov. 6, 2010.

First Vice Chairman – Martin J. Geitz, president and CEO of The Simsbury Bank (SBT). Geitz began his banking career in 1981 as a commercial banking officer responsible for large corporate clients with Continental Illinois National Bank.

He held a variety of leadership roles at Fleet Financial Group from 1984 to 2000, including Fleet Bank-CT Commercial Real Estate Division Head, Corporate Loan Review Head, and President of Fleet Development Ventures. Prior to joining SBT in 2004, Geitz worked in banking roles at two insurance companies, MassMutual and Cigna. He is active in the community, serving as secretary of the Connecticut Community Bankers Association; chairman of the Board of the Hartford Economic Development Corp.; trustee and treasurer of Simsbury Free Library; trustee of McLean; and is a member of the Charter Oak State College Foundation board of directors. He is also a member of the Simsbury/Granby Rotary Club. Geitz is a graduate of Johns Hopkins University and Cornell University Graduate School of Business.

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Second Vice Chairman – John J. Patrick Jr., chairman, president and CEO of Farmington Bank. Patrick joined the bank as its president and CEO in March 2008 and added the chairman’s title in August 2008. Patrick came to Farmington Bank from TD Banknorth Inc., where he held the position of president and CEO for 10 years. Patrick joined Glastonbury Bank & Trust Co. in 1994, where he served as senior loan officer and then as president, and was instrumental in the bank’s name change to Banknorth Connecticut in January 2002. Patrick currently serves as: director of Vantis Life Insurance Company; director of the Connecticut Business and Industry Assoc.; director of the Hospital of Central Connecticut; trustee of Connecticut Rivers Council of Boy Scouts of America; trustee of Klingberg Family Centers; and director of CCSU Foundation, Inc. and several other boards. Patrick graduated from Central Connecticut State University with a bachelor’s degree in business administration and received a graduate degree in banking and financial services from Bentley College.

First Quarter 2011 • Connecticut Banking Magazine

Other elected officers include:

Michael J. Muzio, president and CEO, Stafford Savings Bank James C. Smith, chairman and CEO, Webster Bank, N.A., Waterbury

Past Chairman, Joseph J. Greco, regional president, Union Savings Bank, Danbury President and CEO, Gerald M. Noonan, Connecticut Bankers Association

At-large seats with terms expiring in November 2013:

Richard J. Cantele, president and CEO, Salisbury Bank & Trust, Lakeville Kevin C. Merchant, president and CEO, Jewett City Savings Bank Stephen P. Reilly, president and CEO, Northwest Community Bank, Winsted

The CBA also elected others to its Executive Committee.

In addition to the chairman, first vice chairman, second vice chairman, past chairman and president, the Executive Committee consists of nine at-large members and the co-chairs of the Association’s Legislative Committee.

Legislative Committee Co-Chairs:

At-large seats with terms expiring in November 2011:

Mark E. Macomber, president and CEO, Litchfield Bancorp Gary C. Smith, CEO, Fairfield County Bank, Ridgefield

Richard M. Barry, chief credit officer, Citizens Bank, Connecticut, Hartford Gerald D. Coia, president and CEO, Eastern Federal Bank, Norwich Chandler J. Howard, president and CEO, Liberty Bank, Middletown

Renamed to the professional staff, headquartered in Farmington, were Lindsey R. Pinkham, senior vice president and secretary, Thomas S. Mongellow, vice president and treasurer and Colleen E. Clancy, vice president. u

At-large seats with terms expiring in November 2012:

George W. Hermann, president and CEO, First National Bank of Suffield

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Asset/Liability

MANAGEMENT 2011

By Jim Clarke

A Year of Improving Economic Outlook

The community banking industry has faced three difficult years. The problems have varied among institutions, with many facing serious asset quality problems, but overall profitability declined as loan loss provisions have taken their toll on income statements.

Hopefully, your bank has weathered the storm, avoiding serious investment losses and problem loans.

Unfortunately, few community banks have avoided all of these problems. At the close of 2010, the banking industry has experienced the failure of more than 300 banks since 2008, and sadly, many of these are community banks under $1 billion.

T

he 2008 to 2010 credit crisis was the most severe in 20 years. The initial problem was subprime lending, which had little impact on community banks, but initiated the financial crisis.

