Connecticut Banking 4Q 2011

Fourth Quarter 2011

INSIDE:

FIRST COUNTY BANK CELEBRATES 160 YEARS STAYING COMPLIANT WITH INTERNET BANKING REGULATIONS

DECK STACKED FOR SUCCESS

A BOLDER, BIGGER BANKWORLD IN 2012

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CONNECTICUT BANKERS ASSOCIATION

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

Second Vice Chairman Chandler J. Howard

First Vice Chairman John J. Patrick, Jr.

President & CEO Gerald M. Noonan

President & CEO Simsbury Bank

Chairman, President & CEO Farmington Bank

President & CEO Liberty Bank, Middletown

Senior Vice President & Secretary Lindsey R. Pinkham Vice President & Treasurer Thomas S. Mongellow

COVER STORY

A Bolder, Bigger BankWorld............................................................... 8 A new year brings new beginnings, and a new home and time for the biggest banking and lending show in Connecticut.

Vice President Colleen E. Clancy

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

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

CONNECTICUT BANKING

Editor Lindsey R. Pinkham

The Warren Group

Chairman Timothy M. Warren CEO & Publisher Timothy M. Warren Jr. President David B. Lovins Group Publisher & Editor in Chief Vincent M. Valvo

Finance & Administration Controller / Dir. of Operations Jeffrey E. Lewis

Editorial

Custom Publications Editor Christina P. O’Neill Associate Editor Cassidy Norton Murphy

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Creative Director John Bottini Senior Graphic Designer Scott Ellison Graphic Designer Ellie Aliabadi

©2011 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.

Photo credits: iStockphoto

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FEATURES

From Transaction to Interaction........................................................ 4 5 Basic Steps Your Financial Institution Needs to Take............ 6 Caught on Camera..............................................................................10 First County Bank Celebrates 160 Years....................................14

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Promotable Projects.................................................................. 20 Promotable People..................................................................... 24 3

Connecticut Banking Magazine • Fourth Quarter 2011

From Transaction to Interaction A New Mission for Sales Management

By Bancography reprinted from September 2011 issue of Bancology quarterly newsletter

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S

ales management in the retail branch is broken. Ten years ago, the average cross-sell ratio in U.S. retail branches was 2.2 products per household.

Today, after years of investments in sales training and incentive programs, the average cross-sell ratio in U.S. retail branches is … submit your guesses … 2.2 products per household! Yes, you read that correctly: 10 years of sales management programs, zero change in the depth of the relationships we’re establishing. Across the industry, half of all relationships still include only a single product.

Note these statistics include only actual products in the measures, not ancillary services such as debit cards or online banking. This is an important distinction: bankers tend to want to count all products, services and access mechanisms so cross-sell ratios appear higher, but this simply masks the deficiency. We must view our relationship building efforts from the consumer’s perspective. To the consumer, the debit card isn’t a product, it’s a means of access, no different from a check. Ask a consumer to discuss the accounts they hold with their bank, and they’re unlikely to cite the debit card.

For institutions to realize true organic growth, they must improve relationship depth, as this forestalls attrition. At most banks, sales volumes are not problematic; the troubles lie in that for every 11 checking accounts opened, 10 close. As an industry, we’ve improved at attracting customers, but not at maintaining customers.

Part of the challenge arises from technology. With so many channels for banking electronically, consumers have less need to visit a branch on a routine basis. Empirical evidence shows that in-branch transactions have declined by more than 30 percent at most institutions over the past five years. Fewer interactions mean less familiarity, and fewer opportunities to see the customer

Fourth Quarter 2011 • Connecticut Banking Magazine

and initiate conversations that may reveal new financial needs. Further, the U.S. has become a more transient society, with households moving more frequently than a generation ago. This too impedes the formation of enduring relationships between customer and banker.

However, many of the impediments to portfolio growth remain within the institution’s influence, and much of the failure in sales management can be traced directly to employee role definitions. As transaction volumes continue to wane, the teller function will become less important, rendering this an ideal time to revisit job descriptions. There is a direct correlation between employee retention and customer retention, and much employee turnover arises from the absence of a defined, viable career path. Inexperienced employees have less knowledge of both the product set and the customer, and are thus more likely to present inappropriate product options to the customer or to accidentally omit presenting valuable add-on products.

It is imperative that institutions clearly define the role of the “universal banker,” a cross-trained branch employee who remains focused on sales but who can also deliver service such as teller transactions.

The universal banker can provide the single point of contact simplicity that customers seek, which will foster deeper conversations about financial needs.

But when defining the scope of a crossfunctional role, understand the role will carry a higher salary grade than that of a typical teller and maybe even a higher grade than that of a current customer service representative. Both the job description and its accompanying salary should reinforce that this personal banker role is a desirable long term career option, and not a weigh station on a hierarchical path through the branch.

Many banks have started to approach the challenge of updating branch job roles by renaming the primary sales position,

with titles such as “financial counselor” or “financial advisor” becoming more prevalent. While it will take more than names to move the cross-sell meter, the intent is sound: positioning the banker as a trusted advisor who can address all banking needs, along the lines of an investment consultant, financial planner, insurance agent or accountant.

for product needs. Thus, it is critical to deliver personal banking across remote channels, too. All relationships should carry an officer code, so a call center agent can contact the responsible officer, if needed, for problem resolution.

Consider assigning dedicated relationship managers even in the call center for those customers who prefer electronic

WITH SO MANY CHANNELS FOR BANKING ELECTRONICALLY, CONSUMERS HAVE LESS NEED TO VISIT A BRANCH ON A ROUTINE BASIS. Most sales incentive programs are scored at the branch level, not the individual level, the thought being that shared responsibility insures that employees assist and hold one another accountable. The approach is also rationalized as building loyalty to the bank, not the banker, to mitigate the risk of portfolio loss in the event of employee defection. Maybe it would be easier instead to minimize employee defection, while rewarding individual employees who build strong, enduring portfolios. In that context, it may be beneficial to add an individual component to your institution’s incentive program. The program should reward employees based on portfolio size and depth; not on sheer sales volume, which, absent any governors on retention, encourages rampant account churn.

If this approach sounds familiar, it is likely because the model isn’t new; the commercial banking line of business has employed it for years. Historically, the high activity demands in the retail branch may have precluded building the type of relationship portfolios that commercial bankers cultivate, but the reduced transactional traffic should transform the branch environment into one well suited for dispensing financial counseling.

