Connecticut Banking 4Q 2015

Fourth Quarter 2015

Q&A with

Rick Cantele

Fourth Quarter 2015 • Connecticut Banking Magazine

Fourth Quarter 2015

Q&A with

Rick Cantele

COVER STORY

CONNECTICUT BANKERS ASSOCIATION

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

Second Vice Chairman Michael J. Casparino

President & CEO Salisbury Bank & Trust

President, Northern Connecticut People’s United Bank

First Vice Chairman B. Michael Rauh

President & CEO Lindsey R. Pinkham

President & CEO Chelsea Groton Bank

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

Q&A with Rick Cantele....................................................... 12 FEATURES

Death by Paperwork for Community Banks.......................... 4 Benefits and Disadvantages of Employee Handbooks........... 6 Fed Study: Durbin Had No Impact on Prices For Consumers................................................................... 10 Financial Organizations are Making IRA Compliance Mistakes........................................ 16 Technology Companies Are Encroaching Upon Mobile Banking................................ 20

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

Karen Horanzy

©2015 The Warren Group Inc. All rights reserved. The Warren Group is

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

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CBA NEWS

CBA Calendar.................................................................... 18 Banks in the News.............................................................. 22 Bankers in the News........................................................... 28 3

Connecticut Banking Magazine • Fourth Quarter 2015

Death by Paperwork for Community Banks

By Brian Hamilton proximately 6,000 from more than 17,000. Since the Dodd-Frank Act took effect, only three new community banks have been chartered, according to an analysis from Sageworks Bank Information.

This is no coincidence.

It’s not that these institutions are being purposely targeted. Governmental agencies have simply failed to understand the vast difference between large and small organizations. We see the same thing in our work with privately held companies. Regulations impact a roadside fruit stand in a much different way than they affect IBM. This may seem very basic, but it’s astounding how often this point gets lost.

A large number of community banks, that is, banks with less than $1 billion or $10 billion in assets, depending on your definition, have fewer than 30 employees, and the median bank size is 40 employees. That puts them on par with many small businesses. We think of all banks as having lots of money, but most small ones are characterized by thin margins and scarce resources.

The recent Call Report Burden Survey from the Independent Community Bankers of America (ICBA) found that more than 75 percent of banks surveyed said they were spending $60,000 or more on “staff compensation for call report preparation and oversight.”

These aren’t huge institutions with unlimited funds. Sixty thousand dollars is a real cost, and it can impact community institutions in a tremendous way. Imagine what that amount of money would mean for a mom-and-pop retailer. However, unlike momand-pop retail shops, the reverberations from a community bank’s struggles can be especially widespread and impactful on their communities. These institutions play an important role in providing advice and guidance to local businesses and, perhaps most importantly, providing access to capital. They have real people meeting with customers every day and breathe life into the communities they serve, while also providing financing options.

We want businesses and consumers to have as many banking options as possible. If you think the large banks are short on customer service now, just wait until the number of institutions dwindles further.

To keep smaller banks thriving, we must have distinct segments of regulation. Community banks are different from large banks and should be treated as such. Once Congress and the regulatory agencies acknowledge this simple fact, the real work of customizing and creating different tiers and segments of regulation can begin.

This piece originally ran in BAI Banking Strategies in January 2015 u

C

all it death by paperwork; overregulation is killing small banks.

In 1985, bank compliance officers filled out an average of 403 items on their call reports, a financial report required from all regulated financial institutions. Today, that average number of call report items is close to 2,000. While that’s a staggering increase, it will surprise no one familiar with the bank compliance process that banks’ regulatory burden has increased dramatically overall in the wake of the 2008-2009 financial crisis. This additional burden is falling on a compliance staff that, in the case of most community banks, is a staff of one.

Despite some efforts to distinguish community banks from Wall Street banks, regulations are still largely one-size-fits-all. For example, while smaller banks are exempt from the same stress tests large banks must conduct, they are told by regulators that sound risk management involves some form of stress testing or sensitivity analysis of loan portfolios. While the guidance isn’t as strict for community banks, stress testing is still recommended and when an examiner recommends something, you’d better do it.

Similarly, in terms of management of the allowance for loan and lease losses, the FASB’s proposed Current Expected Credit Loss (CECL) model would impact small banks in the same way as the bigger ones. Namely, the CECL model would force small banks to gather nearly 1,000 times the data for the ALLL as is currently required.

Some might say this increased regulation is warranted. After all, financial institutions caused the Great Recession, didn’t they?

Perhaps, but not all banks had the same role. Look at the losses of the big banks during the crisis compared with community institutions. From 2005 through 2012, Bank of America Corp., JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co. recorded $242 billion in loan loss provisions. That’s only $70 billion less than all other U.S. financial institutions combined.

While banking regulations have dramatically increased since the mid 1980s, the number of community banks has shrunk to ap-

Brian Hamilton is the chairman and co-founder of Raleigh, North Carolina-based Sageworks. He can be reached at research@sageworks.com.

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Connecticut Banking Magazine • Fourth Quarter 2015

Benefits and Disadvantages of Employee Handbooks

By Shel David Myers

E

mployers today sometimes struggle with the decision about whether or not to implement an employee handbook, and if so, about which provisions should be included in a handbook to most effectively manage their workforce, as well as to remain legally compliant.

There are many advantages to having an employee handbook. For example, an employee handbook facilitates the orientation process for new employees. In addition, a handbook is an instrument used to communicate policies and procedures to employees in order to reduce confusion/misunderstanding about the employer’s practices/expectations. In this further regard, a handbook provides guidance to supervisors, which contributes to the uniform application, interpretation and enforcement of company practices and procedures. Perhaps most importantly, having a handbook enables an employer to fulfill its legal obligations of notifying employees about certain policies that are required to be implemented as applicable based on the size of an employer’s workforce and type of business (such as a sexual harassment policy, an affirmative action policy, an electronic monitoring policy, a family and medical leave act policy, a paid sick leave policy and policies regarding employee benefits).