In 2008, loan problems extended to construction lending, which did have an impact on many community banks. In the last two years commercial real loans and prime mortgage loans have taken center stage. The problems in commercial real estate lending are tied to vacancies, and commercial vacancies correlate to economic growth. If the U.S. achieves solid economic growth in 2011, we should begin to see a decline in commercial real estate problems.

Residential mortgage loan problems are tied to the high unemployment rate. Stronger economic growth should also reverse trends in residential loan portfolios by lowering the unemployment rate.

The good news in 2009 and 2010 was

the level of short-term interest rates. The historically low rates have played havoc with asset yields, but the decline in the cost of funds has more than compensated improving net interest margins for many institutions. As we enter 2011, we have probably seen the bottom of deposit pricing, and the cost of funds has also bottomed out for most community banks.

At issue is the success of qualitative easing, or QE2, the Fed’s effort to lower longerterm rates. As of year-end, this policy has not been successful, as the 10-year Treasury has moved above 3 percent.

As we look to 2011, there are some bright spots, but be cautious: the economy in many parts of the country remains fragile, particularly in the Midwest, the West Coast and the Southeast. Fourth quarter income and spending data were encouraging. Personal income increased at a higher rate in the fourth quarter

and consumer spending also increased – retail sales over the holidays were very encouraging, and hopefully the pace will be sustained in 2011. The consumer is critical for a strong economic recovery. Business investment has been robust through much of 2010, as have exports, both bolstering economic growth. The federal government has contributed with trillion dollar deficits, but unfortunately state and local governments have contracted spending.

The fourth quarter of 2010 has provided many positive signs that the economy is expanding and will continue to grow at a more robust pace through 2011. Most economic forecasters increased their GDP projections for 2011 during the fourth quarter, moving the consensus forecast to 3 percent.

These positive indicators of recovery are encouraging, suggesting after three depressing years there is light at the end of the tunnel. Bankers should be more optimistic entering 2011, but also cautious, given some of the less than rosy data. As noted above, the key to economic growth lies with the consumer; consumption accounts for 67 to 70 percent of GDP. The fourth quarter of 2010 provided a number of positive signs, but keep in mind much of the retail sales data reflected seasonality, specifically Christmas and holiday spending. Can this be sustained at a more normal level that will support overall economic growth? There are four indicators to focus on during the first quarter of 2011: Consumer confidence, unemployment, oil prices, and housing. Consumer confidence was in the doldrums through the first two quarters of 2010, but gradually increased later in the year, but in December, the continued on page 14

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Connecticut Banking Magazine • First Quarter 2011

MANAGEMENT continued from page 12

Consumer Confidence Index dropped.

It appears consumers are less confident about the current economy and future opportunities. This is a serious concern.

A major factor playing on the mind of consumers is the labor market. People are worried about the prospects for employment growth and the growth in their own income in 2011. A glaring statistic hits the front page the first Friday of each month – the unemployment rate. Unfortunately, this has become the bellwether for all economic data. As we closed 2010, the rate of unemployment dropped to 9.4 percent, but be careful – part of this good news is tied to individuals leaving the labor force. In 2010, the economy produced close to one million jobs, but the unemployment rate remained above 9 percent. In order for the rate to decline, the economy needs to sustain growth above 3 percent, but even at a 3.5 percent growth rate the unemployment rate will be above 8 percent at the end of 2011.

The price of a barrel of oil closed above $90 at the end of 2010, even though the

U.S. economy grew at less than 2.5 percent.

Oil prices were up 12 percent over the year.

The price of oil impacts economic growth in a number of ways, most of which are negative. Rising crude oil prices increase imports, thereby reducing GDP growth, and more importantly result in higher gasoline and home heating oil prices, thereby reducing consumer spending on non-energy-related goods and services.

Gasoline at the pump rose above $3 by year-end. If oil prices continue to increase during 2011, GDP growth will be lower than many forecasts.

The major factor weighing down economic growth is the housing market.

