Connecticut Banking 2Q 2013

Second Quarter 2013

Banks Committee Co-Chairs Set Agenda

INFINEX CELEBRATES 20 YEARS A LUMP OF SUGAR, OR A LUMP OF COAL? CONNECTICUT SCHOOL OF FINANCE & MANAGEMENT’S CLASS OF 2013

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Second Quarter 2013

Banks Committee Co-Chairs Set Agenda

InfInex Celebrates 20 Years a lump of sugar, or a lump of Coal?

ConneCtICut sChool of fInanCe & management’s Class of 2013

COVER STORY

Banks Committee Co-Chairs Set Agenda.................................... 14 Chairmen Carlo Leone and WilliamTong share their thoughts on the state of the state’s banks.

CONNECTICUT BANKERS ASSOCIATION

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

Second Vice Chairman Stephen P. Reilly

First Vice Chairman Chandler J. Howard

President & CEO Lindsey R. Pinkham

Chairman, President & CEO Farmington Bank President & CEO Liberty Bank, Middletown

President & CEO Northwest Community Bank

Page 4

Page 8

FEATURES

Infinex Celebrates 20 Years, Looks Forward to 20 More........ 4 Executive Vice President & Treasurer Thomas S. Mongellow First Senior Vice President & Secretary Colleen E. Clancy

Is Your Lump Sum SERP Benefit a Lump of Sugar or a Lump of Coal?....................................... 6 Connecticut School of Finance & Management’s Graduating Class of 2013................................................. ....8 Lentini Mourned, Hailed as Pillar of Banking Community...... 10 CBA’s Calendar of Events................................................... 12

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

The Warren Group Design / Production / Advertising www.thewarrengroup.com custompubs@thewarrengroup.com 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

Colleen E. Clancy

©2013 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..................................................................... 18 Bankers in the News.................................................................. 28

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Connecticut Banking Magazine • Second Quarter 2013

Infinex Celebrates 20 Years, Looks Forward to 20 More

By Cassidy Murphy

A

fter 20 years in the field, Infinex is still the only bank wealth management advisory firm started by bankers, owned and run by bankers, for bankers.

“That has really allowed us to grow over the years, and to thrive in the industry,” said CEO and president Stephen Amarante.

“We’re not beholden to shareholders, like a publically traded company, and profits are not our driving force.”

“Twenty years ago, the members of the Connecticut Bankers Association saw the need to create a company to provide brokerage and insurance products to their customers. I am happy to report that the company has met those needs, and then some,“ said Gerry Noonan, Infinex chairman and retired president and CEO of the Connecticut Bankers Association.

Taking the long view is something that Amarante considers imperative to the growth and success of Infinex. Ten years ago, the company had just expanded from New England into Florida, Pennsylvania and New Jersey. It now covers three geographic territories, stretching from Missouri and Louisiana east to the Atlantic.

In the coming years, Amarante expects to grow into California and Texas.

“There is a lot of opportunity there,” Amarante said. “I expect in the next 10 years we will grow significantly larger than we are today. We’ve been growing at a pretty good rate each year.”

The company now serves more than 200 banks and coordinates with over 600 advisors at those banks. In each geographic territory, staff members are close enough to meet with clients in person.

Infinex has its own parable to describe the company’s commitment to service.

When Amarante and Dan Forte, president of the Massachusetts Bankers Association, were at a conference together in 4

Florida, Amarante mentioned to Forte in the breakfast line that he had to dash off to find a teddy bear for his daughter, who had requested one specifically from the business trip; but not just any teddy bear – it had to be yellow.

Five minutes later, the omelet chef, who overheard their conversation, delivered a large yellow teddy bear to Amarante, courtesy of the Florida Ritz Carlton. Twenty years later, every staff member at Infinex’s offices in Meriden, Conn., and Richmond, Virginia, has a yellow teddy bear next to his or her phone, to remind them that “this is who we need to be” – the kind of company that goes above and beyond in service to its clients.

In recent years, the company has adapted alongside its banking customers.

“There’s a new paradigm in banking,” according to Amarante, and Infinex will continue to assist banks in their adjustment to it.

“Bank consolidation is inevitable,” he said, noting that he expects 25 percent contraction over the next five years, and that “branch traffic is shrinking, and traditional marketing is dying, so we need to capitalize on other means of introducing services to customers.”

That, of course, means turning to the Internet.

“Websites are a terrific source of data,” he said, and Infinex – and banks themselves – are in possession of even more.

“So we plan for the long haul: How do we capture that data, and analyze it, and produce results?”

Don’t be surprised if, in another 10 years, Infinex is at the forefront of the Big Data wave, cheerfully looking forward to another decade of growth, success, and yellow teddy bears u Cassidy Murphy is editorial operations manager for The Warren Group, publisher of Connecticut Banking.

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Connecticut Banking Magazine • Second Quarter 2013

Is Your Lump Sum SERP Benefit a Lump of Sugar or a Lump of Coal?

By Arthur Warren

T

here can be a high cost to low interest rates for retiring bank executives taking lump sum payouts from their Supplemental Executive Retirement Plans (SERPs).

Generally, executives entering a SERP choose between an annual lifetime benefit and a single lump sum payout at retirement. The lump sum is the popular option.

A lump sum payout is intended to be the equivalent of the annual lifetime benefit option. The lump sum amount is effectively the discounted present value of receiving all the annual lifetime benefits in one payment at the date of retirement. From a compensation fairness standpoint, a lump sum payout from a SERP should be sufficient, when invested at prevailing investments rates of return, to fund the annual lifetime benefit.

It is important to understand that the present value discount rate is defined not at the time of the executive’s retirement, but rather at the time the parties execute the SERP agreement. A financial problem arises for the retiring executive if the present value discount rate as agreed upon in the SERP document does not reflect the prevailing investment rates of return at the date of retirement. This is happening in today’s low interest rate environment. Many SERP agreements are assuming too high investment returns, resulting in too small lump sums.

Much can happen between the execution of the SERP agreement and the date of retirement, as we have seen since the Great Recession of 2008. Many SERPs initiated before 2008 fixed the lump sum present value discount rate at around 6 percent, which reflected fairly the prevailing investment rates at that time. Today’s prevailing investment rate of return is much lower and a 4 percent present value discount rate for SERPS provides a fair compensation equivalent.

