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First Quarter 2014




First Quarter 2014





10 Waterside Dr. Farmington, CT 06032-3083 Telephone: 860-677-5060 • Fax: 860-677-5066 Chairman Chandler J. Howard

Second Vice Chairman Richard J. Cantele

First Vice Chairman Stephen P. Reilly

President & CEO Lindsey R. Pinkham

President & CEO Liberty Bank, Middletown


Writing the Playbook for Bank Compliance.......................... 14 CBA Enters Partnership with Compliance Alliance

President & CEO Salisbury Bank, Lakeville

President & CEO Northwest Community Bank


Record Attendance and a Smashing Success....................... 4

Executive Vice President & Treasurer Thomas S. Mongellow First Senior Vice President & Secretary Colleen E. Clancy

New Leaders Honorees........................................................ 6 FEATURES

Connecticut School of Finance and Management................ 18

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

The Warren Group Design / Production / Advertising 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.


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Colleen E. Clancy

©2014 The Warren Group Inc. All rights reserved. The Warren Group is

a trademark of The Warren Group Inc. No part of this publication may be reproduced in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system, without written permission from the publisher. Advertising, editorial and production inquiries should be directed to: The Warren Group, 280 Summer Street, Boston, MA 02210. Call 800-356-8805.

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Banks in the News........................................................ 20 Bankers in the News..................................................... 28 CBA Calendar.............................................................. 29 3



RECORD ATTENDANCE & A SMASHING SUCCESS On Friday, Jan. 17, a record-setting 870 bankers and vendors attended BankWorld, copresented by the Connecticut Bankers Association and The Warren Group. It was a day packed with seminars and networking, with an overflowing exhibitor hall and an invitation-only CEO Luncheon. “BankWorld continues to be a great forum for Connecticut bankers to learn more about the issues of the day by attending their choice of the 12 sponsor presentations,” said Lindsey Pinkham, president and CEO of the CBA. “In addition, attendees visited with over 58 exhibitors to discuss the latest in bank technologies, innovative products and income generating services.” The night before, 11 up-and-coming bankers were honored with the New Leaders in Banking Award, presented at a ceremony and reception. Their stories, in their own words, begin on page 6. “The CBA thanks our BankWorld sponsors and exhibitors for their participation in BankWorld 2014,” Pinkham said, “and we look forward to working with each and every one of them next year. Our attendance numbers were at an all-time high this past January, and we look forward to breaking that record next year.” u

Connecticut Banking Magazine • First Quarter 2014



MEET THE FUTURE OF CONNECTICUT BANKING In conjunction with BankWorld, the largest banking conference and expo in the Northeast, held in January, the Connecticut Bankers Association and The Warren Group honored the following 11 up-and-coming bankers in Connecticut. Nominated by their peers and chosen by an independent review committee, these are the best and brightest. Here are their stories.


Age: 49 Title: Assistant Vice President/ Mortgage Specialist Bank: Chelsea Groton Bank Bank location: Groton Town of residence: Oakdale How did you come to community banking, and why did you stay? I became a community banker in 1987. A friend of mine was a real estate agent and her friend was a mortgage originator with a local bank. She introduced me to her boss, who was the vice president of lending. I will always be grateful to them. They took me under their wings and decided to take a chance on me by training me to become a mortgage loan originator. I love what I do because of all the wonderful people I work with and the customers that allow me the privilege of assisting them with their financing. My days are never the same!

What do you consider your biggest success? My greatest success is my family, a wonderful husband and two children. I have been blessed with being able to balance a home and career that I love with their support.

a single biggest success, as I truly believe that success is a lifelong journey, not a destination. I hope, in the end, my biggest success will be having made a positive difference in the lives of my children and the many children I have mentored over the years.

How do you see technology changing the banking industry over the next 10 years? The banking industry has been dramatically affected by changing technology over the years and will continue to do so over the next 10 years. We live in a society that seeks instant gratification. I firmly believe that although many people are gravitating towards banking online, there will always be those who need personal contact. Borrowing money is both a financial and emotional decision. Customers need reassurance and like to know they are dealing with a local institution.

How do you see technology changing the banking industry over the next 10 years? Technology will completely transform the industry over the next 10 years through the use of chip technology, increased automation and the virtual wallet. I believe that bank branches will become a rarity and identification will be done through retina scanning. Those bank branches that survive will be technology driven, mobile and much more compact.


Age: 49 Title: Vice President, Retail Banking & Branch Administration Bank: Ion Bank Bank location: Naugatuck Town of residence: Morris How did you come to community banking, and why do you stay? I started my career at a community bank while attending college. Initially I was a part-time, drive-up teller at The Banking Center, headquartered in Waterbury. Although it was not my intention to be a banker, I fell in love with the job and have spent my entire career in banking. I stay because community banks truly believe in building lifetime relationships with their customers and are deeply committed to making a difference in their communities.

If you weren’t a community banker, what would you be doing? I would probably be working at a hotel in the hospitality industry. One of my first jobs out of college was working in the sales office of a hotel, and I enjoyed it, but I enjoy taking care of customers. What’s your favorite vacation spot? My favorite vacation spot – which I refer to as my “Happy Place” – is my timeshare at Water’s Edge in Westbrook. It is not far from home, yet it feels like I am miles away!

What do you consider your biggest success? I find it incredibly hard to identify


If you weren’t a community banker, what would you be doing? I would have been a pharmacist, most likely in pharmaceutical sales. If I left banking today, I would like to work as a student advocate in the educational system at either the elementary or high school level. What’s your favorite vacation spot? I love to be anywhere near the ocean, as I find the majesty of it to be inspiring, relaxing and rejuvenating. My favorite spot is North Myrtle Beach, South Carolina, as it provides the best of both worlds: relaxation on the beach along with plenty of highenergy activities for my kids.

TWINKLE, TWINKLE, RISING STAR. WE’RE SO PROUD. YOU’LL GO FAR. Liberty Bank salutes employees Kathy Doucette, Robin Fujio and Kelly Speranza who were just named New Leaders in Banking by the Connecticut Bankers Association and Connecticut Banking Magazine. You’re a credit to the bank and we’re so glad to have you on the team!

Kathy Doucette First Vice President and Treasurer

Robin Fujio

First Vice President Deposit Operations

Kelly Speranza

Vice President Secondary Market Manager

Make a Statement.



