Connecticut Banking 2Q 2017

Second Quarter 2017

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Second Quarter 2017 • Connecticut Banking Magazine

Second Quarter 2017

Women in Banking Conference

Bank Rebranding, Government Policies, Networking Strategies, Professional Image 2017 Sponsors

COVER STORY

CONNECTICUT BANKERS ASSOCIATION

10 Waterside Dr. Farmington, CT 06032-3083 Telephone: 860-677-5060 • Fax: 860-677-5066 Chairman B. Michael Rauh

Second Vice Chairman Stephen L. Lewis

First Vice Chairman Michael J. Casparino

President & CEO Lindsey R. Pinkham

President & CEO Chelsea Groton Bank

President and CEO Thomaston Savings Bank

President-Northern Connecticut People’s United Bank

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

Women in Banking Conference............................................ 14 FEATURES

Graduation – Class of 2017................................................... 4 Why the ‘One Size Fits All’ Marketing Approach Doesn’t Work With HSAs ........................................................................... 6 Are Your Bank’s Websites and Internet Banking Services Accessible to the Visually Impaired?...................................... 8 How Will Recent Deposit Insurance Updates Impact Your Funding Strategy?.............................................................. 10 High-Risk Technology Contracts.......................................... 12

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

The Warren Group

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

CONNECTICUT BANKING Editor

Karen Horanzy

©2017 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.

Page 20

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CBA Calendar................................................................ 9 Bankers in the News .................................................... 18 Banks in the News........................................................ 20

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Connecticut Banking Magazine • Second Quarter 2017

Graduation – Class of 2017 Connecticut School of Finance & Management

The Graduating Class of CSFM 2017

HERE ARE THE STUDENTS OF THE 2017 CSFM GRADUATING CLASS: Chelsea Groton Bank

CT Department of Banking Dime Bank Fairfield County Bank

Farmington Bank

First County Bank

Guilford Savings Bank

Giusy R. Beaman Penni A. Harlow Jennifer L. Seuferling Jessica Morton Annamarie Sementilli* Ornet Hines Andrew C. Coreau Laura M. Silver Wendy M. Souppa Jenny L. Christopher Jaclyn L. Gouvin Renee Kolakowski Romika K. Odedra Anna Maria Pace Colin M. Terrell* Zhili Wei Keira L. Cervoni Mark P. Muszynski

Ion Bank

Key Bank

Liberty Bank

Milford Bank National Iron Bank Newtown Savings Bank Northwest Community Bank People’s United Bank

Joseph M. Bottacari Matthew R. Capristo Zaleena D. Persaud Claens Bon Kristin J. Bures Margaret L. Pippin Regina M. Keith Lisa A. Lewis Sarah M. McGaw* Danielle M. Pezzenti Christina L. Stone Cortney A. Meng Kathryn S. Ward David T. Vega Deborah A. Fochesato Elijah A. Felix

Salisbury Bank & Trust Co. Savings Bank of Danbury Simsbury Bank

Amanda M. Goewey Eileen P. Narbutas Gil M. DaRocha

Roger M. DelGiorno* Cindy L. C. Ramkissoon TD Bank, N.A. Samantha A. Hornbuckle Anthony J. Mascia, III Caitlin R. McCall Thomaston Savings Chad S. Belanger* Bank Maria Brady Torrington Savings Bank Jason K. Tuncy Union Savings Bank Sorangel Ynfante United Bank Samir K. Mohanty Tara L. Zukowski Windsor Federal Savings Nicholas R. Oliva * 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 2017!

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Second Quarter 2017 • Connecticut Banking Magazine

T

he Connecticut Bankers Association has a busy calendar of events each year. One of the more anticipated and enjoyable events is the graduation ceremony held each spring for the second-year students enrolled in the Connecticut School of Finance & Management (CSFM). CSFM is the premiere management training program offered by the association.

The CBA is pleased to announce that 49 students in the CSFM class of 2017 graduated on April 12, 2017. One of the many highlights of the graduation ceremony was the awarding of the John C. Shortell Award for Academic Excellence to Chad Belanger of Thomaston Savings Bank. This award is presented to the student who has achieved the highest academic grade while attending the Connecticut School of Finance & Management.