An executive retiring today whose SERP lump sum benefit is fixed at a 6 percent present value discount will experience an approximate 22 percent reduction in

the total SERP benefit during retirement.

Ouch! That’s taking your lumps.

Can you change a lump of coal into sugar?

You should dust off that SERP legal agreement sitting in the bank vault and check out the lump sum present value discount definitions. Possibly your board should consider amending the SERP and making a change. IRS Code Section 409A tax law allows amendments to the lump sum discount rate.

The present value discount rate must be within a realistic range. SERP payouts are, in fact, compensation and therefore subject to board compensation governance, bank accounting accrual expense recognition and bank regulator oversight. As a com6

pensation consultant, I work to educate executives and members of Boards regarding the issues. I provide examples of peer bank competitive present value discount rates and alternative SERP benefit cost impact.

Many people are recognizing the high cost of low interest rates. Some are using variable lump sum discount rates tied to a well-known but appropriate index; others are lowering the fixed rates. In this interest rate environment, 6 percent is too high and 2 percent is too low. The right discount rate depends on each board’s executive compensation philosophy and discretion. u Arthur Warren is a compensation and benefits consultant with over 100 community bank clients in 12 states.

Connecticut Banking Magazine • Second Quarter 2013

Connecticut School of Finance & Class of 2013

Lynn A. Long, First County Bank; Anne McConnell, Rockville Bank; and Jenna M. Meyn, Union Savings Bank (center), winners of the John C. Shortell Award for Academic Excellence, are congratulated by John J. Patrick Jr., CBA chairman and president and CEO of Farmington Bank (left), and Lou Ferreira, CBA Management Development Committee chairman and vice president and SLO, Stafford Savings Bank.

T

he Connecticut Bankers Association has a busy calendar of events each year. One of the more anticipated

and enjoyable events is the graduation ceremony held each spring for the secondyear students enrolled in the Connecticut

School of Finance & Management (CSFM).

CSFM is the premiere management training program offered by the association.

The CBA is pleased to announce that 51 students in the CSFM class of 2013 graduated on April 10, 2013. One of the many highlights of the graduation ceremony was the awarding of the John C. Shortell Award for Academic Excellence to Lynn A. Long, First County Bank; Anne McConnell, Rockville Bank; and Jenna M. Meyn, Union Savings Bank. This award is presented to the students who have achieved the highest academic grade while attending the Connecticut School of Finance & Management.

With this ceremony now just a memory, there are now over 2,200 Connecticut bankers who have successfully completed the program requirements and graduated from CSFM. Congratulations to the members of the class of 2013! u

HERE ARE THE STUDENTS OF THE 2013 CSFM GRADUATING CLASS: April H. MacClain Bankers’ Bank Northeast Ishmael D. Bryan Donna H. Stefanski Chelsea Groton Bank Dawn M. Emmerich Community’s Bank Shalin M. Peck Dime Bank Tony Buccieri Janet M. West Fairfield County Bank Shelley A. Cyr Deborah J. Oakliff Farmington Bank Lynn A. Long First County Bank

Jorge De La Rosa Samuel Delgado Rebecca A. Gentile Duke B. Johnson Daniel L. MacIntire First Niagara Bank Darlene A. DeLaura Christopher J. DiAdamo Pamela L. Gronback Liberty Bank

Sandra M. Conforti Northwest Community Bank

Peter J. Sepelak Jr. Simsbury Bank

Emanuele M. Caccomo Fanny G. Ferreira Lesley D. Oliva People’s United Bank

Brittany L. Lascko Sovereign Bank

Susan B. Amagliani Kathryn H. Dube Anne McConnell Rebecca L. Orlowski Mathipooshanan Rave-Indranathan Rockville Bank

Patricia M. Gallagher Milford Bank Jeffrey R. Dougan National Iron Bank

Michael C. Jordan Salisbury Bank & Trust

Kathleen E. LaGrave Priti R. Patel Naugatuck Savings Bank

Kathleen M. Hansen Savings Bank of Danbury

Ryan Storms Kelly R. Zanesky Newtown Savings Bank

Katherine J. Erismann Jennifer L. Saladin Savings Institute Bank & Trust 8

Cara M. Blewitt Christina R. Denton Jayme P. DeMers Kathleen M. Eigenrauch Shalonta E. Ford TD Bank, N.A. Katherine C. Crovo Melissa E. Rowe Thomaston Savings Bank Hector Manuel Maury Travelers Insurance Alfredo Calderon Vanessa Lynn Jenna M. Meyn Kara Perrin Union Savings Bank

Second Quarter 2013 • Connecticut Banking Magazine

Management’s Graduating

The graduating class of CSFM 2013.

Picture Your Employees Or Yourself Here The CBA has made the syllabus for the class of 2015 now available. The syllabus includes course descriptions, class schedules, fees associated with attendance and much more. You can review and complete the application on the CBA website at www.ctbank.com.

Applications are due by June 14, 2013.

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Connecticut Banking Magazine • Second Quarter 2013

Lentini Mourned, Hailed as Pillar of Banking Community

By Laura Alix consumers we served. To know Dave was to like Dave.”

“Typically bankers are numbers people, but he was very much a people guy. He took it upon himself to improve the lives of the people around him,” Connecticut Banking Commissioner Howard Pitkin recalled of Lentini.

“He was even good to the examin-

Lentini, along with some colleagues, opened The Connecticut Bank & Trust in 2004. The original CBT had merged with the Bank of New England in the 1980s and then ran into trouble. The Federal Deposit Insurance Corp. sold that entity to the now-defunct Bostonbased Fleet Bank. Though Fleet Bank absorbed all the CBT branches, it didn’t protect the name, so Lentini, along with

“DAVE WAS A GREAT COMMUNITY BANKER. HE WAS EXTREMELY PASSIONATE ABOUT THE INDUSTRY AND THE CONSUMERS WE SERVED. TO KNOW DAVE WAS TO LIKE DAVE.” — LINDSEY PINKHAM, PRESIDENT AND CEO, CONNECTICUT BANKERS ASSOCIATION

C

onnecticut bankers are mourning the passing of a man hailed as a pillar of the banking community.