Connecticut Banking Magazine • First Quarter 2014



Age: 49 Title: Treasurer Bank: Liberty Bank Bank location: Middletown Town of residence: Granby

Age: 46 Title: Vice President, Secondary Market Manager Bank: Liberty Bank Bank location: Middletown Town of residence: Plainville

How did you come to community banking, and why do you stay? I began my banking career at a very large commercial bank based in Boston. I gained good experience and skills while employed there. However, within a few years, I took a position with a smaller savings bank in Hartford. I soon realized the differences between a large commercial bank and a community bank. I understood the impact a community bank has on servings its customers, both local small businesses and families. Community banks have a vested interest in the areas they serve, helping to keep them growing and vibrant.

How did you come to community banking, and why do you stay? A friend who worked for Liberty at the time recommended me. My co-workers were so welcoming that I felt a sense of belonging from the first day I started. Liberty Bank is a great organization that has provided me with opportunities to grow and succeed, both personally and professionally.

What do you consider your biggest success? From a personal perspective, my biggest success has been raising my two children into young adults. From a professional perspective, I was provided the opportunity to gain experience in leading a large team that worked to complete a bank acquisition. How do you see technology changing the banking industry over the next 10 years? Over the next 10 years, technology will continue to improve the ways banks are able to conduct business, making it more efficient and cheaper, while still providing an interpersonal experience for the consumer. Some of these technologies have already emerged, but will be more embraced by the consumer over the next decade. If you were not a community banker, what would be you be doing? I would be teaching. What’s your favorite vacation spot? I took a vacation to Ireland a number of years ago to visit family. The country, culture and people were amazing. I hope to return one day.

What do you consider your biggest success? My biggest success thus far was being project manager for the implementation of our hedging program. It was successfully launched in 2012 and the secondary market department ended the year with record-breaking gain on sale numbers. How do you see technology changing the banking industry over the next 10 years? The advancement in technology brings a multitude of changes and challenges to the banking industry. The challenge will be to continue delivering an enhanced customer experience with the ever-changing variety of available channels and the diversity within our customer base. If you weren’t a community banker, what would you be doing? I would be an educator, so that I could mentor and encourage our youth. I believe people can accomplish anything through hard work and determination. What's your favorite vacation spot? My favorite vacation spot is Las Vegas. The city is fun, exciting and offers an abundance of entertainment possibilities.



Age: 44 Title: Vice President, Commercial Lending and Director of Deposit Services Bank: Litchfield Bancorp Bank location: Watertown Town of residence: Torrington How did you come to community banking, and why do you stay? I worked part-time during the summer when I was in college. I had cleaned house for the bank president and he gave me my first job in banking as a part-time teller. I worked at the branch in the neighborhood in which I grew up. I worked at that bank for 10 years and then was offered a job at Litchfield Bancorp, where I have worked now for 13 years. I love working in a local community bank, where you get to know everyone in your community, and fellow employees. It has a family feel that is important to me. What do you consider your biggest success? Graduating with honors from the Stonier Graduate School of Banking. How do you see technology changing the banking industry over the next 10 years? Continued advances in online and mobile applications with smaller branches and staff. Banking will become more mobile for the customer, and the banker, who will be able to access accounts and information from their smartphone or tablet. As technology advances, security will have to keep pace. Customer and market data will become more detailed and easier to access and analyze with advanced CRM technologies. Marketing will become more specific and specialized with these advances. If you weren’t a community banker, what would you be doing? I would be a writer or editor. What’s your favorite vacation spot? Cape Coral, Florida. I have a home there and it is a great escape to the warm sunshine.

First Quarter 2014 • Connecticut Banking Magazine


Age: 44 Title: Senior Vice President, RVP Fairfield County Bank: TD Bank, NA Bank location: Wilton Town of residence: Fairfield How did you come to community banking, and why do you stay? I graduated from UConn during the recession in the early 1990s. With no jobs to be had anywhere, I took a position with a local auto dealership and worked my

way up from a salesperson to a finance and insurance manager. The job was a great learning experience, but the hours were not conducive to raising a family. I was fortunate to be offered a position as a mortgage loan closer at Ridgefield Bank. Although I lacked any banking experience, I was given many opportunities there. I have stayed in community banking because it is a place where one person really can make a difference. TD Bank shares this community-based philosophy, and has supported my efforts to partner with vital local organizations and programs through volunteerism and financial support. Most importantly, I am able to see the impact that my team and I have on local businesses. What do you consider your biggest success? I have always been driven to produce the top results and build and lead the best teams. I was the youngest female vice president at Ridgefield Bank, and to this day, one of the few female leaders in commercial banking in our market. But my greatest achievements are the friendships and partnerships that have been built, and the love and respect of my family.

New Leader in Banking Congratulations to Dawn Orsini, Vice President, Retail Banking at Ion Bank for being named a 2013 New Leader in Banking.

How do you see technology changing the banking industry over the next 10 years? With Generation Y and the Millennials entering the workforce while the Boomers are retiring, I think our industry will face a great many challenges. I do not believe we will see an end to branch banking during my career, but the industry will need to be more strategic about branch locations. I believe there will be a contraction as the younger generations demand more high-tech options. If you weren’t a community banker, what would you be doing? I believe I would still be involved in a field that had a high degree of customer contact with the opportunity to develop, implement new products and services, and expand into new markets. What’s your favorite vacation spot? We have a tradition each year to go to different vacation spots so our children can be exposed to different experiences and people. But my favorite spot is our place on Candlewood Lake; the quiet solitude of winter by the hearth, starry nights and fun-filled summers are just the escape for me.

Connecticut Banking Magazine • First Quarter 2014


Age: 37 Title: Vice President, Information Systems Officer Bank: Eastern Savings Bank Bank location: Norwich Town of residence: Hebron How did you come to community banking, and why do you stay? I worked in IT support at a community bank while attending college. While I didn’t plan to make a career of it at the time, I found the values of the bank to be in line with my own, and I enjoyed my time there. After a merger and subsequent acquisitions, that bank is no longer around. After a couple years in the newly formed and much larger bank, I knew the smaller community bank environment was where I wanted to be and was fortunate to find my position at Eastern Savings. What do you consider your biggest success? Overall, it is my family, having a wonderful wife and two daughters. Professionally, having come into an IT department facing some challenges, I overhauled the IT environment to meet the bank’s operational and compliance needs. This included forming an IT Steering Committee, creating new policies and procedures, developing a business continuity plan and implementing new systems to automate tasks. How do you see technology changing the banking industry over the next 10 years? I see the trend of banking when and where a customer chooses increasing. Customers will expect the ability to do all their banking from home or on a mobile device; or even have a traveling banker come to them. While I do not see the need for branches diminishing, the traditional, fully staffed branch may become the exception, with improved automation and live video technology available.