The housing market turned particularly sour after the end of federal tax subsidies in the third quarter. Housing inventory is high in many regions of the country. To add to the problem, foreclosures are increasing inventory. The fourth quarter S&P/ Case-Shiller statistics only added to the uncertainty as housing prices fell in many parts of the country. Foreclosures are likely to continue at an alarming pace in 2011 and the residential construction industry remains weak.

Economic indicators are signaling mixed prospects for 2011. What do the interest rate forecasts tell us about prospects for 2011? Based on the economic forecasts above, it is highly likely the Fed funds rate will remain at 25 basis points through 2011.

Obviously, if commodity prices continue to rise and inflation begins to surface in retail prices, or the economy grows at a higher rate, this could change. But with excess industrial capacity and an unemployment rate above 9 percent, I would plan for no Fed action until 2012.

The longer end of the curve is more problematic. In November the Fed initiated QE2 and we were led to believe the 10year Treasury note would decline to 2.25 percent, bringing the 30-year mortgage loan below 4 percent. But the opposite has occurred; the 10-year Treasury moved above 3.5 percent and the 30-year mortgage rate is approaching 5 percent. The unexpected result is clearly a function of sellers overwhelming the Fed’s purchasing program. It is difficult to precisely forecast the eventual path of long-term Treasury rates through 2011, but we should learn from recent events. Buyers of the 10-year

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First Quarter 2011 • Connecticut Banking Magazine

Treasury are not going to accept a 2.25 percent rate given inflation expectations. I believe the 10-year will remain close to 3 percent through the first two quarters of 2011 and the curve will gradually steepen in the second half of 2011. Here is a summary of assumptions for your Asset/ Liability Committee’s (ALCO) decision making in the first two quarters of 2011: • Most banks will enter the year with excess liquidity.

• Economic expansion at 3 percent gradually improving loan demand as the year progresses.

• The Fed funds rate will remain at 0.25 percent into 2012.

• The 10-year Treasury note will start the year at 3.3 percent and gradually move to 3.6 percent by the fourth quarter.

• 30-year mortgage interest rate will gradually rise to 5.4 percent by the fourth quarter.

Given this scenario, what strategies should your ALCO consider pursuing in 2011? Based on the interest rate forecast, the general approach to balance sheet management would be to maintain shorter asset duration and attempt to lengthen

liability duration. Asset management for most banks is ultimately dependent on loan demand, which will not likely be robust in the first half of 2011, but will gradually pick up speed in the second half.

Unfortunately, those banks relying on residential mortgage lending may be in for a disappointing year, as refinancing will slow dramatically.

The investment portfolio will continue to be the primary option for cash; that is, until loan demand increases. Investment management will be a greater challenge if the yield curve steepens as bankers may be tempted to extend duration. I would caution bankers to continue to ladder investments out three years – take whatever spread is available and watch for rates to increase. Some experts continue to refer to the “new normal;” that is, market interest rates could remain low for years – forget the “new normal.” Watch the price of oil and other commodity prices – rates will rise, as they always have, likely in early 2012.

Liability management will be relatively easy through much of 2011, although deposit inflows will likely slow in 2011.

As noted above, deposits pricing has bottomed out, but banks should continue to selectively lower deposit rates – even to the point of risking deposit outflows.

Liability-sensitive thrifts should consider extending liability duration, although this will require Federal Home Loan Bank advances or other borrowing. Liability management will become a challenge once short-term interest rates begin to increase.

In conclusion, 2011 is likely to be another challenging year for balance sheet managers. I would continue to recommend Aristotle’s advice, “everything in moderation:” don’t bet the bank on any forecast. Economic recovery should be sufficient to stabilize credit quality, thereby reducing the need for higher loan loss provisions, while a stable Fed funds rate will guarantee lower funding costs and bolster profitability. u Jim Clarke, Ph.D., is a consultant to banks on ALM and strategic issues for Villanova, Penn.-based Clarke Consulting. He can be reached at JJClarke2@aol.com for questions and comments.

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PromotableProjects Illustrating the many bank projects designed to assist the people and communities that the industry collectively serves.

Pictured: Richard E. Tabor, former chairman of the board and former CEO of First County Bank.

Pictured, from left: Union Savings Bank CEO John C. Kline (upper right), Board of Trustees Chairman Jack Tyransky and Bank President Jay Lent (both far left) with recipients of the 2010 grants from the Union Savings Bank Foundation.