David A. Lentini, former chairman and CEO for Connecticut Bank and Trust Co. and head of the Connecticut Advisory Board of Berkshire Bank, died at St. Francis Hospital and Medical Center in Hartford. He was 66 years old and had made his home in West Hartford since 1985.

“People in the banking industry in Connecticut woke up to a sad day on Monday,” said Lindsey Pinkham, president and CEO of the Connecticut Bankers’ Association. “Dave was a great community banker. He was extremely passionate about the industry and the

ers when they were in there. Nobody ever minded being at one of David’s banks,” Pitkin added.

Lentini began his career at the original Connecticut Bank and Trust Co., where he spent 21 years in various capacities. He left in 1986 to serve as senior vice president and head of operations at Northeast Savings Bank.

In 1988, he started the Bank of South Windsor and became its first president in 1989. That institution grew past the $100 million mark in its first three years of operation.

In 1993, Lentini joined New England Bank in Windsor, then operating under a cease-and-desist from the FDIC, and led an intense 11-month effort to restore the bank to good health. Lentini’s efforts resulted in its successful sale to Webster Bank in 1999, where he then spent two years.

“The re-birth of CBT is a neat story, a bank that was closed in the tough times of the early ’90s,” Pinkham said.

10

his co-founders, adopted it for their de novo bank.

Pinkham remarked, “He brought back the same spirit that CBT had when he first joined them right out of school.”

In 2007, Lentini was named a director of the Federal Reserve Bank of Boston and served for five years there, three of those as audit committee chairman.

Lentini has served on the boards of the Connecticut Bankers Association and the Connecticut Community Bankers Association.

Lentini had a philanthropic side, too.

He served as chairman of the Board of Renbrook School and as a director of St. Francis Hospital and Medical Center.

“You could call any banker in Connecticut, and they would have similar words for him, even his competitors,” Pitkin summed up. “He was truly one of God’s own gentlemen.” u Laura Alix is a staff writer for The Warren Group, publisher of Connecticut Banking.

Connecticut Banking Magazine • Second Quarter 2013

CBA CALENDAR MONTH JUNE

DATE

AUGUST SEPTEMBER

MONTH OCTOBER

DATE

2013 MEETING/EVENT

5

CT Legislative Session Ends

8

Bank Security Seminar

6

CFT Annual Golf Outing

9

CSFM

19

Mortgage Symposium

10

CFO Forum

21

CFO Forum

14

Columbus Day

CFT National Bank Trainers Conference

23

CSFM 2015

24-26

JULY

2013 MEETING/EVENT

25

Legislative Update

27

Creating Net Income Seminar

4

Independence Day

26 2 8-10

CBA Golf Tourney

NOVEMBER

DECEMBER

Labor Day CSFM Resident Session

17

Asset-Liability Management Seminar

26

Directors College

7-10

CBA Annual Meeting

11

Veterans Day

20

CSFM

28

Thanksgiving Day

3

CSFM 2014

4

CSFM 2015

25

Christmas Day

visit www.ctbank.com for more info

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Leone, a U.S. Air Force veteran, and long active in veterans’ programs, was elected in a special election on Feb. 22, 2011, to represent the 27th Senate District towns of Stamford and Darien. He previously served in the House of Representatives serving the 148th district of Stamford since 2003.

He also chairs the Legislature’s Veterans Affairs Committee, and was instrumental in the successful passage of Senate Bill 934, which calls for tuition waivers for dependents of veterans killed in action.

It passed the Veterans’ Committee on March 7 and the Higher Education Committee on March 26, and is now before the Appropriations Committee.

Tong, an attorney with Finn Dixon & Herling LLP, was first elected in November 2006. He is a member of the state bars of New York and Connecticut, and regularly practices before various state and federal courts. He is also the first AsianAmerican to serve in the General Assembly, and the first Asian American to be elected at the state level in Connecticut’s history. He represents the 147th District, which includes parts of Stamford and New Canaan. He is also the vice-chairman of the Energy and Technology Committee.

14

Banks Committee Co-Chairs Set Agenda

By Christina P. O’Neill

T

he two co-chairs of the Banks Committee, State Rep. William Tong (D-147th District, Stamford, Darien) and State Sen. Carlo Leone (D-Stamford, Darien) share their thoughts on the committee and on the position of the state’s banks.

Appointed Jan. 9, 2013, they have already taken action to file several bank-related bills before the legislative deadline of March 14 for the Banks Committee. Those bills include legislation to protect homeowners facing foreclosure and a bill to promote more widespread personal savings by allowing banks to offer savings promotion raffles.

Following are edited highlights of separate interviews with the two co-chairs.

CT BANKING: HOW DID YOU GET INTO POLITICS? LEONE: After coming back from the U.S. Air Force, I settled in Stamford and put myself through school. I was able to get involved at a local level on some environmental concerns, such as Holly Pond.

Not long afterward, an opportunity opened at the state level. I was asked if I would consider running and I was lucky enough to have said yes … I was able to win with four percentage points. It was quite a fun experience. It was a matter of wanting to get involved and to take advantage of an opportunity when presented. continued on next page

Connecticut Banking Magazine • Second Quarter 2013

continued from previous page

TONG: I grew up in a small business environment. Our community banks serve small business, and you really come to understand how tough it is for businesses to try to turn a profit. You see the daily burdens of workers and businesses – they have sick children, or are sick themselves, spouses lose jobs, while they may be trying to buy a home.

“The only answer to our economic situation is to solve it ourselves.”

– Rep. William Tong

I’ll turn 40 this year. My generation got an initial real splash of cold water when we recognized that we were no longer in the postwar 1950s economy, which grew on the basis of our country’s economic and military expansion after World War I and II. The only answer to our economic situation is to solve it ourselves.

WHAT DO YOU LIKE ABOUT BEING CO-CHAIR OF THE BANKS COMMITTEE? LEONE: The Banks Committee is a key policy-shaper so that we can put Connecticut and the rest of the country back on track. How we do that will be the key to success.

Once the banking crisis arrived in 2008, it thrust banking into the forefront.

If you see banking as a reference point, and try to determine how we got to the point where it collapsed, with third parties entering into the industry over the past 10 to 20 years, you only needed one more straw to break the camel’s back.

