Second Quarter 2016
Second Annual
WomeninBanking Conference
Second Quarter 2016 • Connecticut Banking Magazine
Second Quarter 2016
Second Annual
WomeninBanking Conference
COVER STORY
Second Annual Women in Banking Conference.................... 12
CONNECTICUT BANKERS ASSOCIATION
10 Waterside Dr. Farmington, CT 06032-3083 Telephone: 860-677-5060 • Fax: 860-677-5066 Chairman Richard J. Cantele President & CEO Salisbury Bank & Trust
Second Vice Chairman Michael J. Casparino President Northern Connecticut, People’s United Bank
First Vice Chairman B. Michael Rauh President & CEO Chelsea Groton Bank
President & CEO Lindsey R. Pinkham
Executive Vice President & Treasurer Thomas S. Mongellow First Senior Vice President & Secretary Colleen E. Clancy
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FEATURES
CSFM Graduation – Class of 2016........................................ 4 The ABCs of Top Performers............................................... 6 Millennial Advice on How to Run a Bank................................ 8 IRAs and Millennials: The Next Generation........................... 10 The Generational Shift........................................................ 16
Connecticut Banking is an official publication of the Connecticut Bankers Association and is published quarterly by
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CONNECTICUT BANKING Editor
Karen Horanzy
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CBA Calendar.............................................................. 15 Bankers in the News..................................................... 22 Banks in the News........................................................ 26
Connecticut Banking Magazine • Second Quarter 2016
Graduation – Class of 2016 Connecticut School of Finance & Management
The Graduating Class of CSFM 2016
Maria Cornicello of United Bank (center), winner of the John C. Shortell Award for Academic Excellence is congratulated by Richard Cantele, CBA chairman and president and CEO of Salisbury Bank & Trust, Co. and Cheryl Calderado, CBA management development committee chairman and senior vice president at Dime Bank.
T
he Connecticut Bankers Association has a busy calendar of events each year. One of the more anticipated and enjoyable events is the Graduation Ceremony held each spring for the second year students enrolled in the Connecticut School of Finance and Management (CSFM). CSFM is the premiere management training program offered by the Association. The CBA is pleased to announce that 58 students in the CSFM Class of 2016 graduated on April 13, 2016. One of the many highlights of the graduation ceremony was the awarding of the John C. Shortell Award for Academic Excellence to Maria Cornicello of United Bank. This award is presented to the student who has achieved the highest academic grade while attending the Connecticut School of Finance and Management. u
HERE ARE THE STUDENTS OF THE 2016 CSFM GRADUATING CLASS: Bankwell: Jennifer R. DeGirolomo Chelsea Groton Bank: Elaine T. Brunelle, Kelly Meakem, Sonya Mis* Citizens Bank: Jocelyn W. Kelly Connecticut Department of Banking: Amy B. LaChance, Beata Zuber Dime Bank: Erica L. Gee, Jeanna F. Miner Eastern Savings Bank: Melanie A. Main, Ericka J. Winstead Essex Savings Bank: Karie Hansen-Blaha, Hilary A. Mondelci Fairfield County Bank: Scott L. Nelson, Cuong C. Tran Farmington Bank: Antonella Calabrese, Lindsay A. Curtiss, Shari C. Pettignano First County Bank:Willmar Acevedo, Elizabeth L. Escobar, Agnieszka Maciejewski First Niagara Bank: Shaunee K. St. Amand, Mark T. Zigmont Guilford Savings Bank: Christine R. Beirne*, Elizabeth Vincenzi* Ion Bank: Allan V. Monteiro, Diane G. Teixeira Liberty Bank: Geena T. Dinos, Samir Maher, Peta-Gaye N. Manuel, Mason A. Smith, Dana K. Rosenbergen
Milford Bank: Karuna Kasbawala, Pamela A. Reiss Newtown Savings Bank: Kasey L. Yakavonis People’s United Bank: David A. Colby, Darrin S. Fodor, Kiera A. McCourt, Silvino Rio Salisbury Bank & Trust Co.: Kimberly A. Bergenty, Tara G. Decker, Kimberly J. Downey, Andrea L. MacArthur Savings Bank of Danbury: Stephani R. Hayes Start Community Bank: April Langlois TD Bank, N.A.: Kristen E. Lessard, China L. Ross Thomaston Savings Bank: Elizabeth M. Carey*, Patryk F. Krakowski Torrington Savings Bank: Jessica M. Dziob Union Savings Bank: Richard J. Mark, Rina Patel United Bank: Maria V. Cornicello*, Rick T. Fritsch, John P. Rice, Daniel M. Silva Washington Trust Co.: M. Helena Alves Windsor Federal Savings: Stephen O’Neil * Denotes Honors recipient
With this ceremony now just a memory, we would like to send our heartfelt congratulations to the graduate members of the class of 2016!
PICTURE YOUR EMPLOYEES OR YOURSELF HERE! The CBA has made the syllabus for the class of 2018 now available! The syllabus includes course descriptions, class schedules, fees associated with attendance and much more. You can review and complete the application on the CBA website at www.ctbank.com/CSFM and are due by Friday, June 24, 2016. Get your applications in now, as space is limited and spots fill up fast!
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Connecticut Banking Magazine • Second Quarter 2016
The ABCs of Top Performers Qualities to Look For and Nurture in Yourself and Your Team
I
n banking, we measure everything. We establish goals and benchmarks. We know exactly where we are in the process. We work together as a team to help each other succeed. We know professionalism when we see it. And yet we sometimes stumble over the details of what it takes to achieve it. For a quick reference, just follow the ABC’s. Top performers ASK. Be inquisitive. The more questions you verbalize, the more knowledgeable you will become. Understanding the how and the why makes you an asset to your customer, your team and your organization. Offer to help others; ask for help from others. Ask about the history, what’s shaping the future and you’re place in it. So, what do you want to know? Top performers BEHAVE. Your dress, body language, tone of voice, clutter-free workstation, responses, even the expression on your face allow others to judge your professionalism. Make them feel welcomed and valued. You can’t treat everyone the same, because they are not the same. Match your behavior to the situation. Casual speech, perhaps appropriate to an 18-year-old customer, will not be as well received by a 50-year-old. Behave well. Top performers display COMPETENCE. Maintaining the required skills, you never stop learning. Read everything – brochures, manuals, applications, booklets. And just because you knew it, doesn’t mean you still do. Change happens constantly. With technical courses, self-study or group experiences, you can embrace the requirements of the job, the company and the industry. Your continued competence is up to you. Top performers are DEDICATED. Be on time. Be prepared. Be physically and emotionally present. Top performers don’t call in sick the first of every month. They don’t arrive 15 minutes late to work or to the meeting. And they don’t have to search for every document, report or email they need. They have it together. When you acknowledge your primary function is to absolutely delight the customer, you approach situations with a renewed attention to detail. Devote your time and energy to advancing your career by meeting the needs of customers and the organization with dedication.
