Connecticut Banking 2Q 2014

Second Quarter 2014

Class of 2014

&Management

Connecticut School of

Finance

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Second Quarter 2014

Class of 2014

&Management

Connecticut School of

Finance

CONNECTICUT BANKERS ASSOCIATION

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

President & CEO Salisbury Bank, Lakeville

President & CEO Northwest Community Bank

COVER STORY

Connecticut School of Finance & Management...................................................... 10 The graduating Class of 2014 celebrates in style.

So you want to be a Banker?.............................................. 11

FEATURES

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

In Response to the Target Data Breach, Community Banks Make Lemonade out of Lemons............... 4 Corporate Account Takeover – Who is Liable?..................... 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

Page 11

Page 14

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.

Banks in the News........................................................ 14 Bankers in the News..................................................... 20

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Connecticut Banking Magazine • Second Quarter 2014

In Response to the Target Data Breach, Community Banks Make Lemonade out of

lemons

By Stella Szantova Giordano

V

irtually everyone has heard of the Target data security breach, in which the credit and debit card information of more than 40 million customers was stolen during the 2013 holiday shopping season. In its aftermath, the press and the media focused on the impact the Target breach has had on consumers. In contrast, much less attention was devoted to the strain the Target breach caused downstream – notably on banks who had to reissue debit cards for their customers whose personal information was (or was suspected to be) compromised. According to the Consumer Bankers Association and the Credit Union National Association, the cost to banks and credit unions cleaning up the mess caused by Target has been estimated at over 200 million. A big part of the expense was the cost of card replacements. Instead of Target reimbursing the banks for the costs and expenses they had to incur in the process, it was the banks that had to bear the cost of remediation for a breach they did not cause and could not have prevented.

Why Banks got Stuck with the Bill From a legal standpoint, when the Target breach occurred, the banks were sitting ducks. In the world of businesses who deal in arms-length transactions, the risk of a cyber breach is handled through indemnity clauses in vendor agreements.

It works like this: a company who releases private information of its customers to a third party has the ability to negotiate certain protections of that information into

the contract. If the vendor’s computer systems are breached by hackers who then steal sensitive data related to the company’s customers, the vendor will be responsible to the company for the damage (since the company, in turn, will be responsible to its customers). Indemnification can take many forms: paying a certain sum outright to help offset the costs of dealing with the breach; the vendor paying for attorneys’ fees and costs if any of the company’s customers whose data was stolen sue the company; or paying for the settlements or judgments the customers are able to get against the company.

In stark contrast, the banks had none of these protections when they had to respond to the Target data breach. As a merchant, Target’s contract (into which such protective terms could potentially be negotiated) is with the card service companies – VISA or MasterCard. The banks have contracts with the card service companies too since the debit cards they issue to their customers are branded as either VISA or MasterCard. However, banks have no input into how the card service companies negotiate their agreements with individual merchants like Target. The duty of the card service companies ends at notifying the banks when a breach occurs and VISA or MasterCard suspect that the debit or credit cards of the bank’s customers were compromised.

In light of this, it is no surprise that most banks had to absorb the cost of post-breach remediation. While some 4

banks had such a large number of customers who were affected by the Target breach that their cyber risk insurance coverage was triggered, most banks (particularly smaller community banks) simply did not incur enough costs during post-breach remediation to reach the threshold where insurance coverage would kick in. With no contractual protections in place, and no one to turn to for indemnification, most banks simply reached into the elusive budget item called “the cost of doing business” when responding to the aftermath of the Target breach.

The Unexpected Benefits At first blush, it may not be immediately obvious how the clean-up of the Target breach would have any positive impact on community banks. As soon as they received notification that certain debit card numbers were compromised, community banks went into overdrive to respond as fast as they could. They issued notification letters to all affected customers. In some cases, there were two rounds of notices: the first to let customers know that a breach had occurred and their debit card was among those affected; and the second enclosing the replacement debit cards advising customers when the continued on page 6

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Connecticut Banking Magazine • Second Quarter 2014

Making Lemonade out of Data Breach continued from page 4

old cards would be deactivated. While issuing replacement cards was by far the biggest expense, there was also the cost of mailing the notices to customers. The one expense which often went unnoticed because it is hard to quantify was the loss of employees’ time – how many man hours it took to respond to the Target breach.

It is even harder to put a price tag on the fact that many branch employees had to work on Christmas Eve to ensure that the bank’s customers could enjoy their holidays despite the fact that their debit card had been compromised.

For many community banks, the super-fast, and very personalized, response to the Target breach resulted in several unexpected benefits. First, it helped the banks to solidify their relationship with individual customers, and to keep their goodwill. Customers, while losing confidence in Target for not being vigilant enough to protect their personal and financial information, understood very

well that the breach was not their bank’s fault. In that sense, the extra expense banks had to incur in both time and money was offset by the fact that customers knew their community bank was working hard to help them get through the messiness of the Target breach as efficiently and with the least amount of disruption as possible. Community banks went to great lengths to inconvenience their customers as little as possible, and to keep them abreast of the measures the bank was taking during the cleanup phase. One particular bank with only had a handful of customers whose debit cards had been compromised, could afford a completely personalized response – a branch employee called each affected customer to discuss what the breach meant to them, and even if their card had not been misused yet, offered to monitor and/or replace the card. Another bank, with almost 500 customers who were affected, waited until after the

holiday shopping season to deactivate the compromised debit cards instead of shutting them down in mid-December, while tightly monitoring spending patterns and going through a customer verification process for all larger purchases. As a result, while responding to an unexpected crisis, many community banks were actually able to strengthen their relationships with their retail customers and to build more loyalty to the bank.