We have the ability to shape a policy that we hope and believe will

put us on the path to success. It will be something gratifying, something bigger than ourselves, by which we can help communities, the state and industry. I try to be an optimist to some degree, but with a bit of pessimism due to the realities we have to deal with.

It’s a good opportunity to flush the problem out, stay on message, and not make it political. Sometimes it’s easier said than done, to keep the discussion amicable and work out details. Even now a few bills need more work. We need to bring more concerned parties to the table to talk it through, and make them come to their own agreement. I like to give parties first crack at fixing the problem.

Whenever we do, we are doing the best we can with what we have in front of us.

TONG: What I like most is working with local businesses to help them compete.

Local businesses are the drivers of our local economy, and helping them stay competitive in a difficult environment is one of my top priorities.

WHAT WOULD YOU LIKE TO ACCOMPLISH IN THE COMMITTEE THIS YEAR AND IN THE FUTURE? LEONE: Right now we’re at work on the large mortgage foreclosure bill. Two perspectives can be at odds, so we try to craft the process with the goal of finding a happy medium. We do have a process in the State of Connecticut to prevent people from losing their homes but it can be lengthy. We’re trying to shorten it so both parties can move on.

Both short sale and principle writedowns are still on the table, but we want our local banks to work with local homeowners in a non-adversarial way.

Some of the larger banks bought the liability for what turned out to be bad investments, and now they are trying to minimize losses, which is sometimes at odds with what to do to protect 16

the homeowner. There does have to be personal accountability, but in the process, you have to have decisionmaking entities at the table, to try to figure out the proper solution.

TONG: We must strike a balance between keeping depositors safe and having enough regulations. The focus is on streamlining the foreclosure process and making the mediation program more productive. We have a foreclosure process, but it takes 500 days on average, and that’s too long. In premeditation sessions, we need to make sure the borrower has information they need before coming to the lender. Either in the flesh or through an attorney, the goal is to strike a deal and move on.

I understand that banks are not in the business of owning real estate, but they need to understand that they are not in the business of litigation.

People’s lives are at stake. You don’t want to put somebody out, but there is a legal relationship between the borrowing of money and the consequences of not being able to pay the mortgage.

Senator Leone and I are trying to strike a balance to help lenders, and to help the economy grow, but in a responsible and orderly manner.

DO YOU THINK THE BANKING INDUSTRY IS DOING A GOOD JOB AT MEETING THE CREDIT AND DEPOSIT NEEDS OF THE STATE’S RESIDENTS? LEONE: Local banks are invested in their communities. Larger banks could do better. They look at Connecticut as a small part of their market. I don’t think they’re doing it out of malice. Our job is to remind them to be more consumerfriendly, and make sure we keep them involved. Once banks start lending again, people can invest in other things.

Second Quarter 2013 • Connecticut Banking Magazine

TONG: I certainly think the industry could be doing more. Part of the reason this is not happening is the difficult economic environment. It’s critical to help lenders to push more credit out in a responsible way.

DO YOU SHARE THE INDUSTRY’S CONCERN ABOUT INCREASING FEDERAL REGULATORY BURDEN? LEONE: Going back as to when everything collapsed, the market didn’t take care of everything. Now we are at the point where regulation has been put into place to prevent collapse. The question becomes how far do we go? Because of the financial collapse, we have to rethink how the industry was being regulated and managed.

TONG: The financial system is built on not just saving and lending, but financial innovation. People across the country made a tremendous amount of money from a financial system built on financial innovation. It’s an excellent way to move capital, but it carries with it a lot of risk and can also be difficult to manage.

Your experience growing up is what you see, and what you feel. The reason why I volunteered [for the cochairmanship] is that I have found in my private practice as a lawyer representing financial institutions, that these are very thorny issues and complicated.

The answer is not more or less regulation, but to help parse the subtleties of these programs, the industry, and how bank and financial services foster growth in our economy.

A failure to strike a good regulatory balance is critical. Our current economic climate doesn’t need to be the death of the community bank, which if we are not careful, is what we’re going to get.

BUSINESS CLIMATE? LEONE: The best thing is to have more stability, and not to change things the next year, or the following year. If the banking industry can’t rely on having a five- to 10year plan, it makes it difficult. That’s why we try to work collaboratively with all parties, so we don’t have to make changes later.

TONG: I think the state’s business climate is challenging. It’s important to focus on progress, but we should also stay focused on challenges. We can complain about them, but we also have to recognize them.

Our future economic well-being depends on the willingness of entrepreneurs to make investments in order to grow the economy.

DO WE NEED MORE BANKS IN THE STATE? LEONE: I’d like to see more local banks

ters Cen Coin e c i v -Ser Self

“Once banks start lending again, people can invest in other things.”

– Sen. Carlo Leone

Christina O’Neill is editor of custom publications for The Warren Group, publisher of Connecticut Banking.

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Connecticut Banking Magazine • Second Quarter 2013

BANKSintheNEWS Chelsea Groton Bank

Chelsea Groton Bank presented its seventh annual Money Madness Personal Finance Seminar to more than 220 high school students.

The bank also teamed with United Way of Western Connecticut (UWWC) to raise $11,078 for the official Sandy Hook School Support Fund, managed by UWWC and held at Newtown Savings Bank.

To raise awareness of heart disease, in particular how it affects women, Chelsea Groton Bank celebrated the American Heart Association’s (AHA) National Wear Red Day. Employee participation was encouraged with daily emails detailing heart-healthy recipes, symptoms of heart attack for women (which differ from men’s) and a family tree model to decipher generational heart disease trends.

Essex Savings Bank

Essex Savings Bank announced contributions of $257,991 from the community investment program to over 200 non-profit organizations.

By year-end, a total of $3.7 million will have been distributed since inception in 1996.

Farmington Bank

Farmington Bank announced a three-year partnership with Farmington FOCUS to sponsor Prevention Works Week, an annual four-day education program about substance abuse and healthy choices for Farmington High School students, parents and faculty.

Connecticut Community Bank

The employees of Connecticut Community Bank, NA, collected hundreds of gently used items of men’s and women’s clothing, including suits, dresses, pants, tops and accessories for donation to Dress for Success Mid-Fairfield County.

Dime Bank

For the second year, Dime Bank promoted the nationwide effort to help people save more successfully by participating in America Saves Week 2013, an opportunity for organizations to annually promote good savings behavior and a chance for individuals to review their own saving status.