PICTURE YOUR EMPLOYEES OR YOURSELF HERE! The CBA has made the syllabus for the class of 2019 now available! The syllabus includes course Chad Belanger (left), winner of the John C. Shortell Award for Academic Excellence is congratulated by Rob Toffey, education coordinator and CSFM administrator at the Connecticut Bankers Association.

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 23, 2017. Get your applications in now, as space is limited and spots fill up fast!

SUBSCRIBE

TODAY & SAVE! CALL 617-896-5388 TODAY! 5

Connecticut Banking Magazine • Second Quarter 2017

Why the ‘One Size Fits All’ Marketing Approach Doesn’t Work With HSAs Part 1

By Trish Reilley, Technical Writer, Ascensus

E

ven as health savings accounts (HSAs) continue to see double digit year-over-year growth, many financial organizations are reluctant to offer or even see the value of offering HSAs. On the surface, it appears that HSAs are just “spending” accounts that offer limited value for the amount of work they are to administer. Dig deeper into the HSA market, and you realize that not all HSA owners are the same and each require different service based on how they use their HSAs. We’ve identified four types of HSA owners that use their accounts differently: the FSA user, HSA user, HSA saver and HSA investor. Understanding these personas is the key to better positioning your organization to attract and retain HSA owners from all of the HSA owner types and to help grow your business. The FSA user and HSA user, discussed in this first of a two-part series, benefit most from early HSA education to maximize their savings potential.

The FSA User Many individuals (especially those who are in the FSA user persona) have common misconceptions about HSAs. One common misconception is that HSAs are just like flexible spending accounts (FSAs) and FSA users use them as they would their FSA. They only contribute what they plan to spend within the year (or only what their employer contributes to their HSA for the year) and use it all by the end of that year. Often these individuals do not have a lot of disposable income to put away extra in their HSAs. You may be quick to dismiss this cohort all together as their “revolving door” transactions offer a lot of work while they’re account balances generally see no year over year growth.

But it would be unwise to dismiss them all together. The debit card transactions actually generate revenue for your organization (increases with the number of swipes).

Opportunity For the FSA user and HSA user to move out of these persona types, they will need more disposable income (from job changes, promotions, etc.) and HSA education, which presents an opportunity for your organization. As they transition out of these personas, they likely will be loyal to the organization that educated them on HSA rules and also offers a one-stop-shop for other financial services they may need. Think of HSAs not just as a single account, but as the consumer potential. It may start off as one account, but the opportunity is there with that one individual to sell other banking products – retirement, lending and investments.

Creating the relationship through one account (literally) can pay dividends in the future.

The HSA User This persona is a step up from the FSA user. They have some HSA education and realize that HSAs don’t have a “use-it-or-loseit” provision. They also use their HSA for all of their qualified medical expenses, but they contribute more than the FSA user leaving some money left in the HSA offering marginal year over year growth. Like the FSA user, this cohort makes significant debit card swipes, which generates revenue for your organization in addition to account fees that you may charge. With this persona, education continues to be key for the same reasons as with the FSA user. This persona also has the added potential of savings and investment opportunity as they become more educated on HSA benefits and uses and move into HSA saver or HSA investor personas, which will be discussed in the second part of this article).

Next Steps The second installment of this article will describe the HSA saver and HSA investor personas and what opportunities these personas bring to your financial organization. u Trish Reilley is a technical writer at Ascensus. Her work also includes researching, writing and editing a variety of topics on IRAs, HSAs and employer-sponsored retirement plans. She has earned the CIP designation and the CISP designation.

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Connecticut Banking Magazine • Second Quarter 2017

Are Your Bank’s Websites and Internet Banking Services Accessible to the Visually Impaired?

By ABA Insurance Services, endorsed CBA program for D&O/Bond

sites that are not accessible to the visually impaired violate the ADA.

What’s the Issue?

As the Internet has evolved, so have websites, simplifying to be more visually appealing and sophisticated in what is offered online. For example, with the movement to mobile and tablet devices, many websites are moving in the direction of utilizing more imagery then text and unfortunately, with these design changes, being left on the outskirts of utility are the visually impaired who rely on screen readers or other adaptive technology for reading what is presented on a web page.