The Union Savings Bank Foundation recently distributed $200,380 to 33 not-for-profit agencies whose services cover western Connecticut. The USB Foundation’s 2010 grants, which include agencies in the bank’s expanded market and surrounding communities, will support services and programs that promote individuals’ and families’ health, economic and personal stability; job training and professional development; meals to homeless and needy individuals; mentoring programs for youth and adults; English as a Second Language training, shelter and housing assistance, counseling for individuals, and a variety of services to help those with mental and physical disabilities and their families.

Bank of America – as part of an ongoing effort to stimulate economic vitality in Hartford and Fairfield County and in communities across the nation, the Bank of America Charitable Foundation awarded $450,000 in flexible funding and leadership training to local Hartford and Fairfield County nonprofits through its Neighborhood Excellence Initiative, bringing the bank’s total commitment in Hartford through the program to $3.15 million since 2004 and to $1.8 million in Fairfield County since 2007.

Pictured, Kevin Cunningham, president of Bank of America – Connecticut presents a $200,000 check to Sharon Castelli, executive director of the Chrysalis Center in Hartford.

Pictured, from left: Dick Barrido, executive vice president; Bill Knight; Rich Evans, vice president; Mark Candido, president; and Sandi Weber, vice president.

Quinnipiac Bank & Trust continues to give back to the community with both food and clothing drives extended into 2011. Mark Candido, the bank’s president, had high praise for both his staff and local social services that partner with the bank to aid local needy families. “Thus far, we’ve collected more than 300 winter coats to distribute locally,” he said. “Between our recent ‘green cleanup’ campaign, the ongoing food and clothing drives and special help to area seniors, the bank’s commitment in ‘people hours’ has been outstanding.”

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The First County Bank Foundation announced the formation of the Richard E. Taber Citizenship Award at its annual reception in December. The purpose of the Richard E. Taber Citizenship Award is to recognize and reward those students who work hard at being good citizens at home, at school and in their community. The foundation will award three $5,000 scholarships to winning candidates.

Pictured: Cindi Bigelow, president of Bigelow Tea; Stephen A. Smith, vice president and chief marketing officer of Patriot National Bank; and Al Meadows, past state commander of the DAV, CT Division.

Patriot National Bank commemorated Veterans’ Day by partnering with the Disabled American Veterans, CT Division (DAV) to collect supplies for families of recently wounded soldiers. Items collected were sent to help those staying at comfort homes, built on the grounds of major military and Veterans’ Administration hospitals, to house family members while their loved ones recuperate. In addition to customer and local school participation, many area businesses joined in the effort, including the Bigelow Tea Company, who donated a case of their American Classic Tea. The tea,

which is grown on American soil, was made by the Bigelow family specifically for soldiers overseas.

Salisbury Bank recently made donations to the Salisbury Winter Sports Association in support of their efforts to make Satre Hill the official site for the 2011 Junior Olympics. The honor of hosting this event was contingent on replacing the wood frame ski jump with a new steel structure. Rick Cantele, president and CEO of Salisbury, commented, “SWSA has long played an integral role in the fabric that makes up the Salisbury community. The bank is pleased to help support their efforts to bring the U.S. Junior Olympics to Satre Hill.”

Pictured, from left: Rev. Stanley White; Harriett Rosiene of the Preston City Congregational Church Food Pantry; Deacon Paul Baillargeon of the St. Mary Church Food Pantry; Kevin Merchant; Stella Dawley of the Preston City Congregational Church Food Pantry; Pauline Millette of the Friends of Assisi Food Pantry; and Garry Brown, of the town of Pomfret Food Pantry.

The Jewett City Savings Bank Foundation awarded a total of $10,500 to area food pantries to serve those in need. The foundation has provided a total of nearly $50,000 in grant funding for 2010.

Farmington Bank – 20 Farmington Bank assistant branch managers and retail administrators recently played Santa Claus’ elves by building teddy bears and donating them to the Southington Community Center. After they completed their holiday gifts at Build-A-Bear Workshop in Westfarms Mall, the Farmington Bank volunteers continued to share their seasonal spirit by caroling throughout the mall.