There are, however, several disadvantages to having an employee handbook. For example, unless there is an effective “disclaimer,” having a handbook may lock an employer into an unintended express or implied contract with its employees. Also, making exceptions to policies contained in a handbook may be problematic and, when allowed, could expose the company to discrimination claims if not uniformly applied. It also may be difficult to change certain terms of a handbook, even if the handbook contains a “reservation of right to change” provision, unless the employee is provided with “consideration” at the time changes are made. That is, the Connecticut Supreme Court has determined that “consideration” is needed for revisions to a company’s employee handbook that change “the rights afforded to an employee in a way that materially interferes with that employee’s legitimate expectations about the terms of his/her employment.” It remains an open question as to whether mere continuation of employment following any material changes made in this regard to a handbook provides sufficient “consideration” for continued on page 8 6

Connecticut Banking Magazine • Fourth Quarter 2015

Benefits and Disadvantages of Employee Handbooks

7. Time off/leaves of absence such as vacation time; personal time; holidays; sick time/Connecticut Paid Sick Leave (if applicable); family and medical leave (if applicable); military leave; jury duty; bereavement; personal leave; witness and crime victim leave; emergency services personnel leave; pregnancy disability leave and family violence victim leave.

8. Employee records including policies regarding personnel files, confidentiality of medical information and security of personally identifiable employee information.

9. Employee development including policies regarding job duties and job descriptions; performance evaluations; communication methods to employees/bulletin boards; employee suggestions/complaints/“open door” policies; job posting; promotion/transfer; employee incentive awards/ plans; employee referral bonuses and references/inquires about employees.

10. Facilities/equipment including policies regarding employee break area/lounge/cafeteria, parking, lockers and use/ return of company property.

11. Employee safety and health including policies regarding emergency instructions/evacuations, safety procedures, worker’s compensation, alcohol and drugs in the workplace, smoking and emergency/weather-related closings.

12. Employment standards including policies regarding: • Attendance and punctuality • Rules of conduct/disciplinary procedures • Workplace/sexual harassment and discrimination • Solicitation and distribution/union activities • Confidentiality of company business information • Ethics/conflicts of interest • Fraud/corporate accountability/whistleblower • Dress code/personal appearance • Use of personal electronic devices • Information technology use • Electronic monitoring/privacy/recording • Social media • Workplace searches • Employment of relatives/nepotism • Workplace relationships • Outside employment • Workplace violence • Visitors/employees at work during non-working hours

continued from page 6

existing employees to be covered by such changes. Further, having a handbook may limit actions which an employer can take in circumstances not specifically contemplated by the handbook, unless appropriate language has been included in the handbook to anticipate this consequence. In addition, having a comprehensive set of personnel policies can provide easy access to valuable information concerning your company to unintended users of such information. (i.e., competitors, labor unions). Finally, and perhaps most importantly, if you have a handbook and fail to keep policies up-to-date, you may be unable to take specific actions against employees, or not be in compliance with the law if you do take certain actions.

For employers who are able to minimize the potential disadvantages about having an employee handbook by having the most up-to-date and legally compliant policies that are enforced appropriately, the basic elements of a thorough employee handbook would include the following provisions: 1. An Introduction (to present the company’s goals and mission).

2. A Contract disclaimer to establish the “at-will” nature of the employment relationship and the employer’s rights to change policies.

3. Acknowledgement of receipt of handbook to establish

A handbook is an instrument used to communicate policies and procedures to employees in order to reduce confusion/misunderstanding about the employer's practices/expectations.

that the employee received, reviewed and understands the handbook and that the current handbook policies supersede prior handbooks.

4. Equal employment opportunity to establish non-discrimination against employees based on protected categories, the process to employ and reasonably accommodate qualified disabled individuals and to provide the company’s affirmative action statement, if applicable.

5. Wage and hour including policies regarding categories of employees – exempt, part-time, etc.; salary review/raises; time records; overtime; shift premiums; payroll deductions/ automatic deposit of paychecks; paydays/payroll week/pay advances; administrative pay corrections; travel expenses/reimbursements and breaks/meal periods.

6. Employee benefits/insurance such as health/dental, life/ AD&D, short/long-term disability, retirement/401(k), tuition reimbursement and employee assistance programs.

13. Separation from employment including policies regarding resignation procedures, exit interviews, severance, payment of accrued benefits (vacation, sick, etc.) and COBRA. Bottom line: In today’s globally competitive world, having a thorough, up-to-date and legally compliant employee handbook often provides an employer with the greater ability to attract, retain and effectively manage the best workforce possible. u Shel David Myers, Kainen, Escalera & McHale, P.C., counsels employers on a range of employment-related issues including employee handbooks, drug testing, employee performance and discipline and payment of wages.

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Connecticut Banking Magazine • Fourth Quarter 2015

Fed Study: Durbin Had no Impact on Prices for Consumers Promised Consumer Savings Fail to Materialize

By Laura Alix as a result of Durbin. Less than 10 percent reported a decrease in swipe fees, and strikingly, a quarter of respondents said their debit fees had actually increased post-Durbin.

THE LAW OF UNINTENDED CONSEQUENCES The Durbin Amendment was supposed to limit the fees that merchants paid for the privilege of accepting payment by debit card – so what happened?

Well, a few things. First, in a pre-Durbin world, different types of retailers paid different interchange fees, depending on the incidence of fraud and chargebacks across different sectors. When the debit interchange fee was standardized at 21 cents, plus 5 basis points, some sectors benefitted and others did not.

Second, while Durbin capped the interchange fee paid by a merchant to the cardholder’s issuing financial institution, it said nothing whatsoever about the merchant discount rate, the fee the merchant pays to his or her own financial institution in order to accept debit card payments.

Finally, pre-Durbin, card networks would offer merchants discounted fees on small-dollar transactions. In the Richmond Fed’s example, Visa and MasterCard set the debit interchange rate at 4 cents, plus 1.55 percent of the transaction value for transactions under $15, meaning a $2 sale would incur only a 7-cent interchange fee.

When Durbin was implemented by the Federal Reserve in the form of Regulation II, card networks standardized that swipe fee, meaning that small-dollar transactions got a whole lot more expensive.

Not discounting the impact of smaller banks, the Richmond Fed noted in its paper that small issuers – that is, those financial institutions under $10 billion in assets and exempt from Durbin – accounted for around 37 percent of debit transaction volumes in 2013, the year they conducted the study.

Durbin may not have resulted in quite so much downward pressure on interchange caps as was originally anticipated, but it may be the banks just over the $10 billion asset threshold hurting the most, as they compete with banks just under the asset threshold but without the benefit of that additional interchange fee.

And did that cap on swipe fees result in lower prices to consumers? Just about 2 percent of those merchants surveyed by Javelin and the Richmond Fed actually cut prices in response to the regulation, while 23 percent raised prices and 75 percent made no changes. u

I

t is sometimes said that the definition of a true compromise is one in which neither party is really happy about the end result. If you accept that definition, perhaps the Durbin Amendment represents the ultimate compromise.