Age: 46 Title: Senior Vice President & Chief Operating Officer Bank: Litchfield Bancorp Bank location: Litchfield Town of residence: Torrington

Age: 49 Title: Executive Vice President, Chief Credit & Chief Risk Officer Bank: First County Bank Bank location: Stamford Town of residence: Trumbull

How did you come to community banking, and why do you stay? Upon graduating from college and attending graduate school, I took the job of drive-up teller in 1990. I quickly learned that this was something I could make a career out of. Litchfield Bancorp defines what a community bank is all about. I have always been given opportunities here to make a difference in people’s lives.

How did you come to community banking, and why do you stay? I came to banking due to a family friend in the industry, and I thought a smaller institution had a personal approach that I could identify with. The behemoth companies at the time were so large, I knew it was not where I wanted to be.

What do you consider your biggest success? I have always taken great pride in subordinate development. Over the years I have seen so many members of my staff be promoted – hopefully, I helped play a role in their success. How do you see technology changing the banking industry over the next 10 years? Technology will, of course, continue to change our industry. Customers are always looking for better and more efficient ways of banking. We must be able to offer these services while providing top-notch security in these areas. If you weren’t a community banker, what would you be doing? I’d be teaching. What’s your favorite vacation spot? Narragansett, Rhode Island.

What do you consider your biggest success? My biggest success has been the learning experiences that I have been exposed to over the course of my career. I started at a small bank in Stamford, which grew from nearly $60 million in assets to well over $100 million in assets, where I assisted in the financial, operations, legal and compliance aspects of the business. This experience has been immeasurable and has enabled me to utilize skills I was exposed to early in my career. I have utilized and leveraged all of these experiences to enhance my career at First County Bank, and will continue to do so for years to come. How do you see technology changing the banking industry over the next 10 years? Over the past few years, technology moved at a tremendous pace, and will continue to do so for the next several years. Technology has to meet customer demands, which will advance at a feverish pace with new products and features. I would expect to see branches increase their automation and more electronic tools available for meeting all age groups for their particular banking needs. If you weren’t a community banker, what would you be doing? I would follow in my father’s footsteps and work for the federal government. He always wanted me to take a federal entrance exam and get those great federal benefits. Sorry, Dad!

If you weren’t a community banker, what would you be doing? Having started college going for a marine biology major, had I not taken and enjoyed that bank IT job, I would likely be working in the field of marine sciences.

What’s your favorite vacation spot? No question, the Outer Banks of North Carolina, with my family!

What’s your favorite vacation spot? Cape Cod.


First Quarter 2014 • Connecticut Banking Magazine


Age: 49 Title: Vice President, Deposit Operations Manager, BSA/OFAC Officer Bank: Liberty Bank Bank location: Middletown Town of residence: Durham How did you come to community banking, and why do you stay? In my early 20s I was managing a national women’s clothing store and running from mall to mall across Connecticut, overseeing various stores. I was putting in 80-plus hours a week

and each holiday season took a tremendous toll on me. A friend of mine’s sister was working for the bank at the time and had mentioned that they were looking for tellers. I knew it was a big shift, but I wanted to keep my focus on customer service. It was a perfect fit for me. I absolutely loved being a teller! Today my world is filled with complex transactions, regulatory compliance and project management, and I still love the challenge. Every day is something new and I thrive on that. What do you consider your biggest success? The fact that I am able to demonstrate to new tellers that the opportunities are there for you if you work hard and step up to challenges. I was promoted quickly and at a young age. I couldn’t learn enough fast enough. I had some exceptional mentors and I hope that I can inspire others to reach their goals. Ultimately, my biggest success is rising through the ranks and being able to say that I have been with the same bank for 28 years.

How do you see technology changing the banking industry over the next 10 years? It’s difficult to look 10 years out when we are working on the here and now and the impending, endless regulatory changes. Our challenge will be how to blend new technologies with a brick and mortar environment, and keep both relevant and current. The dynamics of different age groups will be what keeps banks on their toes when it comes to implementing technology. If you weren’t a community banker, what would you be doing? I would work for Homeland Security. The complexity and intrigue would be very exciting for me. What's your favorite vacation spot? Any beach! I love the ocean.

an exceptional employee

Because it matters. Eastern Savings Bank is proud of Mike Bartolotta and congratulates him on this much deserved recognition.

Member FDIC

27ESB006_Mike_Bartolotta_Employee_Ad_7_25x4_75_je4.indd 1

1/23/14 5:02 PM

Connecticut Banking Magazine • First Quarter 2014

I wanted to be more involved in a community, similar to one that I grew up in. After securing a position with Union Savings Bank, I felt at home and have remained here for the past 14plus years.


Age: 47 Title: Senior Vice President, Retail Administration Bank: Union Savings Bank Bank location: Danbury Town of residence: Brookfield How did you come to community banking, and why do you stay? After multiple years working with larger commercial financial institutions, I felt the need to return to a smaller community bank.

What do you consider your biggest success? My ability to be a leader, dealing effectively with people and not changing who I am as a person since I started my banking career over 25 years ago. It has been imperative for me that when working with employees, not just in the retail network but also in various departments, to always remain fair, impartial and respectful of their views and career goals. How do you see technology changing the banking industry over the next 10 years? With the enhanced world of technology ever changing and continuing to do so, we will find ourselves with much less brick and mortar. With mobile, remote deposit capture and video

conferencing capabilities continuing to expand, the number of people entering a branch to perform in-person banking will continue to reduce. The branch system as we know it today will still exist, as the branch will evolve into fewer and smaller kiosk-style buildings with a smaller number of employees onsite. These employees will also be known as the universal employee. This employee who will be more technological sophisticated and cross-trained with more financial expertise in order to capture and retain the potential client from the first introduction. If you weren’t a community banker, what would you be doing? Teaching. What's your favorite vacation spot? Somewhere different from where I have previously visited. So many places to visit in one’s lifetime.