If there is no text tagged or associated to an image or picture, the screen reader essentially skips over it; hence the viewer, your current or prospective customer, may be missing vital information…like the button to log into their accounts or a link to important instructions or descriptions of products you offer.

The World Wide Web Consortium, the “international community that develops open standards to ensure the long-term growth of the Web,” has published Web Content Accessibility Guidelines for making websites accessible to people with visual impairments. The guidelines call for using invisible text as an alternative to graphics and for making pages navigable by a keyboard (not just by a mouse), among other features.3 By doing so, this makes a site more accessible. The text will be invisible to sighted users (i.e. white text on white background) but the adaptive technology will have no problems reading the text.4

B

e aware that plaintiffs’ firms are now targeting banks of all sizes for website accessibility.

Banks of all sizes nationwide are receiving demand letters from plaintiffs’ law firms on behalf of visually impaired customers alleging inability to access Internet banking websites in violation of the Americans with Disabilities Act (ADA).

The letters demand that the banks modify the websites to comply with proposed rules that won’t be enacted until 2018 and, of course, the firms are seeking attorneys’ fees.

According to Kevin LaCroix’s blog, “The D&O Diary,” website accessibility lawsuits “have become big business” for a number of plaintiffs’ law firms. Two of the leading law firms distributing these letters are Carlson Lynch Sweet & Kilpela LLP (Pittsburgh) and Lee Litigation Group PLLC (New York).1 According to one source, 106 lawsuits have been filed in federal court in the past year and a half.2 We expect that the number of suits will increase. In one month alone, we received notice from more than 10 banks in our program that received demand letters alleging that a bank’s website and Internet-based banking services violate the ADA because the sites are inaccessible to visually impaired individuals. These letters appear to be targeting banks of all sizes in all states; although, Pennsylvania, New York and California are the top three states with the most lawsuits.1 The letters tend to demand that the banks make costly modifications to comply with proposed standards. Even though the standards are proposed to be implemented in 2018, courts have held that web-

What’s the Customer’s Perspective?

Consider this quote from a visually impaired customer: “If I find a site I can use then I use it as much as possible; often even if I know I might be able to get things cheaper elsewhere. For example, I find it easier to have my supermarket shopping delivered and the best site I found to use is -------, so I use it. I know some things would be cheaper elsewhere but, well, the accessibility of the site and the app make it so easy why would I bother to look elsewhere when my experience tells me I’m likely to find problems.” 5 So while modifications may be expensive, the costs may pay off with customer use and satisfaction.

What to Do? Even though proposed regulations are not expected to be released until 2018, courts can still find that a website violates the ADA. We recommend that you seek legal counsel who is 8

Second Quarter 2017 • Connecticut Banking Magazine

familiar with these issues, including appropriate modifications and local lobbying efforts. We do not recommend responding to a demand letter in the absence of experienced counsel.

Many, if not most of the state bankers associations, are familiar with these demand letters and the efforts to respond.

Even if your bank has legal or IT advisors to help guide you through the ADA accessibility process, it may be helpful to check with your state bankers association to see how other banks are responding. The few associations that we talked with were able to recommend resources in your state.

A 2010 ABA report summarized it best: “…the ADA may appear to be just one more compliance burden and expense. However, unlike many other compliance obligations, there is much to be gained from making the world more accessible to the disabled.

Not only is it the right thing to do, it is also potentially good for business as it expands the market for bank products and services to the broadest range of customers. ABA urges all banks to undertake their continuing review of ADA compliance with this in mind.”

bond to financial institutions countrywide since 1987. Recognized for our underwriting and claims handling expertise, we also offer Property & Casualty coverage. For more information, please visit abais.com or contact ABA Insurance Services’ Richard Flenner at (800) 274-5222 or rflenner@abais.com.