Still, the very technologies that are displacing branch transactions may also divert customers from branch visits 5

interaction. Then a customer can call or email their personal banker with questions, rather than simply turning to the next agent in queue. Finally, be sure to establish processes for migrating relationships to a new officer if a personal banker does leave. It is important to predefine those processes and the succeeding officers, rather than doing so only upon learning of a personal banker’s intent to join a competitor.

By offering a strong career path for the personal banker and assigning distinct portfolio responsibilities, banks can elevate that role and in return enjoy reduced employee turnover. Though more expensive in terms of salary dollars, the approach would be self-funding, as it will lead to more consistent service delivery, greater customer satisfaction and, most critically, the establishment of the deep banker to client bonds that underlie lifelong, multi-product relationships.

Years of training in sales management have proven ineffective. It’s time to pursue relationship management. u Reprinted with permission from Bancography, a firm that provides consulting services, software tools and marketing research to financial institutions to support their branch, product and brand positioning strategies. Visit them at bancography.com.

Connecticut Banking Magazine • Fourth Quarter 2011

Basic Steps Your Financial Institution Needs to Take to Be Compliant with Increased Standards in Internet Banking

By Jan Koster

A

s of Jan. 1, 2012, your regulators will be assessing your financial institution’s Internet banking practices at a higher standard. The FFIEC Supplement to Authentication in an Internet Banking Environment (issued on June 28, 2011), an update to the 2005 guidance Authentication in an Internet Banking Environment, will be taking effect to address current security threats within the Internet banking environment.

The supplement establishes five basic steps financial institutions must take to stay compliant: perform enhanced risk assessments; implement additional customer authentication controls for high-risk transactions; introduce controls to mitigate new threats; apply a layered security program; and increase consumer education and awareness efforts.

1. Enhanced Risk Assessments Where the 2005 guidance directed financial institutions to perform periodic Internet banking risk assessments, the new guidance directs financial institutions to review and continually update these risk assessments when: new threats (both internally or externally) are introduced, new electronic banking capabilities or customer functionalities are implemented, or at least every 12 months. Other factors to be considered include changes in the customer base adopting Internet banking, and actual incidents experienced by the institution or the industry of “triggering events” such as security breaches, identity theft or fraud.

Without any of the triggering events, the agencies are emphasizing the expectation that financial institutions 6

perform periodic risk assessments on their Internet banking environment at least annually.

2. Additional Authentication for High-Risk Transactions Electronic transactions resulting in access to customer information or the movement of funds from customer accounts to other parties are considered high-risk transactions. To account for these, the risk assessments discussed above need to include identification and risk-rating of Internet banking activities and transactions, evaluate the adequacy and effectiveness of any existing controls, and address, as appropriate and based on risk level, the implementation of mitigating controls.

As not every Internet banking transaction has the same level of risk, the controls in place should be commensurate with risk. In recent years, commercial Internet banking transactions have tended to be higher risk, based on the higher account balances and higher typical commercial transaction amounts.

To manage this, the new guidance suggests implementing layered security controls (discussed below) consistent with risk, and for all commercial Internet banking customers, multi-factor authentication should be implemented.

3. Introduce Controls to Mitigate New Threats The new supplemental guidance includes an appendix titled Threat Landscape and Compensating Controls, which discusses new threats such as keylogging malware, man-in-the middle and man-in-the browser attacks. The

Fourth Quarter 2011 • Connecticut Banking Magazine

appendix identifies minimum control expectations that should be in place to provide the level of security that customers expect, and that protects institutions from financial and reputational risk. Controls for mitigating these risks may be software tools that require interfacing with Internet banking systems, or the institution’s internal network infrastructure, such as: anti-malware software, transaction monitoring/anomaly detection software, “out-of-band” authentication and verification alerts, and USB devices providing session security.

4. Apply a Layered Security Program Implementing various security controls at different points in a transaction process is known as “layered” security. Using this method, the strength of one control will generally compensate for any weakness in another. The new guidance emphasizes the need for financial institutions to implement a layered approach to strengthen the security for high-risk Internet-based systems. The layered security program will need the ability to detect and respond to suspicious activity, and to provide increased controls over administrative functions.

5. Increase Customer Education and Awareness Finally, the updated guideline expects financial institutions to increase their customer education and awareness efforts by providing advice and recommendations to both retail and commercial account holders on security risks, and how to improve the security of their computers and browsers to mitigate vulnerabilities and attacks. These efforts can be accomplished through various channels, including: security links on the institution’s web site, branch lobby signs and brochures, customer educational seminars, and statement mailers.

The agencies are requiring at a minimum that the financial institutions afford account holders with disclosure explanations of protections provided, and not provided, relative to electronic funds transfers under Regulation E (applicable to the types of accounts

with Internet access). Furthermore, the institution needs to provide assurance that they will not contact the customer on an unsolicited basis to request the customer’s electronic banking credentials, and they need to advise commercial Internet banking customers to perform a related risk assessment and controls review periodically.

Finally, the institution needs to provide a list of risk mitigation controls that customers should implement to reduce their exposure to fraudulent account activity, or a listing of available resources where information concerning these controls may be found, as well as contact information at the financial institution to report suspicious account activity or other customer information securityrelated events.

Some examples of controls the customers may consider implementing to mitigate the risks of account takeover and fraudulent account activities include: • Maintain up-to-date operating system security patches and virus/ spyware protection software.

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• Implement firewall and intrusion detection/prevention software or services on their home computers.

• Safekeeping and confidentiality of Internet banking authentication credentials.

• Implement dual control for initiating and approving high risk Cash Management transactions such as ACH origination and wire transfers.

• Account activity monitoring via Internet banking account transaction history review, refraining from opening unsolicited email and attachments, and from providing authentication credentials to callers claiming to be representing the financial institution. u Jan Koster is a managing director with ICS Risk Advisors. He is responsible for the Technology Advisory Services for the firm. He has 20-plus years experience in Information Technology Risk serving the financial services industry. He can be reached at (203) 903-6154 or jkoster@ ICSriskadvisors.com.

Connecticut Banking Magazine • Fourth Quarter 2011

TAKING A GAMBLE

It’s a Bolder, Bigger BankWorld Move to MGM Grand, Adding Partners, all Adds up to a Deck Stacked for Success

By Vincent Michael Valvo Treating Bankers Grandly

W

ith the 2011 BankWorld conference just a couple of months old, leadership at the Connecticut Bankers Association sat down to ask a compelling question: With 16 years of history as the Northeast’s largest banking expo, what should be done to make sure the next year was a smash success?