Second, several community banks (notably Quinnipiac Bank & Trust Company and Naugatuck Valley Savings and Loan1) tightened up their fraud prevention techniques, lowering the thresholds at which a transaction outside of a customer’s usual spending patterns becomes suspect, or procuring new fraud monitoring software in addition to the mechanisms they already had in place. As a result of being proactive, they are now continued on page 8

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Connecticut Banking Magazine • Second Quarter 2014

Making Lemonade out of Data Breach continued from page 6

in a better position to ward off or to respond to any future cyber attacks.

Significantly, many community banks responded as quickly as they did out of a concern that the regulators may later find their response was either too slow, inadequate, or both. This assumption is warranted – one of the criticisms of Target was that it had opportunities to stop the hack yet it acted too slowly. In contrast, many community banks reacted immediately upon learning that their customers’ debit card numbers may have been compromised. This was a wise move as regulators are likely to examine the speed and adequacy of each bank’s response. For a third party data breach (like that of Target), the regulators could expect to see instant action and a pattern of proactive behavior to demonstrate that the bank truly protected its customers.

either be targeted directly, or they will have to respond to a data breach of a vendor (a retailer like Target or, more recently, Neiman Marcus) where the bank’s customers shop and use their debit cards. Consequently, it is a virtual certainty that data security breaches will become a much more common occurrence, and something that banks will need to treat as the “new normal.”

If this is the case, what can community banks do to protect themselves, both from the financial and the operational standpoint? As mentioned above, individual banks do not have the leverage to affect the terms of the agreement between merchants like Target and the credit card companies. However, since retailer data breaches will continue to occur, the banks may consider launching a unified campaign for state and/or federal legislation which would require merchants to be accountable for all damages caused downstream by the virtue of the merchant’s breach, even if the parties affected are not consumers or a company with which the merchant has a direct contract. Connecticut Bankers’ Association, who has been advocating for community bankfriendly legislation for many years, could be a helpful resource.

Moreover, particularly in light of concerns of what regulators will think of each individual bank’s response to any data security breach, community banks would do well to familiarize themselves with the NIST Cybersecurity Framework. As commentators from the banking community suggest, while adherence to the framework is currently voluntary, it is likely that banking regulators will use it as the yardstick by which to measure banks’ awareness of and responsiveness to cyber risks. As time goes by and the NIST standards develop further, regulators may elect to adopt the NIST guidelines as the new “best practices” standard that the banks will have to abide by.

In essence, having to deal with the Target data breach may be an unexpected blessing for community banks. Since the banks were forced to take remedial measures to deal with the aftermath of the breach, they are now better prepared for the next cyber attack. They will also be able to demonstrate their preparedness and responsiveness to the regulators. Finally, they are in a better position than ever to understand what risks they face, and what they need to do to protect themselves and their customers. And that is a good place to be. u

Community Banks Learn to Live With Cyber Risks It would be easier to shrug off the expenses the community banks had to incur in response to the Target data breach if they knew that this was an isolated incident. Unfortunately, it appears that the risk of a cyber breach, particularly for banks, is here to stay. According to the 2013 Verizon Data Breach Investigations Report, 37 percent of data breaches affected financial organizations, and 24 percent of data breaches occurred in retail environments and restaurants. For banks, this means that they will

Community Involvement

by BANKS IN CT

35 Connecticut banks participated in their communities with: Northwest Community Bank

$19,583,599

$6,622,350,370

Charitable donations by banks

Residential real estate loans

$5,103,699,475 Commercial loans to businesses

$15,577,333

Salisbury Bank

Dollars paid in Municipal Property Taxes

401,019

Stella Szantova Giordano (CSFM Class of 2015) is an associate attorney at Murtha Cullina LLP, where she assists clients in the Banking Group. She is also active in the firm’s Information Security practice group.

Hours volunteered by bank employees to their communities

Liberty Bank

Farmington Bank

1. The author would like to thank Ken Innocenzi (senior vice president, operations and compliance, Quinnipiac Bank & Trust Company) and Kathleen Katrenya (vice president, regional branch administrator) and Rita Myers (senior vice president, senior operations officer), both of Naugatuck Valley Savings and Loan, for generously sharing their banks’ experiences with the clean-up of the Target data breach.

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Connecticut Banking Magazine • Second Quarter 2014

Connecticut School of Finance & Management

The graduating Class of CSFM 2014.

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 second-year 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 56 students in the CSFM Class of 2014 graduated on April 2, 2014. One of the many highlights of the graduation ceremony was the awarding of the John C. Shortell Award for Academic Excellence to Maureen Sullivan of Windsor

HERE ARE THE 56 STUDENTS OF THE 2014 CSFM GRADUATING CLASS: Kimberly Perry, Bankwell Kelly M. Burke, Chelsea Groton Bank Mary S. Conti, Chelsea Groton Bank Michael C. Buchas, CT Department of Banking * Deborah E. Buckley, CT Department of Banking Darlene A. Serra, Dime Bank Heather A. Smith, Dime Bank * Cara M. Nunes, Fairfield County Bank John E. Slater, Fairfield County Bank Richard J. Browning, Farmington Bank Luana C. Ribeiro, Farmington Bank Kriste Stevenson, Farmington Bank Aitza N. Cabrera, First County Bank Karen Chavez, First County Bank RoseMary Ogden, First County Bank Joanna Woznik, First County Bank Jayne L. Goncalves, First Niagara * Elizabeth J. Mancino, First Niagara Matthew R. Newcomb, First Niagara Courtney E. Poirier, First Niagara Jayshree J. Mistry, First Niagara Matthew A. Valliere, First Niagara Victoria Magin, Guilford Savings Bank Robert J. Voets, Ion Bank Colleen G. Bobe, Liberty Bank James L. Brainerd, Liberty Bank Marisol F. Harris, Liberty Bank Irene C. Galo, Liberty Bank Sindy K. Berkowitz, Milford Bank