Top performers are EFFICIENT. Make the best use of time. Accurate transactions are only the beginning. Use slower times to get clarity on those situations that had to be escalated, so you remain in the loop. Determine what happened and the reasoning process or policy used to make the determination. Replenish your supplies. Verify your progress toward meeting your goals. Use slower times for online tests and training or to return messages and emails. Keep your workstation clear of clutter. You feel more personal power when the piles are gone. Top performers are FRIENDLY. This is so much more than eye contact and a smile. This is taking an interest in the lives of your customers. When you know how they live, you are better prepared to offer products and services that will make a difference to them. Whether buying a boat, investing for the future or managing finances, customers want to deal with friendly people. Don’t consider their stories as interruptions, but as a glimpse into what it will take for you to put them in a better situation. Top performers are GO-GETTERS. Be someone who goes the extra mile. You will not stop until they are satisfied. You are constantly looking for your next opportunity. Volunteer to lead the fund-raising campaign for your charity of choice. Ask to cross-train in the call center or lending. Have a greater understanding of the process. Pursue your certifications. Don’t wait for it to be offered; go get it! We know professionalism when we see it. When we focus on being REAL – Relevant, Engaging, Authentic and Loyal – others see that professionalism in us. Excerpt from upcoming book, “REAL Customer Service: Staying Relevant, Engaging, Authentic and Loyal in real world situations.” u Becky McCrary, Certified Speaking Professional, is an internationally recognized expert on how we treat each other. Reach her at www.BeckyMcCrary.com. You can even Google her. She won’t feel a thing. 6
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Connecticut Banking Magazine • Second Quarter 2016
Millennial Advice on How to Run a Bank Embracing New Methods for Success
By Natalie Brooke
L
Goodbye Annual Reviews
eading a community bank, especially in the last decade, requires tremendous resilience and fortitude. Managing and motivating staff, ensuring regulatory compliance and boosting revenue and assets are undoubtedly a tough job. I admire CEOs who have preserved shareholder value, while also leading their banks through one of the toughest eras of American banking history. But now that we’re mostly out of the woods, it’s time for bank leaders to address three shortcomings in an industry that continues to change. Millennials like me are well-versed in Natalie Brooke changes in technology. From Nokia brick phones to iPhones, from cassette players to iPods, from slow dial-up Internet to an instant connection to the Web, the world as we know it keeps shifting. We appreciate the never-ending innovation because we have experienced the related benefits time and time again. As a Millennial who champions change, I would like to shed light on three ways I would run your community bank differently.
If I were a bank CEO, I would foster incremental performance improvement at not only the organizational level, but at the employee level. How are your employees supposed to know where they stand and where they should be without frequent and focused feedback? And how are managers and executives supposed to promote the right people to lead the bank, or even set companywide goals, without measuring performance at the individual level? Annual or biannual performance reviews are simply outdated and not effective in driving high performance. It’s high time for CEOs to opt instead for weekly support sessions where employees have a chance to discuss upcoming work with their managers, set clear and measurable goals and share what they have achieved since the last session. Netflix, Accenture, Microsoft and GE are among the companies that have already tossed out the annual review system for a more positive and results-oriented model. Your employees need and want regular feedback rather than the awkward and daunting annual evaluations. In turn, your bank will prosper from employees’ ongoing motivation to perform at a higher level. 8
Second Quarter 2016 • Connecticut Banking Magazine
Upgrade Customer Management Software
recent winter day, I was scrolling down my Facebook newsfeed and came across three fintech advertisements. However, not once have I seen a paid Facebook advertisement from a local community bank. This is mind-boggling considering Facebook ads are an affordable way to market to a specific group of your choosing (location, age, gender, interests) and to direct them to your website with a callto-action button. Moreover, a staggering 47 percent of Americans say Facebook has the greatest impact on their purchasing and service provider decisions. You can bet the fintech groups are pursuing these users, including those individuals living in your community. Unfortunately, community banks typically aren’t even using the free Facebook pages to engage with their community either. Of course, prioritizing social media also includes creating a comprehensive policy and having the social team work closely with compliance. And with any solid social media campaign, bank marketers should emphasize focusing on consumers, small businesses and the community at hand rather than direct marketing. As for the rare product-related post, your team can always use preapproved materials. I strongly urge banks to select a group of creative, social media-savvy employees to put your efforts into high gear. Send them to conferences and classes and allow them the freedom to create a memorable customer experience. u
As a bank CEO, I would improve my company’s organization of sales efforts as my second initiative. I would invest in customer relationship management software or use the software already on hand to a higher capacity. After all, banks are in business to sell their services. So it’s unfortunate that so many community banks have yet to adopt CRM software, seeing as it’s so readily available and affordable for banks of all sizes. A 2014 Nucleus research study found that the average return from investing in a CRM platform, across a broad number of industries, was $8.71 for every dollar spent. And having a CRM system that integrates with the other bank application systems will not only increase sales, it will also create a much better customer experience. CRM technology will prompt employees to follow up on sales opportunities while also measuring those employees’ efforts and results. The technology will also identify demographic trends, and more. Many banks have previously attempted to implement a CRM solution, but they have failed because they lack a true sales culture. If your bank does not have a healthy and vibrant sales culture, then your CRM will just be more software collecting dust.
Put Social Media Strategy High on Agenda As my third initiative, I would make social media a real priority. Banks need to take a hint from the numerous fintech companies that are using social media outlets to create brand awareness. On a
Natalie Brooke is vice president of client relationships for Resurgent Performance, a community bank advisory group.
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Connecticut Banking Magazine • Second Quarter 2016
IRAs and Millennials: The Next Generation
Understanding How to Appeal to and Serve a Younger Mindset
By Trish Reilley
M
illennials, Americans generally born between 1980 and the mid-2000s, are the largest generation in United States history – even surpassing Baby Boomers. By 2025, Millennials will make up 75 percent of the U.S. workforce. As a strong, emerging generation, Millennials will be an important engine to the economy for decades to come. But even as they reach their prime working, spending and saving years, financial organizations have largely overlooked them as part of their IRA business strategy, focusing more on how to move rollover dollars from baby boomers’ retirement plans into IRAs. So it may be surprising to find out that your organization can attract and retain Millennials – and more business – with IRAs.
tirement saver has been given virtually no attention because every type of financial institution has another competing priority.
The Danger of Insulting a Millennial Overlooking millennial savers is a bad idea. Members of this generation – more than any other – believe that they have the power to transform the world. They’re less trustworthy of big institutions and more interested in making a difference than working for a paycheck. And at over 80 million strong, this generation does have the power to be innovative and accomplish amazing things. Millennials also are the most ethnically and racially diverse generation; they’re more educated than any prior generation; and they have more debt at a younger age than any prior generation. They want to be taught, not sold to or preached to. Millennials are social people who look to their trusted outlets for help in making all kinds of decisions, including financial decisions. They look to family and peers for advice. If your bank can become a trusted “friend” or has staff that can relate to a Millennial, you’ll have a very loyal customer. Snub a Millennial and all 700 of his or her Facebook friends will hear about it.
What Once Was No Longer Shall Be You may wonder why Millennials would look to your financial organization for help with IRAs. The answer is simple: they’re tired of being ignored by everyone else. Many financial organizations have spent a lot of resources chasing the various phases of retirement savings: accumulation (growing the assets), agPatricia Reilley gregation (aggregating savings near retirement age) and distribution and wealth transfer (using retirement assets for income and estate planning). Meanwhile, the Millennial re-
Why IRAs Are Important Millennials currently get very little education or advice as it relates to saving money – especially for retirement. They’re not 10
Second Quarter 2016 • Connecticut Banking Magazine
About Ascensus Ascensus is the largest independent retirement and college savings services provider in the U.S., helping over 6 million Americans save for the future. With more than 35 years of experience, the firm partners with financial institutions to offer tailored solutions that meet the needs of financial professionals, employers and individuals. Ascensus specializes in recordkeeping, administrative and program management services, supporting over 40,000 retirement plans and over 3.3 million 529 college savings accounts. It also administers more than 1.5 million IRAs and health savings accounts and is home to one of the largest ERISA consulting teams in the country. For more information about Ascensus, visit www. ascensus.com. zation besides bringing in more low-balance, high-maintenance accounts, here are some points to consider. • An additional account or line of business is another “hook” into a customer and helps retain that customer. Tax-deferred accounts like IRAs are viewed as more difficult to move than other types of deposit accounts. You can’t just close an IRA and walk away (not without tax implications, that is). IRAs can bind a Millennial to your organization. • Not making IRAs a priority at your bank invites the occasional customer to shop around. • Think of Millennials as an investment. They’ll be a bit slower to hit their prime borrowing years than prior generations, but thinking ahead and building the trust and relationship with them now will pay dividends in the future. • Realize that IRA money may leave your bank at some point to go into the stock market; however, it will come back when Millennials retire. Millennials won’t leave your bank entirely, but they may take those dollars to the market to increase their growth opportunities. Rest assured that when it’s time to move those dollars somewhere safer, you’ll still be their trusted financial services provider. • Millennials also will be the beneficiaries of the largest wealth transfer in history. Industry research estimates a staggering $30 trillion will be passed down through generational transfers over the next 30 years.