Congratulations Robert J. Granata Executive Vice President on being named a

New Leader in Banking by the Connecticut Bankers Association

Member FDIC NMLS# 411487

©2014 First County Bank.


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By Christina P. O’Neill


Rick Burgess used to spend hours developing DoddFrank-specific policies and procedures for his bank, Community Guaranty Savings Bank, based in New Hampshire. The 2,300-plus-page rule includes 1,700 pages of consumer regulation governing business practices, products and service charges. So community banks around the country had to draft their in-house policies on how to comply with the new rules. Toward that end, Burgess, senior vice president and compliance officer at the bank, utilized a number of different subscriptions and services. Managing the billing for these services, and whether to continue any particular one, became a job in itself, he says.

• Executive summaries on new regulations • Policy templates • Procedures • Action plans • Lending matrices • Compliance hotline • “Cheat sheets” • Checklists • Compliance calendar • Risk assessment tools • Review of advertising and marketing

It’s all in the Implementation

Then, the New Hampshire Bankers Association, of which Community Guaranty Savings Bank is a member, teamed up with Compliance Alliance Inc. That company, established in January of 2011, is jointly owned by state banking associations in 19 states – the most recent of which is the Connecticut Bankers Association. Compliance Alliance is comprised of a team of attorneys, compliance B. SCOTT DAUGHERTY specialists and ex-regulators. It PRESIDENT AND GENERAL COUNSEL provides the policy-implementation COMPLIANCE ALLIANCE INC. support equivalent to an in-house compliance officer (see sidebar, right) at a price within the reach of a community bank, which may not have the resources to hire one or two highly paid additional staffers. Pricing is geared to a bank’s asset size (see table, next page). Membership with Compliance Alliance is all-inclusive, providing member banks access to more than 800 quality compliance documents, personalized attention by the company’s compliance hotline, clear-cut compliance reviews and unlimited users and access. The tools and resources provided are designed to not only assist with day-to-day functions, but also in those special circumstances when a bank needs extra support. Compliance Alliance provides both the documents necessary for compliance; its additional products and services serve as a bank’s researcher, advisor, reviewer and document creations specialist. Burgess observes that Compliance Alliance has been helpful in compliance support for the Qualified Mortgage rule, which became effective Jan. 10. There have been others, he notes – new loan servicing, appraisal and loan originator management regulations, for example. Next year, the merger of Truth-in-Lending and RESPA will go into effect. But Burgess feels that the consulting package that Compliance Alliance offers has freed up staff time, including his – and has become a cost-effective alternative to the many outside resources the bank drew on before.

Compliance Alliance seeks to assist banks with their individual questions and concerns about implementing policies and procedures. Its staff serves as a sounding board for bank management in determining the viability of the how-to’s. In addition to its website full of work tools, it staffs a compliance hotline with unlimited access that now fields about 1,600 questions a month, according to B. Scott Daugherty, the company’s president and general counsel. Banks staff may call, email or live chat to have their questions answered by one of Compliance Alliance’s attorneys or compliance specialists. While many third-party vendors offer compliance software, their focus is not in its actual implementation – that is, developing individualized internal policies and procedures for each bank based on federal requirements. “We try to think of everything they’d need in a policy, procedure or other tools. They can delete [what] doesn’t apply to their bank,” Daugherty says. Compliance Alliance staffed a booth at BankWorld on Jan. 17 and did the meet-and-greet with Connecticut bankers. At a podcast produced by The Warren Group (publisher of Connecticut Banking, in partnership with the Connecticut Bankers Association), he remarked that compliance is an issue with which banks of all sizes struggle – keeping up with regulations and keeping staff happy. “Hopefully, we’re going to make the compliance officer’s job a little easier, and let them focus on the day to day things at [their] bank. Instead of reading 1,800 pages of legislation, we can give them a five or six page summary and let them read that,” he said. The company’s policy reviews are a plus for people such as Donna Collins, assistant vice president of CNB Bank in Pennsylvania. The bank purchased Compliance Alliance services last year. Staff has responded positively to the review function, which encompasses not only policies and procedures, but also advertising, and staff has availed themselves of Compliance Alliance’s monthly newsletters and its various webinars. CNB Bank contacts Compliance Alliance three to four times a week. Email questions are usually answered the same day, and document review takes three business days, Collins says. “Comments were positive and staff felt that it was a great source to get a second opinion,” she says. continued on page 16 15

Connecticut Banking Magazine • First Quarter 2014

Writing the Playbook for Bank Compliance continued from page 15

Bank with $1 Billion to $10 Billion in Assets

Bank with Less Than $1 Billion in Assets 3 Year Contract: $7,500 per year

1 Year Contract: $10,000 per year

3 Year Contract: $10,000 per year

1 Year Contract: $12,500 per year

Bank with Over $10 Billion in Assets

Holding Company with More Than 5 Banks

Please Contact Compliance Alliance Directly at 888-353-3933

Please Contact Compliance Alliance Directly at 888-353-3933

Holding Company with Less than $1 Billion in Assets and Less than 5 banks

Holding Company with $1 Billion to $10 Billion in Assets and Less than 5 banks

3 Year Contract: $7,500 per year

1 Year Contract: $10,000 per year

3 Year Contract: $10,000 per year

1 Year Contract: $12,500 per year

Source: Compliance Alliance Inc.