Catherine S. Dougan, National Iron Bank Kelly M. Snoke, Naugatuck Valley Savings and Loan Sandra P. Vaz, Naugatuck Valley Savings and Loan Cheryl Jablonowski, Newtown Savings Bank Gina R. Galpin, Northwest Community Bank Folson Almezy, People’s United Bank Karen E. Rey, People’s United Bank Devin B. Obedzinski, Rockville Bank Amanda M. Virkler, Rockville Bank Stacey Curtis, Salisbury Bank & Trust Company Melanie K. Neely, Salisbury Bank & Trust Company * Pamela F. Mower, Savings Institute Bank & Trust Judith G. Barrett, TD Bank, N.A. Deanna L. Joyce, TD Bank, N.A. Peter M. Kowalasky, TD Bank, N.A. Stephanie A. Ortiz, TD Bank, N.A. Alex M. Tie, TD Bank, N.A. Amisha N. Tailor, TD Bank, N.A. Beth A. Borowski, Thomaston Savings Bank * John R. Abrams, Thomaston Savings Bank Rui Dantas, Union Savings Bank Karina Towne, Union Savings Bank Lynne Stanley, Windsor Federal Savings Maureen Sullivan, Windsor Federal Savings * Stacey L. Breton Rachel R. Doolittle Elizabeth L. Maurer-Levesque * denotes Honors recipient

10

Maureen Sullivan of Windsor Federal Savings (center), winner of the John C. Shortell Award for Academic Excellence, is congratulated by Chandler J. Howard, CBA chairman and president and CEO, Liberty Bank (left) and Lou Ferreira, CBA management development committee chairman and vice president & SLO, Stafford Savings Bank.

Federal Savings. This award is presented to the student who has achieved the highest academic grade while attending the Connecticut School of Finance & Management.

With this ceremony now just a memory, there are now over 2,250 Connecticut bankers who have successfully completed the program requirements and graduated from CSFM. Congratulations to the graduate members of the Class of 2014!

Picture Your Employees Or Yourself Here The CBA has made the syllabus for the Class of 2016 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 Friday, June 27, 2014. Spots fill up fast – get your applications in now! u

Second Quarter 2014 • Connecticut Banking Magazine

So you want to be a Banker?

How One Lawyer Learned to Speak the Lingo at CSFM

By Stella Szantova Giordano

“R

eview all the CADs right up until the modification was proposed by the borrower.” “What date was the loan put on non-accrual status?” “And where are all the memos to file about the site inspections from the RM?” These questions, and many others, are the ones my supervising partner had for me when I was asked to undertake a review of a bank file in connection with a pending lender liability case. I had been working at my firm for less than six months, I had zero experience reviewing bank files, and I was the lucky one assigned to help with a very important trial. During the discovery review, I pored over boxes and boxes of loan documents, emails and handwritten notes. I did not always understand what my boss wanted me to find – although it didn’t take me long to figure out that “RM” meant relationship manager, to this day I am not quite sure what “CAD” stands for, but I can hand you one from a pile of documents practically with my eyes closed.

Once we got to the actual trial, it was like the witnesses from the bank were speaking an entirely different language! By the time the trial was over, I realized how much my boss (who has been working with bank clients her entire career) knew about the “lingo” and the business of banking, and how very little I knew about it.

Most lawyers learn about the ins and outs of their clients’ business through experience, and pick up the necessary terminology and business know-how as they go. I didn’t want to wait for years to understand this business – I was fascinated by the actual business of banking. I wanted to know how banks make decisions about whom they lend to and why, how they tackle risk and navigate the regulatory obstacle course, what things happen at the business level when a loan goes bad … And I wanted to know all of this right away.

So, at the urging of my partner, I started looking for educational opportunities

suitable for a young lawyer like myself.

I researched several options, and while several would have been relevant in one area of banking, other topics related to the business of banking were not covered.

Finally, a community banker friend directed me to the Connecticut School of Finance & Management. I looked at the description of the program online and knew immediately I had struck gold. The curriculum covered all facets of running a bank: management, leadership, economics, finance, understanding risk and balance sheets. I also liked the manageable schedule – classes once a month. This was exactly what I needed! I sent in my application, got accepted, and was able to convince my firm to give me permission to attend the classes. And just like that, I was a member of the CSFM, Class of 2015.

Now, having almost completed my first year, I can honestly say that CSFM has far exceeded my expectations. The classes are as varied as they are challenging – I really had to concentrate in Economics, and I am still a little wary when analyzing a balance sheet and an income statement of a bank.

But at least now I understand what I am looking at.

I am very grateful for being given the opportunity to learn about the banks and their business from within. When I arrived at the orientation weekend, I was nervous: how would the bankers treat an outsider like me (and a lawyer at that!)? I was very humbled by the reception – my classmates embraced having a lawyer in their midst, and treated me as one of them.

CSFM is an instantly recognizable name among the community banks in Connecticut and our bank clients are surprised (and often flattered) to learn that an attorney on their legal team has invested the time and effort to learn about their business. I am much more comfortable with the banking terminology, can read the bank documents, and I understand the regulatory scheme and its impact on community banks. I am also starting to see the bigger picture, and how 11

the economic cycles affect what banks can and cannot do. As a result, I find myself engaging in a more educated conversation with a client when working on cases.

But what I enjoy the most is getting to know my classmates. They are smart and ambitious people, and I love being able to learn from them. Not only about their working experiences at their own banks, but also from how they are climbing their own career ladders while balancing work and family in the process.

A few words of wisdom for nonbankers considering CSFM: If you want to really learn and to do well, it is a major time commitment. The homework assignments do take up evenings and weekends, and the Major Paper is no joke. Also, I think the school is the most beneficial for someone who works with banks on a regular basis, and for whom an in-depth understanding of the “business of banking” is essential. For me, CSFM has turned out to be exactly what I wanted, and more. u Stella Szantova Giordano (CSFM Class of 2015) is an associate attorney at Murtha Cullina LLP, where she assists clients in the banking group.