bad savers, but they lack the information to make informed decisions. Millennials crave information. This is where your organization comes in. Roth IRAs can be a huge opportunity for this cohort, especially given the flexibility that Roth IRAs provide. Millennials may have their employer’s human resource person telling them to forget IRAs and contribute as much as they can to their 401(k) plan. After all, contributing on a pretax basis to a 401(k) plan can lower an individual’s taxable income. That’s all well and good, and everyone who has a 401(k) plan absolutely should contribute at least enough to maximize the employer match. The problem with the 401(k) plan is that it often offers limited investments. In addition, it is difficult to access the money without a distribution “triggering event.” Roth IRAs have no such issues, and, as such, can be used to save for almost anything – not just retirement. Traditional IRAs also are good for Millennials that make less money, as they often can qualify for a saver’s credit on their tax return. With a little staff education at your organization, IRAs could play an integral role in how you speak to your prospective Millennial customers.
Millennials will challenge what you know about serving your clients; what worked for the past 40 years won’t work with Millennials. The key is to build trust and lasting relationships. More often, happy Millennials will bring their friends to you, resulting in more opportunities to attract, educate and retain this important cohort. u Trish Reilley is a copywriter at Ascensus. Her work includes researching, writing, and editing a variety of topics on IRAs, HSAs, and employer-sponsored retirement plans. She started with Ascensus in 2004. She has earned the Certified IRA Professional (CIP) designation and the Certified IRA Services Professional (CISP) designation. She also holds a Bachelor of Arts degree in journalism and business administration from the University of St. Thomas in St. Paul.
What’s In It for You? If you’re wondering what IRAs mean to your financial organi11
Connecticut Banking Magazine • Second Quarter 2016
Second Annual
WomeninBanking Conference
Nearly 300 Turn Out for Industry Updates, Empowerment and Networking
By Malea Ritz
B
anks are pushing for increased diversity in the workplace – and under Dodd-Frank, it’s now a requirement. The act specifically outlines requirements for the inclusion of women and minorities in all aspects of banking – a regulation that many professionals were admittedly unaware of prior to a panel at the Connecticut Banking Association’s second annual Women in Banking Conference at the Mystic Marriott in Groton. The event, which was attended by nearly 300 industry professionals from 36 member banks and 15 associate members, touched on a wide range of topics spanning from new methods
of interacting with colleagues and clients to inspirational motivation and ways to decompress, and provided numerous networking opportunities. Rick Cantele, president and CEO of Salisbury Bank & Trust and CBA chairman, began by welcoming attendees to the conference, while Jean M. Joy, director of financial institutions at Wolf & Co., emceed. Jack Agati, president of Litchfield, New Hampshire-based Encouraging Concepts Assoc., introduced the concept of birth order in business with a humorous and interactive approach to a topic that everyone has an opinion on. Agati attributed
Suzanne Walker, council for Kilpatrick Townsend in Washington, D.C., surveys the crowd during the “Diversity Policies and Practices” panel.
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Second Quarter 2016 • Connecticut Banking Magazine
2016 Sponsors Platinum
Gold
Raffles
Silver
Bronze
the concepts of psychoanalytics in summarizing personalities through birth order to Dr. Alfred Adler. Through birth order, he said, children are nurtured and raised to be a certain way and generally maintain a similar set of habits and characteristics through their adult lives. Agati argued one can learn everything they need to know about a someone in three to five minutes of small-talk – as long as it includes a question about their siblings. Suzanne Walker, counsel for Kilpatrick Townsend in Washington, D.C., followed Agati by calling attention to a littleknown interagency policy statement – Section 342 of the Dodd-
Frank Act. In June 2015, the six federal agencies issued the statement to establish joint standards for assessing the diversity policies and practices of the entities they regulate. The goal is to provide a framework for financial institutions to create and strengthen diversity policies and practices while promoting transparency of organization diversity and inclusion. Although many women were previously unaware of the policy, they were pleased their bank was already making strides to pave the way toward greater inclusion. continued on page 14
“I think it was a great opportunity for women to get together, to have other women who can inspire and to give motivation for those people in this room to further their career, take it back to them, see how they can make changes to be successful. I think the speakers that we had today were ultimately very inspirational and I think that every woman in this room walked away with something.” Laurie Gervais Executive Vice President and Chief Administrative Officer Savings Institute Bank & Trust
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Connecticut Banking Magazine • Second Quarter 2016
Annual Women in Banking Conference continued from page 13
“I thought that was fantastic and you sort of leave with that little extra, ‘maybe I can do that’ or ‘maybe I will do that,’ and you think about how you can use that in your life to move forward. I would absolutely come back to this event. I think that it was inspirational for every woman [who] was here to hear that.” Kristine Koczajowski Certified Financial Planner, Professional Vice President of Financial Services and ESB LPL Financial Consultant Easthampton Savings Bank
“TD Bank promotes diversity at such a large level. Every day, there is some type of message for executive leadership about diversity. We have Women in Leadership Council … Individuals with Disability, Minority in Leadership,” said Jennifer Cutrali, vice president and credit portfolio manager at TD Bank. “It was really nice to see that link and understand how it’s tied to Dodd-Frank.” Webster Bank recently started a women’s network called WeWin earlier this spring, according to Dawn C. Morris, chief marketing officer at Webster Bank. “The whole purpose of the network is to provide support, learning opportunities for women at Webster, networking opportunities and really an opportunity to see themselves, as we were talking about with Section 342, with a path to leadership at Webster. We want to retain good women at Webster,” she said.
recognizable factor in her status as president. She said she just does her job and works to promote and advance the university to the best of her ability. She also briefly discussed the issue of women pursuing lab grants around the time of child-bearing age and the need for more women in STEM fields. Herbst proudly reported that women at UConn have slightly surpassed men as the gender majority for enrolled students. “I think it’s a good thing,” she laughed, as women applauded. One industry professional in attendance discussed an admiration of the energy around conferences with women. “I’ve been in the market for a while. Years ago, you maybe dressed very conservative and now, I think women are really being themselves, and you can see it in the interaction, the way they look, the way they dress, the way they interact. So I think it’s just really nice, for someone like me who’s been around for 30 years, to see that energy,” said Deborah McLaughlin, COO of EPG Inc. “So I enjoy [these conferences], I always get pumped up after I go because [I enjoy] talking about common topics and there are so many people in higher positions.” Cathy Burns, executive vice president and chief risk officer at Farmington Bank, echoed the sentiment. “I think the event is fantastic. I think the speakers have really touched on issues that affect women. I like the fact that we’re not [just] talking about banking; we’re talking about life, and that it impacts our ability to do our jobs and collaborate together. The turnout is really great.”