The Durbin Amendment – that pesky, last-minute provision crammed into the Dodd-Frank Act at the eleventh hour – put a cap on the fees banks over $10 billion in assets could collect on debit card transactions. But the cap on interchange fees was supposed to make up for it, at least to consumers, by enabling merchants to lower their prices because they would save a bundle on swipe fees.

Not so much. According to a recent study out of the Federal Reserve Bank of Richmond, the Durbin Amendment resulted in neither cost savings to consumers, nor (interestingly enough) savings to merchants.

Durbin’s impact on the banking industry has been known for some time now. A Federal Reserve study released last year estimated that Durbin slashed yearly interchange fees to banks over $10 billion in assets by as much as $14 billion, or 5 percent of noninterest income. The impact to banks under that asset threshold has been less clear – many in the banking industry have argued that Durbin would ultimately apply to smaller banks anyway – but that particular Fed paper found that bigger banks coped with the loss of interchange revenue by hiking deposit fees, thereby recouping around 30 percent of the loss in swipe fees.

However, Durbin’s impact on merchants had gone largely unexamined, and that prompted the Richmond Fed to partner with Javelin Strategy & Research on a study of Regulation II’s effects on 420 merchants across 26 sectors.

Among the retailers surveyed, two-thirds reported either no change or they did not know whether their debit costs had changed

Laura Alix is a staff writer for The Warren Group, publisher of Connecticut Banking.

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Connecticut Banking Magazine • Fourth Quarter 2015

Q&A with

Rick Cantele

12

Fourth Quarter 2015 • Connecticut Banking Magazine

Connecticut Bankers Association Chairman Rick Cantele began his career with Salisbury Bank & Trust as a teller shortly after graduating from college, and is now president and CEO. He is a graduate of Fairfield University, New England School of Banking at Williams College and the Stonier Graduate School of Banking.

Tell our readers about your banking career.

I graduated from Fairfield University with a bachelor of science degree in finance in 1981.

An announcement of my graduation appeared in our local newspaper and shortly after that, I received a call from the president of Salisbury Bank, Jack Rogers, who indicated that the bank was starting an officer training program. He had seen the announcement in the paper and wondered if I might be interested in the program. I really didn’t know anything about community banking and didn’t really know what I wanted to do in terms of a career. I did know that after working for a summer at Travelers Insurance Company in Hartford (where my dad had spent most of his career) I didn’t want to spend three or four hours a day commuting to and from work, and I was pretty sure I didn’t want to live in New York City at the time. After thinking about it I decided that, if nothing else, the job would look good on my resume. Essentially, I started as a teller and have been with the bank ever since. I continued my education at the New England School of Banking at Williams College from which I graduated in 1989, and in 1997, I graduated from the Stonier Graduate School of Banking.

Although I had worked at Salisbury my entire career, and although the bank had been preparing for my transition to CEO since 2005, my assumption of those responsibilities was really a baptism by fire. In June of 2009, our longtime CEO, John Perotti, retired and within a month or so after that, our longtime CFO, John Foley, passed away unexpectedly at a young age. In 2009, the financial world was in the midst of the great recession and the bank had lost two senior executives – and with them, 50-plus years of experience – within a very short period of time. Needless to say, I learned a great deal in a short period of time.

I have been very fortunate to have been able to make a living and raise a family in this beautiful part of the state.

Like many bank executives you are pulled in many different directions – how do you strike the right balance?

I think for me, striking the right balance is one of my greatest challenges. We have four primary stakeholders who are impacted by virtually every decision we make: our customers, our employees, our communities and our shareholders. Each one of those stakeholders requires some degree of attention every single day. I’ve learned over the years that to be effective and actually get things done, you have to decide which of those competing priorities needs the most attention and which one requires a little less attention on any given day. Early in my career, I struggled with my inability to completely focus on one issue or project and get it done thoroughly. I have gotten better over the years in terms of intuitively understanding where to focus my attention at a particular point in time during the course of a day. There are only so many hours in a day and our team continuously seeks out ways to manage the business as efficiently as possible. We use daily “huddles” – very brief meetings focused on specific tasks to be accomplished and a review of schedules; action items instead of minutes; we create timelines and assign ownership to ensure accountability and we utilize open item tracking logs. These techniques help our entire management team to prioritize and stay focused on the important stuff.

Like many of my peers in community banks, we grew up in the industry by wearing many “hats” during the course of our careers. We did whatever it took to get the job done – whether shoveling snow off the sidewalks during a snowstorm or helping a family buy their first home – you just did it. continued on next page 13

Connecticut Banking Magazine • Fourth Quarter 2015

Q&A with Rick Cantele continued from page 13

While we’re talking about “balance” and “important stuff,” there is nothing that is a higher priority than family. I have been fortunate in that, throughout my career, I have been able to attend and participate in our kids’ school and athletic events and I wouldn’t have traded those things for anything. So, in the end, you do your best to prioritize, you delegate and sometimes you just have to say no.

“Like many of my peers in community banks, we grew up in the industry by wearing many ‘hats’ during the course of our careers. We did whatever it took to get the job done – whether shoveling snow off the sidewalks during a snowstorm or helping a family buy their first home – you just did it.”

Tell us about Salisbury Bank, its history and the communities it serves.

Salisbury Bank and Trust Company was formed in 1925 as a result of a merger of the Salisbury Savings Society, founded in 1848, and the Robbins Burrall Trust, founded in 1874. It is chartered as a state bank and trust company by the state of Connecticut and is insured by the Federal Deposit Insurance Corporation (FDIC).

Salisbury Bank and Trust Company is the sole subsidiary of Salisbury Bancorp Inc., an independent, publicly owned banking and financial services company that became the bank holding company for Salisbury Bank and Trust Company on August 24, 1998. Our common stock is traded on the NASDAQ Capital Market under the symbol “SAL.” The bank provides commercial banking, consumer financing, retail banking and trust and wealth advisory services including financial planning, trust and estate administration and investment management services.

The bank is headquartered in Lakeville, Connecticut and operates 13 full-service banking offices located in Lakeville, Salisbury, Sharon and Canaan, Connecticut; Great Barrington, South Egremont and Sheffield, Massachusetts; Dover Plains, Fishkill, Millerton, Newburgh, Poughkeepsie and Red Oaks Mill, New York; serving customers primarily from Litchfield County in Connecticut; Dutchess, Columbia and Orange counties in New York; and Berkshire County in Massachusetts.

What is the bank doing to attract the next generation of customers, the Millennials?

I think that this is a great challenge for the community banking industry in general. In addition to the fact that the banking industry image has been tarnished over the last several years, I think that the way this generation views the need for banks is very different than those of us that have been around for a while.