Connecticut Banking Magazine • Second Quarter 2014

Corporate Account Takeover – Who is Liable?

T

his question has been causing a multitude of issues for banks, as well as for their commercial customers. Consumers are protected from liability against theft through online banking

by Regulation E and the Electronic Funds Transfer Act, but small business owners do not have the luxury of this protection.

The requirements for banks are found in the UCC section 402A and in the Federal Financial Institutions Examination Council (FFIEC) guidelines. Those requirements entail that banks supply a “basic” level of security for their commercial customers, safeguard with multilevel authentication to protect electronic banking sessions and provide some form of educational programs to their commercial customers. In essence, the courts are left to decide who is responsible, and depending on the dollar amount involved, the court action could be more costly due

to legal expenses than the actual theft.

These regulations are receiving even more emphasis in light of the increasing number of incidents of corporate account takeover, often perpetrated by phishing schemes used to commit ACH and wire fraud.

CATO has become so prevalent that some nonprofit payment associations are joining forces with local and regional law enforcement agencies to more closely monitor payment fraud trends. For instance, in March, SWACHA, the FBI and the U.S. Secret Service hosted a seminar at the Houston Federal Reserve Bank to focus on corporate account takeover trends. The seminar offered bankers faceto-face time with investigations experts who closely monitor emerging online fraud threats, especially those affecting the financial sector.

In an effort to address this growing

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concern, we believe that, at minimum, every bank should: • Train all bank staff to spot fraud, as funds transfers are still occurring from telephone requests. The best authentication solutions aimed to curb ACH and wire losses won't make a difference when a person, rather than a system, is verifying and authenticating the transaction. Tellers and call center representatives should be trained to ask for full account numbers, authenticate transactions with challenge questions and always ask for more than one contact number before approving any funds transfer.

• Implement specific procedures for wire transfers – when a wire transfer is requested for funds going to an overseas account, put a hold on the transfer for a specified period of time. That gives the bank time to verify whether or not the transaction is authentic.

• Keep the bank’s fraud detection software up-to-date – make sure the bank’s employees and corporate customers are consistently updating their PCs with the latest versions of anti-malware and antivirus software.

• Out-of-band verification procedures can be low tech – some old-fashioned procedures, like a follow-up fax or phone call, can be just as effective at verifying and authenticating a funds transfer.

• Expand or review the bank’s current risk assessments to make sure account takeover is specifically addressed.

• Rate and document each customer that performs online transactions.

• Educate the board of directors about account takeover issues and concerns.

• Communicate basic online security practices to the corporate online banking customers, to include the implementation of customer security awareness for retail and high-risk business accounts.

• Establish bank control procedures to mitigate risks of corporate account takeovers.

Second Quarter 2014 • Connecticut Banking Magazine

• Educate accountholders about the warning signs of potentially compromised computer systems.

• Implement contingency plans to recover or suspend compromised systems.

• Contact law enforcement and regulatory agencies when an account takeover has occurred.

At the core of any successful risk management program is education and communication. In other words, the training of the bank employees is critical. Compliance Alliance has training presentations as well as risk assessments available to be used in the bank’s efforts to prevent corporate account takeover. This is only a small portion of the benefits that banks enjoy as Compliance Alliance members.

Compliance Alliance was developed to assist banks in navigating the expansion of compliance rules and regulations. It currently provides more than 450 products, including risk assessments, training tools, calculators, cheat sheets, check lists, cliff notes, enforcement actions, flowcharts, forms, handouts, matrices, policies, procedures, webinars and worksheets, with

new documents uploaded daily. The wide variety of resources allows each individual bank, no matter the size or the amount of time in business, to customize a group of documents specific to their needs. These benefits enable the compliance officers to be more efficient. In fact, banks using Compliance Alliance are currently saving one-half to one-full FTE. Compliance Alliance also offers many services to subscribing banks, including advertising reviews, a compliance calendar, daily emails with news and links to recently posted website documents, weekly and monthly newsletters, and links to all of the handbooks, manuals and regulatory guidance documents from the regulatory agencies. Additionally, Compliance Alliance offers a multimedia Compliance Hotline in which Compliance Alliance specialists are available by phone, email and live chat. Members are not limited to the amount of calls they can make per month or the length of time spent talking to the attorneys or compliance specialists.

Another unique aspect of Compliance Alliance is the all-inclusive guarantee.

They guarantee that once you have made your subscription payment you will never be asked for another dime for any existing or future products. Compliance Alliance is also unique in that member banks are allowed an unlimited amount of usernames and passwords for the interactive website, allowing anyone in the bank to use the products and services.

Compliance Alliance has built a regulatory compliance team, consisting of eight veteran employees with regulatory and compliance experience, all of which are well qualified to assist banks in addressing the challenges of the rapidly changing regulatory environment.

Compliance Alliance understands the challenge compliance officers are facing to find the correct resources in addition to providing training and risk assessments for their banks. To become more efficient as well as save money, call Compliance Alliance today! u For more information about Compliance Alliance or to sign up for a free preview of the products and services, call (888) 353-3933.

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Connecticut Banking Magazine • Second Quarter 2014

BANKSintheNEWS p Bank of America’s Neighborhood Builder Award Winner, Foodshare, received $200,000 in unrestricted grant funding and leadership development training for their executive director and an emerging leader.

p Bank of America and the Urban League of Greater Hartford worked with Hartford area high school students participating in the School Youth Employment and Learning Program on developing their personal brands.

p Bank of America and the Fairfield County Community Foundation celebrate the first year of the one-day Fairfield County Giving Day initiative, which totaled over 15,000 donations and raised $745,000 for Fairfield County nonprofits.

p Bank of America associates volunteered as greeters, budget coaches and credit report educators for Super Saturday Financial Education and Tax Assistance Day. Bankwell Financial Group will acquire Quinnipiac Bank & Trust Company by the end of the third quarter of 2014.

p The top three branches at Chelsea Groton Bank’s First Annual Holiday Decorating Contest won a donation, made in their name by the bank, to the food pantry of their choice.