Helpful guide from ada.gov: ada.gov/websites2.htm. u

Footnotes 1. “Wave of ADA Website Accessibility Lawsuits Grows, Community Bankers Threatened,” The D&O Diary, Kevin LaCroix, dandodiary.com/2016/10/articles/ employment-practices-liability-2/wave-adawebsite-accessibility-lawsuits-growscommunity-bankers-threatened/ 2. “Federal Website Lawsuits Top 100 As New Wave Of Demand Letters Hits Community Banks,” Minh Vu, adatitleiii.com/2016/09/federal-website-lawsuitstop-100-as-new-wave-of-demand-letters-hitscommunity-banks/ 3. “Bad for Users, Bad for Business,” T.C. Kelly, freeadvice.com/news/ Government+Law/websites-that-are-bad-for-business-and-customers.htm 4. “Retailers often blind to discrimination and lost business” Paul Harpur, phys.org/ news/2014-11-retailers-discrimination-lost-business.html

About Aba Insurance Services

5. “Seventy Percent of Websites Are Breaking the Law on Accessibility-Here’s How

Endorsed by Connecticut Bankers Association and American Bankers Association and backed by the financial strength and stability of American Bankers Mutual Insurance Ltd. (ABMI), ABA Insurance Services offers a unique bank-owned and banker-directed program which has provided D&O and

and Why That Needs to Change,” Damiano La Rocca, huffingtonpost.co.uk/ damiano-la-rocca/websiteaccessibility_b_9931304.html

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

CSFM is the premiere management training program offered by the Connecticut Bankers Association, whose curriculum has been modified and honed over the years to ensure it provides the most relevant and valuable experience to the students. Aside from the more than 21 days of instruction over the two-year period, the instructors at CSFM are experts in their respective topics. Thanks to their energy, expertise and professionalism they offer an unparalleled commitment to creating a program has become a destination for our industry’s brightest and an almost rite of passage for CT banking’s future leaders. For more information and to learn how you or one of your fellow bankers can become a part of the CSFM experience, please visit the CBA website at www.ctbank.com or contact Rob Toffey at the association via email at rtoffey@ctbank.com.

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Connecticut Banking Magazine • Second Quarter 2017

How Will Recent Deposit Insurance Updates Impact Your Funding Strategy?

By Zach Zoia, DCG Senior Consultant

D

iscussions centered on rising rates and the potential behavior of an institution’s deposit base are taking up more and more time these days at ALCO. And, rightfully so. The Federal Open Market Committee (FOMC) increased their target rate another 25bps in December to 50-75bps. In addition, their “Dot Plot” implies the potential for three more rate increases this year, and the futures market is pricing in one or two rate hikes (depending on the day). Devising, articulating and ultimately executing your institution’s rising rate funding game plan will certainly be important as (if) rates edge higher in 2017.

However, there is a different deposit topic that is garnering less attention that should be noted. A revision on how deposit insurance premiums are calculated is now live and coming to an invoice near you.

What do you need to know?

The FDIC published the Notice of Proposed Rulemaking (81FR-6108) in February 2016, which was a follow-up on a similarly published note in 2015. The purpose is an improved deposit insurance assessment to more accurately reflect risk. The new assessment protocol became operative in the quarter subsequent to the Deposit Insurance Fund (DIF) eclipsing 1.15 percent, which occurred in Q2 of 2016. Thus for many, the December 2016 invoice was the first time the new calculation was executed. This change applies to all established small banks ($10 billion and under), excluding those formed in the past five years.

The new system assesses seven financial ratios and an institution’s composite CAMELS rating to form the baseline for an insurance premium assessment. A specific pricing multiplier is applied to these ratios and added to a uniform amount in which the sum becomes the initial base assessment rate. Additionally, there are minimum and maximum rates for each CAMELS composite rating category. Simple, right?

The FDIC website has a link to an interactive calculator which lists the components of the assessment and how each part is aggregated. Simply type in your institution’s certificate number and CAMELS rating, and the sheet populates.

What is new?

There were some changes to components of the financial ratios section that align with the goal of “more accurately reflecting risk” in the assessment. The updates were related to: • reliance on brokered deposits • asset growth • concentration in “risky” loans

ized and CAMELS composite 1 or 2, reciprocal deposits are not included as “brokered” in the assessment. Otherwise, reciprocal deposits are classified as brokered.