Up until our recent acquisition, the demographics of our operating regions were primarily an older demographic. As we learn more about the Millennials, we as bankers have to think differently about our business and how we operate. I think that Millennials are more about the experience; they think more about their community and love “local.” They are very entrepreneurial and may even distrust large corporations and advertising. Obviously, this generation is very mobileminded and they expect instant gratification. I think that Millennials want to connect on a personal level.

While I’ve just characterized a whole generation in just a few sentences, I think that we as community banks have a significant advantage over the large national and international banks in terms of attracting Millennials, both as customers and as employees, as our

Rick Cantele

values as community bankers are consistent with the values of this generation.

In addition to formulating marketing strategies that focus on this demographic, we have renovated the majority of our branches and adjusted our retail business model. We have created a streamlined experience both with our mobile applications and with our branch teller experience which utilizes cash recyclers and universal bankers, which we refer to as customer associates. As a community bank, we feel that we can attract Millennials with our adaptability, usability and functionality. While Millennials are comfortable with using technology, this also means that they can easily find competitors online, so we recognize that the service and quality we provide remains as essential today as ever.

Our goal is, and has always been, to develop personal relationships that will allow us to understand the needs of our customers and create customized solutions that make sense for them and for us.

The bank puts a heavy emphasis on personnel training, as evidenced by the number of successful Connecticut School of Financial Management graduates over the years; how does the bank select its candidates and do you find their attendance to the program beneficial?

As community bankers, we recognize that our people are our most important asset. With the staggering challenge of staying current with regulatory and compliance requirements, in addition to the frequent changes in technology, there is no greater investment we can make than in the continuing education of our employees. Having staff with the knowledge, vision and power to make a difference is what sets us apart and allows us to remain competitive in our marketplace. I think that developing future management leaders is more important than ever.

At Salisbury Bank, we have instituted a selection program wherein management members are asked to recommend candidates and submit nomination forms to our executive management team. These nomination forms utilize a scoring system where points are awarded for the candidate’s adherence to our core values, their community involvement, their potential for advancement within the bank, etc. The forms are scored and reviewed by the executive management team.

We have found the program to be beneficial as the knowledge and skills learned at CSFM in conjunction with the personal challenge to rise to the task has contributed to the promotion of several of our past graduates to officer positions. CSFM provides an opportunity to obtain more comprehensive knowledge and creates an awareness of individual capabilities, which not only aids in the development of the individuals, but improves the performance of the bank as well. u 14

Connecticut Banking Magazine • Fourth Quarter 2015

Financial Organizations are Making IRA Compliance Mistakes Find Out What You Need to Do Differently

I

RA compliance is a big responsibility – even a liability – for financial organizations that administer IRAs. When financial organizations make compliance mistakes while operating their IRA programs, it can be costly. As financial organizations face staffing changes with Baby Boomers retiring, the risk for compliance mistakes is greater. Gone are the days of a dedicated IRA specialist running the IRA program at each organization. Instead, staff new to IRAs must learn not only the day-to-day IRA operations, but the IRA rules. This transition opens the door to unintentional compliance errors. Add to that constantly changing IRA rules and additional IRS field agents conducting audits, and it’s no wonder IRA compliance mistakes happen.

So what types of compliance mistakes are being made? In conducting compliance reviews of IRA programs across the country, Ascensus consultants have documented the following common errors.

equate training. Whatever the reason, the IRS does not view lack of training or an erroneous computer system as a valid reason for incorrect reporting. Even if a financial organization contracts with a data processing firm, the financial organization ultimately is responsible for any incorrect reporting penalties.

WITHHOLDING Noncompliance with federal withholding requirements is common—frequent mistakes include not withholding as the IRA owner directed, failing to give IRA owners the required withholding notices, or failing to retain the proper records to correctly report withholding. Each of these errors comes with its own penalty, from $10 per failure for not giving notice to $50 per IRA for which proper records were not kept. And the penalty for not withholding when required is the dollar amount that should have been withheld. These penalties can quickly add up.

Financial organizations should review their procedures and check their IRA owners’ files to ensure that they are meeting the withholding requirements.

PLAN DOCUMENTS Compliance begins the moment an IRA is established. The IRS requires that financial organizations provide a plan agreement, disclosure statement, and financial disclosure to IRA owners when they open an IRA. Many financial organizations do not have proof that they provided these opening documents to their IRA clients.

Without copies of the signed documents or signed acknowledgements, financial organizations could face a penalty of $50 for each failure, per document.

From time to time, IRA plan agreements and disclosure statements need to be amended. Financial organizations often fail to provide their IRA owners with updated, amended plan agreements and disclosure statements when required—usually when new laws or regulations affecting IRAs are enacted. This oversight can cost a financial organization $50 for each failure, per document.

A $50 penalty may not seem like much, but if a financial organization administers 1,000 IRAs and, for example, fails to provide both plan agreement and disclosure statement amendments, it will be subject to $100,000 in penalties.

BENEFICIARY PAYOUTS IRA beneficiary payout options are complex, and correctly paying out to a beneficiary can be a challenge. All too often, death distributions are reported in the wrong name and tax identification number. Any IRA distribution made after the IRA owner’s death must be reported on Form 1099-R in the beneficiary’s name and Social Security number. Although this type of error may be corrected, a large number of corrections may draw the IRS’ attention and trigger an audit.

TAKE ACTION Compliance issues are a risk for any financial organization administering IRAs. And by the time an IRA program is audited, it is usually too late. However, financial organizations can take a proactive approach. By investing in IRA training and regularly conducting internal audits, they can minimize their risk for errors.

Whatever the course of action, a financial organization may find it helpful to work with an IRA services provider. In addition to offering a variety of IRA training, including on-site and distance learning options, Ascensus offers a compliance review and operational assessment, in which an experienced ERISA consultant from Ascensus evaluates a financial organization’s IRA program on site.

Based on the findings, Ascensus will make recommendations that the financial organization can use to update its procedures and bring its IRA program into compliance – before the IRS comes calling. u

REPORTING Another problem area when it comes to IRA compliance is reporting—a big concern because it is the closest contact that a financial organization has with the IRS. Improper reporting not only leads to compliance errors, but it may lead to an IRS audit.

Reporting errors happen in a number of ways. Perhaps the financial organization’s internal system is programmed incorrectly so that the transaction code doesn’t report the proper IRS distribution code on IRS Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc Or maybe the wrong transactions are being reported (e.g., a nonreportable transfer reported as a rollover) due to inad-

Contact Ascensus at 800-346-3860 to learn more about its IRA training and compliance services.