The People’s United Community Foundation recently announced that it has awarded $339,500 to nonprofit organizations in Connecticut in the fourth quarter of 2010.

For the year, the People’s United Community Foundation distributed $2,397,500 to charities throughout its geographic footprint.

“From Maine to Westchester County, New York, strong communities are the economic foundation of our region,” said Hank Mandel, executive director of the People’s United Community Foundation. “We are pleased to be able to continue our financial support to over 300 non-profit agencies throughout our footprint, especially during these difficult economic times when individuals and families need help the most.” continued on page 18 17

PromotableProjects continued from page 17

who could not afford them. In all, this year’s Liberty Bank/Rotary Club Thanksgiving Drive collected $89,674 in donations from employees, customers and the public – a record total for the seven-year-old drive. The Liberty Bank Foundation provided $20,000 in matching funds.

Pictured, from left: William J. McGurk, president and CEO; David A. Engelson, director; John Lund, CFO; Richard Slutsky, administrator of Woodlake at Tolland; and George Clinard, vice president of the Senior Housing Crime Prevention Foundation.

Rockville Bank has made a $500,000 invest ment to the fund the Senior Crimestoppers program at Woodlake at Tolland. The Senior Crimestoppers Program provides services to reduce and prevent crimes in long term care facilities and senior housing communities. It works much like a neighborhood watch, where senior facilities with a strong commitment to crime prevention implement increased awareness and a zero-tolerance policy. The program will provide ongoing crime prevention programs to these facilities designed to deter incidents of crime in long term care and senior housing facilities.

Savings Bank of Danbury’s Mill Plain office held a mitten drive to benefit families in need in the Danbury area. Over 300 pairs of mittens were collected, in addition to hats, scarves and other clothing items. The items were distributed on Dec. 18, at “Santa’s Workshop,” held at the Dorothy Day house in Danbury. Pictured with the “Mitten Tree” are, from left: Fernando Henriques, teller manager from the Plumtrees Plaza office; Sherrill Koch, branch operations manager from the Mill Plain office; Helen Cervone, teller; and Margaret Santos-Arnold, branch manager and assistant vice president.

Webster Bank – thousands of people helped Webster Bank celebrate its 75th anniversary on Oct. 11 with free ice cream in 10 cities across Connecticut, New York, Massachusetts and Rhode Island. Each event began with a brief ceremony that included remarks by a Webster executive and a representative from the United Way, Webster’s primary philanthropy. They also included an ice cream giveaway with a Webster-branded treat truck and special anniversary donation to each United Way. Liberty Bank helped area rotary clubs raise $109,674 to help fill Thanksgiving food baskets. 37 Liberty Bank locations and 23 rotary clubs throughout central, eastern and shoreline Connecticut partnered to raise funds for Thanksgiving dinners for local families 18

Thomaston Savings Bank – Stephen Lewis, president and CEO, presented a check for $30,000 to St. Mary’s Hospital in Waterbury to help fund the da Vinci Robotic Assisted Surgery system. The benefits of the device are improved outcomes, lower risk, faster recovery time, fewer complications, fewer infections and minimal pain. Peter Doiron, left, senior vice president, and Stephen Lewis, right, president and CEO, present a check for $30,000 to Betty Bozzuto, vice president of surgical services at St. Mary’s Hospital.

Pictured, from left: Paul D’Addabbo, president, board of directors and capital campaign chairman of the Boys & Girls Club of New Britain; John J. Patrick Jr., chairman, president and CEO, Farmington Bank; Todd Czuprinski, executive director of the Boys & Girls Club of New Britain; and Lindsley Wellman, the club’s board of directors third vice president and capital campaign co-chairman.

The Farmington Bank Foundation, the charitable arm of Farmington Bank, recently announced a multi-year, $70,000 grant to the Boys & Girls Club of New Britain. The grant, part of the club’s “Next Best Place to Home” capital campaign, will be used to help renovate club’s facility on Washington Street. The Boys & Girls Club of New Britain serves 2,500 members and provides programs for children of all ages and income levels in New Britain

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Simsbury Bank donated to the Granby Camera Club in exchange for photos taken by club members featured in the bank’s 2011 full-color calendar. Pictured, Gene Suponski and Paula Johnson of the Granby Camera Club with the photos they contributed to the 2011 Simsbury Bank calendar (February and December, respectively), accept the bank’s donation from Susan Presutti, assistant vice president of Simsbury Bank. Photo

by Rob Fisher, Granby Camera Club.