However, she cautions, state-specific regulation is not within the company’s purview – an observation with which Daugherty agrees – and notes that recommendations from Compliance Alliance and a bank’s auditors can differ. That’s due in part to state-specific regulations that Compliance Alliance recommends referring back to a bank’s state trade association, but it’s also due to auditors’ role as supplying opinions. “We give options,” Daugherty says, adding that regulatory specifications aren’t just black and white, but contain a lot of gray, and that banks can always disagree on what they want to do, based on exposure to liability for penalties and other concerns. Community Guaranty Savings Bank’s Burgess draws a line between the support Compliance Alliance offers and vendor systems, but says that the company’s support has been helpful in understanding how new regulations affect vendors. He also commends his bank’s board of directors, its senior management and staff for “a very solid commitment to the compliance function, and the necessity of adhering to all regulatory requirements. Makes that portion of my job much easier,” he notes. Ultimately, Compliance Alliance’s help can serve as a foundation for future action – and can help community banks become better and more knowledgeable consumers in relations with their thirdparty vendors. “We give them a starting point, so they don’t have to recreate the wheel” in developing policies, Daugherty says.  u

What Compliance Officers are Saying “As the compliance officer for a small community bank, I wear many other hats besides compliance – [and] with the increasing compliance workload, it’s necessary to have compliance support that I can count on. Compliance Alliance has already helped us review new products and marketing. The daily email updates with alerts, forms and matrices are one of the first items I check each morning. Compliance Alliance is truly a great value for our bank!” “Compliance Alliance is saving us half of an FTE right out of the gate, and we feel this will evolve into a savings of 1 full FTE by the time the CFPB is fully up and running. Being a member has greatly exceeded our expectations.” “It is difficult to staff community bank compliance departments sufficiently to write policies/procedures and perform necessary monitoring on all of the new regulations, let alone the new interpretations of the old regulations. Compliance Alliance does an excellent job at keeping its member banks informed of the hot topics and areas of regulatory focus. Our bank feels the commitment we have made to Compliance Alliance has been a worthwhile investment.” 16

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Connecticut Banking Magazine • First Quarter 2014

Connecticut School of Finance and Management An Essential Complement to Your Emerging Leaders By L. Robert Toffey


ne third. That’s how many of the 36 New Leaders in Banking award winners are Connecticut School of Finance and Management (CSFM) graduates. Twelve winners over the last three years have attended the school, which has been hailed as an important part of grooming future leadership in many of Connecticut’s banks. The senior leadership at these institutions understands the importance that this program plays in educating their key employees and putting them in a position to succeed, far beyond their peers. CSFM is crucial to help cultivate a bank’s employee’s financial, leadership and management intangibles – skills that will continue to serve them throughout their careers. The New Leaders awards are designed to recognize the best and brightest of our state’s institutions. CSFM helps you support those individuals by giving them the opportunity to learn about bank management roles they might not normally have access to. Year one is designed to focus on the hard

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First Quarter 2014 • Connecticut Banking Magazine

data associated with overall bank management – general banking concepts, economic principles, asset and liabilities, investments and much more. Year two helps students to perfect their individual leadership skills including marketing, presentations, strategic planning and organizational change. The program was initially intended to fill a perceived gap with respect to available training programs for bank employees at the supervisory and management level. Originally conceived as a one-year program, CSFM was soon expanded to two years. Over the years, it has seen continuous modifications. In 1985, substantial changes were made to the curriculum and format of the School. Weekly two-and-a-half-hour evening sessions became monthly, full-day classes. The educational content switched from an emphasis on economics to an emphasis on refining management skills and the creation of contemporary bank managers. Thanks to oversight by the Management Development Committee, the school has shifted its focus as the banking environments have changed, ensuring practical topics and modern banking practices. Today, the school consists of more than

20 individual topics and sessions. Additionally, it includes a two-day opening resident session at the beginning of each of the class years, and concludes with a three-and-ahalf-day resident session that deals with the science of managing a bank and its people. Through small group interaction, the BankSim program is designed to summarize the two-year program and enhance the lessons learned throughout CSFM in a practical manor. Just look at what some past graduates have said about the program: • “As a participant in the program one thing that strikes me is how relevant it remains. The core curriculum provides a critical foundation to understand the key factors necessary to effectively manage a bank, and focuses on the current challenges that Boards and bank management teams are dealing with.” Cheryl Calderado, Dime Bank, Member Management Development Committee, CSFM 1993 • “CSFM had a significant impact on my personal career growth and continues to be a strategic part of our leadership development and resource planning process.” Joe Culos, TD Bank, CSFM 2005

• “Overall, the program is extremely beneficial. I would recommend it to anyone, regardless of their educational background if they want to grow and succeed in their banking career.” Jason Ginsberg, Union Savings Bank, CSFM 2011 As a leadership program, CSFM is second to none. The program is designed to help improve individual skills as well as their teamwork acumen, both of which are critical in helping their institutions succeed in an increasingly more competitive banking environment. I encourage you to send those employees that you feel will make a notable impact on your institution in the future. They are the future leaders of your bank – it is imperative that they have the education and the training they need to lead your institution into the future. Please visit for additional information regarding the Connecticut School of Finance and Management. u L. Robert Toffey is the education coordinator for the Connecticut Bankers Association. He may be reached at

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Connecticut Banking Magazine • First Quarter 2014

BANKSintheNEWS Berkshire Bank was named the Silver Winner in both Internal Marketing and Overall Philanthropy for institutions with over $1.5 billion in total assets by the New England Financial Marketing Association.

p Kevin Cunningham, state president, Connecticut, Bank of America, congratulated Gloria McAdam of Foodshare, the recipient of the 2013 Neighborhood Builder Award. Bank of America pledged $200,000 over the next two years and will provide leadership development training for Foodshare.

p Bank of America partnered with Save the Sound and national partner Ocean Conservancy to sponsor the International Coastal Cleanup Day in southern Connecticut. Over 60 Bank of America associates volunteered at New Haven and Fairfield beach sites to pick up trash and remove debris.

p Bank of America’s Bill Tommins, president, southern Connecticut, Bridgeport Mayor Bill Finch and nonprofit leaders cut the ribbon at a home donation to Bridgeport Neighborhood Trust.

p Bank of America’s Bill Tommins, president, southern Connecticut, lead over 40 bank employees in collecting Thanksgiving food items and donations for the benefit of the CT Food Bank. Additionally, the Bank of America Charitable Foundation announced a $20,000 award to the CT Food Bank for emergency food relief needs in the state.

Chelsea Groton Bank offered customers whose jobs may have been impacted by the government shutdown relief and assistance, in the form of loan assistance, special payment programs, or financial counseling.

p Chelsea Groton Bank employees joined together to decorate a tree for the 10th Annual Festival of Trees benefitting the New London Community Meal Center. The trees were auctioned off to feed local families during the holiday season.

p Bank of America associates volunteered to teach financial education with Junior Achievement Southwest New England. p Thirty-one nonprofit organizations from Eastern Connecticut and Southern Rhode Island received grants for a share of $58,000 through the Chelsea Groton Foundation. This current round of funding brings the foundation’s total giving to nearly $1.7 million. p As part of its rebranding, Bankwell in Stamford donated $1,500 each to two local not for profits, The Umbrella Club and Kids Helping Kids.

p A group of 30 Bank of America volunteers participated in Hartford Area Habitat for Humanity’s Build-a-Thon. The team framed walls at the Habitat for Humanity construction site, the eventual site of six new single-family homes.

p The merger of The Wilton Bank with and into Bankwell was successfully completed in November.


p Citizens Bank Foundation Champions in Action program helped Hygienic Art to expand its popular Do The Write Thing after-school program. Hygienic Art received a $35,000 unrestricted grant, media coverage, and extensive promotional and volunteer support.