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Connecticut Banking Magazine • Fourth Quarter 2015

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Connecticut Banking Magazine • Fourth Quarter 2015

Technology Companies Are Encroaching Upon Mobile Banking How Can You Fight Back?

By Ryan Whalen and Nicole Rovi Ranging from mobile payments and money transfer applications, technology companies are encroaching on mobile banking and offer more complex services such as small business lending and personal financial management.

(See sidebar for some of the most popular competitors.) These applications utilize detailed and clear images and provide the customer with budgeting tools and tips, as well as insight into his or her spending patterns and spending history. Applications developed by technology companies are capturing community banks’ customers because they provide a more interactive and user-friendly experience.

The introduction of Apple Pay, a mobile payment platform which links a consumer’s credit/debit cards to his/her mobile devices, and Mint, a web-based personal financial management tool, have sent shockwaves throughout the banking industry. With the development of more complex banking functions on mobile applications and online, technology companies have become increasingly more prevalent throughout the banking industry. Community banks must evaluate their position in the mobile banking space and determine how they can compete with established technology companies that have greater resources, reach and expertise on the mobile platform than most community banks. Like the initial adoption of mobile banking itself, it is imperative that community banks provide their customers with these services before their customers find alternatives.

Most mobile banking applications created by community banks have been designed with simple functions in mind, such as monitoring accounts and bill pay. Consumers are becoming more interested in money management tools on mobile devices, a feature readily available on applications created by technology companies. For example, Mint provides the customer with a simple, interactive process that allows the customer to budget, track spending patterns, view his or her credit score, and other more complex features.1 In a recent study conducted by the Aite Group, 86 percent of banks surveyed had the ability to complete bill pay from their mobile platform while only 49 percent had the tools to help customers with budgeting and 48 percent had the ability to categorize expenses2. This is a missed opportunity for community banks as consumers who value budgeting tools might download one of the many applications that have this desired capability as opposed to the app of the community bank that they bank with. A 2013 “Cisco Customer

T

he growing customer utilization of mobile technology has driven systems investments in mobile banking for banks across the country over the last decade. Spending on IT at banks has increased by over 49 percent over the last five years. These investments have generally been defensive in nature. While some early adopters realized a small increase in customers, community bank utilization typically protected them from losing deposit share to the massive online systems of the big Ryan Whalen Nicole Rovi banks. Whether or not to play in mobile banking is now old news, it is almost a necessary product offering of any bank. Designing the perfect mobile banking application is the next market disruptor threatening community banks.

20

Fourth Quarter 2015 • Connecticut Banking Magazine

Experience Report” that focused on retail banking showed that customers in the United States are willing to provide more of their private information in exchange for customized banking services.3 In this case, the bank will miss out on valuable information about their customers’ spending habits and the opportunity to further their relationship with the customer.

Mobile money transfer applications have become popular as they are viewed as a way to connect individuals who bank with different companies for the purposes of mobile payments. Applications, such as Venmo, that use social networks to connect individuals, have become increasingly popular among the younger generations as a more convenient and reliable way to repay others. While many money transfer applications do not allow users to transfer money between their own personal accounts (a function most mobile banking applications provide), it fills a need that mobile banking applications cannot; peer-to-peer transfers, regardless of one’s bank affiliation.

Mobile money transfer apps have become a threat to traditional banks as they provide convenient banking services to a larger network of people.

Community banks can compete with technology companies by implementing new technology and mobile app add-ons. Relative to banking, there is a distinct difference in generational values. Generation Y (born in the 1980s and 1990s) and Millennials (born between 1990s and early 2000s) value convenience and speed over relationships, while older generations often appreciate the personal touch that is associated with community banks. Banks can make their mobile applications more inclusive to all demographics by utilizing add-ons that

incorporate videoconferencing into the bank’s existing mobile app. These addons, such as Linqto’s Personal Banker app, give the customer the option to consult a bank employee face-to-face over videoconferencing done within the app, rather than using the traditional help window4. Innovative products like this can help bankers bridge the gap between impersonal and relationship banking; ultimately leaving the choice to the consumer.

If consumers are unable to find what they need from their bank’s mobile application, it is exceedingly simple to find alternative solutions. Banks need to determine the most pertinent needs of their customers and implement them into their mobile applications so that they can capture valuable information and strengthen customer loyalty, both which will build value for the institution. u

Ryan Whalen is a senior financial analyst and Nicole Rovi is a financial analyst in FinPro’s consulting division; both work on direct client engagements in strategic planning and are subject matter experts on technology applications in banking. For more information about Ryan and Nicole or FinPro’s value building and strategic planning services, contact Stephen Brown Klinger at sbrownklinger@ finpro.us or 908604-9336.

Footnotes 1. Mint.com. https://www.mint.com/how-it-works/anywhere/iphone/ 2. Aite Group as quoted in “Activity-Based Marketing: The Future of Mobile Marketing in Banking,” in Jim Marous’ “Mobile Banking Not Keeping Pace with Digital Growth, www.thefinancialbrand.com, August 25,2014.

3. Cisco. “Consumers Want a More Seamless and Personalized Customer Experience From Their Bank,”.http://newsroom.cisco.com/ release/1174098 4. PR Newswire, “Linqto Launches Face-to-Face Mobile Banking” Utilizer Inc., www.sys-con.com/node/3197014, September 24, 2014.

Top Tech Competitors • • • • • • • • • • • • • • • • • • • • •

American Net Bank Apple Pay ClearXchange Evantage Bank EverBank GoBank Gofundme Google Wallet iGObanking.com inVenture Kabbage KickStarter LendingClub Loop Mobile movenbank PayPal Prosper Simple Square Upstart Venmo

Connecticut Banking Magazine • Fourth Quarter 2015

Chelsea Groton Bank opened its doors at the new loan production office in Glastonbury.

Bank of America employees volunteered to stuff backpacks with school supplies for Hartford school children.

Citizens Bank collected over 350 books during the Reading Books in Summer games at the Rock Cats stadium and donated sales to Read to Grow.

The Dime Bank Foundation awarded $2,000 to New England Science and Sailing for their Extended Learning Program for at-risk students.

The Dime Bank Foundation awarded $3,000 to Mystic Area Shelter and Hospitality.

Essex Savings Bank distributed $100,000 from the directors’ portion of the Community Investment Fund, and will surpass $4 million since the program’s 1996 inception of distributing 10 percent of after tax net income.

The Bank of America Student Leaders Program provided students with a summer internship and leadership summit in Washington, D.C.