It’s the kind of decision that’s not as simple as it would seem. BankWorld had a successful formula, in a proven location, at a standard time of the year. Changing any of those individual items might upset the equation that makes the show so popular – more than 800 bankers signed up for it in 2011. Changing all of them could be a nightmare in the making.

But, of course, there was the flip side.

Events, by their nature, need to stay fresh, to bring in something new and exciting.

Not changing BankWorld also carried risk.

If the show began to feel old and stale, how long would it be before it lost its audience, and failed to deliver the quality content and opportunities that it was known for?

In the end, the decision came down to be bold and brave. BankWorld would get a new home, a new date, and would reach out to new partners. The result? If this were a game of cards, the CBA would be calling “Blackjack!”

“We wanted to make this a new and exciting experience,” said CBA Vice President Colleen Clancy. “We wanted something that would really resonate.

And it’s clear we’re accomplishing it.”

BankWorld’s new home is the fabulous MGM Grand at Foxwoods.

It moved from April to its new date of Friday, Jan. 13, 2012. And the show is being run concurrently with the New England Mortgage Expo, the New England Financial Marketing Association (NEFMA) Winter Conference, and the appraisal industry’s Economic Outlook & Agency Update.

“BankWorld lives as its own distinct event,” said CBA Senior Vice President Lindsey Pinkham. “But we’re making it convenient for all facets of the banking and lending world to come together on one day, and to share those experiences.

This is community-building at its best.”

Attendees registered for BankWorld will be able to attend most of the sessions offered by the other groups, as well.

Similarly, attendees from those other concurrent conferences will have full access to BankWorld’s seminars and tradeshow floor.

The result has been a windfall influx of sponsors and exhibitors for BankWorld. In August, the new deal was announced to prior BankWorld exhibitors. Within three weeks, dozens had signed on to the new show.

Sponsorships also grew, as companies endorsed the new approach.

Wolf & Co. moved from being a Gold Sponsor to a new Platinum Sponsorship level. “This is an exciting new approach.

We’ve had a long relationship with the CBA and we felt it was only right to show our continued support by taking the top leadership spot to help make it happen,” said Wolf & Co. Member of the Firm Gerald Gagne.

BankWorld’s long-time Gold 8

Sponsors COCC, Diebold, Fiserv and Harland Clarke were swiftly joined by Affinion Group, GraVoc Associates, McGladrey, Specialized Data Systems and StrategyCorps. At the Silver Sponsor level, FSI, Vantis Life, NEACH and Winbrook stepped right to the plate.

The BankWorld agenda (found at www.bankworldexpo.com) is also loaded with top content. From new views on mobile banking and enterprise risk management and security, to strategic sessions on improving checking account profitability and realigning bankers’ vision about M&A activity and being change agents, there’s something for everyone. BankWorld features top speakers – such as Federal Home Loan Bank of Boston President Ed Hjerpe and “Catch Me If You Can” fraud expert Frank Abagnale. But its partnerships with the other conferences means BankWorld attendees also have a frontrow seat to such speakers as Washington Post columnist Kenneth Harney, Ginnie Mae President Theodore Tozer, bankculture guru Roxannne Emmerich, Freddie Mac Senior Vice President Frank Nothaft, and National Association of Realtors Economist Lawrence Yun. “We’re even kicking the event off with a special recognition dinner on Thursday, Jan. 12, recognizing Connecticut’s New Leaders in Banking,” said Clancy. “When you also add in a day of training from the U.S. Small Business Administration on great lending programs, there’s something here for everyone.”

Of course there is. This is BankWorld – where community bankers are king! u To attend BankWorld for just $45, please go to www.bankworldexpo.com to sign up. On the “Contact” tab of that page, you will also find information on how to get discounted overnight rooms at the MGM Grand at Foxwoods.

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Connecticut Banking Magazine • Fourth Quarter 2011

CONNECTICUT BANKERS

Caught on Camera Eastern Federal Bank and Guilford Savings Bank – Two Connecticutbased bank professionals were honored in September by The Commercial Record as Women of FIRE (finance, insurance and real estate). Lisa Griffin (left), senior vice president and chief retail banking officer at Eastern Federal Bank, and Margaret Livingston, president and CEO of Guilford Savings Bank, were part of a group of 10 honorees chosen from more than 100 nominees. In addition to her professional and educational endeavors, Griffin is also involved with the New England Financial Marketing Association, the Chamber of Commerce in Eastern Connecticut, the American Savings Foundation and the forum council for the American Institute of Banking/Center for Financial Training. Livingston was the second woman to serve on Guilford’s board in its 136-year history, and became president and CEO in 2008. She is active in several charitable and professional organizations.

Pictured, from left to right: Bank of New Canaan President Heidi DeWyngaert; Brian Brady, visiting instructor at the University of Connecticut’s School of Business; attendee Shalinder Nichani; and Laure Abuchon, director of the Office of Economic Development in Stamford.

Bank of New Canaan – President Heidi DeWyngaert joined Brian Brady, visiting instructor at the University of Connecticut’s School of Business, at Stamford High School recently for a presentation to the Stamford business community as part of Mayor Michael Pavia’s Small Business Series. The lecture was themed “Business Plans: From the Drawing Board to the Bank” and the panelists advised attendees about building a business plan and what a bank is looking for when small businesses are looking for a loan.

Liberty Bank – The Liberty Bank Foundation has been named the recipient of the 2011 Robert Hallere Memorial Award for Outstanding Community Service. This award is given annually by the Connecticut Commission on Children to an individual or organization that has distinguished itself in supporting the education and wellbeing of children in the state. The presentation was made by Elaine Zimmerman (right), executive director of the Connecticut Commission on Children, and David Haller (center), son of Robert Haller.

Accepting the award was foundation senior program officer Betty Sugerman Weintraub (left).

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Fourth Quarter 2011 • Connecticut Banking Magazine

First Connecticut Bancorp, Inc., the holding company of Farmington Bank, celebrated its initial public offering by ringing the NASDAQ Closing Bell at NASDAQ’s headquarters in Manhattan’s Times Square on Oct. 12. First Connecticut Bancorp, Inc., completed its IPO on June 28 and started trading on the NASDAQ Global Market under the symbol FBNK on June 29. First Connecticut Bancorp, Inc. and Farmington Bank Chairman, President and CEO John J. Patrick Jr., pictured in center, rang the bell with assistance from the Farmington Bank board of directors and management.