First Quarter 2014 • Connecticut Banking Magazine

Dime Bank Foundation awarded a $2,500 grant to the Girl Scouts of Connecticut for Girlz R.U.L.E., a six-week anti-bullying program.

p Eastern Savings Bank participated in Jewett City Snowflake Festival and Norwich Winterfest parades.

p Eastern Savings Bank helped their neighbors at the Mobile Food Pantry.

p Farmington Bank celebrated the expansion of Foodshares food distribution center with a grand re-opening ceremony, allowing Foodshare to distribute more food to people in need and to expand programming aimed at reducing the need for food.


p The Fifth Annual Golden Kielbasa Veterans Open, presented by Farmington Bank, raised $10,000 for causes serving veterans in the New Britain area and beyond.

p More than 600 pounds of food and $5,000 in cash were donated by Farmington Bank customers, employees and the Farmington Bank Community Foundation to Foodshare.

Connecticut Banking Magazine • First Quarter 2014


continued from page 21

First County Bank joined Vantis Life to present “Wealth Transfer Seminars,” offering education about how certain financial strategies used to minimize the tax impact on financial property that is being passed upon death to the next generation.

p Forty-five Farmington Bank employees taught JA-based financial literacy courses to Holmes Elementary School students in the “JA In A Day” event. This was the fourth consecutive year that Farmington Bank volunteers taught financial life skills to Holmes students, reaching 22 classrooms in grades K-5.

p First County Bank and Corporator Greg Palmer donated a total of 96 turkeys to the Food Bank of Lower Fairfield County. Not to be left out, employees heeded the call and donated 580 pounds of non-perishable food and cash donations of over $200. p Farmington Bank employees decided to forego their annual holiday party in favor of creating 26 fleece blankets and donating them to the Connecticut Children’s Medical Center.

p Farmington Bank hosted the WTIC Holiday Store. The live remote by WTIC-AM 1080 was one in a series of events that collected nonperishable food items, new unwrapped toys and monetary donations for the Southern New England Division of the Salvation Army.

p First County Bank sponsored a seminar, “Building a Legacy Giving Program for Your Nonprofit Organization,” as part of its ongoing outreach to the nonprofit community.

p First County Bank hosted “From Fiscal Drag to Wealth Effect,” offering an overview of the economy and markets, what activity to anticipate in the markets, and how to make money in the markets.

p First County Bank joined the University of New Haven Center for Family Business to establish the Mark Lapine Endowment for Families in Business.

p The First County Bank Foundation celebrated its Fifth Annual Celebration of Mutual Partnerships. Ms. Younger was the keynote speaker, and spoke about “Strength in Numbers: The Voice of Women in Elected Office, Leadership and Philanthropy.”


p The First National Bank of Suffield accepted a Silver Award in Public Relations from the New England Financial Marketing Association for the bank’s sponsorship of the Suffield PanMass Challenge Kids Ride.

p The First National Bank of Suffield helped organize a Fashion Show for Hunger. More than $5,000 was raised for Enfield Loaves and Fishes Soup Kitchen.

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Connecticut Banking Magazine • First Quarter 2014


continued from page 22

First Niagara announced it issued a $5 million tax-exempt bond to Saint Joseph Living Center in Windham, allowing SJLC to refinance existing debt, generating new capital for interior refurbishment. The Ion Bank Foundation was the presenting sponsor for The Connecticut Community Foundation’s community-wide giving challenge, Give Local Greater Waterbury & Litchfield Hills. p Guilford Savings Bank established funds at the Branford Foundation, the Madison Foundation,and the Guilford Savings Bank Scholarship Fund. The new funds at each foundation will continue to support scholarships.

p Guilford Savings Bank helped bring the best of the season to its community at the Guilford Citizens’ Day Parade. The local community was treated to over 50 marching groups.

Ion Bank Foundation brought smiles and extra food to the St. Vincent DePaul Mission of Waterbury shelter and soup kitchen.

p Liberty Bank presented Teresa C. Younger, executive director of the Connecticut Permanent Commission on the Status of Women, with the 2013 Willard M. McRae Community Diversity Award. Younger directed a $5,000 charitable donation from the Liberty Bank Foundation to the nonprofit organizations of her choice.

p Liberty Bank 2013 Tee Party raised more than $15,000 for Middletown’s St. Vincent de Paul Soup Kitchen.

p The Liberty Bank Foundation received awards from the American Bankers Association and the New England Financial Marketing Association for its initiative in marshaling financial resources to support summer youth employment, following a cut in federal funding.

Ion Bank Foundation gifted $3,000 to the Naugatuck Economic Development to help purchase a portable ice skating rink.

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First Quarter 2014 • Connecticut Banking Magazine

p Liberty Bank announced it set aside a pool of $4.5 million to write fixed-rate mortgages at a one-half percent rate discount for Southington homebuyers at the grand opening of its newly constructed Southington branch. Liberty Bank and 29 local Rotary Clubs raised a record $182,026 for Thanksgiving food for local families.

p Litchfield Bancorp assembled a resourceful and experienced team of commercial lending professionals to serve the needs of small businesses throughout Litchfield County.

p Northwest Community Bank celebrated the relocation of its Torrington branch by naming the winner of an iPad Mini.

p The Milford Bank held a collection drive for the Rape Crisis Center of Milford. p Avon-based Gifts of Love received $25,000 from Northwest Community Bank in support for its $2 million campaign to acquire its own building.

p Burns, Brooks & McNeil, Litchfield Bancorp and Northwest Community Bank jointly sponsored the Annual BLN Golf Tournament to benefit four local charities. A total of $35,000 was raised. In its 13-year history, the BLN Golf Tournament has contributed a total of $277,000.

p Naugatuck Valley Savings and Loan joined the Senior Housing Crime Prevention Foundation, Inc., to help protect seniors by funding the Senior Crimestoppers Program for seniors residing in a care facility.