Dime Bank Foundation awarded a $2,500 grant to The Arc of New London County. The grant will help fund the exploration of “Aquaponics,” an innovative way to provide participants with employment training opportunities. Pictured, from left: Dee Sullivan, assistant vice president, executive administrator and project manager, Dime Bank; Colleen Miller, corporate officer and Ledyard branch manager, Dime Bank; Kathleen Stauffer, CEO, The ARC of New London County; and Jon Maderia, director of employment services, The ARC of New London County.

Dime Bank Foundation awarded a $13,000 grant to Westerly Area Rest Meals (WARM) for the purchase of a walk-in refrigerator and freezer for their new facility.

Farmington Bank Chairman, President and CEO John J. Patrick Jr., center, pictured with students from the American School for the Deaf (ASD) at a recent reading session. Patrick is serving as chairman of ASD’s Foundations for the Future Bicentennial Capital Campaign, which will fund the construction of a new state-of-the-art education facility on the school’s West Hartford campus. In addition, Patrick announced a donation of funding and in-kind services totaling $50,000 from the Farmington Bank Community Foundation to ASD.

The United Way of Central and Northeastern Connecticut honored Farmington Bank for its participation in United Way’s Workplace Campaign. As a United Way Workplace Campaign Partner, Farmington Bank employees contributed more than $35,000 to the organization. In addition, the Farmington Bank Community Foundation donated $4,000 to United Way. Pictured with Farmington Bank Chairman, President and CEO John Patrick, third from left, are Farmington Bank United Way Workplace Campaign Partners Stephanie Wild-Lynes, Joshua Pare, Laura Behrendt, Traci Meccariello and Casandra Lehr.

Farmington Bank celebrated the opening of its first branch office in Newington with a ribbon-cutting ceremony. The Farmington Bank Community Foundation honored four Newington-based non-profit organizations. Pictured, from left: Iwo Jima Memorial Historical Foundation Secretary Marianne Mihalyo; Farmington Bank Chairman, President and CEO John Patrick; Iwo Jima Memorial Historical Foundation President Gary Roy; and Iwo Jima Memorial Historical Foundation Directors Vincent Thomas and Ray Carrier.

18

Second Quarter 2013 • Connecticut Banking Magazine

First County Bank

First County Bank joined The Center Women of the Jewish Community Center, Stamford Hospital and the Stamford Chapter of Hadassah to offer services and lectures on a variety of topics for women. Pictured, organizers and presenters of the Women’s Health Fair. Top row, left to right: Nancy Schiffman, associate executive director, Stamford Jewish Community Center; Bonnie Marcus, owner of Bonnie Marcus Collection; Robin Wexler, director of media relations and marketing, Stamford Museum & Nature Center; Karen Kelly, senior vice president, chief marketing officer, First County Bank; Josh Moritz, senior vice president, Creative Partners; Eric Koehler, executive director, Stamford Jewish Community Center; Jodi Maxner, Stamford Chapter of Hadassah. Front row, left to right: Sheryl Young, Meghan Horan, Dana Roth and Marni Amsellem, members of The Center Women of the Jewish Community Center.

First County Bank officers and invited guests gathered for “Market Outlooks with First County Advisors.”

Linda Duessel, senior vice president, senior equity strategist of equity income, and senior client portfolio manager, Federated Investors, engaged guests with a lively review and discussion focusing on “The Economy, the Markets and Investment Implications.”

For the first time in the bank’s 162-year history, First County Bank bankers traded suits for jeans.

The tragedy at Sandy Hook mobilized employees to help raise funds for the Sandy Hook School Support Fund. In less than a week, employees raised a total of $3,126 in donations. First County Bank’s charitable foundation matched those contributions for a total of $6,252. Picture, from left: Nino Antonelli, vice president; Rey Giallongo, chairman and CEO; Jean DelVecchio, vice president; Karen Maignan, Tiffani Valentin, Michael Docimo; and Robert Braddock, assistant vice president.

Over 45 First County Bank volunteers turned out to support the annual Maple Sugar Weekend at the Stamford Museum & Nature Center. Kicking off the weekend was the Fourth Annual First County Bank Chef ’s Challenge. Back row, from left to right: Vincent Laramie, David’s Soundview Catering; Melissa Mulrooney, executive director, Stamford Museum & Nature Center, Chef Massimo Stecchi, Bar Rosso.

Front row: Executive Chef Erik Anderson, David’s Soundview Catering; Dina Glekas-Loukrezis and Nikki Glekas, EOS Greek Cuisine; Karen Kelly, senior vice president and chief marketing officer, First County Bank; Executive Chef and co-owner Bill Kaliff and Chef Nicole Straight, Festivities.

First County Bank employee volunteers with President and COO Katherine Harris at the Maple Sugar Weekend Festival, Stamford Museum & Nature Center.

First Niagara

First Niagara supported the Downtown Manchester Special Services District (DMSSD) with a $4,000 grant to further the organization’s mission of attracting new businesses to downtown Manchester.

First Niagara celebrated the grand opening of its relocated branch in Stamford. As part of the grand opening ceremony, First Niagara donated $2,500 to the Domus Foundation, a not-for-profit organization that helps nearly 1,000 Stamford children and their families experience academic and life successes through educational, residential, and community programs. Pictured, from left: John Golding, regional banking director for the tri-state region, First Niagara; Ben Fetterman, area manager of southwestern Connecticut, First Niagara; Michael Pavia, mayor of Stamford; Julia Wade, director of volunteers, Domus; Sam Delgado, branch manager; Laure Aubuchon, director of economic development, Stamford; Jack Condlin, president and CEO, Stamford Chamber of Commerce; and Robert “Gabe” DeLuca, member, Stamford Board of Representatives.

19

First Niagara was the corporate honoree during the sixth annual Excellence in Education Awards, hosted by the Stamford Public Education Foundation (SPEF). The bank was recognized for its support of SPEF’s mentoring and educational programs. David Ring, First Niagara’s New England regional president, accepted the award on behalf of the bank. Pictured: Ring with community volunteer award winners Arthur and Vivien White, and SPEF Executive Director Susan Rigano.