High Energy, Good Results Although New Britain Mayor Erin Stewart was unable to attend due to a scheduling issue, Stewart’s Chief of Staff Jodi Latina praised her leadership for young women as the nation’s youngest mayor and highlighted a few of her many accomplishments in office to date. Latina also acknowledged Stewart’s resilience in the face of adversity and sexual harassment. University of Connecticut President Dr. Susan Herbst spoke about her female students acknowledging her as a role model, as women are often underrepresented as university presidents. Herbst said she forgets that gender is a 14
Second Quarter 2016 • Connecticut Banking Magazine
‘Maybe I Can Do That’
Upcoming
Author and TV anchor Kara Sundlun began the afternoon panels by discussing the power of forgiveness. Sundlun described the emotional story of finding her father, Bruce Sundlun, then governor of Rhode Island. A self-proclaimed “love child,” Sundlun said that learning to forgive her father for not being a part of her life opened up many new opportunities and helped her heal and find herself. She also provided useful tips for relieving stress and staying focused, such as meditation. Dr. Natalie Stavas of Boston Children’s Hospital and Boston Medical Center wrapped up the panel portion of the day with an inspirational account of her experience running the Boston Marathon in 2013, the year of the bombings. She described reaching the point near the finish line when the bomb went off and thinking it was fireworks, but soon realizing that something had gone very wrong. At that point she was faced with a decision, she said, to run away from the chaos and confusion or to run into it – and help. She decided to run toward it and helped four people that day. Stavas said that life will throw unexpected events at you all the time, but it is about how you react to them that makes all the difference. She described growing up with an undiagnosed attention deficit hyperactivity disorder and how exercise helped her function and concentrate. In her medical opinion, she said exercise helps develop and advance one’s brain, better preparing one for action and response when chaos arises. Afterward, before the end-of-the-day networking event and raffle, women shared their opinions on the event. “I think it was a great opportunity for women to get together, to have other women who can inspire and to give motivation for those people in this room to further their career, take it back to them, see how they can make changes to be successful,” said Laurie Gervais, executive vice president and chief administrative officer at Savings Institute Bank & Trust. “I think the speakers that we had today were ultimately very inspirational and I think that every woman in this room walked away with something.” “I thought especially the last two speakers were fantastic when it came to their inspirational stories and how that can really motivate you going forward,” said Kristine Koczajowski, certified financial planner, professional vice president of financial services and ESB LPL Financial consultant at Easthampton Savings Bank. “I thought that was fantastic and you sort of leave with that little extra, ‘maybe I can do that’ or ‘maybe I will do that,’ and you think about how you can use that in your life to move forward. I would absolutely come back to this event. I think that it was inspirational for every woman [who] was here to hear that.” u
CBA Calendar
JUNE 2016 24
CSFM Class of 2018 Applications Due
AUGUST 2016 29
2016 CBA Annual Golf Tournament
SEPTEMBER 2016
11-13 CSFM Resident Session 15 ALM Seminar 21 FDIC’s Director’s College
OCTOBER 2016 4
Bank Security
NOVEMBER 2016 4
FDIC Outreach Seminar
JANUARY 2017 4 12 13
CT Legislative Session Commences New Leaders Awards Ceremony BankWorld 2017
APRIL 2017 12
CSFM 2017 Graduation
MAY 2017 16
Director & Senior Officer Symposium
JUNE 2017 7
Malea Ritz is an associate editor with The Warren Group, publisher of Connecticut Banking. 15
CT Legislative Session Adjourns
Connecticut Banking Magazine • Second Quarter 2016
The Generational Shift The Emerging Post-Boomer Workforce
By Bruce Tulgan
The Numbers Problem: Workforce 2020
T
here is a “great generational shift” underway in the workforce today. This is the post-Baby Boomer shift that demographers and workforce planners have been anticipating for decades. It is not only a generational shift in the numbers in the workforce, but an epic turning point. This is the final stage of a historic period of profound change globally and a corresponding transformation in the very fundamentals of the employer-employee relationship. The generational shift presents a whole new set of challenges for employers, employees and for managers at all levels. We have been tracking this transformation for more than 20 years. This white paper presents the latest findings from our ongoing Generational Shift study, including (to date) more than 200,000 managers, tens of thousands of non-managers, as well as internal data reflecting millions of employees and management practices reviews of more than 400 different organizations since 1993. What follows: • The Numbers Problem: Workforce 2020 • Powerful Forces of History: An Era of Uncertainty and Change • Transformation in the Very Nature of Employment • What Does the Generational Shift Mean For Employers? • What Does the Generational Shift Mean for Individual Workers? • What Does the Generational Shift Mean for Leaders, Managers and Supervisors?
2016
2020
Pre-BB (pre-1946)
1%
0%
BB First Wave (1945-1954)
13%
<6%
BB Second Wave (1955-1964)
17%
13%
Generation X (1965-1977)
27%
26%
Generation Y (1978-1989)
28%
27%
Generation Z (1990-2000)
14%
24%
Post-Millennial (2000- ? )
0%
>4%
While there are always different people of different generations working side by side in the workplace, today there are as many as six different generations, depending on which demographic definitions one uses. The workforce is aging on one end of the spectrum and getting younger on the other. In the middle there is a gap, with the prime age workforce shrinking as an overall percentage of the workforce. Generations in the workplace in 2016. The oldest, most experienced people in the workplace, “pre-Boomers,” those born before the post-WWII “Baby Boom” began in 1946, are still greater than 1 percent of the workforce. The Baby Boomers (born 1946-64) are 30 percent, Generation Xers (born 1965-77) are 27 percent and the Millennial generation is 42 percent. 16
Second Quarter 2016 • Connecticut Banking Magazine
Because both the Baby Boomers and the Millennials are such large generations with such long birth-year time spans by the broadest definitions, we have found it useful to split them each into first-wave and second-wave cohorts. The age bubble. On the older end of the generational spectrum, the workforce is aging, just as the overall population is aging. This is particularly notable in Japan, most of Europe and North America. In North America alone, 10,000 Baby Boomers have been turning 65 every single day since 2011. The Boomers are filling up an “age bubble” in the workforce such that there are many more people at or near the ordinary age range for retirement. The exodus of the first-wave Boomers from the workplace – postponed for several years by the economic crisis that began in 2008 – is now swift and steady. By 2020 Boomers will be less than 20 percent of the Western workforce; older Boomers (born before 1955) will be less than 6 percent. What is more, Boomers who do remain in the workforce will continue trending heavily toward “reinventing” retirement and late-career-pre-retirement: Working less than full-time, often partially telecommuting and often working nonexclusively for more than one employer. The youth bubble. At the same time, the fastest growing segment of the workforce is made up of those born 1990 and later, so there is a growing youth bubble on the younger end of the spectrum. The youth bubble is growing even faster in “younger population” regions of the world. But even in “older” North America, Europe and Japan, the youth bubble in the workforce is rising much faster than in recent years because employers are once again hiring new young workers after several years of formal and informal hiring freezes resulting from the economic crisis. By 2020, second-wave Millennials (those born 1990-2000) will be greater than 20 percent of the Western workforce and another 4 to 5 percent will be made up of post-Millennials born after the year 2000. And in most of the world, the youth bubble will be much, much larger. The rising global youth tide will bring to the workplace radically different norms, values, attitudes, expectations and behavior. The rising global youth tide. The youth bubble is much, much larger in Africa, Latin America and much of Asia. Secondwave Millennials are already, in 2016, greater than 45 percent in India, Mexico, Brazil, Indonesia and Vietnam; in Nigeria greater than 60 percent. By 2020, in these younger parts of the world, those born 1990 and later will be more than 60 percent of the workforce. Considering the increasing globalization of the work-
force, one important feature of the growing youth bubble is that it will be increasingly global, with a much greater percentage of the new young global workforce coming from outside of North America, Europe and Japan.