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Pictured, from left: David Schneider, president, Fairfield County Bank; E. Bulkeley (Buck) Griswold, Wilton Commons’ Capital Campaign Chairman; and Daniel Berta, chief operating officer, Fairfield County Bank.

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Fairfield County Bank made a $30,000 pledge to Wilton Commons. “Wilton Commons is most appreciative of the private support of families and businesses such as Fairfield County Bank in developing this congregate living project for deserving area seniors,” said Wilton Commons’ Capital Campaign Chairman E. Bulkeley Griswold.

Wachovia Bank, N.A. – Joe Kirk, New York/ Connecticut regional president for Wachovia, a Wells Fargo Company, announced that Wachovia’s charitable contributions to Connecticut non-profits topped $665,000.

According to Kirk, $284,000 was given to community development projects, $75,000 to education initiatives, $150,000 to health and human services agencies, $80,000 to arts and culture, and $5,000 for environmental projects. In addition, $71,000 was earmarked for each retail store to make a $1,000 grant to a local non-profit of its choice.

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PromotablePeople Recognizing the career milestones of the people who contribute to Connecticut’s banking industry. ry reporting, financial accounting, portfolio management and asset and liability management. He was formerly a regulator for the Connecticut Department of Banking.

Rockville Bank – William H. W. “Bill” Crawford, IV, a longtime banking executive at Wells Fargo & Company, has been chosen to be the next president and CEO of Rockville Bank and Rockville Financial, Inc. Crawford joins Rockville Bank as its senior executive vice president effective immediately. He will succeed current Rockville Bank President and CEO William J. McGurk when McGurk officially retires from that position at the company’s annual board meeting on April 26, 2011.

Crawford is a banking executive with a 23-year career at Wells Fargo & Company and its predecessor banks, Wachovia and South Trust. During the past decade, he has managed a variety of major responsibilities for the corporation, leading all major lines of business for multi-billion dollar regional banking operations in North Carolina, Virginia and Florida.

The Connecticut Bank and Trust Company – Anson C. Hall was promoted to the newly-created position of president and chief operating officer.

Anson C. Hall Hall, who is one of the bank’s founding directors, began his career in 1966. In his new position Hall will have the responsibility for retail banking, human resources, corporate risk management and internal audit.

Paul A. Granato was promoted to chief financial officer and treasurer.

Granato, who joined the bank in 2006 as its controller, will also expand his duties to include regulatoPaul A. Granato

Savings Bank of Danbury announced the appointment of Robert J. Kornhaas Jr. to its board of directors. A partner in the Robert J. Kornhaas Jr. accounting firm Fiorita, Kornhaas & Company, CPAs, Bob brings with him 33 years of professional experience working with clients throughout Connecticut, many of which are closely held businesses and not-forprofit organizations.

Thomaston Savings Bank announced the addition of new corporator Joanne E. Milburn.

Milburn is an information technology profesJoanne E. Milburn sional with over 30 years of management, consulting and development experience. She is currently the CEO and owner of RJM Systems, Inc., which provides the web-based student information system SONISWEB to more than 100 educational institutions.

Bankers’ Bank Northeast – Michelle R. Orsini has joined the bank at the newly created position of operations officer and client Michelle R. Orsini services manager. Orsini will manage the staff and coordinate workflow between client services and operations.

Sabina L. Barresi has been appointed to the position of vice president and relationship manager. She will be responsible for working Sabina L. Barresi with clients in Maine, New Hampshire, Rhode Island and Eastern Massachusetts.

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Geoffrey S. Gibbons has been promoted to the position of correspondent officer and relationship manager. He will be working with clients in Geoffrey S. Gibbons Connecticut and southeastern New York. Gibbons previously held the position of relationship coordinator in client services at the bank.

Megan Desso has been named to the newlycreated position of enterprise risk manager. She also chairs the bank’s Internal Risk Council and Megan Desso will continue to serve in the role of compliance officer.

Bank of New Canaan – branch manager Gail Donovan has been promoted to vice president.