Jewett City Savings Bank – Kenneth Useted, vice president of compliance and security, has retired after 15 years of service to the bank and nearly 50 years of service to the banking industry. He began his career in banking in March 1962 as a teller at Stamford Savings Bank. Useted has been a long time board member and officer of the Bank Compliance Association of Connecticut.

Naugatuck Savings Bank – opened a new branch office in Meriden. Charles J. Boulier III, president and CFO of Naugatuck Savings, recently hosted the ceremonies associated with the grand opening of a new branch located at 500 Broad Street.

continued on page 12 11

Connecticut Banking Magazine • Fourth Quarter 2011

Pictured, from left to right: Scott C. Bechtle, executive vice president and CRO; William (Bill) H. W. Crawford IV, president and CRO; Richard J. Trachimowicz, executive vice president and CEO; and Paul T. Sullivan, Connecticut Blood Services Region of the American Red Cross.

Rockville Bank –Rockville Bank executives and staff rolled up their sleeves at a community blood drive at the 1645 Ellington Road branch in South Windsor. The bank responded to the American Red Cross’ critical need for all types of blood, especially O negative. In addition, the Rockville Bank Foundation donated $500 to the American Red Cross for the bank staff to have a dress-down day on the following day as a thank-you for donating blood.

Bank executives, the Building Committee, and representatives from D’Amato Construction, Associated Architects and the city of Bristol pose with shovels and hard hats before the groundbreaking ceremony.

Thomaston Savings Bank – A groundbreaking ceremony took place earlier this summer to begin construction of a new financial banking center to be built at 40 Middle Street in Bristol. This will be the bank’s 10th fullservice banking location and will offer all the convenience and service of the bank’s existing branches.

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Savings Bank of Danbury – Congratulations to Jessica Murphy, the lucky winner of the bank’s New Milford Village Fair Days raffle. Jessica won a $100 gift certificate to Adrienne’s Restaurant. Pictured are winner Jessica Murphy (left) and Debbie Hartman, branch manager and associate vice president of the New Milford branch.

Fourth Quarter 2011 • Connecticut Banking Magazine

Windsor Federal Savings opened a branch at Windsor High School. A number of local officials were on hand to celebrate the opening, and to assist the Windsor Federal and Windsor High School teams in the ribbon cutting ceremony. Among those attending were Windsor Mayor Don Trinks, Town Manager Peter Souza, Interim Superintendent Dr. Ernest Perlini, Assistant Superintendent Robin Sorensen, Windsor Chamber of Commerce Executive Director Jane Garibay and Chamber President Paul Vagnini. Members of the Windsor Federal Savings Board of Directors and management, Windsor High School student tellers, and Windsor High School officials were also part of the proceedings.

Union Savings Bank hosted its first Community Shred Day earlier this summer at their Danbury Road, New Milford; North Street, Danbury; and Canton locations. The bank partnered with Shred-It Connecticut, who had trucks at the three locations for customers to drop off their documents. The day was a huge success with approximately 9,000 pounds of paper collected, which is the equivalent of saving roughly 77 trees. In addition to the tangible results, the bank also received a number of customer comments, thanking the bank for hosting such a great community event.

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“ THE

FEELING “ IS MUTUAL First County Bank Celebrates its 160th Anniversary

By Christina P. O’Neill “There is something magical in the very monotony with which from year to year savings banks declare their dividends. It must surely be counted as among the brightest recrudesences this life has.”

– Franklin Sherman, “Modern Day History of Mutual Savings Banks,” 1934

F

irst County Bank, one of the 15 remaining mutual banks in Connecticut, has grown along with the city of Stamford since 1851. But as the local economy turns global, the bank, now at $1.3 billion in assets, 15 branches, and more than 200 employees, is competing on a much larger stage. And it’s doing just fine.

This past summer, the bank’s top leadership changed hands, but the people taking the reins have long-established histories with the bank.

Chairman and CEO Reyno Giallongo Reyno Giallongo Jr., who joined the bank in 2002, last year succeeded Thomas Bartram, who had given 30 years of service to the bank, the last 10 of which were in Kathy Harris the president’s post.

“As a mutual, we are really blessed in that we can take the long view of things,” says Giallongo, who was promoted to

chairman and CEO, effective in July. The president’s post was filled the same day

by Katherine Harris, a 26-year veteran of First County Bank.

First County does not face quarterly profitability pressure from investors, but it is profitable in a way that would satisfy them, Giallongo indicates. The bank’s constituents are its customers, employees and the non-profit community.

As a mutual bank, First County Bank must raise capital through earnings and profit in an economy in which margins are being squeezed. The bank is hiring front-end staff, such as mortgage loan originators and lending officers, who will allow it to grow its loan portfolio and escape the doldrums, he says. The background of recent hires includes bigbank experience.

A Small Bank in a Big-Company Town Stamford was built on manufacturing, but it is mostly gone now from First County’s marketplace. Small local continued on page 16 15

Connecticut Banking Magazine • Fourth Quarter 2011

First-time winners of the Richard E. Taber Citizenship Award administered by the First County Bank Foundation posed for a photo in early July. The scholarship was established in recognition of Taber’s 40-plus year career at the bank and his contributions to the community through the First County Bank Foundation. Each student won a $5,000 scholarship from the First County Bank Foundation for being recognized as outstanding citizens in their communities. The money will be used toward their continuing education. Left to right: Kelly Andersen, Trinity Catholic High School (Stamford); Daniel Eyzaguirre, Brien McMahon High School (Norwalk); and Annie Zhang, Westhill High School (Stamford). Standing, left to right: Reyno Giallongo, Richard Taber and Katherine Harris.

companies such as the Lyman Hoyt & Sons Furniture Co. and Stollwerck Chocolate shut down or moved during the Great Depression, but they were supplanted by other companies that would become household names –

THE GE FOUNDATION RECENTLY DONATED A $15.3-MILLION, FIVE-YEAR EDUCATION GRANT TO IMPROVE MATH AND SCIENCE IN THE PUBLIC SCHOOLS. Clairol, Borden, Schick Dry Razor and Yale & Towne (maker of the Yale lock), Pitney Bowes and American Cyanamid, according to a commemorative history of First County Bank written for the bank by historian Neal E. Yates, titled “The Feeling 16

is Mutual: 160 Years of Community Partnership & Profit.”