Powerful Forces of History: An Era of Uncertainty and Change This generational shift is no ordinary generation gap in the workplace. Because this is an era of profound historical changes, generational difference today is not only an important diversity issue, but also a powerful lens through which to understand the changing labor market, the changing workforce, the changing workplace, the changing nature of employment and even changes in the very nature of work. We should not expect the new Millennial workforce to eventually “grow up and settle down” and start thinking and behaving more like those of previous generations. Rather, the “grown-ups” will find themselves thinking and behaving more and more like the Millennials. That’s because the second-wave Millennials have been shaped by the same historical forces of change driving the fundamental transformation of life and work for us all. The great generational shift is an epic turning point driven by profound historical trends that have been unfolding in plain sight for at least two decades. Globalization. We are all now capable of connecting and traveling to work across borders in every direction and combination. Unlike any other time in history, we can all look forward to a lifetime of interdependency and competition with a rising global youth tide from every corner of this ever-flattening world. Technology. The pace of technological advance today is unprecedented. Information. Computing. Communication. Transportation. Commerce. Entertainment. Food. Medicine. War. In every aspect of life, anything can become obsolete at any time – possibilities appear and disappear swiftly, radically and often without warning. Institutional insecurity. Ours is a world threatened by terrorism and environmental cataclysm, one in which the economy fluctuates wildly from boom to bust; governments sometimes shut down or run out of money; and great companies conquer or fail or merge or continually downsize, restructure and reengineer. Institutions in every domain have been forced into a constant state of flux just in order to survive and succeed in this constantly changcontinued on page 18 17
Connecticut Banking Magazine • Second Quarter 2016
The Generational Shift continued from page 17
ing world. We all know that we cannot anymore rely on institutions to be the anchors of our success and security. The information environment. We are all now forced to think, learn and communicate in a never-ending ocean of information. Ours is an information environment defined by wireless Internet ubiquity, wholesale technology integration, infinite content and immediacy. We have infinite access to information and ideas and perspectives – unlimited words, images and sounds. Human diversity. In every dimension, the world is becoming more diverse and more integrated. Each generation is more diverse than the last. That’s true in terms of geographical point of origin, ethnic heritage, ability/disability, age, language, lifestyle preference, sexual orientation, color, size and every other way of categorizing people. Every single individual, with his/her own combination of background, traits and characteristics, is his or her own unique diversity story. Virtual reality. We are all plugged in to an endless stream of content and in continuous dialogue – through social media-based chatting and sharing and gaming – forever mixing and matching and manipulating from an infinite array of sources to create and then project back out into the world our own ever-changing personal montage of information, knowledge, meaning and selfhood.
known as human capital management. The goal is to optimize human resources: That means having the right people in the right places at the right times, employing them exactly as long as you need them and no longer, and paying them the market value of their contributions and no more. Because of these new realities, employers are now less likely to make formal or informal guarantees about continued employment and job security. The new normal. Organization charts are flatter; layers of management have been removed; reporting relationships are more temporary; more employees are being managed by short-term project leaders instead of “organization chart” managers. Employers are less likely to award status, prestige, authority, flexibility and rewards on the basis of seniority and more likely to award on the basis of short-term, measurable goals. Employers are also reducing long-term fixed pay as a percentage of overall employee compensation, while increasing the percentage of variable performance-based pay, and employers’ compensation strategies for the future reflect this change. Part of this new compensation strategy includes a reduction in the percentage of employee “benefits” (paid for by the company for full-time, exclusive workers) in relation to overall compensation. Further, employers are increasing the percentage of “employee services” (paid for by the worker on a pre-tax basis), such as health insurance and retirement savings. Employees today are much less likely to believe employers’ promises about long-term rewards. While many employees may doubt the sincerity of long-term promises, that is not the biggest problem. Many more employees worry that their prospects for receiving long-term rewards are vulnerable to a whole range of external and internal forces that might shorten the natural life of the organization employing them. Workers worry openly about events or circumstances that have little or nothing to do with business, such as politics, diplomacy, war, terrorism and natural disasters. They worry about broad business-climate factors, including monetary policy, global market shifts, change in particular industries and organizational changes. As well, they are acutely aware that the organization employing them might simply lose out in the fiercely competitive marketplace. Workers also worry about the continued employment of their immediate supervisors and other leaders who know them best. The free-agent mindset is now the prevailing workforce mindset. Without credible long-term promises from employers, employees no longer labor quietly and obediently. Rather, most employees work anxiously to take care of themselves and their families and try to get what they can from their employers – one day at a time. People of all ages and all levels realize nowadays that they are “free agents” because they have no other choice. There is no going back. There is no going back to the workplace of the past, in which the default presumption was that employeremployee relationships would be long-term, full-time, on-site and
Transformation in the Very Nature of Employment The worldwide business environment has become one of fierce competition, high risk, erratic markets, constrained resources and unpredictable resource needs. Organizations and individuals are forced to adjust to the new normal of constant change and uncertainty. Employers of all shapes and sizes are constantly trying to become more lean, flexible and high performing. Downsizing, restructuring and reengineering are now accepted as constants of the workplace – taken for granted now as “continuous improvement.” The myth of job security is dead. Employers are more likely to undertake major organizational changes that eliminate jobs regardless of employees’ length of service. Such changes include mergers, acquisitions, spin-offs, restructurings and liquidations. Employers are also more likely to implement new technologies that eliminate jobs due to reengineering. Meanwhile, there is a strong trend among employers of hiring fewer “employees” (fulltime, exclusive workers), while hiring more contingent workers; and most employers’ staffing strategies for the future continue to move in this direction. As a result, the number of traditional “employees” is diminishing as a percentage of the overall workforce, while the percentage of “contingent workers” is increasing. This has meant a fundamental change in employment practices, away from long-term stable employment relationships and toward a more efficient supply-chain management approach – 18
Second Quarter 2016 • Connecticut Banking Magazine
based on a one-size-fits-all hierarchical career path. Because organizations will need to continually increase productivity, quality and cost effectiveness, employment relationships will become increasingly short-term, transactional and highly variable. The traditional employer-employee relationship will finally fade away.
and squeezed labor”) that can be staffed-up quickly and staffeddown just as quickly. Employers will need to have many more fluid/flexible ways to employ people and leverage talent – fulltime, part-time, flex-time, on-site, off-site, telecommuting; as consultants, temps, vendors, franchisors, franchisees. Employers will face perpetual staffing shortages. The pressure to get more and more work out of fewer and fewer people means staying lean staffed, always. At the same time, the rising demand for high-skilled labor – especially in the STEM (science, technology, engineering and math) fields – promises ongoing staffing shortages and technical skill gaps. Employers in every industry will be struggling to attract, motivate and retain the best talent. The successful organization will have as many different career paths as it has people. Flexible work conditions, learning/ knowledge management, pay-for-performance and coaching-style leadership will be the keys to being an “employer of choice” for in-demand talent. The ability to get people on board, up to speed and delivering results quickly will be the key to most staffing challenges. Opportunities to earn more money and flexibility will go to the employees who most consistently deliver the most value. Employers will be forced to pay high premiums with lush benefits, lavish work conditions and lots of flexibility for in-demand talent: What we call “dream jobs for superstars.” As well, more and more non-superstars will be looking for more and more of at least some of these “dream job factors.”