Bank of America employees volunteered for the Wounded Warrior Project at the CT Open.

Bankwell donated to Smilow Cancer Hospital from an in-branch promotion of St. Jude’s Children’s Hospital.

Bankwell completed a clothing drive to support the Open Door Shelter.

Bank of America employees volunteered for Habitat for Humanity.

Bankwell teamed up with Fairfield Theatre Company as a season sponsor.

Bankwell ran a food drive for the Open Door Shelter.

Essex Savings Bank Loan Department participated in Red Nose Day.

Essex Savings Bank hosted a workshop “Get Expert Help with Your Business Finances” in conjunction with SCORE.

Essex Savings Bank hosted a workshop focusing on “The Succinct Business Plan” in conjunction with SCORE.

Fairfield County Bank participated in the 7th Annual Amber Room Run from the Sun 5K raising over $4,000 for Ann’s Place.

Farmington Bank employees participated in the Rebuilding Together New Britain event.

22

Fourth Quarter 2015 • Connecticut Banking Magazine

Farmington Bank employees raised funds for many causes, including March of Dimes’ March for Babies, Foodshare’s Walk Against Hunger, American Cancer Society’s Relay for Life and Connecticut Breast Health Initiative’s Race in the Park.

First County Bank was a presenting sponsor at the Ribbon Cutting of the Norwalk Seaport Association’s Oyster Festival where employees volunteered to hand out thousands of teal bags.

First County Bank Foundation awarded over 80 grants totaling $610,000 this year and over $7 million to area nonprofit organizations in 2015.

The First National Bank of Suffield sponsored the 4th Annual 2015 Suffield PMC Kids Ride raising over $30,000 for the Dana Farber Cancer Institute.

Three students were recipients of the First County Bank’s Richard E. Taber Citizenship Award.

First County Bank sponsored the 2015 Norwalk Summer Concert Series.

The First National Bank of Suffield offered a free community shred day.

First Niagara donated $2,500 to the Connecticut Challenge bike ride.

First County Bank participated as a Silver Sponsor for the 20th Annual Hope in Motion Walk & Run.

First Niagara hosted Hopkins School students for a tour of the bank and a lesson on financial literacy.

First Niagara sponsored the Westport Country Playhouse’s “Love and Money.”

First County Bank employees donated boxes of new children’s books to the Greenwich Alliance for Education.

First County Bank employees donated backpacks to the Human Services Council.

First Niagara hosted 50 customers at the Connecticut Open Tennis Tournament.

23

First Niagara sponsored the Ivoryton Playhouse production of “Memphis.”

continued on page 24

Connecticut Banking Magazine • Fourth Quarter 2015

continued from page 23

Ion Insurance Corp. presented the Wallingford Emergency Shelter with a check for $790, raised from their Quotes for a Cause program.

Ion Insurance Corp. presented the Grounded In Love Foundation with a check for $690, raised from their Quotes for a Cause program.

Liberty Bank presented a total of $4,900 to local charities for each New Britain Rock Cat home run made at the Rock Cat stadium.

A Liberty Bank Foundation grant made it possible for Gilead Community Services to renovate an apartment for one of its supportive housing clients.

Ion Insurance Corp. presented Oxford Special Olympics with a check for $715, raised from their Quotes for a Cause program.

Jewett City Savings Bank announced a $20,000 donation to support the Griswold Bicentennial.

The Liberty Bank Surprize Squad delivered well-deserved props to two military veterans.

Liberty Bank contributed $4,540 to the ALS Ice Bucket Challenge.

Liberty Bank Foundation partnered with others to provide a $10,000 collaborative grant to support summer youth employment in Windham.

Liberty Bank donated $13,210 to St. Vincent DePaul Soup Kitchen.

The Milford Bank held its first 5K on Pirate Day to help people in their community live a healthier life.

The Liberty Bank audit team helped out the New Haven Habitat Builds project.

Newtown Savings Bank celebrated its 160th anniversary.

Liberty Bank was a sponsor of the Connecticut Children’s Medical Center’s all-day Radiothon and presented a check for $5,000.

Families transitioning out of homelessness will find help to get and keep employment through Secure Jobs, a pilot program with a $35,000 collaborative grant from Liberty Bank Foundation and four other local funders.

In recognition of Liberty Bank, the Federal Home Loan Bank of Boston presented a $2,500 grant check to Liberty’s selected nonprofit, St. Vincent DePaul Soup Kitchen.

The Milford Bank employees painted the Bank’s logo and raffled them to customers collecting over $200 for the Boys & Girls Club of Milford’s Summer Program.

The People’s United Community Foundation awarded $368,700 during its second grant cycle to 52 nonprofit organizations in the communities it serves, including $161,000 in Fairfield County and $177,700 in Northern Connecticut.

Newtown Savings Bank hosted a groundbreaking for its new Oxford location.

Liberty Bank’s Giving Circle program distributed $44,500 among 24 nonprofits for homeless families and individuals.

24

Fourth Quarter 2015 • Connecticut Banking Magazine

Salisbury Bank partnered with SCORE for a free seminar to discuss simple steps for growing a business.

The People’s United Community Foundation presented a $5,000 grant check to the McGivney Community Center.

Salisbury Bank offered a free seminar on business email fraud.

Salisbury Bank joined MasterCard® to support the fight against cancer.

Salisbury Bank offered a free seminar on what business owners need to know about EMV Chip Card Technology.

Savings Bank of Danbury raffled an Apple Watch at New Milford Village Fair Days.

Savings Institute Bank & Trust donated $5,000 to Horizons to help support Sustaining A Trusted Lifeline.

Thomaston Savings Bank Foundation presented Wolcott State Fire Training School with a grant to purchase a cargo trailer for continued local firefighter training.

Thomaston Savings Bank Foundation awarded Waterbury Youth Services System with a grant for Project Safe Place.

Salisbury Bank offered several free community shred days.

Thomaston Savings Bank Foundation presented the Daughters of the American Revolution with a $2,000 grant.

Thomaston Savings Bank Foundation awarded Bristol Community Organization a $1,500 grant.

Simsbury Bank was a major sponsor for St. Mary’s 36th Spring Carnival.

Simsbury Bank awarded two $1,000 scholarships.

Simsbury Bank sponsored Hartford Stage’s Financial Literacy Program with Carmen Arace Intermediate School’s 6th grade.

Simsbury Bank was the presenting sponsor of the “River-to-Ridge” Simsbury Triathlon.

Simsbury Bank donated $12,500 to the Simsbury Veteran’s Memorial Committee.