The city now serves as the North American headquarters of UBS, Royal Bank of Scotland, and several divisions of GE. “They’re not my customers, but I have customers who are employees of those firms,” Giallongo says.

UBS, which moved to Stamford in 1997, this year signed a five-year agreement for its North American headquarters to remain in the city in exchange for tax breaks to upgrade its infrastructure. Its building in Stamford contains the world’s largest columnless trading floor, the equivalent of two football fields. RBS, which moved to Stamford in 2009, occupies a $500-million continued on page 18

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A commitment to New England The Federal Home Loan Bank of Boston is a trusted partner committed to the success of your financial institution and the communities you serve. As a reliable provider of liquidity and business solutions to financial institutions across New England, we’re here for the long term—committed to the region’s housing and community development needs. Make the most of your opportunities. Call 1-888-595-8733.

Federal Home Loan Bank of Boston 111Huntington Avenue • Boston, MA 02199 • www.fhlbboston.com

Connecticut Banking Magazine • Fourth Quarter 2011

building with the bank’s second-largest trading floor. Several GE divisions are headquartered in Stamford, and the GE Foundation recently donated a $15.3-million, five-year education grant to improve math and science in the public schools.

“We’re headquartered in a high-cost area,” Giallongo notes, but also a highnet-worth area, a resilient marketplace given the recent downturn, he says. First County’s market area includes Darien, Greenwich, New Canaan, Norwalk, Stamford and Westport.

First County Bank works in and around the residential mortgage trade, and its homebuilders and developers are coming back from a difficult 2009 and 2010. This year is better, and 2012 should be better still, he says. The residential real-estate market, a staple of First County’s business, has been less affected by the recession compared to other parts of the state, and the difficulties it does have stem from job loss, particularly among Wall Street commuters in recent years, rather than the market distortions caused by a pattern of over-zealous lending.

THE FIRST COUNTY BANK FOUNDATION, ESTABLISHED IN 2001 IN HONOR OF THE BANK’S 150TH ANNIVERSARY, HAS GIVEN AWAY A TOTAL OF $4.3 MILLION IN GRANTS. Like-Minded Mission Before joining First County, Giallongo spent 25 years at Wachovia Bank and its predecessors, most recently as COO of risk management in the Northeast, based in Stamford. He has been in the Stamford market since 1977, beginning his banking career with Union Trust and its predecessor.

New president and COO Katherine Harris, most recently executive vice president, began at what was then called Stamford Savings Bank as an assistant 18

vice president and branch manager in 1985. Soon after, the bank entered into the commercial lending arena, which allowed it to diversify its lending as the fluctuating economy dictated. First County cites Kathy Harris as key to helping the bank grow from six branches to 15, and also forming the First County Bank Foundation with Richard Taber in 2001.

But it’s been within the last 18 months that the bank spun off its small-business development operations as a separate unit, hired a specialist to run it – and hired three business development officers as well. The bank recently launched a robust cash management program which includes services such as RDC and Positive Pay. The commercial customers are “likeminded” businesses and non-profit corporations that tend to be about the same size as First County Bank. Both commercial and mortgage business is being cross-pollinated by the bank’s loyal retail customers.

First County Bank’s corporators are still as much rooted in the city’s life as they were at the start. The corporators’ roles include acting as community emissaries, promoting the bank’s mission and its mutual charter, helping increase the bank’s visibility in the community, advising on community needs and resources; supporting the bank’s business development efforts and providing feedback on overall customer service.

First County corporators used to be merchants, manufacturers and laborers, and later, a few lawyers, architects and business magnates. Today, they still come from the ranks of local business and the professions, but also from multinationals such as Pitney-Bowes. Some more recent corporators are second-generation – the “children” of previous corporators and directors.

The First County Bank Foundation, established in 2001 in honor of the bank’s 150th anniversary, has given away a total of $4.3 million in grants. At its

Fourth Quarter 2011 • Connecticut Banking Magazine

inception, it had an annual donation goal of $150,000, but in recent years has donated well over half a million dollars annually. It supports worthwhile 501(c)(3) community charities and organizations in the bank’s marketing area. It accepts formal applications that demonstrate that the funds would be used within the foundation guidelines, and bank directors are also able to direct smaller gifts to charities of their choice.

History Repeats Itself “The Feeling is Mutual,” Neal Yates’ book, provides an intimate portrait of the people who built the bank. He had access to old bank records and uses them to chronicle the growth of the former Stamford Savings Bank (renamed First County Bank in 1989), and how the bank’s growth interwove with the growth of the region.

Yates combines world history with local history, including the bubbles and subsequent economic panics that gripped the country from time to time, and what spurred them. Often, it was overinvestment – for example, in railroads – driven by the urge to speculate first and gauge actual market demand later. But there’s also excellent coverage of another market disruptor, the interest rate spikes of the late 1970s and early 1980s. “…one thing remained as true in 1980 as it had been in 1860 – investments were only as secure as the people and institutions managing them,” he writes. Adherence to tried and true principles of a mutual bank is a recurring theme in the book.

Throughout, Yates’ coda is: “It still is.”

Today, First County Bank isn’t the biggest player on the block. It’s dwarfed by big banks and big corporations that make Stamford their home base. But Reyno Giallongo doesn’t mind. He notes that the bank’s workforce has many veterans of decades’ standing. The bank was recently voted a top workplace by the Hearst Connecticut Newspapers.

Today, strong mutual banks are attractive to the public for their stability and personal touch, and many of them

YATES COMBINES WORLD HISTORY WITH LOCAL HISTORY, INCLUDING THE BUBBLES AND SUBSEQUENT ECONOMIC PANICS THAT GRIPPED THE COUNTRY FROM TIME TO TIME, AND WHAT SPURRED THEM. are doing well today despite the recession.

But when times improve, will customers migrate back to bigger banks? Bank marketing specialist Kristin Sundin Brandt doesn’t think so. “The fact is, people who want relationships with their banks want more than the best rate. They want a relationship. It’s a want that starts to transcend this debate about rates; it starts to transcend some of the fee issue, because what we have are relationships and those are always stronger than accounts.” u

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

Eastern Federal Bank is pleased to announce the 2011 Foundation Grant Awards, totaling $24,500 to 31 non-profit organizations. Since its inception in 1999, the foundation has awarded $296,300 to local non-profit organizations, distributing grants ranging in amounts from $500 to $5,000. The foundation accepts applications from qualified 501 (c)(3) and 107 (c)(1) organizations annually.