People’s United Bank announced that it will sponsor free admission at the Fairfield Museum and History Center every Monday and Tuesday in 2014, in honor of the 375th anniversary of Fairfield’s founding.

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Connecticut Banking Magazine • First Quarter 2014


continued from page 25

Rockville Financial, Inc. and United Financial Bancorp, Inc. announced they entered into a definitive merger agreement in a stock-forstock transaction.

p Simsbury Bank was a corporate sponsor for the Jewish Federation of Greater Hartford’s “Voices” event.

p Savings Bank of Danbury employees compiled 61 Thanksgiving fruit baskets, which were donated through the Salvation Army to Danbury Towers.

p Thomaston Savings Bank Foundation donated a total of $20,000 to area fuel banks. A donation of $2,500 was presented to each branch area.

p Salisbury Trust Wealth Advisory Services announced its 2013 Sportsmanship Award winners, Kelly Lattin and Callie of Pleasant Valley, N.Y. Salisbury Bank pays the entry fee for each horse and rider pair to compete at local USEA recognized events. Salisbury Bank partnered with Northwest Corner Triad and Noble Horizons to offer a free workshop about home safety. Salisbury Bank kicked off its “We Believe” campaign for the 28th consecutive year, collecting new unwrapped gifts for children. Salisbury Bank announced that it will be opening a new branch office in Great Barrington, Mass., its third branch office in Berkshire County, in the spring of 2014.

p Nineteen employees from the Savings Bank of Danbury formed a team of walkers and also volunteered at the registration table for the Women’s Center of Greater Danbury’s SAFE Walk, raising awareness of domestic violence. Bank employees raised over $1,200 for the Women’s Center.

p Savings Bank of Danbury employees held a winter coat drive for the Salvation Army/ Danbury. Employees collected over 40 winter coats, hats, gloves and scarves.

p Savings Bank of Danbury employees adopted a family for the holidays through a program run by Family and Children’s Aid. Employees selected gift tags for a specific item for each family member.

p Savings Institute Bank & Trust announced it partnered with other area businesses for the annual coat drive sponsored by radio station WILI and Windham Area Interfaith Ministry.

p Simsbury Bank held a ribbon cutting ceremony to celebrate its new administrative headquarters, while hosting the Simsbury Chamber of Commerce Business After Hours event.

p Simsbury Bank was a Silver Sponsor in the 2013 Celebrate Granby event, hosted by the Granby Chamber of Commerce.


p Thomaston Savings Bank awarded Kevin Trinidad a scholarship to attend the Advanced Manufacturing Technology Center at Naugatuck Valley Community College for one year.

p Torrington Savings Bank presented the Nutmeg Conservatory with a contribution for $10,000 to be used for their 2014 capital improvement projects.

p Union Savings Bank and The Pita Group were recognized by the New England Financial Marketing Association with a Bronze Award in the Deposit Category for the Bank’s 1-2-3 Checking Challenge.

p Union Savings Bank hosted Santa Claus at the Litchfield branch as part of the town’s annual Holiday Stroll and Light Up event.

p Wells Fargo Vice President Helene Robbins presented a check for $10,000 to the New Haven Alders Food Drive. p The Union Savings Bank Foundation distributed $203,308 in grants to 45 local nonprofit organizations serving western Connecticut. The grants will support services and programs that include individual and family health, economic and personal stability, youth development and education, meals to the needy, shelter and housing assistance, art and nature education, and a number of services to help those with mental and physical disabilities. p Windsor Federal Savings opened a branch at Bloomfield High School.

p Union Savings Bank employees played Santa’s helpers and spent an afternoon wrapping gifts at the Danbury Fair Mall to support Housatonic Habitat for Humanity.

p The Union Savings Bank Foundation awarded Friendly Hands Food Bank a $7,500 grant to support conversion of a walk-in freezer compressor.

p Union Savings Bank presented a check to The Arc of the Farmington Valley (FAVARH) to support their fall fundraiser. The bank was a Silver Sponsor of DECADES, a musical tribute featuring top 40 hits of the decades. Webster Bank received the 2013 Eagle Award from the U.S. Small Business Administration for being the number one SBA Lender in Connecticut in total units and total dollars for the sixth consecutive year. Webster Bank and two of its senior vice presidents were recognized by the U.S. Attorney’s Office, in conjunction with the Connecticut Bank Secrecy Act Review Team, for their diligent efforts in reporting suspicious banking activity and unusual currency transactions.

p Union Savings Bank participated in the Greater Valley Chamber of Commerce “Come Together for Business” Expo at the Trumbull Marriott. The bank hosted a table with giveaways and raffled off a number of great prizes, including a Kindle Fire.

p Windsor Federal Savings donated to The Five Corner Cupboard, the Connecticut Trolley Museum and the East Windsor Education Foundation. p Wells Fargo Area President for Connecticut Kent McClun presented a check for $40,000 to Red Cross CEO Mario Bruno for the Red Cross Disaster Preparedness Programs.

p The Union Savings Bank Foundation awarded Artwell Gallery and Community Arts Center in Torrington a $2,000 grant to support music and art classes for children.

p The Wells Fargo Foundation awarded a Community Partners Program $1,000 Grant to Bread for Life.


p Windsor Federal Savings donated $4,000 to the Jewish Federation Association of Connecticut to further the educational goals of awareness and history of the Holocaust and genocide.

Connecticut Banking Magazine • First Quarter 2014

BANKERSintheNEWS Peyton Patterson

Jeffrey Ruden

Louis J. Czerwinski

Anne Ogden

Aline Soulor

Beth Glynn

Patti Rodgers-Longo

Rick Turner

Karen Kelly

Robert Granata

Ronald K. Holbert

Kate Alves

Nathan Samara

Anne Shaw

Kenneth C. Dyer

Lisa H. Griffin

Melanie Main

John Tinnirella

Laurentia Price

Lyle Fulton

Troy Damboise

Lisa Logodicio

Damaris Garcia

Anne Shaw to assistant vice president and controller.