First place: Niantic branch, $1,500 to Care and Share of East Lyme; second place: Waterford branch, $1,000 to Waterford Interfaith Food Locker; third place: Mystic branch, $500 to Mystic Area Shelter and Hospitality.

p The Citizens Bank Foundation granted $5,000 to the Columbus House Middlesex family shelter.

Thirty-eight sophomores studying personal finance at Montville High School received a behind the scenes tour of Chelsea Groton Bank.

Chelsea Groton Bank recently provided $3.5 million in financing to Eugene O’Neill Theater Center to build new facilities accommodating an expansion of its National Theater Institute at the O’Neill’s 305 Great Neck Road, Waterford campus.

Chelsea Groton Bank and the Chelsea Groton Foundation contributed a total of $361,355 in charitable donations in 2013, an increase of 18 percent from 2012 and 28 percent from 2011.

Over 250 health and human service, educational, environmental, civic and cultural organizations located in Eastern Connecticut and Southern Rhode Island benefited from Chelsea Groton’s philanthropic support. Additionally, Chelsea Groton employees volunteered their time and shared their talents with numerous community organizations in the region, logging 7,487 volunteer hours to support these worthy organizations in attaining their missions.

Chelsea Groton Bank became the newest member of The Housing Development Fund (HDF) SmartMove Homeownership Fund with a $500,000 commitment. Prior to their membership, these funds were not available to individuals and families in New London or Middlesex counties.

Chelsea Groton Bank became the newest member of the Federal Home Loan Bank of Boston Equity Builder Grant Program, helping to expand homeownership opportunities in their community.

14

p The Citizens Bank Foundation granted $7,500 to the Horace Bushnell Memorial Hall Corporation to support PARTNERS (Partners in Art and Education Revitalizing Schools).

p Citizens Bank was honored by the Columbus House with the 2013 John S. Martinez Community Service Award for outstanding civic leadership and service.

p Citizens Bank and WTNH News 8 named Charter Oak Cultural Center the first 2014 Champion in Action in the category of youth programming. The center received a $35,000 unrestricted grant, media coverage and extensive promotional and volunteer support.

Connecticut Banking Magazine • Second Quarter 2014

BANKSintheNEWS

p The Citizens Bank Foundation granted $5,000 to Dress for Success of Hartford County to support financial literacy for their Professional Women’s Group.

continued from page 14

p Citizens Bank awarded The Capital Good Fund with a $15,000 grant.

p Connecticut Community Bank, N.A. employees volunteered to help pack meals for Connecticut Food Bank Kids’ Backpack Program.

p Citizens Bank sponsored the St. Patrick’s Day Parade in downtown New Haven. p The Citizens Bank Foundation granted $10,000 to the Gemma E. Moran United Way Labor Food Center.

p The Citizens Bank Foundation granted $10,000 to the YMCA of Metropolitan Hartford to support the organization’s Teen Incentive Program.

p Connecticut Community Bank, N.A. employees lent a helping hand to FoodShare to help sort and stock food items. p Citizens Bank sponsored the 43rd Annual Hartford St. Patrick’s Day Parade

Dime Bank Foundation awarded a $3,056 grant to Eastern Connecticut Community Gardens Association, Inc. Dime Bank promoted the nation-wide effort to help people save more successfully by participating in America Saves Week.

Dime Bank Foundation awarded a $2,000 grant to East Lyme High School to help support their Third Bi-annual Empty Bowls Project.

p The Citizens Bank Foundation granted $5,000 to The WorkPlace to support their Dress for Success Mid-Fairfield County program.

p The Citizens Bank Foundation awarded $5,000 to Martin House Inc.

p The Citizens Bank Foundation made a $5,000 donation to the Cardinal Shehan Center of Bridgeport.

p Connecticut Community Bank, N.A. donated five used computers and monitors to the Burroughs Community Center.

16

Dime Bank Foundation awarded a $2,500 grant to the New London Community Meal Center.

Dime Bank Foundation awarded $3,500 to Eastern Connecticut Housing Opportunities.

p The Chester branch of Essex Savings Bank celebrated its one-year anniversary with weeklong festivities.

Second Quarter 2014 • Connecticut Banking Magazine

p Essex Savings Bank held a holiday contest to collect food and non-perishables for the Shoreline Soup Kitchen, as well as the food pantries in Chester and Madison.

The Federal Home Loan Bank of Boston named Essex Savings Bank one of its 2013 Affordable Housing Program Award winners.

Essex Savings Bank announced contributions of $223,373 from their Community Investment Program. The bank annually commits 10 percent of its after-tax net income to qualifying organizations. By yearend, a total of $3,896,917 will have been distributed since inception in 1996.

p Gov. Dannel P. Malloy gave the keynote address at the town of Farmington’s Economic Development Business Breakfast, sponsored by Farmington Bank.

p In honor of World Read Aloud Day, over 20 Farmington Bank employees read to students at Holmes Elementary School. In addition, the bank donated a collection of books to the school’s library.

p In honor of the opening of its first branch in Rocky Hill, Farmington Bank hosted a ribbon-cutting ceremony where four local charities received a monetary donation from the Farmington Bank Community Foundation.