Collinsville Savings Society – Dennis Cardello, president and CEO of the Collinsville Savings Society, presents a check for $10,000 to the Canton Historical Museum. Pictured from left to right are: Betsy Kelly, vice president, Collinsville Savings Society and board member, Canton Historical Museum; Marge Harmon, chairman of the Development Committee, Canton Historical Museum; Lorinda Pane, treasurer, Canton Historical Museum and chair, Collinsville Savings Society; Cardello; Marcie Campbell, president, Canton Historical Museum; and Carol Barlow, director, Canton Historical Museum.

Farmington Bank recently funded the purchase of an iPad for the East Farmington Fire Department, making the department one of the first in Connecticut to incorporate iPads into emergency responses. iPad and tablet technology puts maps, data, resources, reference guides, forms, email and more in the hands of the firefighters and incident commanders. Resources and tools like these have the potential to improve the East Farmington Fire Department’s firefighter efficiency, safety and knowledge. Pictured from left to right are: MaryEllen Harper, town of Farmington Fire Department director of fire and rescue services; Russell Nelson, East Farmington Fire Department chief; Ken Burns, executive vice president of retail banking, Farmington Bank; Shawn Curtis, East Farmington Fire Department lieutenant; and John J. Patrick Jr., chairman, president and CEO, Farmington Bank.

Chelsea Groton Bank held its annual scholarship presentation and distributed $14,000 in awards to students from local high schools. Scholarship award winners were selected based upon academic merit, character and financial need. President and CEO B. Michael Rauh Jr. welcomed the scholarship winners and commended them for their academic achievements. He also thanked the award recipients for their volunteer work and their contributions to the community in which we all live, work and play, prior to presenting each student with a $1,000 scholarship.

20

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Salisbury Bank recently awarded scholarships totaling $20,000, distributed to five very deserving local high school students.

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Fairfield County Bank – David Schneider, CEO of the bank, presented Fran Norman, development director of Habitat for Humanity, with a $10,000 donation. Pictured from left to right: Dan Berta, president, Fairfield County Bank; Brian Donahue, Housatonic Habitat for Humanity volunteer; David Schneider, CEO, Fairfield County Bank; and Jill Maguire, vice president, Fairfield County Bank.

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PromotableProjects continued from page 21

Pictured: Liberty Bank President and CEO Chandler J. Howard presents the first annual Youth in Action Award to Olivia Baker (left) of Mansfield, for going above and beyond to give back to her community.

Olivia’s mom Patricia was also at the ceremony

Savings Bank of Danbury employees supported the Women’s Center of Greater Danbury’s Annual 4K Walk Against Domestic Violence on Oct. 2. The bank’s team participated in the 2.5-mile walk and volunteered at the registration table collecting pledges. Pictured from left to right are: Jessica Guaman, teller at the Plumtrees Plaza office; Colleen Johnson, loan administration coordinator; Susan Leahy, QC coordinator and senior administrative assistant; Marcia Grise, senior vice president of operations; Susan Berube, vice president and compliance officer; Susan Gabriele, teller at the Brookfield office; Tina Allegrezza, human resources administrator; and Rita Farhat, assistant to the president.

Liberty Bank – Thirteen-year-old Olivia Baker is an old pro at fundraising. She began when she was 8, collecting $800 for the Windham Area Interfaith Ministry’s (WAIM) Walk for Warmth. Since then, her efforts and grand totals have snowballed. All told, she has raised $9,550 in the last five years, including a $750 donation from the United Way, and a $500 donation from Liberty Bank. She’s also Liberty Bank’s first “Youth in Action” award winner, an honor which recognizes the significant charitable contributions of time and money made by Connecticut schoolchildren.

People’s United Bank – The People’s United Community Foundation recently announced that it has awarded $637,940 in grants to nonprofit organizations in its service area for the third quarter of 2011. Sixty organizations throughout six states received funding in support of their program, which ranged from basic needs services and affordable housing initiatives, to education and employment programs

Rockville Bank continues its commitment to give back to the community by donating a GMC Sonoma pick-up truck to the Channel 3 kids Camp in Andover. The truck was used by the bank for community purposes and delivery of supplies and errands for the past decade. “Rockville Bank is privileged to currently support 343 organizations either financially or through employee volunteerism,” explains William (Bill) H.W. Crawford IV, bank president and CEO. “We have had a longtime relationship with the Channel 3 Kids Camp and we know how much this truck can help them as they continue to offer life-changing outdoor programs for Connecticut children.”

Stamford First Bank organized and hosted a Dean Martin tribute at the bank’s 612 Bedford offices on Oct. 12 to raise awareness about breast cancer. The event raised $5,000 in proceeds that bank president Bob Palermo presented to the Bennett Cancer Center of Stamford Hospital.

Pictured from left to right are: Bob Hagan, vice president, Stamford First Bank; Liz Manfredo, director, Bennett Cancer Center; Michelle Pallazzo, manager of patient services, Bennett Cancer Center; Bob Palermo, president of Stamford First Bank; and Jen Burns, personal banker, Stamford First Bank.

Windsor Federal Savings – When Christine Ermenc, executive director of the Windsor Historical Society, found out that Windsor Federal Savings was donating $20,000 to the society to help fund a number of projects and initiatives, she knew that the exhibit opening up this September, “Windsor: Bridging Centuries, Bridging Cultures – 400 Years of Windsor Stories,” was going to be a hit. She also knew that many of the Historical Society’s important projects and infrastructure improvements were once again getting valuable support from Windsor Federal.“Public and community support is vital to keep those projects moving forward and to enable the society to do the things necessary to ensure a healthy future,” said Mark Griffin, president of Windsor Federal Savings. “We’re happy to help.”

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PromotablePeople Recognizing the career milestones of the people who contribute to Connecticut’s banking industry.

Fairfield County Bank – David S. Schneider has been appointed CEO. He joined the bank in 1994.

As CEO, he will also be a member of the board of David S. Schneider directors. He has been the bank’s CFO for the past 11 years.

Dan L. Berta has been appointed president. He joined the bank in 2007 as executive vice president, Dan L. Berta coming from Chase, where he had 17 years of service.