In addition to managing the Elm Street branch, Gail Donovan Donovan will now be responsible for all Bank of New Canaan branch operations. She joined the bank in 2009.

Stamford First Bank – Robert Hagan has joined the bank as vice president and head of new business development. Hagan will be responsible for Robert Hagan expanding the bank’s customer base and strengthening the bank’s relationship with its existing customers.

Linda West has been named senior vice president of commercial lending. She brings more than 20 years of lending experience to the bank. Her Linda West background also includes such disciplines as corporate finance, portfolio administration, loan workouts and liquidations.

Bank of Fairfield – Branch manager Mark Ahern has been promoted to vice president. He will now be responsible for all Bank of Fairfield branch operations. He is a 20-year Mark Ahern veteran of the banking and lending industry and joined the bank earlier this year.

Robert Herrmann

Darien Rowayton Bank announced that it hired Robert Herrmann as chief lending officer.

He has over 20 years of banking, credit and lending experience.

Thomaston Savings Bank – James (Jay) Murdick recently joined the bank as vice president and senior commercial loan officer. He will be responsible for leading James Murdick the bank’s strategic commercial and retail expansion into greater Bristol and the surrounding markets.

Dawn Nielsen has been named marketing manager. Nielsen has been in the marketing and communications industry for 23 years, working for small Dawn Nielsen agencies in Connecticut.

Anthony Gugliotti has been promoted to vice president and senior commercial loan officer.

Gugliotti joined the bank in May 2008 and has more Anthony Gugliotti than 25 years of experience in commercial lending.

First County Bank – June N. Walker has joined the bank as first vice president and director of human resources. As part of senior management, Walker will be responsible for providJune N. Walker ing strategic direction in support of the bank’s strategies and goals, talent acquisition and development, organization design and development and employee relations as part of human resources.

Dime Bank – Nancy Boroughf has been promoted to assistant branch manager of the Taftville branch. She joined Dime in September 2004 as a CSR. James V. Burns, ChFC, Nancy Boroughf CLU, has joined Dime Investment Services as a financial advisor providing insurance, investment and financial planning services to the Westerly, Rhode James V. Burns Island and southeastern Connecticut communities.

Guilford Savings Bank appoints two.

Heather Heather Gagnon Ann Lisitano Gagnon has recently joined the bank as an assistant branch manager.

Ann Lisitano joined the bank as a consumer loan officer.

Liberty Bank – Shirley Theriault has been promoted to vice president and is responsible for the bank’s consumer mortgage underwritShirley Theriault ing operation. Theriault has extensive banking experience. She joined Liberty Bank in October 2004 as an underwriting manager.

Kathy Aubrey-Bergonzi has been appointed assistant vice president of Liberty Bank, responsible for the bank’s Plainville branch. Aubrey-Bergonzi Kathy Aubrey-Bergonzi is a 16-year veteran of Liberty Bank, serving in many capacities in both corporate and branch locations.

Jim Brainerd has been appointed assistant vice president of Liberty Bank, responsible for the bank’s Middlefield branch. Brainerd joined Jim Brainerd Liberty Bank in 2009 and was promoted to branch manager earlier in 2010.

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Arelis Kinard has joined the bank as a mortgage loan officer in the bank’s originations group. She is responsible for originating residential mortgages in the Meriden area.

Arelis Kinard Jeffry Pierce has been appointed vice president of its commercial/industrial operation, responsible for new business development and commercial loan portJeffry Pierce folio management. Pierce is a seasoned banker with more than 20 years of experience in commercial lending.

Naugatuck Savings Bank – Robert J. Voets has been promoted to assistant vice president and security director of the bank. Voets is responsible for overseeing security and investigations for Nutmeg Financial, MHC and its family of affiliated companies: Naugatuck Savings Bank, John M. Sutherland, Inc. and Nutmeg Financial Holdings.

Craig Wallace, a bank employee since 2002, has been promoted to assistant vice president of infrastructure operations.

Wallace oversees all network and telecommunications management.

John (Jay) P. Palen III has joined Infinex Financial Group located at Naugatuck Savings Bank as a financial consultant. He will provide financial conJohn P. Palen III sulting services to individual customers and businesses in Meriden, Ansonia, Hamden and Middlebury.