Recipients were the Friends of Cora J. Belden Library, the Rocky Hill Historical Society, the Town of Rocky Hill Youth and Family Services and the Rocky Hill Health and Human Services Department.

p The Farmington Bank Community Foundation donated $10,000 worth of diapers, nearly 50,000, to 23 nonprofit organizations.

p Farmington Bank’s Community Concert Series grew to 17 performances this year.

p The Business Council of Fairfield County recognized Pierson and Smith, First Niagara’s insurance subsidiary, as a Gold Healthy Workplaces Best Practices Award winner.

p First County Bank hosted the first in a series of Homebuyers Workshops.

p First Niagara celebrated the grand opening of its Fairfield County Regional Headquarters in Norwalk.

p First County Bank sponsored the Maple Sugar Weekend Festival at Stamford Museum & Nature Center. p First Niagara was the lead sponsor of the Fairfield Museum and History Center’s 375th Anniversary celebration.

p First County Bank volunteers at Maple Sugar Weekend Festival at the Stamford Museum & Nature Center.

17

First Niagara reestablished its YouFirst Neighbor Loan Program to aid homeowners impacted by the brutal 2013-2014 winter storm season.

Connecticut Banking Magazine • Second Quarter 2014

BANKSintheNEWS

continued from page 17

p At the grand opening of its Southington branch, Liberty Bank set aside a pool of $4.5 million to write fixed-rate mortgages at a onehalf percent rate discount for Southington home buyers.

p The Workplace, a nonprofit regional workforce development agency, received a $10,000 grant from the First Niagara Foundation.

p Guilford Savings Bank merged history and technology in a new branch. The original house was built in 1812.

p The Jewett City Savings Bank Foundation presented a $2,000 check to the Friends of Assisi Food Pantry. The pantry has received $20,000 in support from the foundation over the last six years.

p Liberty Bank presented a $5,000 donation to the Disabled American Veterans Connecticut Chapter.

The Ion Bank Foundation awarded grants totaling a record $498,860 in 2013, funds that are being used to support a wide assortment of projects and programs in the communities served by the bank. The 2013 total represents a 19 percent increase in grants the foundation awarded in 2012, and a 7 percent increase from its highest previous annual total in 2008.

p The Ion Bank Foundation awarded a $10,000 grant to the Naugatuck Economic Development Corp.

p The Ion Bank Foundation awarded a $5,000 grant to the Saint Mary’s Hospital Foundation.

Liberty Bank’s Giving Circle Program set aside $100 for every mortgage application received during April and May, and then donated the accumulated funds to 25 local agencies that provide emergency or transitional housing for homeless families and individuals. Last year’s distribution of $54,200 brought the total donated under the 20-year-old program to almost $400,000.

p A public/private partnership launched the WorkPath Fund: an initiative aimed at helping Connecticut parents succeed in a still-difficult job market. Chandler Howard, CEO of Liberty Bank, was instrumental in recruiting donors.

Naugatuck Valley Savings and Loan partnered with St. Francis – St. Hedwig School to celebrate Teach Children To Save Day with a savings education workshop.

p Low-income preschool children at HRA of New Britain’s Head Start programs took part in the Jumpstart Early Literacy Program, funded by $42,500 in grants from Liberty Bank Foundation, the Community Foundation of Greater New Britain, the Farmington Bank Community Foundation and The Fund for Greater Hartford p Newtown Savings Bank donated $3,000 to Feeding The Need.

p 175 seniors at Montville High School participated in a half-day Credit for Life Fair, presented by a collaborative of southeastern Connecticut businesses and nonprofits led by the Liberty Bank Foundation.

18

p MARC, Inc. 5th Annual Rockin’ BowlA-Thon sponsored by the Rockville Bank Foundation raised over $23,000.

Second Quarter 2014 • Connecticut Banking Magazine

Salisbury Bank and Union Savings Bank executed a definitive agreement for the sale of the Sharon branch of Union Savings Bank.

Salisbury Bancorp, Inc. and Riverside Bank entered into a definitive agreement and plan of merger in an all-stock transaction. The deal is expected to close in the third or fourth quarter of 2014.

Salisbury Bank offered a free informational seminar about Health Savings Accounts.

Salisbury Bank offered a free seminar about managing finances, which was held during Money Smart Week.

Salisbury Bank offered a free workshop about Home Safety.

p Savings Bank of Danbury employees participated in the Danbury Food Collaborative Food Drive hosted by the United Way of Western Connecticut. The food drive collected over 3,500 pounds of food, which provides over 2,700 meals.

p Thomaston Savings Bank partnered with the Boys & Girls Club of Greater Waterbury to celebrate Teach Children To Save Day with a savings education workshop.

Thomaston Savings Bank was presented with the United Way of Greater Waterbury’s Spirit of Excellence Award.

Salisbury Bank will open a new branch office in Great Barrington, Mass., in spring 2014.

Salisbury Bank’s “We Believe” program collected new, unwrapped gifts for local children. p The Savings Institute Bank & Trust signed on to be the naming sponsor of the Willi-Whammer Half Marathon. This inaugural event benefits the Windham No-Freeze Hospitality Center.

p United Bank cut the ribbon to their new fullservice branch in Hamden.

Simsbury Bank was voted Best Community Bank in the 2013 Commercial Record Reader’s Poll.

p Salisbury Trust sponsored the 2014 Sportsmanship Award Program by paying the entry fees for four riders in four USEA Area 1 events in the Northwest Corner. The award winner was Kelly Lattin and her horse Callie.

p The Savings Bank of Danbury Foundation awarded $146,610 to 53 agencies. The awards represent a 4 percent increase in contributions over last year. The foundation was established in 2004 and has awarded $1,096,146 to local nonprofit organizations.

p Savings Bank of Danbury employees held a bank-wide food drive and collected more than 3,500 pounds of food.

p Savings Bank of Danbury employees donated 46 baskets to The Volunteer Center of United Way of Western Connecticut Spring Buddy Basket Project.

p Simsbury Bank donated $1,000 to the Simsbury Camera Club in exchange for photos, taken by club members, which are featured in the bank’s 2014 calendar.

p Thomaston Savings Bank donated $15,000 to the Landmark Community Theatre.

p The Church of the Nativity received a grant from the Thomaston Savings Bank Foundation.

p Thomaston Savings Bank Foundation donated a grant to the Thomaston Volunteer Fire Department to assist in funding a 2013 Polaris Range.