First County Bank recently announced Reyno “Rey” A. Giallongo, Jr., president and chief operating officer, has been promoted to chairman and CEO. Reyno A. Giallongo, Jr. Prior to joining the bank in 2002, Giallongo spent 25 years at Wachovia Bank and its predecessors, most recently as chief operating officer of risk management in the Northeast, based in Katherine A. Harris Stamford.

Katherine A. Harris, executive vice president at the bank, was named president and chief operating officer. Harris has steadily increased her responsibilities, primary in retail banking, through her 26-year tenure with the bank.

Litchfield Bancorp – President and CEO Mark E. Macomber will retire on Dec. 31 after 18 years at the bank and more than 35 years in banking.

Mark E. Macomber Macomber came to the bank as executive vice president in 1993 after working at banks in Newport and Providence, Rhode Island.

He will remain on the bank’s board of directors.

Thomas J. Villanova Thomas J. Villanova, currently executive vice president and COO, has

been selected to succeed Macomber as president and CEO. Villanova will assume his new duties on Jan. 1. He joined the bank as a vice president and commercial lender in 1994 and was promoted to senior vice president and chief lending officer in 1997.

Edward E. Cull

Chelsea Groton Bank – Judy Stumpo has been promoted to vice president and director of risk compliance.

In this role, she will keep her current responsibility for asset quality and colJudy Stumpo lections, and will take on bank-wide oversight of risk management and compliance.

Kelly Rediger was promoted to assistant vice Kelly Rediger president and loan servicing manager. She is responsible for overseeing the bank’s substantial loan servicing portfolio.

Collinsville Savings Society – Mark F. Doyle, CPA, has joined the bank as senior vice president, treasurer and CFO. His responsibilities will include accounting and treasury functions along with the budgeting and planning process.

Jesse Wenzel

Allison Silva

Eastern Federal Bank – Jesse Wenzel has joined the bank as senior vice president and commercial loan officer. Wenzel brings over 15 years of commercial lending experience.

Allison Silva has been promoted to retail loan production manager where she oversees all retail lending origination. Silva joined Eastern Federal in 2008.

Kalra Drainville has been promoted to branch supervisor of the main office in Norwich. Drainville has held the position of teller since she joined Eastern Federal Bank in 2007.

Kalra Drainville

24

Gregory S. Cassells

Laureen A. Sullivan

Essex Savings Bank – Edward E. Cull has been hired as vice president and commercial loan officer.

He has over 20 years experience in small business lending and working with the SBA. Gregory S. Cassells has been hired as vice president and commercial loan officer. His career spans over 20 years in banking, primarily as a commercial real estate construction lender.

Laureen A. Sullivan was promoted to vice president.

She was elected corporate secretary in 2005, a role she still maintains. She has over 26 years of banking experience and has held various positions at the bank.

Angela Moates was promoted to assistant secretary. She joined the bank in 2003.

Angela Moates

Guilford Savings Bank recently announced that Kyle Eagleson has been promoted to assistant vice president and finance manager. He has been with GSB Kyle Eagleson since 2008.

Michael Yeh has been promoted to assistant vice president and controller. He joined GSB in 2002.

Todd Konnik has recently joined GSB as a senior Michael Yeh credit analyst.

He brings with him many years of experiTodd Konnik Joe Iassogna ence in the commercial loan industry.

Joe Iassogna joins the GSB team as assistant manager of the Plaza Office. continued on page 26

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Melissa Deslauriers

Jewett City Savings Bank recently promoted Melissa Deslauriers to the position of branch manager of the bank’s Dayville office.

Deslauriers started with the bank in 2004.

Peter Cannon has joined the bank as vice president and compliance officer, bringing with him 10 years of banking experience.

Peter Cannon

Imran Saeed

Sheri Polzella

Jodie Lemeris

Patricia Lagasse

Kari Jonikas

Carl Bartolotta

Liberty Bank – Imran Saeed has been appointed assistant vice president, responsible for the Meriden office. Saeed has been with the bank for 10 years.

Sheri Polzella has been appointed assistant vice president responsible for the Cromwell main branch.

Polzella joined the bank in 2002 and has served in several capacities.

Jodie Lemeris has been appointed assistant vice president responsible for the soon-to-open Newington branch. Lemeris joined the bank in May 2011 and brought with her over 25 years of experience.

Patricia Lagasse has been appointed assistant vice president, responsible for the Mansfield branch.

Lagasse began her banking career in 1984 at Liberty’s Willimantic office and most rejoined Liberty in May 2011.

Kari Jonikas has been appointed vice president of human resources. Jonikas joined the bank in August 2011.

Carl Bartolotta has been appointed assistant vice president of business information services. Bartolotta has been with the bank 23 years serving in various lending positions and,

since 2001, in information services.

Shirley Hunter has been appointed assistant vice president of business information services. Hunter Shirley Hunter joined Liberty Bank in 1998 as a member of the lending applications group and has since held positions of increasing responsibility in information technology.

Kimberly Binaco has Kimberly Binaco been appointed first vice president of retail banking. Binaco joined the bank in 1997. She has more than 24 years of banking experience.

Jayne D. Kelly

Bruce Noe

Diane Stewart

experience.

Naugatuck Savings Bank has promoted Jayne D. Kelly to senior vice president of commercial lending. She joined the bank in 1997.

Bruce Noe has been promoted to senior vice president of residential and consumer lending. He will also serve as an executive officer, and will be responsible for overseeing the bank’s entire residential and consumer lending department.

Diane Stewart has joined the bank as the branch manager of their Watertown office. A professional within the finance industry, Stewart brings 20 years of

New England Bank promotes Byron J. Treado, III to senior vice president of commercial lending.

Treado has been with New England Bank for two years Byron J. Treado, III and in banking since 1978.

Charles E. Maynard has joined the bank as the new assistant Charles E. Maynard Charles DeSimone, Jr. vice president and retail sales manager. In this position, Maynard will lead, train, develop and motivate branches and sales teams.

26

Charles J. DeSimone, Jr. joined the bank as executive vice president and chief credit and risk management officer. DeSimone is a seasoned professional with 30 years experience in banking.

Rockville Bank has hired Marino Santarelli as executive vice president and COO. He is a 38-year banking industry veteran.

Scott Bechtle was hired as Marino Santarelli executive vice president and CRO, a newly created role for the bank. He brings 29 years of experience to the position.