Prior to this new ratio, there were two separate brokered deposit methodologies: a) If risk category I (in the old category hierarchy), it calculated whether brokered deposits divided by total deposits was > 10 percent, exclusive of reciprocal deposits. This was included as a “financial ratio” in the calculation and part of the initial base assessment. b) If risk category II, III or IV, it was captured as an additional adjustment outside of the initial base assessment, which increased the cost assessed if greater than 10% of deposits, inclusive of reciprocal in the outstanding balance.

Second, a new One-Year Asset Growth Rate is also now being utilized. It measures whether asset growth over the last twelve months exceeded 10 percent. It replaces an old metric of analyzing whether an institution grew 40 percent over the prior four years.

For both of these ratios, the assessment is adversely impacted to the extent the institution is above the mentioned thresholds.

Lastly, a new Loan Mix Index is also now being utilized. It measures the percentage of assets held in “higher risk loans.” It looks at the percentage of assets each loan sector represents and multiplies by a default historical industry charge-off rate (determined by analyzing data from 2001-2014 and weighting propor-

First, there is a new Brokered Deposit Ratio. It measures whether brokered deposits to total assets are greater than 10 percent. One key distinction is that if your institution is well-capital10

Second Quarter 2017 • Connecticut Banking Magazine

tionally to the number of bank failures in that year). The sum equals your index.

Set pricing multipliers are then applied to each of these ratios and are ultimately included in the formulation of your base assessment, along with the following other ratios: 1) leverage ratio 2) net income before taxes/total assets 3) non-performing loans and leases/gross assets 4) other real estate owned/gross assets

could influence your wholesale funding game plan. Whether reciprocal deposits are included in that ratio is surely important as well. Recall, any percentage of brokered funding greater than 10 percent begins to add to your yearly assessment.

Second, and most importantly, this assessment methodology change is a great reminder of how important a diversified liquidity and funding game plan are. Managing liquidity and your earnings-at-risk go hand-in-hand and will be of the utmost importance if rates do, in fact, increase.

It is prudent risk management to not only have ample capacity to access Federal Home Loan Bank borrowings and brokered deposits, but also other services and national market outlets. These are always in addition to the products offered in your local marketplace.

This funding flexibility should allow for less concentration on any single source of funding, and also allow for more price efficiency for times when specific wholesale resources are more cost effective, or are a better fit your interest rate risk profile.

The new assessment may or may not have a measurable impact on your bottom line. However, formulating a robust and diverse liquidity profile will enable the nimbleness necessary to manage your cost of funds as your local deposits become more expensive.

It is always better to patch the roof when it is sunny outside.

With rising deposit costs potentially at our doorstep, arm your decision makers with the full toolset now to most effectively manage the balance sheet going forward. u

What to do with this information?

Impending rising rates and the impact on deposit stability and overall funding costs continues to be a high priority strategic discussion at most institutions (if it isn’t at yours, it likely should be).

The hunt for additional “core” funds (i.e. stable and low cost) is a strategic goal for many institutions and is already leading to new promotional products at higher rates to entice new customer accounts (or to gain a larger share of existing customers’ wallets).

Presumably, the case can be made that as rates ramp upward, the community banking space may need to rely more on wholesale funding alternatives, especially if local deposit offerings become increasingly costly, and on the other side of the ledger, there is quality asset growth to fund.

So, as funding strategies are being discussed, consider the following: First, the knowledge of whether your institution is close to or above the brokered deposit ratio of 10 percent of total assets

Dedicated to providing affordable, high quality legal services to Connecticut banks. ___________________________________ Contract Drafting and Negotiations ~ Vendor Risk Management ~ Technology Contracts _____________________________________ Baldini Lang LLC provides discounted hourly rates to Connecticut Bankers Association members.

Visit www.baldinilang.com or contact Rich Lang at rich@baldinilang.com.

11

Connecticut Banking Magazine • Second Quarter 2017

High-Risk Technology Contracts

By Richard Lang

A

t our law firm, we draft, review and negotiate contracts between financial institutions and mission-critical technology vendors every day. Most vendor contract provisions are what we would expect to see in a high-risk technology vendor contract. But some of the provisions are downright bad for your bank.

And a few are even worse.