19

p Webster Bank celebrated National Wear Red Day as part of the Go Red for Women campaign.

Webster Bank opened its new, state-of-the-art banking center in New Milford.

Webster Bank won two Greenwich Associates Excellence Awards in Middle Market Banking for distinctive overall satisfaction in service.

Webster Bank will be holding 80 seminars in a year-long initiative to help seniors and their families understand, identify and respond to fraud.

p Webster Bank awarded a $1,000 grant to Visiting Nurse & Health Service of Connecticut, Inc.

p Webster Bank announced a sponsorship agreement making Webster “The Official Bank of Yale Athletics.”

Connecticut Banking Magazine • Second Quarter 2014

BANKERSintheNEWS Peyton Patterson

Thomas D. Jones

Susan Kornberg

David Canet

Marta Amor-Baker

John Estelle

Brian Kenny

Arianna Middleton

Reyno Giallongo

Sandra Greer

AnnaMarie Boccuzzi

Carrie LeBlanc

Denise Balboni

James V. Cannella

Peter Drooff

Rod Landis

Gary M. Crosby

Robert A. Cerminaro

Kim McGillicuddy

Timothy P. Geelan

Charles J. Boulier III

Diana Rose

Jamie Tuttle

Lina Reis Curtin

Kathy Doucette

Robin Fujio

Mark Cohen

Nick Sabetta

David Bouffard

Brian Rice

Peyton Patterson, CEO of Bankwell, was featured at the Most Powerful Women in Finance event. Thomas D. Jones was named first vice president, commercial lender and head of business development; Susan Kornberg was named vice president, commercial lender; and David Canet joined as vice president of commercial and industrial lending.

Margaret Blundon was promoted to vice president of Chelsea Groton Bank. Marie Carmenati was promoted to vice president.

She is a 1989 graduate of the Connecticut School of Finance & Management. Dawn Day was promoted to vice president. Ishmael Bryan was promoted to assistant secretary.

He graduated from the Connecticut School of Finance & Management with highest honors in 2013. Michelle Magowan and Melissa Mercado were promoted to assistant secretaries. Denise Stapienski, assistant vice president of training and development, was appointed to United Way of Southeastern Connecticut’s board of directors and appointed co-chair of their Community Investments Committee. Lynn Malera, chief of the Mohegan Tribe, was appointed to the board of trustees. Marta Amor-Baker was appointed mortgage loan officer.

John Estelle was promoted to vice president and commercial lender at Dime Bank.

Fairfield County Bank promoted the following: Timothy Kidman, executive vice president of human resources; Marcie Coffin, executive vice president of audit, compliance and risk management; Deborah Hull, vice president and controller; Karen Critelli, executive vice president and chief financial officer; Brian Kenny, vice president and branch manager; Arianna Middleton, vice president and branch manager; JoAnne Sterling, vice president and branch manager; and Wendy Souppa, associate vice president of deposit operations.

Reyno Giallongo, chairman & CEO, First County Bank, was named chairman of The Business Council of Fairfield County. Sandra Greer and AnnaMarie Boccuzzi joined the bank as new trust officers.

Carrie LeBlanc was promoted to senior vice president of operations and information technology at The First National Bank of Suffield. Denise Balboni was promoted to vice president of residential lending and branch administration.

James V. Cannella was promoted to senior business development officer at First Niagara; Peter Drooff was hired as first vice president and director of underwriting; Rod Landis serves as vice president of underwriting; 20

Gary M. Crosby was appointed president and CEO by the board of directors; and Robert A. Cerminaro was named senior vice president and market executive of corporate banking for the tri-state region. Kim McGillicuddy, CPCU, was promoted to senior vice president.

She serves as enterprise sales leader. She was recognized during Westfair Communications first Annual Women Making an Impact Awards for her accomplishments in the financial services industry.

Timothy P. Geelan was named president and CEO of Guilford Savings Bank. Robert L. Carmody was promoted to first executive vice president, chief lending officer; Heather P. Hackley was promoted to executive vice president, chief financial officer; Kyle Eagleson was promoted to executive vice president, treasurer and chief operating officer; Renee Pallenberg was promoted to senior vice president, retail banking and marketing officer. Bette-Lou Rush was promoted to senior vice president. She is an honors graduate of the Connecticut School of Finance & Management. Robyn Westerkamp was promoted to senior vice president, director of human resources and corporate secretary. She is an honors graduate of the Connecticut School of Finance & Management. Peter Muszynski was promoted to senior vice president, senior credit and

Second Quarter 2014 • Connecticut Banking Magazine

Robin Faircloth

Celeste M. Lohrenz

Rebecca Brown

Tanya Wilson

Bruce Van Saun

Meredith Tiedemann

Carrie L. Zlotnikov

Stephen Lewis

Mark S. Graveline

commercial loan administration officer; Connor Dolan was promoted to assistant vice president; Mark Jenusaitis was promoted to assistant vice president, commercial loan officer; Michael Storiale was promoted to assistant vice president, e-marketing manager.

Jennifer Pensa was promoted to assistant vice president, senior operations officer. She is a graduate of the Connecticut School of Finance & Management. Lyle Fulton was promoted to vice president, commercial loan origination manager; Janet Ciszek was named an officer in her role of assistant corporate secretary; and Elizabeth Vincenzi was named an officer in her role of secondary market processor and underwriter.

Charles J. Boulier III, president and CEO of Ion Bank, was elected chairman of America’s Mutual Banks.

Diana Rose was promoted to chief operations officer of Jewett City Savings Bank.