Paul McCraven, senior vice president of community development, First Niagara, accepted the Consumer Bankers Association’s (CBA) third annual Joe Belew Award for its Affordable Housing Partnership with Habitat for Humanity Capital District.

Pictured with McCraven is Andy Harmening, CBA chairman-elect and senior executive vice president.

Connecticut Banking Magazine • Second Quarter 2013

BANKSintheNEWS

continued from page 19

Naugatuck Savings Bank

First Niagara’s New England Regional President David Ring addressed attendees at the Walter Camp Football Foundation’s annual awards. This year’s honorees included Notre Dame’s Manti Te’o (Player of the Year) and Brian Kelly (Coach of the Year). Pictured: Te’o, Ring, and 2012 Heisman Trophy Award Winner Johnny Manziel.

James Bzdyra, market executive and senior vice president of commercial lending, First Niagara, addressed attendees at a ribbon cutting for the Women’s Business Development Council’s (WBDC) Financial Clinic. First Niagara was recognized for its $20,000 grant to WBDC, a leader of entrepreneurial and financial training for women in Connecticut.

The Naugatuck Savings Bank Foundation awarded a $2,500 grant to Special Olympics Connecticut to support its 2013 Basketball Invitational. Pictured: Jake Segla, Special Olympics athlete from Naugatuck; Kathleen McPadden, vice president of human resources, Naugatuck Savings Bank; and Raymond Hadden III, regional global messenger assistant for Special Olympics Connecticut.

The Naugatuck Savings Bank Foundation awarded grants totaling $26,300 to fund the scoreboard at Oxford High School’s new athletic field complex, which broke ground late last summer. Pictured: George Temple, Oxford selectman; Kendra Hoyt, branch manager, Naugatuck Savings Bank, Frank Savo Jr., principal, Oxford High School; Robert McGrath, assistant principal, Oxford High School.

Jewett City Savings Bank

Jewett City Savings Bank donated $1,000 to The Last Green Valley, Inc. annual appeal to retain the abundant natural resources throughout the National Heritage Corridor.

The Naugatuck Savings Bank Foundation awarded a $10,000 grant to the Boys & Girls Club of Greater Waterbury to support its Triple Play Program, encouraging healthy lifestyles for children. Pictured: John Chiero, executive director, Boys and Girls Club of Greater Waterbury; Frank Longo, president, Jo-Vek Tool and Die, and member, board of directors, Boys and Girls Club of Greater Waterbury; Teresa Carrier, branch manager, Naugatuck Savings Bank; William Campion, Campion Ambulance, and chairman, board of directors, Boys and Girls Club of Greater Waterbury; and Manny Martinez, director of operations, Boys and Girls Club of Greater Waterbury.

20

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Connecticut Banking Magazine • Second Quarter 2013

BANKSintheNEWS

The Naugatuck Savings Bank Foundation awarded a $4,000 grant to Jane Doe No More, Inc. to support its efforts to convert from fee-based “Escape Alive” self-defense classes to offering a free program to women and girls.

continued from page 20

The Carrot Project and Salisbury Bank announced the first loan made through the Greater Berkshire Agricultural Fund to Leahey Farm to reintroduce dairy to the farm. The loan will be used towards the purchase of dairy processing equipment for bottling milk and crafting frozen yogurt.

Simsbury Bank made a $1,500 corporate sponsorship contribution to The Discovery Center, a diversity education not-for-profit to shaping positive attitudes about race and differences.

Savings Bank of Danbury

Simsbury Bank is relocating its administrative headquarters in Simsbury due to expanding markets and new hires.

The Naugatuck Savings Bank Foundation awarded a $4,000 grant to the Naugatuck Historical Society to sponsor its First Thursdays program to include hands-on activities for children, new exhibits, presentations and performances.

Rockville Bank

The Savings Bank of Danbury Foundation awarded $140,050 to 46 agencies. The awards represent a 6 percent increase in contributions over last year. The 2012-2013 grants help support agencies in the areas of health and human service, education, arts and culture, and community and economic development. Pictured, from left, Savings Bank of Danbury Foundation Committee members June Renzulli, Beth Ann Fetzer, Kathy Romagnano, Marcia Grise. (Back Row) George Herring, Hal Wibling, Dave Woessner and Martin Morgado.

Simsbury Bank

Simsbury Bank announced it was a major sponsor of the Downtown YMCA’s third annual Mission in Motion Cycle-a-Thon to benefit the YMCA’s Strong Kids Campaign. Volunteer teams from around the Hartford region, including two from Simsbury Bank, cycled on stationary bicycles for a total of four hours in exchange for contribution pledges. In addition, Simsbury Bank raised over $1,265 in pledges by their two teams.

Rockville Bank officially cut the ribbon to its new fullservice West Hartford Banking Center.

Salisbury Bank

Salisbury Bank announced its 2013 Annual Scholarship Program to assist students who have a proven financial need and who are already making a difference in their communities.

Salisbury Bank benefitted from the U.S. Treasury Department’s Small Business Lending Fund program by increasing loans to small business 35 percent since 2011.

Simsbury Bank is pleased to continue its history of supporting the United Way of Central and Northeastern Connecticut. For 2013, the employees of the bank have pledged $7,243 and the bank contributed $1,000, for a total pledge of $8,243.

22

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Connecticut Banking Magazine • Second Quarter 2013

BANKSintheNEWS

Simsbury Bank announced it will again be the “Queen Bee” sponsor of the Granby Education Foundation’s (GEF) annual Gran-Bee event.

Jocelyn Mitchell, the bank’s Granby senior market manager, presented the sponsorship check to Frania Fairchild and Greg Borsecnik, Granby Education Foundation Gran-Bee co-chairs.

continued from page 22

The Union Savings Bank Foundation continued its support for local organizations that promote educational achievement by awarding $5,000 to the Danbury Schools and Business Collaborative. Pictured, from left: Marie O’Neill, executive vice president, chief marketing officer, Union Savings Bank; Mary Arconti Gregory, executive director, DSABC; and Fran Dattalo, president and CEO, Union Savings Bank.

Union Savings Bank

Union Savings Bank made a donation in the amount of $1,200 to the Litchfield Community Center to benefit the 11th Annual Bob & Peg Andrulis Memorial “Sweetheart” Run and Walk.