Provisions You Should Expect Most technology vendor contracts include common provisions, although they vary in approach, mutuality and benefit. Those include: Automatic Renewal: Vendors often include clauses that ensure the contract will auto-renew for very long periods until cancelled by the bank.

You should never agree to a multi-year auto-reRichard Lang newal, unless you have a foolproof vendor management program. Which you probably don’t.

Indemnification: Each party should indemnify the other against damages they cause, including for infringement by, or misappropriation of, intellectual property.

Limitation of Liability: Most contracts limit the amount of damages a vendor must pay if they breach the contract. You should insist on mutual application of such limits, which will cause the technology vendor to be much more reasonable.

Regulatory Compliance: Contracts should clearly allocate compliance obligations and the vendor should agree to maintain compliance with constantly changing regulations.

Privacy and Information Security: Privacy and information security provisions vary, but they should always state how the vendor will secure the nonpublic personal information of your customers, as the Gramm-Leach-Bliley Act requires, and what would happen in the event of a security breach.

Early Termination: Most technology vendors do not allow banks to terminate before the end of the agreed term. And, if you do terminate early, you will still owe payments for the remainder of the term, and perhaps other penalties. Which brings us to...

That’s right, if their services damage your customers, you must hold them harmless.

The Vanishing Credit:Some vendors provide very generous “credits” against their service fees. But then, if you terminate early, you must repay those credits: If bank terminates the agreement prior to the expiration of the initial term, bank shall reimburse vendor the aggregate amount of the credits provided. Reimbursement of the credits shall be in addition to any early termination fees or liquidated damages owed by bank for such early termination.

But wait! You also must repay all of the credits even if you simply renegotiate with the vendor: If bank renegotiates pricing before expiration of the initial term, bank shall reimburse vendor for all credits provided and any such credits will no longer be credited through the remainder of the term.

Hotel California: Which brings us to the worst vendor contract provision of them all. You can check in, but you can never check out of this contract: The initial term of this agreement shall end Aug. 1, 2022. Notwithstanding the foregoing, in consideration of the discounts set forth in this agreement, this agreement will automatically renew for a new five-year term every year on the anniversary of effective date unless bank provides written notification of non-renewal at least 120 days prior to an anniversary of effective date. In the event bank provides such non-renewal notice, such discounts will be immediately discontinued as of such anniversary of effective date.

So, when you finally decide to terminate this contract, it continues for five more years... and you lose all your discounts for those five years!

Which is bad, very bad, for your bank. u

Bad Provisions, and Worse The above provisions are common in almost every high-risk technology vendor contract, and most are intended to properly allocate risk (i.e. “protect the vendor’s bottom line”). Vendors cannot take unlimited risk and remain in business for long. But some vendor contracts have provisions that are notable for being bad. Bad for your bank, that is.

Indemnify Me: Some vendors want you to take all of the risk that they will harm your customers. Read that previous sentence again. (I will wait.) It does not make any sense to me either. But this provision is in their standard contract: Bank shall indemnify and hold vendor harmless against any and all claims by bank’s customers arising out of services provided by vendor.

Richard Lang is a partner at Baldini Lang LLC, a boutique law firm driven by business innovation, not legal tradition. Baldini Lang LLC advises banks on high-risk financial technology contracts. Rich can be reached at (860) 468-5264 or rich@baldinilang.com 12

Second Quarter 2017 • Connecticut Banking Magazine

CRA Compliance: Developing Winning Tactics

I

n the beginning of May, the FDIC issued its list of banks examined for Community Reinvestment Act (CRA) compliance. CRA examinations evaluate a bank’s lending, investments and service activities in order to assure that financial institutions are servicing the credit needs of their entire community, including low- and moderate-income neighborhoods. Satisfactory ratings are imperative. The bank’s CRA rating will have an effect on applications for the establishment of branches, mergers, consolidations, acquisition of assets; the list goes on. So how are banks maintaining a Satisfactory or, even better, achieving an Outstanding rating?

Financial institutions are evaluated by different CRA examination procedures based upon the asset size of the bank. All state member, state nonmember, national banks and savings associations that meet or exceed the asset size thresholds for both of the two prior calendar years become subject to CRA data collection and reporting requirements. Performance evaluations can occur for lending, geographic distribution, investments, service, community development and public file reviews.