Jamie Tuttle was promoted to first vice president at Liberty Bank. The bank made the following appointments: Lina Reis Curtin, first vice president and comptroller; Kathy Doucette, first vice president and treasurer; Robin Fujio, first vice president; Mark Cohen, vice president and manager of the project management office; Nick Sabetta, assistant

James Lynch

Mary Jascha

Nancy Kuhn

Matt Neeley

Kathy Gugliotti

Stephen Osowiecki

Marlene Warren

Kim Downey

Richard Kelly

Dee Harnish

Lisa Hopkins

Gil Da Rocha

Michael DiDio

Jayme P. DeMers

Kimberly Anne Curry

John E. Janco

Jeffrey A. Lalonde

Lesa A. Vanotti

Wendy W. Healey

Lisa A. Hogan

Antonio Ponte

vice president, security investigations manager; David Bouffard, vice president and branch manager; Brian Rice, vice president, special assets officer; and Robin Faircloth, vice president, compliance officer.

Celeste M. Lohrenz was promoted to vice president of The Milford Bank. She is a graduate of the Connecticut School of Finance & Management. Nora D. Paige was promoted to vice president.

Newtown Savings Bank announced Rebecca Brown, assistant treasurer and branch manager will manage the Sand Hill Plaza branch. James Lynch was appointed vice president, residential mortgage sales. Mary Jascha joined the bank as vice president, commercial business development officer; Nancy Kuhn as assistant vice president and branch manager; and Matt Neeley as a mortgage banker. Kathy Gugliotti was promoted to first vice president, marketing director; Stephen Osowiecki to first vice president, risk officer; and Marlene Warren to first vice president, retail/deposit operations.

Tanya Wilson was promoted to supervisor at Northwest Community Bank’s student-run branch.

Bruce Van Saun, chairman and CEO, RBS Citizens Financial Group, purchased 21

10 “social innovation shares” to support the Capital Good Fund’s nonprofit IPO (immediate public opportunity) to end poverty.

Meredith Tiedemann, vice president and trust officer, Salisbury Bank, was awarded the 2013 United States Eventing Association Area 1 Chairman’s Award. Kim Downey, assistant vice president and trust officer, was awarded the Certified Trust and Financial Advisor designation from the Institute of Certified Bankers. Richard Kelly was appointed senior vice president, chief lending officer, and Dee Harnish recently joined the bank as project manager.

Lisa Hopkins was hired as branch manager at Savings Institute Bank & Trust.

Gil Da Rocha was added as assistant vice president and branch manager at Savings Bank of Danbury, and Michael DiDio joined the bank as a mortgage consultant.

Jayme P. DeMers was promoted to assistant vice president, store manager at TD Bank. Patrick J. Murphy was named vice president, relationship manager in government banking and Jerry McDermott continued on page 22

Connecticut Banking Magazine • Second Quarter 2014

BANKERSintheNEWS Melissa Krebbs

Jennifer L. Marchand

Jill Fromowitz

Jessica M. Dziob

Jason K. Tuncy

continued from page 21

Sam Patel

Dave Paulson

Brian L. Pelletier

David Hadd

Terry Mangan

Ray Beloin

assistant vice president and branch manager, achieved President’s Council for 2013, the Vantis Life Insurance Company’s top sales award in the state of Connecticut.

Jessica M. Dziob, online branch officer; Mark E. Perbeck, facilities management and purchasing officer; and Jason K. Tuncy, loan officer.

John E. Janco assumed the role of president and chief operating officer, and Jeffrey A. Lalonde will continue as CEO at Torrington Savings Bank. Lesa A. Vanotti took over the role of senior vice president and chief financial officer. The following were promoted: Wendy W. Healey, senior vice president of retail banking, sales and marketing; Lisa A. Hogan, assistant vice president, human resources; Melissa Krebbs, assistant vice president, mortgage servicing; Jennifer L. Marchand, assistant vice president and assistant treasurer;

Sam Patel was hired as senior vice president, chief technology officer at United Bank; Mark Kucia was promoted to chief credit officer; Dave Paulson joined as executive vice president, head of wholesale banking; and Brian L. Pelletier was hired as a mortgage loan officer.

Dawn Morris

was named senior relationship manager in middle market banking. Carrie L. Zlotnikov was promoted to store manager.

Stephen Lewis, president and CEO, Thomaston Savings Bank, was honored by the Boys and Girls Club of Greater Waterbury for his distinguished community leadership. Mark S. Graveline joined the bank as vice president, commercial loan officer, and Antonio Ponte joined the bank as mortgage originator/new business development. Kimberly Anne Curry,

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Joe Cox II, senior vice president, senior investment manager, and Chris Perry, vice president, senior managing director – both at Fleming, Perry and Cox Financial Advisors, a Webster Financial Company – have been named Five Star Wealth Managers in Connecticut. Richard McDonald was promoted to senior vice president, treasury/ wholesale bank manager at Webster Bank. David Hadd was appointed senior vice president, director of continuous improvement, and David Verrone was appointed senior vice president, treasury and payment solutions. Jaime Moses was promoted to senior vice president and asset/ liability manager. Terry Mangan, senior vice president, investor relations was recognized on Institutional Investor magazine’s 2014 AllAmerica Executive Team list for excellence.

Ray Beloin, senior vice president and senior financial consultant for Webster Investment Services, was named one of the nation’s Top 25 Bank Advisors based on Return on Assets for 2013 by Bank Investment Consultant. Jill Fromowitz, customer service representative, celebrated her 40th birthday by having family and friends make 80 stuffed toys to donate to three nonprofit agencies selected by the United Way of Greater Waterbury: Safe Haven of Greater Watery Women’s Shelter, The Salvation Army, and Family Services of Greater Waterbury. Dawn Morris was appointed executive vice president, chief marketing officer. u

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