Margaret A. Powers

Amy Jock

Kathleen Larkin

Bankwell CEO Peyton R. Patterson was the keynote speaker at the Westport/ Weston Second Annual Working Women’s Luncheon. The theme of her presentation was “Being the CEO of Your Life.” Jeffrey Ruden was named first vice president and senior commercial lender. Financial Advisor Louis J. Czerwinski recently joined Bankwell Investment Services. Connecticut Magazine named five Chelsea Groton Bank lenders as “5-Star Mortgage Professionals.” They are: Anne Ogden, Aline Soulor, Beth Glynn, Patti Rodgers-Longo and Rick Turner. Anne Ogden, assistant vice president and manager, assisted an eightgrade student in counting the $1,936.17 she raised for the L+M Cancer Center Patient Assistance Fund. Kate Alves was selected as one of the Southeastern Connecticut 40 under Forty Award honorees. The Connecticut Mutual Holding Company promoted Nathan Samara to assistant vice president and IT manager, and

Eastern Savings Bank announced Kenneth C. Dyer was named its new president and CEO. Lisa H. Griffin was appointed executive vice president and COO, and Melanie Main was promoted to assistant vice president and deposit operations manager. Karen Kelly, chief marketing officer at First County Bank, was one of 15 recipients of The Commercial Record’s Third Annual Women of FIRE Award. Robert Granata, executive vice president was named a New Leader in Banking. Ronald K. Holbert was named one of the 14 nominees of the second annual CFO of the Year Awards, sponsored in part by Westfair Communications Inc.

Tim Burns, Cristina Feden, James Cavallaro and David Williamson

Shannon Melchione

Troy Damboise was appointed first vice president and general auditor at Liberty Bank. Lisa Logodicio was appointed assistant vice president, responsible for Liberty Bank’s Meriden office. Damaris Garcia was appointed vice president, responsible for the bank’s New Haven and Amity locations. NewportFed, a division of Savings Institute Bank & Trust, assembled a team of four commercial lenders: Tim Burns, Cristina Feden, James Cavallaro and David Williamson. Shannon Melchione joined as a mortgage loan consultant. Margaret A. Powers was promoted to executive vice president at Newtown Savings Bank.

John Tinnirella of The First National Bank of Suffield was selected as a 2013 CFO of the Year by the Hartford Business Journal.

Amy Jock was promoted to the position of residential mortgage loan originator at Northwest Community Bank.

Laurentia (Laurie) Price, senior credit manager, joined the commercial banking team at First Niagara.

Galan Daukas joined People’s United Bank as senior executive vice president, responsible for the bank’s wealth management business.

Lyle Fulton was hired as vice president and commercial loan officer at Guilford Savings Bank. 28

continued on page 30

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Connecticut Banking Magazine • First Quarter 2014


continued from page 28

William F. Earley Jr.

Donna Patel

Dee Harnish

Richard P. Kelly

Kimberly Lebron

John-David Scarritt

William (Bill) Coe

Richard Bushka

Sorangel Paulino

John M. Jezowski

Jennifer Ahern

Rosemary Gaidos

Rockville Bank announced two banking leaders who will head up the bank’s fullservice retail banking locations in the greater New Haven area. Kathleen Larkin holds the title of vice president and area manager. William F. Earley Jr. holds the title of branch service manager. Donna Patel joined the bank in the newly created role of Senior Vice President of Virtual Banking. Dee Harnish joined Salisbury Bank bank as project manager. Richard (Dick) P. Kelly was appointed senior vice president and chief lending officer. Kim Downey, assistant vice president and trust officer, was awarded the Certified Trust and Financial Advisor designation from the Institute of Certified Bankers, a subsidiary of the American Bankers Association. Ingo Cruz-Pinto joined the Savings Bank of Danbury as the newest mortgage consultant for the greater Danbury area. Mark D. Alliod, CPA, was elected vice chairman of the board of The Savings Institute Bank and Trust Company. Ann G. Taylor was elected to the board of directors of Simsbury Bank. David H. MacKenzie joined the bank as senior vice president and chief mortgage and

Mark D. Alliod

Ann G. Taylor

David H. MacKenzie

Patrick Rider

John E. Janco and Jeffrey A. Lalonde

Lynn Cossette

Richard Mark

Rina Patel

Daniel Shea

Nicole Singleton

George Hermann

Ingo Cruz-Pinto

Joseph J. Savage

John Ciulla

consumer lending officer, and Patrick Rider joined as a mortgage loan advisor. Start Community Bank announced the appointment of Maureen Frank as acting president and CEO, and John DeStefano Jr. as executive vice president. Kimberly Lebron was promoted to senior vice president and chief loan officer; JohnDavid Scarritt, commercial loan officer, was promoted to vice president; and William (Bill) Coe, investment executive of Infinex Financial Group, was promoted to vice president of Thomaston Savings Bank. Richard Bushka joined the bank as a new corporator. Torrington Savings Bank announced the transition of top leadership of the bank over the next year. John E. Janco, previously executive vice president and chief financial officer, assumed the role of president and COO. Jeffrey A. Lalonde, previously president and CEO, will continue in the position of CEO until his retirement at the end of 2014. Lynn Cossette, Richard Mark, Rina Patel and Sorangel Paulino were promoted to assistant vice president and branch managers at Union Savings Bank. 30

John M. Jezowski, senior private banker at Webster Bank was elected to the board of trustees for the New Britain Museum of American Art. Jennifer Ahern, senior vice president, chief of staff to the chairman and CEO, was elected to the board of Girl Scouts of Connecticut. Rosemary Gaidos, executive vice president of consumer deposits, was elected to the board of The Hartford Symphony Orchestra. Joseph J. Savage was promoted to president of the holding company and the bank, and was appointed to the board of directors. John Ciulla, executive vice president and head of middle market banking, was promoted to lead commercial banking. Peter M. Gabriel joined Webster Private Bank as senior vice president and director of relationship management. Daniel Shea joined Wells Fargo as store manager and assistant vice president, and Nicole Singleton joined as store manager and bank officer. George Hermann, president and CEO of Windsor Federal Savings, was elected to the board of directors of the American Bankers Association. u

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Connecticut Banking 1Q 2014  

In this issue, BankWorld 2014 and the New Leaders; the CBA partners with Compliance Alliance; and why you should send your bankers to the CS...

Connecticut Banking 1Q 2014  

In this issue, BankWorld 2014 and the New Leaders; the CBA partners with Compliance Alliance; and why you should send your bankers to the CS...