Stanley (Steve) Koniecki was hired as senior vice John T. Lund president of IT and operations officer. He is a 30-year information technology/ operations specialist.

John T. Lund was promoted from CFO and treasurer to executive vice president.

Mark A. Kucia Prior to joining the bank several years ago, Lund was an examiner/capital markets specialist for the FDIC. Mark A. Kucia was promoted from commercial banking executive to execuRobert Landfear tive vice president. He has 24 years of corporate and commercial experience in the state.

Robert Landfear joins the bank as vice president and commercial lending officer.

Michael Kelleher He has 17 years of industry experience.

Michael Kelleher joins the bank as vice president and commercial banking officer with over 20 years of commercial banking Tom Reid experience.

Tom Reid has been named senior vice president and head of the commercial real estate group. Reid has 36 years of industry experience.

Joseph Tartaglia Joseph Tartaglia joins the bank as vice president and head of the cash management group. Tartaglia has 20 years of industry experience.

Kristine Carslon-Koehler

Thora Cowperthwaite

Elizabeth Pood

Laurie Brooks

Kristine Carslon-Koehler joins the bank as assistant vice president of treasury services and cash management officer.

Thora Cowperthwaite has joined the bank as assistant vice president and branch manager of the Ellington branch at 12 Main Street.

Jennifer Singer, the bank’s Ellington branch manager has been promoted to a vice president and regional manager.

Elizabeth Pood, branch manager for the bank’s Ellington Road, South Windsor, branch has been promoted to vice president.

Laurie Brooks, manager of the bank’s Broad Street, Manchester, branch has been promoted to vice president.

Kathy Stavens, manager

of the bank’s Pitkin Road, Vernon, branch has been promoted to vice president.

Judy Keppner Clark has been promoted to vice Kathy Stavens president and corporate secretary.

Lynn Gagne, who had been a branch Judy Keppner Clark Lynn Gagne operations officer, has joined the retail banking division as the branch administration support officer.

Savings Bank of Danbury is pleased to announce that Larry Thompson has joined the bank as vice president and commercial lender. He brings has over 30 years of commercial lending and Larry Thompson business development experience. Dan Baker has joined the bank as its training officer. He will develop, implement and manage training

programs for all areas of the bank.

Dan Baker

Christine P. LeVasseur

Paul Little

Jaclyn L. Petrizzo

Savings Institute Bank & Trust – Christine P. LeVasseur has joined the bank as a mortgage loan consultant. LeVassuer has nearly a decade of experience in residential mortgage lending.

Paul Little has joined the bank as senior vice president and senior commercial lending officer. Little has an extensive financial services background with more than 25 years of lending experience.

Jaclyn L. Petrizzo has joined the bank as assistant vice president and retail lending manager. Petrizzo has more than 20 years experience in consumer finance. continued on page 28

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27

PromotablePeople continued from page 27

Jose (Joe) Gonzalez

Paul G. DiSpirito

Kevin Belmonte

Simsbury Bank is pleased to announce that Jose (Joe) Gonzalez has joined the bank as a mortgage loan officer.

Paul G. DiSpirito has joined the bank as a mortgage loan officer.

Kevin Belmonte has joined the bank as a mortgage loan officer.

Laurie Kurause has joined the bank as vice president and consumer and mortgage operations officer. She manages all aspects of loan underwriting, processing and closings.

Kelly Meuser has joined the bank as a mortgage loan officer. Meuser’s over 20 years of mortgage lending experience is with several national and regional lenders.

Ammar Amirouche has

joined the bank as vice president and controller.

In this role, Kelly Meuser Ammar Amirouche Amirouche will be responsible for all accounting, financial reporting and controls for both Simsbury Bank and SBT Bancorp, Inc. TD Bank – Dr. Hamid Malakpour has been promoted to vice president and Connecticut business development officer. He is based in Wilton.

Dr. Hamid Malakpour Elisabeth E. Johnson has joined the bank as vice president and portfolio manager in U.S. commercial real estate division, based in Springfield, Mass.

E.C. “Ed” Olson, Jr. has Elisabeth E. Johnson been promoted to senior loan officer in commercial lending in New

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Haven. Olson has 42 years of experience in banking and lending.

Stephanie A. Ortiz has been named the store manager of the Fairfield-Post E.C. “Ed” Olson, Jr. Road store in Fairfield.

Ortiz has 10 years of banking experience.

Paula M. Siebers has been named a merchant service representative in the merchant services division. An Stephanie A. Ortiz assistant vice president, she is responsible for working with business partners and TD Bank retail stores to generate merchant services sales.

TD Wealth has promoted Paula M. Siebers P. Gavin Arneth to senior private banking officer in Wilton. Arneth has 20 years of experience in wealth management and financial services.

Patricia M. Hannon joins the bank as vice president and commercial loan officer in New Britain. She will manage a large portfolio of middle market commercial and industrial loans.

Thomaston Savings Bank is pleased to announce the hiring of Patricia L. Clemente, business development officer, for the Greater Waterbury area.

Patricia L. Clemente She will be responsible for introducing the bank’s wide array of financial products in Waterbury.

Union Savings Bank welcomes Matt Wilcox as assistant vice president and eMarketing specialist. Prior to joining the bank, Wilcox was director of strategic marketing and business Matt Wilcox development at Affinon Group in Stamford.

Raymond T. Giovanni has been hired as assistant vice president and branch manager for their newest Raymond T. Giovanni location at 411 Monroe Turnpike in Monroe. Giovanni brings 12 years of banking experience.

Jason Ginsberg has been promoted to vice president of corporate services. In his new position, Ginsberg will be responsible for development, marketing and delivery of the bank’s non-credit corporate cash management and electronic banking services.

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don’t know if it’s great speakers and programs, chances to network with

other financial marketing officers and vendors, or a thought provoking day.

I always come away with new ideas. A NEFMA membership investment is a great competitive advantage.”

WILLIAM J. MCGURK CURRENT BOARD MEMBER AND FORMER PRESIDENT & CEO ROCKVILLE BANK

New England’s premier Financial Marketing Association offers: • Assistance achieving positive bottom-line impact through sound marketing practices • Training and knowledge for new and critical marketing topics • An open forum for information exchange • CFMP (Certified Financial Marketing Professional) credits • Professional development

Become a member today!

Visit nefma.org or call 1.617.926.1370.