Thomaston Savings Bank Foundation presented a grant to the Parent & Child Center of Bristol Hospital for their Caring Closet program.

Thomaston Savings Bank Foundation provided a $1,500 grant for Watertown Area Special Citizens.

Torrington Savings Bank sponsored a school essay contest awarding the winners citations from Senator Witkos and Representative Case.

Torrington Savings Bank awarded two four-year scholarships of $10,000 each.

Union Savings Bank employees participated in a Blood Drive saving 99 lives.

25

Union Savings Bank employees participated in the Bridgewater Fair Parade.

continued on page 26

Connecticut Banking Magazine • Fourth Quarter 2015

continued from page 25 Webster Bank teamed up with the U.S. Small Business Administration and AARP twice, to link encore entrepreneurs to resources and expertise.

Union Savings Bank employees participated in the “Run from the Sun 5K” to support Ann’s Place.

Union Savings Bank awarded $500 to the Happy Debit Days winner.

United Bank hosted Nutmeg Big Brothers Big Sisters for the day to experience what it is like to work at a bank.

United Bank Foundation Connecticut presented a $1,500 donation to The Friends of Heublein Tower.

United Bank team members attended the Glastonbury Chamber’s Business After Hours.

Webster Bank participated in activities to prevent elder financial exploitation.

Webster Bank staff greeted more than 1,000 visitors who took part in a yoga session.

Webster Bank participated at Gabriella’s 7th Annual Scoop Night to benefit the Cardiology Division of Connecticut Children’s Medical Center.

Webster Bank hosted a job shadow opportunity for 11 students from High School, Inc. Webster Private Bank teamed up with Goodspeed Musicals to perform a financial duet, “Bankers meet Broadway” program on estate planning and planned giving.

Webster Bank held a ribbon cutting ceremony at its newest state-of-theart banking center.

Webster Bank held an historic “Walk Downtown Waterbury” tour as a prelude to its 80th Anniversary.

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Connecticut Banking Magazine • Fourth Quarter 2015

Gary D’Andrea

John A. Green

Jay McGuinness

John Adams

Thomas Sullivan

Raymond Michaud

Richard Marotta

Sean Gray

John Uyeki

David Zukerbraun

Ada Casiano

Larry Bye

John J. Patrick Jr.

Richard Evanko Jr.

Sebastian Kulesza

Grazyna Maciejewska

Reyno Giallongo

Karen Kelly

James Cormier

Jeff Hubbard

Deborah Clancy

Amy Ganci

David Cantor

Andrew Karistinos

Chris Griffiths

Jeffrey Hernandez

Vincent Saggese

David Rogers

Kathleen A. McPadden

Dawn D. Orsini

Mike Sulkis was promoted to first vice president at Bankwell. Gary D’Andrea was promoted to first vice president of loan operations at Bankwell. John Adams was promoted to first vice president, director of IT at Bankwell. Carl M. Porto joined the board of directors of Bankwell Financial Group. Thomas Sullivan was named mortgage loan officer at Bankwell.

Raymond Michaud was named residential sales manager at Bankwell.

Berkshire Bank announced the following promotions: Richard Marotta to president of the bank and senior executive vice president of the company; Sean Gray to chief operating officer of the bank and senior executive vice president of the company; George Bacigalupo, Josephine Iannelli, and Linda Johnson to senior executive vice president; Michael Carroll to executive vice president, chief risk and credit officer; James Curran to executive vice president, regional commercial lender; Mark Foster to executive vice president, regional commercial leader; Tami Gunsch to executive vice president, retail banking; Scott Houghtaling to executive vice president, regional commercial leader; Allison O’Rourke to executive vice president, investor relations and financial institution banking; Deborah Stephenson to executive vice president, compliance and

regulatory; and Gary Urkevich to executive vice president, IT and project management.

John Uyeki joined Chelsea Groton Financial Services as senior vice president, producing manager and representative of Infinex Investments, Inc. Lisa Maass, Citizens Bank, was appointed Connecticut state president.

David Zukerbraun joined Essex Savings Bank as a vice president and trust officer.

Ada Casiano was appointed vice president, compliance officer at Fairfield County Bank.

Larry Bye, Farmington Bank was appointed residential loan specialist.

Farmington Bank announced the election of John A. Green to the board of directors.

The Anti-Defamation league honored John J. Patrick Jr. of Farmington Bank and others at the 2015 Greater Hartford Torch of Liberty Award Reception.

Richard Evanko Jr. joined First County Bank as vice president, business banking manager. Thomas Berta joined First County Bank as vice president, branch sales and service manager. Sebastian Kulesza was promoted to branch manager at First 28

County Bank. Grazyna Maciejewska joined the mortgage origination team at First County Bank. Reyno Giallong Jr. , Chairman and CEO of First County Bank, was appointed Chairman of the Board of commissioners of the Stamford Downtown Special Services District. Karen Kelly, senior vice president and chief marketing officer, First County Bank was named board chair of SilverSource.

James Cormier was promoted to vice president of commercial lending at First National Bank of Suffield.

Jeff Hubbard was named New England region president for First Niagara. Deborah Clancy was named business banking relationship manager for the tristate region of First Niagara. Jay McGuinness was named vice president and relationship manager for business banking of First Niagara. Amy Ganci was promoted to vice president for small business banking of First Niagara. David Cantor was promoted to senior vice president and business banking team leader of First Niagara.

Andrew Karistinos joined Ion Bank as new business banking officer. Chris Griffiths was named vice president of business banking at Ion Bank. Mayor Bob Mezzo will join Ion Bank as a business

Fourth Quarter 2015 • Connecticut Banking Magazine

Stephanie Bliga

Allan V. Monteiro

Michael Alberts

Marisol Harris

Minnie Saleh

Denise Brewer

Cynthia Sheehan

Carla Balesano

Jill Honeycomb

Lori Heffernan

Felicia Pizzuto

Kara Pedersen

Marc Nadeau

Lynda Mason

Pamela Reiss

Bill Hart

Steve Reilly

Jamie Garcia

Jeffery Paz

Susan Lockwood

SEND BANKSintheNEWS & BANKERSinthe NEWS Submissions to cba@ctbank.com Jocelyn Mitchell

Frank Fetzer

Peter French

development officer. Jeffrey Hernandez joined Ion Bank as a branch manager.

Vincent Saggese and David Rogers of Ion Investments were named Five Star Wealth Managers.