Pictured, from left: Village Striders John Markelon and Theresa Simaitis; Rick Judd, executive vice president, Union Savings Bank; Village Strider Dea Birdsall; Berta Andrulis Mette, executive director, Litchfield Community Center; and Village Strider Alex Schwartz.

Union Savings Bank Foundation continued its support for local organizations by awarding $8,400 to the New Milford VNA. Pictured: Marie O’Neill, executive vice president, chief marketing officer, Union Savings Bank; New Milford VNA representatives Geri Rodda and Sarah Hauser; and Fran Dattalo, president and CEO, Union Savings Bank.

The Union Savings Bank Foundation continued its support for local organizations that promote educational achievement by awarding $5,579 to The Oliver Wolcott Library (OWL) in Litchfield

The Union Savings Bank Foundation continued its support for local organizations that help meet health and human service needs by awarding $10,000 to Danbury Children First, Inc. to help fund the Parent Education Program, which provides workshops for parents on ways to support their children’s early learning and education.

24

"I'm concerned that banks are reducing training and marketing budgets at a time when they can least afford it. If we stop training our people, they're going to start falling behind - at a time when banking is changing faster than ever before."

- Douglas Cahill, Salisbury Bank Member, Management Development Committee

Please submit your applicaƟons for the CSFM Class of 2015 by Friday, June 14, 2013

The Connecticut School of Finance and Management has long proven to be a staple for many of the banks in Connecticut - a critical tool in helping to shape their leadership team of the future. CSFM’s curriculum is designed by bankers for bankers and provides a unique opportunity for junior management personnel and other key employees to obtain a more comprehensive knowledge and understanding of an ever-changing financial services industry.

This two-year development program, instructed at the undergraduate level, is expressly for employees at your institution you feel will play a vital role in the coming years. Thanks to the continued support of bankers around the state, CSFM continues to educate and enhance our banking community - returning value exponentially for it’s graduates and their banks for years to come.

To learn more about the Connecticut School of Finance and Management or apply, please visit the Association’s website or contact Rob Toffey at 860.677.5060.

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Connecticut Banking Magazine • Second Quarter 2013

BANKSintheNEWS

continued from page 24

Union Savings Bank brought back its popular 123 Checking Challenge online game. The enhanced version of the online game includes better graphics, compatibility with smartphones and tablets, and an increased number of chances to win. Pictured, the contest’s first winner, Ethan Ide, with Sue Voghel (left), vice president and market manager, and Michele Martin, senior vice president and marketing manager, Union Savings Bank.

Union Savings Bank made a donation in the amount of $25,000 to Regional Hospice and Homecare of Western CT. Pictured: Marie O’Neill, executive vice president, chief marketing officer, Union Savings Bank; Fran Dattalo, president and CEO, Union Savings Bank; Cynthia Roy-Squitieri, president and CEO, Regional Hospice and Homecare of Western CT; and Paul Sirois, vice president and wealth management officer, Union Savings Bank, and vice chairman of the board, Regional Hospice and Homecare,

The Union Savings Bank Foundation continued its support for local organizations that promote educational achievement by awarding $10,000 to The Connecticut Junior Republic (CJR) of Litchfield, a non-profit organization dedicated to helping at-risk, special needs and troubled youth.

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Webster Bank’s public affairs department received national recognition in the first-ever Corporate Social Responsibility Awards from PR Daily, a website delivering news, advice and opinions on the public relations, marketing, social media and media worlds.

Webster Financial Corporation announced it was recognized on Institutional Investor magazine’s 2013 AllAmerica Executive Team list for excellence. Terry Mangan, senior vice president, investor relations, was acknowledged for his individual achievement for the second year in a row.

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Wells Fargo & Company announced its contributions to Connecticut non-profits totaled $1.1 million in 2012, including grants to organizations that are focused on areas such as affordable housing, community development, health and human services, education and many others. u

Connecticut Banking Magazine • Second Quarter 2013

BANKERSintheNEWS Hal Wibling

Kathleen Romagnano

Jeffrey Roman

Julie Wynne

Brian Kenny

Robert J. Granata

Chandler J. Howard

Gail E. D. Brathwaite

Michael Yao

Rheo A. Brouillard

Peter Blackmore

Devin Hawthorne

Chelsea Groton Bank celebrates employee anniversaries.

Margaret Blundon

Dawn DeCristofaro

Tony Joyce

John Golding

Cliff Shute

Victoria Magin

John W. Jahne

Christopher Zell

First County Bank’s Vantis Life/SBLI top producers.

Hal Wibling, president and CEO of Savings Bank of Danbury, has retired.

He is replaced by Kathleen Romagnano.

Chandler J. Howard, president and CEO of Liberty Bank, was appointed by the Federal Reserve Bank of Boston to serve on the National Community Depository Institutions Advisory Council.

Christopher Zell was named senior client manager of specialized industries, health care and institutions, for the Connecticut market of Bank of America Merrill Lynch.

Raymond G. Michaud was named senior mortgage loan officer at The Bank of Fairfield.

Michael Yao joined The Bank of New Canaan as vice president of commercial lending.

The board of directors of Bankers’ Bank Northeast elected Rheo A. Brouillard chairman of the correspondent banking institution.

Joining Berkshire Bank bank are: Peter Blackmore, vice president and relationship manager, commercial

Raymond G. Michaud

Maria Cusano

lending; Devin Hawthorne and Jeffrey Roman, vice presidents and relationship managers, commercial lending; and Julie Wynne, portfolio manager.

Gail E. D. Brathwaite joined BNC Financial Group as executive vice president and chief operating officer.

Eleven employees, who served Chelsea Groton Bank for periods of five to 25 years, were honored: Michelle L. Hausbach, Bonnie A. Stanford, Ruth M. Eckhoff, Yana E. Kozleva, Kathleen (Kathy) S. Majca, Kelly L. Rediger, Marie A. Carmenati, Josephine S. Pai, Donna L. Thompson, Pamela A. Brehler and Lori A. Collins. Eight officers were promoted: Judy Stumpo, senior vice president; Kate Allingham, vice president; Chrissy Caplet, assistant vice president. Patti RodgersLongo, assistant vice president; Kate Alves, assistant treasurer; Debra Przylucki, assistant treasurer; Kelly Burke, senior credit analyst and assistant secretary; and Lisa Marsie, assistant secretary. Margaret Blundon and Dawn DeCristofaro were named New Leaders in Banking. Tony Joyce has joined the commercial lending department as senior vice president and commercial lending manager.