What Does the Generational Shift Mean for Employers? As the aging Baby Boomers exit the workforce, they will take with them a great deal of skill, knowledge, wisdom, institutional memory, relationships and the last vestiges of the old-fashioned work ethic. Organizations with significant “age bubbles” in their employee demographics will be facing these losses and cascading consequences as their aging workers leave the workforce. This will require dedicating substantial resources to support knowledgetransfer and what we call “wisdom transfer,” as well as flexible retention, succession planning and leadership development. As the global youth tide continues to rise, the new young workforce will bring a whole new set of expectations and behavior that takes for granted the short-term transactional nature of employment. Organizations that rely disproportionately upon young workers have a permanent “youth bubble” in their employee demographics. Such organizations will be facing the challenges of an increasingly high-maintenance workforce in which employees will not hesitate to make suggestions, special requests and demands – in particular related to rewards and flexible work conditions. This will require dedicating substantial resources to staffing strategy, attraction, selection, on-boarding, training, performance management, accountability, differential rewards and retention. Organizations with significant “youth bubbles” will also face the retention challenge we call “the development investment paradox.” The paradox is that employers must invest in developing their new young employees, but the more an employer invests, the more negotiating power the new young employee has in a shortterm transactional labor market. With the employer’s development investment in hand, the new young employee becomes more valuable and can leverage the employer’s development investment by selling it to another employer or by negotiating for increased rewards. This gives today’s most valuable young employees more negotiating power in the employment relationship at an earlier stage in employment. What appears as “high maintenance” is actually this new power to ask for more. Employers will have many fewer long-term traditional employees. There will be many more people who flow in and out of organizations – in highly variable roles and arrangements. The most successful employers will still maintain core groups of key talent and critical longer-term stakeholders. But these core groups will get smaller and smaller. Meanwhile, any work that can be streamlined will be done through highly efficient production (“churned
What Does the Generational Shift Mean for Individual Workers? Individual workers of all ages are living through these profound changes together. The biggest difference between older workers and younger workers today is that the older workers are experiencing radical change while the younger workers have never known the world any other way. Millennials are shaped by the same forces shaping the workplace of the very near future. Individual workers of all ages today know that job security is dead. Most workers today – regardless of generation – assume that most employment relationships will be relatively short-term and transactional. In relative terms, older workers tend to lose and younger workers tend to gain – at least in the short term – from the diminishing importance of seniority and longevity of employment. Individual workers of all ages today are under more pressure than ever as work becomes more demanding for everyone. In every industry, in nearly every organization, individuals are working harder and facing increasing pressure to work longer, smarter, faster and better. Meanwhile, workers must routinely learn and utilize new technologies, processes, practices, skills and knowledge, all the while adjusting to ongoing organizational changes continued on page 20 19
Connecticut Banking Magazine • Second Quarter 2016
The Generational Shift continued from page 19
which cause growing fear of imminent job loss. While younger workers may have certain advantages in this environment, they tend to suffer more than older workers when they receive less management guidance and support. Individual workers of all ages today want, expect and often request greater flexibility in work conditions. As the pressure increases, so does the need for some relief from the pressure. That’s why “work-life balance” is such a powerful counter-trend. What “work-life balance” means most of the time is “more control over my own schedule.” The rest of the time it means “flexible location” or “flexible dress” or “flexible something.” Sometimes it means an employee can bring his dog to work. People of all ages want greater flexibility in their work conditions. The biggest difference with Millennials is that they are much more likely to make specific requests for immediate (rather than long-term) increases in pay, benefits and work conditions and they are more likely to make those requests earlier in their tenure of employment than workers of previous generations would have.
most likely to make specific requests regarding work conditions including the assignment of tasks, resource planning, problem solving, training, scheduling, work location, work space, dispute resolution, guidance, coaching, recognition, promotions, raises, benefits and other rewards. High-maintenance workforce, take two. Workers of all ages today are more likely to disagree – often privately and sometimes openly – with their employers’ stated missions, policies and decisions. Millennials are the most likely to disagree. High-maintenance workforce, take three. Workers of all ages are more likely to question or challenge employers’ rules, managers’ instructions, employment conditions and established rewards structures. Millennials are the most likely to question or challenge. Most workplaces are severely under-managed considering the requirements of the post-Boomer workforce. For workers of all ages, weak leadership – what we call “under-management” – leads to diminished productivity, greater worker error rates, lost resources, increased conflicts among coworkers and other personnel problems, higher turnover among high performers and lower turnover among low performers, as well as managers spending more time on lower level tasks. In today’s increasingly high-pressure workplace, with today’s increasingly high-maintenance workforce, managers cannot afford to be weak and disengaged. To be effective in today’s environment, managers must be strong and highly engaged. Highly engaged means conducting ongoing structured communication to provide every worker with regular guidance, direction, support and coaching. Strong means finding ways to do more for workers when they really earn it. That means doing more for some workers and less for others, based on their performance. That means holding people strictly accountable on a daily basis: Setting expectations clearly, providing candid feedback, correcting problems, rewarding good work and especially rewarding discretionary effort.
What Does the Generational Shift Mean for Leaders, Managers and Supervisors? Managing people is going to keep getting harder. It has always been hard to manage people, but it’s going to get harder as the workplace becomes more and more high-pressure and the postBoomer workforce becomes more and more high-maintenance. High-pressure workplace. Managers will be under ever-increasing pressure from senior executives to get more work and better work out of fewer employees, while utilizing fewer resources. Even while managers juggle their own tasks and responsibilities, managerial spans of control (the number of employees officially reporting to each manager) are still increasing and most managers also have a steadily growing burden of administrative duties. It seems to most managers that they have less time than ever to devote to people-management, even as workers of all ages need more regular guidance, direction, support and coaching in this high-pressure workplace. Younger workers typically require more regular guidance, direction, support and coaching. Millennials in particular – stereotypically raised by “helicopter parents on steroids” – tend to thrive on strong, highly-engaged leadership; the more structure and boundaries the better. Millennial workers are very unlikely to give their best efforts to a leader whom they perceive as weak or disengaged. High-maintenance workforce. Managers will need to deal with and accommodate the growing needs and expectations of an increasingly diverse post-Boomer workforce. Workers of all ages today rely every day on their immediate managers for help meeting their basic needs and expectations and dealing with a whole range of day-to-day issues that arise at work. Millennials are the
Conclusion This “Great Generational Shift” underway in the workforce today is an epic turning point. It is a shift in the demographics of the workforce, but also in the norms and values of the workforce, and a corresponding transformation in the very fundamentals of the employer-employee relationship. The “Great Generational Shift” presents a whole new set of challenges for employers in every industry, employees of all ages and for managers at every level. We hope this white paper will help you plan and prepare for the challenges ahead. Let us know if you need our help. u Bruce Tulgan is the founder and CEO of RainmakerThinking, a New Haven-based consulting firm. He may be reached at mail@ rainmakerthinking.com or visit www.rainmakerthinking.com for more information. 20
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Connecticut Banking Magazine • Second Quarter 2016
John Adams
Christine Chivily
Valerie Saiz
Shawn Gelin
Leila Votto
Shanelle King
Diane Matheus
Donald G. Lorusso
Erin Terrell
James Burns
John Belanger
Charles Maynard
Rhona Heyl
George Bossis
Zuleyma Stryker
Reyno A. Giallongo Jr.