John DaRin

Patricia Gallagher

The Milford Bank – John DaRin has joined The Milford Bank as senior vice president. In this position, he will be responsible for overseeing all of the bank’s commercial lending activities. DaRin brings almost 25 years of lending experience to the bank.

Patricia Gallagher has joined the bank as assistant vice president and continued on page 22

Connecticut Banking Magazine • First Quarter 2011

PromotablePeople continued from page 21

manager of the bank’s Stratford office. In this position, Gallagher will be responsible for overseeing the day-to-day operations of the office.

Bob Capobianco

Doug Hensal

Pat Kelley

Tom D’Agostino

Newtown Savings Bank – Bob Capobianco was promoted to vice president of credit. He is a founding member of the bank’s credit department, established in 2003, and now manages the department.

He serves as secretary of several loan committees.

Doug Hensal was promoted to vice president of retail banking. He joined the bank in 2007 as electronic banking manager.

Pat Kelley was promoted to vice president of commercial lending. He began his commercial lending career at the bank in 2007 and was salesperson of the year in 2008.

Tom D’Agostino was promoted to assistant vice president of facilities.

He manages the facilities department and has been with the bank since 2001.

Patriot National Bank is pleased to announce that Michael Yao has joined the bank’s commercial lending team as a vice president and commercial Michael Yao lending officer. He brings over 20 years of industry experience to Patriot, where he will be responsible for new business development and business lending in Northern Fairfield County.

Salisbury Bank – Brendan Coughlin recently joined the bank as vice president of branch administration. He is responsible for managing Brendan Coughlin the eight branches in the bank’s retail system. Coughlin brings more than 20 years of retail banking management experience to the bank

Tara Decker recently joined the bank as branch manager of the Sharon office. She oversees branch sales and operations at that location. Decker has more Tara Decker than 20 years of banking experience.

Darilyn F. Woods has joined the bank’s trust wealth advisory services division as a vice president and trust officer. She brings more than 15 years of priDarilyn F. Woods vate banking and investment experience to the bank. At Salisbury Trust, Woods will be responsible for developing wealth management and trust relationships in the bank’s growing wealth advisory division.

John C. DiBiaso

Savings Bank of Danbury recently announced that John C. DiBiaso has joined the bank as assistant vice president and branch manager for its new Southbury branch location.

Rockville Bank – Denise Fleming has been promoted to a branch sales officer. She manages the bank’s Enfield Big Y supermarket office in Enfield, and is primarily Denise Fleming responsible for business development and community relations in Enfield.

Susan B. Amagliani has been promoted to assistant corporate secretary.

She is responsible for Susan B. Amagliani administration of the president’s office and she provides back-up assistance to the board of directors, as well as support to the chief financial officer.

Steven Marantz Steven Marantz has been promoted to assistant vice president and financial advisor. He joined Rockville Bank in 2008 as a financial advisor and has been in the financial services industry for 28 years.

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TD Bank has promoted Michael J. Lye to small business relationship manager in Hamden. He will oversee small business lending and busiMichael J. Lye ness development at TD Bank stores throughout New Haven County.

Lye joined TD Bank in 2006 and has six years of banking experience.

Todd C. Navin has been named vice president and Todd C. Navin commercial loan officer in commercial banking in Glastonbury. He is responsible for building and managing a portfolio of commercial loans as well as administrative lending matters, credit administration and risk management, serving clients throughout greater Hartford.

Lacey L. Bigos has been promoted to commercial portfolio loan officer in commercial lending in Glastonbury.

She is responsible for handling the daily activities and supervision of a portfolio of middle market commercial loans, including the approval and review of loans, maintenance of credit standards, industry analysis and risk management.

Steven M. Vitorino has joined TD Insurance, Inc.Vitorino is responsible for providing a range of surety services, including bond underwriting and claim handling, to contractors and business owners.

Webster Bank announces the appointment of John M. Jezowski to senior vice president and relationship manager at Webster Financial Advisors.

John M. Jezowski Jezowski is based in the Hartford office of Webster Financial Advisors, the wealth management arm of Webster Bank responsible for affluent individuals and not-for-profit institutions. u

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