28

Lisa M. Berube joined Essex Savings Bank as assistant vice president and branch manager. Sarah May and Karie Hansen-Blaha were promoted to assistant manager.

Brian Kenny was appointed vice president at Fairfield County Bank.

Robert J. Granata was promoted to executive vice president and chief officer of credit and riska at First County Bank.

Top producers of the Vantis Life/SBLI program were treated to expertly prepared fresh omelets and homemade waffles: Tony Johnston, vice president, branch and insurance manager; Jaroslava Kubolek, assistant branch manager; Rey Giallongo Jr., chairman and CEO; Katherine Harris; president and COO; Willard Miley, senior vice president, director of retail banking; Grazyna Landmesser; vice president, regional manager; Gotrell McLellan, assistant vice president; and Flawer Bardales (not pictured).

John Golding was named retail banking director for the newly-created tri-state region for First Niagara.

Charles L. Havrda was elected chairman of the board of Guilford Savings Bank,

Second Quarter 2013 • Connecticut Banking Magazine

AnnMarie Luskay

Megan Gawel

Hunter Merrill

Tammy McGuire

Back row: Deborah Leclerc, David Chopak and Kathleen Katrenya. Front row: Sonia Myers, Charlene Straznitskas.

Amy Britton, Kenneth Geiger and Laurie Siemenski.

Kathleen Bonzani

Kelly A. McBride

Dave Malloy

Annette Tedesco

Ronald J. Holtz

Spring Bagnall

Mona Staaf-Gunther

Patrick Quinn

John Eimer

Jim Smith

SUBMIT YOUR

BANKERSintheNEWS succeeding H. Logan Page III. Richard J. Beatty was elected vice chairman.

Maria Cusano joined the bank as compliance officer. Cliff Shute joined the bank as operations manager.

Victoria Magin was named training officer.

John W. Jahne was named chief information officer at Naugatuck Savings Bank. The top annual customer service commendation was awarded to Sorrina Salvatore, branch manager.

Naugatuck Valley Savings & Loan promoted Ann Marino to senior residential manager; Kelly Snoke to assistant vice president, and residential mortgage servicing manager; and Kelly Crone to assistant vice president, and residential mortgage operations manager. Sue Horelick has become a consumer loan coordinator.

Annette Strumolo, vice president of residential mortgage production; Steven Greenberg, mortgage sales manager; and personal mortgage bankers Michael Buckley, Peter Kulis, George Zygmont and Pete Bass have joined the lending team. Charlene

and (300 dpi) photos to cba@ctbank.com

Straznitskas was promoted to senior vice president and director of retail; Kathleen Katrenya, vice president and regional branch administrator; Sonia Myers, vice president and regional branch administrator; David Chopak and Michelle Smith, operational branch managers; Deborah Leclerc and John Stack, branch managers; AnnMarie Luskay, assistant vice president, collections manager; Amy Britton, BSA manager; and Hunter Merrill, vice president of information technology. Kenneth Geiger joined the bank as assistant vice president and internal real estate appraisal review manager, and Laurie Siemenski joined as an audit/risk assistant.

Newtown Investment Solutions, a division of Newtown Savings Bank, announced Ronald J. Holtz joined its team as a financial advisor.

Salisbury Bank promoted Spring Bagnall to vice president and mortgage advisor; Mona StaafGunther, vice president and mortgage advisor; Sarah O’Connell, vice president and mortgage advisor; and Megan Gawel, assistant vice president 29

and retail manager. Tammy McGuire, assistant branch manager, was named Employee of the Quarter for the fourth quarter of 2012.

Kathleen Bonzani has joined Simsbury Bank as a mortgage loan officer.

Dave Malloy has joined Stamford First Bank as vice president and branch manager.

TD Bank named Kelly A. McBride and Annette Tedesco store managers, and Mark A. Wasilefsky was promoted to market commercial credit manager.

Thomaston Savings Bank’s Patrick Quinn, assistant vice president and IT manager, was named a New Leader in Banking for 2013.

John Eimer has joined Union Savings Bank as assistant vice president and branch manager.

Jim Smith, chairman and CEO of Webster Bank, received the Business Person of the Year Award from continued on page 30

Connecticut Banking Magazine • Second Quarter 2013

BANKERSintheNEWS

Colin Eccles

Rose Gaidos

Scott Jascha

continued from page 29

Kellie Jandreau

William E. Wrang

John Weeks

Josh Oliver

Daniel J. Rys

SUBMIT YOUR

BANKERSintheNEWS Business New Haven. Colin Eccles executive vice president and chief information officer, and Abdallah Igram as senior vice president and senior relationship manager, commercial banking. The bank announced the following promotions: Rose Gaidos,

and (300 dpi) photos to cba@ctbank.com

executive vice president of consumer deposits; Amy Jakobeit, senior vice president, customer care center; Scott Jascha, senior vice president, marketing program management; Tom Ostergren, senior vice president of business banking; John Weeks, senior

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vice president of consumer finance and director of unsecured lending; and William E. Wrang, executive vice president of commercial real estate.

Eight were promoted to senior vice president of business banking: Eric Anderson, Alexander Bequary, Lary Levitts, Eugene Marinelli, Frank Parisi, John Rivers, Janice Sheehy and Friedrich Wilms. Five were promoted to senior vice president of consumer deposits: Kevin Aiken, Angie Chirico, Cheryl Poryanda, Sumakshi Vali and Christy Verrelli. Three were promoted to senior vice president of consumer finance: Randy Jarabek, Filomena Minelli and Joanne O’Mara. Seven were promoted to senior vice president, Webster Investment Services: Ray Beloin, Rob Cosentino, Kevin Fretz, Cindy Giovacchino, Greg Kearney, Tom Moran and Josh Oliver. Kellie Jandreau, market manager and vice president of personal banking, was named a member of the board of directors of the Easter Seals of Greater Waterbury. Kathy Luria, vice president of community affairs, was named Coordinator of the Year by the United Way of Central and Northeastern Connecticut.

Daniel J. Rys has joined Windsor Federal Savings Bank as vice president of commercial loan and business development. u

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