Ion Bank announced the following promotions: Kathleen A. McPadden, senior vice president, human resources; Dawn D. Orsini, senior vice president, deposit administration & retail delivery; Nancy Fay, vice president, consumer/residential loan officer; Stephanie Bliga, assistant vice president, alternative services delivery manager; Matthew Capristo, assistant vice president, solutions architect officer; Ann Hofmann, assistant vice president, deposit administration; Allan V. Monteiro, assistant vice president, commercial loan officer.

Michael Alberts joined Jewett City Savings Bank as vice president and commercial loan officer.

Marisol Harris was appointed diversity officer for Liberty Bank. Minnie Saleh joined Liberty Bank as executive vice president of retail banking. Denise Brewer was promoted to senior vice president and manager of Liberty Bank’s credit underwriting department. Cynthia Sheehan was appointed vice president at

Deanna Joyce

Stephen Lewis

Kimberly S. Brown

Lesa Vanotti

Liberty Bank with oversight of vendor management and data privacy. Carla Balesano joined Liberty Bank as senior vice president, manager, syndicated lending. Jill Honeycomb joined Liberty Bank as first vice president and program manager for Liberty Bank Investment Services. Lori Heffernan was appointed assistant vice president, business information services for Liberty Bank. Felicia Pizzuto was appointed assistant vice president, residential lending at Liberty Bank . Kara Pedersen joined the Liberty Bank Foundation as program associate. Marc Nadeau has been appointed first vice president at Liberty Bank.

Lynda Mason was promoted to assistant vice president at The Milford Bank. She is a graduate of the Connecticut School of Finance and Management. Pamela Reiss was promoted to assistant treasurer and branch manager at The Milford Bank.

Bill Hart, Newtown Savings Bank was named Top Loan Originator by The Commercial Record.

Steve Reilly, president and CEO of Northwest Community Bank , raised $6,700 to benefit the Dana Farber Cancer Institute by completing the 192 mile Pan Mass Challenge bike riding from Sturbridge Village to Provincetown.

29

Jamie Garcia and Jeffery Paz joined People’s Bank as senior commercial relationship managers, senior vice presidents.

Susan Lockwood joined Savings Bank of Danbury as compliance officer.

Jocelyn Mitchell, senior vice president and chief retail banking officer of Simsbury Bank, received the Farmington Valley YMCA’s Al Wilke Volunteer Leadership Award. Frank Fetzer joined Simsbury Bank as a mortgage loan advisor. Peter French joined Simsbury Bank as a mortgage loan advisor.

Deanna Joyce was promoted to store manager at TD Bank.

Stephen Lewis, president and CEO of Thomaston Savings Bank, was recognized by the Education Enrichment Fund of Thomaston as Education Partner of the Year.

Kimberly S. Brown, vice president residential lending, Torrington Savings Bank was appointed to a three-year board at the Warner Theatre. Lesa Vanotti, Torrington Savings Bank was appointed to continued on page 30

Connecticut Banking Magazine • Fourth Quarter 2015

continued from page 29

Jeff Geddes

Eric Erdtmann

Lurdes Costa

Alex Rafoss

Richard Mark

Alexandra Cruz

Jessica Castro

Brian Coates

Timothy Burke

Shelley Turian

Mark D. Illingsworth

Adam J. Jeamel

Angie Chirico

Monica McInerney

Sergio DaSilveira

Steven Taylor

John Olerio

Cathy Velez

Darrin Dellavecchia

Oona Robinson

Robin Gallagher

Glenn MacInnes

Carla DiLoreto

Christopher Fager

Sean Millane

Greg Musante

Jeffrey Lomma

Matthew Manganelli

Mary Girard

Lindsay Allen

the executive committee of the Women & Girls Fund of the Community Foundation of Northwest Connecticut. Jeff Geddes, Torrington Savings Bank was named chairman of the 2015 Northwest United Way Campaign. Eric Erdtmann, senior vice president, commercial lending, Torrington Savings Bank was elected to the Northwest Connecticut YMCA Board of Directors and the Torrington Corporation Board of Directors.

Union Savings Bank announced the following promotions: Lurdes Costa to assistant vice president, senior branch manager; Alex Rafoss to assistant vice president, branch manager; Steven Siguenza to business banking associate; Richard Mark as assistant vice president, senior branch manager; Alexandra Cruz as mortgage originator; Jennifer Wehner as deposit fraud officer, bank operations; Jessica Castro as financial services administrative officer; Godiva Cadena to assistant vice president, deposit operations manager; Rui Dantas to assistant vice president, loan operations manager, loan servicing. Brian Coates joined Union Savings Bank as vice president, commercial services region manager. Timothy Burke joined Union Savings Bank as mortgage originator.

Shelley Turian of Union Savings Bank

was recognized as Outstanding Volunteer

by Junior Achievement of Western Connecticut.

Mark D. Illingsworth joined United Bank as mortgage loan officer. Adam J. Jeamel, senior vice president of corporate communications, United Bank was promoted to Eastern Connecticut Regional President.

Webster Bank announced the following: Angie Chirico, senior vice president and market manager was named the Windham Region Chamber of Commerce Chairperson of the Year.

Monica McInerney joined as senior vice president, director of procurement. Sergio DaSilveira, vice president and banking center manager, and Steven Taylor, vice president and senior marketing program manager received the Fairfield County Business Journal’s and Hartford Business Journal’s “40 Under 40 Award” respectively. John Olerio received the Top Program Manger award from Bank Investment Consultant. Cathy Velez was promoted to senior vice president. Darrin Dellavecchia was promoted to senior vice president, business banking. Jace D’Amico was promoted to senior vice president, specialty business banking. Greg Manning was promoted to senior vice president, 30

senior commercial real estate specialist.

Cynthia Enos was promoted to senior vice president, cash management sales. Oona Robinson was named senior vice president, deputy chief financial officer and head of financial planning and analysis. Michael Szekeres was named senior vice president, director of infrastructure technology.

Robin Gallagher, senior vice president, commercial real estate was named a 2015 Woman of FIRE (finance, insurance and real estate) from The Commercial Record.

Glenn MacInnes, executive vice president and chief financial officer, was named CFO of the Year for a public company by the Hartford Business Journal.

Westfield Bank announced the following: Carla DiLoreto joined the bank as manager; Christopher Fager joined the bank as assistant vice president, commercial loan officer; Sean Millane was promoted to commercial loan officer; Greg Musante was hired as assistant branch manager; Jeffrey Lomma was promoted to branch manager. Matthew Manganelli joined Westfield Bank as vice president, retail lending manager.

Mary Girard joined Windsor Federal Savings as mortgage loan originator.

Lindsay Allen was announced branch manager of Windsor Federal Savings. u

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