Mark Rosenbloom
Jevera Hennessey
Jystyna Nurczyk
Robert Dellatorre
Elizabeth Horyn
Paul McCraven
Marco Cabral
Diane Dornfried
Wayne Work
Gary O’Connor
Bill Couture
Lori Hassan-Lionetti
Tiffany Burkitt-Lyga
Brittany Lascko
Bankwell promoted the following: John Adams to senior vice president and chief information officer; Christine Chivily to executive vice president; Valerie Saiz to vice president and commercial lender; Shawn Gelin to first vice president of deposit operations; and Leila Votto to assistant vice president and branch manager. Shanelle King joined the bank as vice president and branch manager and Diane Matheus joined as assistant branch manager. Berkshire Bank – CBT Region promoted Allan Costello to executive vice president of home lending. Chelsea Groton Bank promoted the following: Pam DaysLuketich to assistant vice president; Marta Amor-Baker to assistant secretary; Jennifer Eastbourne to assistant secretary; Rachel Carlson to vice president; Tamela Higgins to vice president; Richard Balestracci to assistant vice president; and Ishmael Bryan to assistant vice president. Collinsville Savings Society promoted Donald G. Lorusso to executive vice president and chief lending officer; Dime Bank promoted the following: Erin Terrell to branch manager and corporate officer; James Burns to assistant vice president and financial advisor; and John Belanger to vice president and technology manager. Lisa Tepper Bates, Attorney Eric Callahan, Judith Caracausa, Dr. Nauman Chaudhry, Attorney Ronald Goldstein, Jeff Hartmann, Peter Maneiri and Janet Steinmayer were elected as corporators. Charles Maynard joined as branch manager and assistant
vice president and Rhona Heyl joined as financial advisor and corporate officer. Essex Savings Bank trustee Mary Seidner received Old Lyme’s 2015 Citizen of the Year Award. Fairfield County Bank appointed the following: George Bossis as executive vice president of retail lending and Zuleyma Stryker as assistant vice president, employee relations and staffing. Farmington Bank appointed Gene Fabbri as assistant vice president and residential sales manager and Jeannie Devaney and Diane Nelson joined the bank as residential loan specialists. Reyno A. Giallongo Jr. of First County Bank was selected to serve as a member of the Federal Reserve Bank of New York’s Community Depository Institutions Advisory Council for a three year term. Mark Rosenbloom was named chairman of the Darien Chamber of Commerce board of directors and Jevera Kaye Hennessey to the board of directors and Jystyna Nurczyk was promoted to branch manager. First Niagara promoted Robert Dellatorre to senior vice president of the New England region; Elizabeth Horyn to branch manager. Paul McCraven was inducted into the Junior Achievement Business Hall of Fame. Ion Bank named Marco Cabral and Diane Dornfried as Five Star Mortgage Professionals for 2015 and Wayne Work, web 22
Second Quarter 2016 • Connecticut Banking Magazine
Ana Fonseca
Jennifer Height
Barbara Ducham
Geena Dinos
William Curtin
David Stewart
Jennifer Ives-Groebl
Mckenzie Kelly
Steven Greenberg
Manuel Fernandes
Megan Krebs
Farley Santos
Delia Espinal
Juan Peguero
Lynn Mohlenhoff
Thomas Iskrzycki
John Cassata
Cheryl McGlynn
Heath Lefort
Elizabeth Williams
Maryann Gorgone
Martin J. Geitz
Beth Goodfriend
Roop Singh
Paul Ramoya
Russell Babof
Ernest Meier
Tom Pretty
Marion Schmeelk
Michael Dayton
developer, as the top employee of the year for 2015. Gary O’Connor was elected to serve on the board of directors.
information security officer; Lynn Mohlenhoff, assistant vice president and branch manager,to lead the new after-hours customer service center; Thomas Iskrzycki as senior vice president and director of retail banking.
Jewett City Savings Bank promoted Bill Couture to assistant vice president and business loan officer.
John Cassata joined Savings Institute Bank & Trust as a mortgage consultant; Cheryl McGlynn was selected as a greater Norwich area mortgage consultant; Heath Lefort as mortgage sales manager; and Elizabeth Williams and Maryann Gorgone as branch managers.
Liberty Bank appointed Lori Hassan-Lionetti as vice president; Tiffany Burkitt-Lyga as assistant vice president and financial advisor; Brittany Lascko as vice president and business banking officer; Ana Fonseca as assistant vice president and financial advisor; Jennifer Height as assistant vice president and branch manager; Barbara Ducham as assistant vice president and financial advisor; Geena Dinos rejoined as assistant vice president; William Curtin joined as vice president and business banking officer; David Stewart as assistant vice president and financial advisor.
Martin J. Geitz of Simsbury Bank was selected to serve as a member of the Federal Reserve Bank of Boston’s Community Depository Institutions Advisory Council for a three-year term; Beth Goodfriend, Roop Singh and Paul Ramoya joined as mortgage loan advisors; Russell Baboff as senior market manager; and Ernest Meier as senior market manager.
Litchfield Bancorp promoted Jennifer Ives-Groebl to vice president of residential lending and Mckenzie Kelly to vice president of commercial lending.
Tom Pretty joined TD Bank as senior vice president and regional sales manager; Marion Schmeelk was named market wealth leader. John Yanchek was promoted to store manager.
Steven Greenberg joined Newtown Savings Bank as vice president and mortgage loan officer. The bank promoted Manuel Fernandes to vice president information technology manager and Megan Krebs was promoted to vice president and commercial credit department manager.
Michael Dayton and Phyllis Tucker joined Thomaston Savings Bank as branch managers and Jacaquelyn Letizia Furniss, CPA, Robert Nocera and George LaCapra Jr. were appointed as corporators. The bank promoted Jennifer Wabiszczewicz to assistant treasurer and accounting manager; Brenda Raleigh to assistant secretary compliance specialist;
Savings Bank of Danbury promoted Farley Santos to banking officer and branch manager. Delia Espinal joined as branch manager and banking officer; Juan Peguero as
continued on next page 23
Connecticut Banking Magazine • Second Quarter 2016
Phyllis Tucker
Jose Diaz
Rui Anderson-Souza
Patty Dyer
Jennifer Tomaino
Jessica Castro
Jonathan Gilbode to vice president senior operations officer; Rebekah Stokes to vice president and senior financial officer; and Patrick Quinn to vice president and information technology officer.
Greg Slomba
John J. Smith
Bill Earley
John Guy
Jason Soto
officer; Jennifer Tomaino to vice president and business banking relationship officer; Jessica Castro to financial services administrative officer; and Greg Slomba, assistant vice president, to cash management deposit product manager. David Weinstein joined as the director of digital services.
Union Savings Bank appointed Mourad Fahmi, Philip M. Farmer, Kathleen A. Harrison, Matthew Karpas, Rute Mendes Caetano, Andrew W. Morin, Maurice A. Nizzardo, Matthew Paul, Larry Pereira and William M. Petroccio as corporators. Jose Diaz was promoted to financial advisor and wealth management officer; Rui Anderson-Souza to assistant vice president and senior branch manager; Patty Dyer to vice president and sales manager residential lending; Miranda Luis to assistant branch manager and retail banking
John J. Smith joined United Bank as chief information and administrative officer. Bill Earley, relationship manager, was awarded the Good Scout Award from the Boys Scouts of America – Connecticut Yankee Council. Webster Bank promoted John Guy to executive vice president and director of business banking; and appointed Jason Soto as senior vice president and senior credit executive.
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Connecticut Banking Magazine • Second Quarter 2016
Dime Bank joined with local schools as part of America Saves Week. Dime Bank Foundation awarded Easter Seals Rhode Island $2,000 to help support the operations of their Early Intervention Services. Bank of America employees volunteered to help build a home with Hartford Area Habitat for Humanity.
Bankwell hosted a gathering for the Wilton Chamber of Commerce.
Essex Savings Bank offered a talk on Fraud Prevention. Bank of America sponsored the MetroHartford Alliance Rising Star Breakfast.
Bankwell donated to the Visiting Nurses Association Community Healthcare. Berkshire Bank contributed $225,895 to local United Way organizations.
Bankwell supported the New Covenant Center with a $2,500 donation and employees volunteerism.
Berkshire Bank and Norman Rockwell Museum provided free admission for vets and active military to “Love a Vet” exhibit.
Essex Savings Bank sponsored “The Magic of Christmas” for the 10th year at the Florence Griswold Museum. Essex Savings Bank and The Southeastern Connecticut Chapter of SCORE presented “How to Make it Rain: Four Steps to Growing the Bottom Line.”
Berkshire Bank and NESN will partner for the Exciting Rewind Mortgage Giveaway. Berkshire Bank Foundation and NESN partnered to assist New England Habitat Chapters in Hockey4Housing Grant Program. Berkshire Bank partnered with NESN to sponsor a Military and Veterans Suite Night Contest.
Bankwell sponsored a celebration for the Fairfield Theatre Company’s new Performing Arts Venue.
Bankwell donated to the Arts for Healing Scholarship Fund.
Berkshire Bank announced over $2 million in community support to nonprofit organizations during 2015. Berkshire Bank will honor 30 high school seniors for volunteer service through their foundation’s annual Scholarship Awards Program. CT Mutual Holding Company employees raised $4,316 for “Dress down Fridays” with the proceeds going to the United Way, YMCA homeless shelter, Cancer Care Center and soup kitchens.
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Essex Savings Bank volunteered at numerous events and charities including the local area soup kitchen.
Second Quarter 2016 • Connecticut Banking Magazine
Essex Savings Bank participated at the Madison Chamber of Commerce’s Home and Garden Fair.
First County Bank employees donated to STARelief to save pets’ lives through “Jeans Day.”
Fairfield County Bank donated $43,000 to four local United Way organizations.
First County Bank participated in the National Wear Red Day to raise awareness for women’s heart disease and stroke.
First County Bank awarded two $250 survey winners for completing their Customer Survey Needs Program.
Farmington Bank’s ON US Campaign treated many to breakfast on St. Patrick’s Day.
The Farmington Bank Community Foundation donated 46,000 diapers to more than 25 social service agencies, food pantries and local towns’ human services departments.
Farmington Bank announced the fifth annual Farmington Bank Community Concert Series, featuring 20 free performances.
First County Bank awarded their drawing winner at the Chocolate Expo.
First County Bank was the presenting sponsor for the Maritime Aquarium Chocolate Expo.
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First County Bank was the presenting sponsor of the Stamford Museum and Nature Center’s Maple Sugar Festival Weekend and presented the winner of the 2016 First County Bank Teen Chef Challenge their award.
Connecticut Banking Magazine • Second Quarter 2016
Newtown Savings Bank participated in National Wear Red Day raising over $1,000 for the American Heart Association. First Niagara donated $10,000 to the Neighborhood Music School.
First Niagara employees helped the Connecticut Food Bank organize more than 8,500 pounds of food. Ion Bank Foundation awarded $106,500 in grants to 29 nonprofit organizations.
Savings Bank of Danbury Foundation awarded $162,500 to 56 agencies in western Connecticut.
First Niagara partnered with United Way for Read Across America Day.
The Ion Bank Foundation awarded a $10,000 grant to the Naugatuck Economic Development Corp., marking the 12th annual grant to the agency that now totals $143,000 made to the NEDC.
First Niagara donated $10,000 to the Ferguson Library.
First Niagara Risk Management sponsored the Business Council of Fairfield County’s 2016 Healthy Workplace Event.
First Niagara sponsored the Walter Camp Football Foundation Weekend.
Jewett City Savings Bank Foundation awarded grants totaling $5,100 to four area social services agencies.
Liberty Bank Foundation donated $80,800 in grants to several nonprofits.
Liberty Bank distributed $25,000 to local nonprofits at is grand reopening.
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Savings Bank of Danbury donated $250 to New Milford Social Services for the Spirit of Giving holiday program.
Savings Institute Bank & Trust was a major sponsor of the 2nd Annual Dr. Grace Sawyer Jones Debate. Savings Institute Bank & Trust supported local community initiatives and nonprofits by collecting food, holiday gifts and coats.
Simsbury Bank sponsored the Farmington Valley YMCA’s “Bike for the Battle.”
Simsbury Bank displayed artwork by local nonprofit CCARC Inc. at their branch.
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Connecticut Banking Magazine • Second Quarter 2016
Simsbury Bank is a $5,000 sponsor of the Simsbury Land Trust’s updated property trail map “Simsbury Walk book – A Guide to Local Hiking”
Start Community Bank employees sponsored and participated in “Read Across America” day at a local New Haven school.
Thomaston Savings Bank supported Bristol area organizations, home of a new branch, with $29,124.
Torrington Savings Bank donated $2,000 to the Litchfield Performing Arts.
Union Savings Bank celebrated with Danbury’s Mayor Mark Boughton who received the Small Business Advocate Award from the US Conference of Mayors.
Union Savings Bank sponsored a new exhibit at the KidsPlay Children’s Museum.
United Bank was a presenting sponsor of the 2015 Eversource Hartford Marathon.
The United Bank Foundation of Connecticut donated $1,000 in support of HYPE’s (Hartford Young Professionals and Entrepreneurs) annual “Ton of Toys” holiday event. Union Savings Bank judged at the Young Entrepreneur Academy Investor Panel.
Union Savings Bank supported the Hometown Heroes Benefit along with the United Way.
Thomaston Savings Bank donated $15,000 to the Landmark Community Theatre.
Torrington Savings Bank donated $3,000 to The Gathering Place.
Union Savings Bank donated over 600 pounds of food to the Danbury Food Collaborative and the Friendly Hands Food Bank and served more than 400 meals.
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Webster Bank celebrated its 80th anniversary with an exhibit filled with iconic photos, artifacts and memorabilia of the bank’s history. Webster Bank promoted America Saves Week.
NEW
MARKETSHARE ENHANCEMENTS
Mortgage Marketshare Module Strategically Manage Your Competitive Advantage Like Never Before Monitor, analyze and track lending activity in new ways with The Warren Group’s Mortgage MarketShare Module.
THE INFORMATION YOU NEED, NOW ON DEMAND:
BUILD REPORTS TO VIEW THE MARKET THE WAY YOU SEE IT:
• Measure sales performance against competition and market activity
• View MarketShare percentage and overall ranking by $ volume or # of loans for Purchase, Refinance and All Loans
• Identify high-performing competitors
• Segment MarketShare by state, county, town; and drill down by loan amounts, loan types, and property types
• Locate and target emerging markets • Determine sales territories and quotas • Benchmark the productivity of originators and offices
• Generate Reports on screen, save to .pdf or export to .xls, .csv or .txt
• Track market share trends and rankings
• Perform unlimited searches and downloads, save up to 20 favorite queries.
• Demonstrate compliance with the Community Reinvestment Act
PREMIUM FEATURES (ADDITIONAL FEES APPLY):
The Warren Group now gives you the ability to dissect
• Segment market share by lender type or select specific lenders
it: by time periods, lending territories, geographic areas,
• Segment market share by custom regions, zip codes, and census tracts
mortgage types, and mortgage amount. Our interactive
• Create unlimited saved queries
and analyze the mortgage lending market as you define
module allows you to build custom reports to view market trends, monitor competitors, and measure your own market penetration - across multiple time periods,
NEW MARKETSHARE ENHANCEMENTS INCLUDE: • Industrial
• Office
connect you with vital market intelligence to exceed
• Single-Family
• Condo
your goals.
• Apartments
• Mutli-Use
geographies and more. Tell us your objectives and we’ll
INTERESTED IN LEARNING MORE? CALL 617.896.5365 TODAY OR EMAIL DATASOLUTIONS@THEWARRENGROUP.COM
THE SECRET IS OUT!
Today’s banks are searching everywhere for a technology partner that does business the same way they do—a commitment to innovation and a focus on service. Well, look no further than CSI. Our innovative solutions and customer-centric approach are the secret combination you’ve been waiting for.
csiweb.com/Secret
Core Processing • Managed Services • Regulatory Compliance • Digital Banking • Electronic & Print • Payments Processing • Treasury Management