Most banks in the recent May review achieved a Satisfactory rating. Banks, however, should keep in mind that these ratings directly correlate to the financial health of the community. Banks need to be cognizant of the purpose of the CRA as it relates to the community in which it serves. Developing a clear vision will provide banks with a solid groundwork to develop their respective CRA strategies; just as communities are different, no two CRA programs are similar.

Banks should clearly define their overall strategy; one that is constructive, efficient and credible. A financial institution lacking a clear vision is like launching a ship without a rudder – it is essential that banks critique their products and services against area(s) served, identify gaps in lending and services by income, geography and product, and capitalize on opportunities to lend, invest and provide services. To achieve these goals, banks need to reach out to leaders in their community to understand what their needs are and how those in the community perceive their bank.

A one-size-fits-all strategy doesn’t work. For example, while investing resources in affordable housing may be an admirable goal, it may not make sense in your community if there is an abundance of affordable housing units or if affordability isn’t an issue. If the perception in the community is that your bank won’t lend to low- and moderate-incomes, then you need to know and address the issue.

Despite the fact that banks are closing hundreds of branches a year due to consolidations and changes in consumer habits, the requirement to comply with CRA remains, placing a more heightened role on full-service branches to gauge how well they are supplying credit and services to the community. Regulators are going to analyze where a bank’s branches are but the bank must provide additional information for consideration: What alternative

“Despite the fact that banks are closing hundreds of branches a year due to consolidations and changes in consumer habits, the requirement to comply with CRA remains, placing a more heightened role on full-service branches to gauge how well they are supplying credit and services to the community. ” service methods are being provided? Mobile banking? Internet banking?

The location of a bank’s deposit-taking ATMs? Just because the number of bank branches is declining does not mean a community’s access to products and services should decline. However, financial institutions should be wary of practices that promote weak branch distribution in low- and moderate-income tracts, but attempt to make up for it with strong community development services. A bank’s strategic decision for less brick and mortar requires a more virulent commitment to ensure meeting the credit needs across their entire market. u For any other questions or concerns on CRA Compliance, give us a call at (888) 353-3933,chat with us on the website, or email us at hotline@compliancealliance.com.

13

Women in Banking Conference

Covers Wide Range of Topics

By Malea Ritz

Highlighting Networking Strategies, Government Policies, Professional Image, Bank Rebranding

A

fter a tumultuous presidential election year and a looming Attendees were enthusiastic about the speakers. uncertainty about where Connecticut’s economy and bank “I found the first session very inspirational. As far as Learning regulation are headed, this year’s Women in Banking con- Dynamics, I think getting out and networking is very key to the ference helped shine a light on where women stand amidst the tur- successes of our banks and businesses as a whole,” said Annelise moil.

Hurley, branch manager at Northwest Community Bank.

Armed with new knowledge on a wide range of topics, this year, “Even though we might know how to network, for example, 234 banking professionals attended the third annual Women in from Barbara Phillips’ speech, you forget certain things, so it’s Banking Conference, hosted by the Connecticut Bankers Associa- good to have a rehash of that,” said Martha Maresca, vice presition on April 28 at the Mystic Marriott Hotel in Groton. dent of retail review at United Bank.

CBA Chairman Michael Rauh gave welcome remarks to a room Margaret C. Liu, senior vice president and deputy general full of what he described seeing not as women, but leaders. Rauh counsel of Washington D.C.-based Conference of State Bank Sustressed the need for an increasing number of women in on execu- pervisors, followed Phillips with an update on what’s going on in tive board and in c-suite positions.

Washington.

Jean M. Joy, director of financial institutions at Wolf & Co., emLiu touched on topics such as “federal alphabet soup,” she said, ceed the day’s events, also announcing raffle prizes and networking referring to the many acronyms of governmental advisory combingo winners throughout the course of the day. mittees, along with Congress public policy, state-charted banks, The conference kicked off with a networking refresher from Bar- the Community Banking in the 21st Century Conference and the bara Phillips, senior vice president of Wallingford-based Learning people who will shape the financial policies agenda for the next Dynamics. four years. Liu also pointed out important positions that will ex“People do business with people they know,” she said, stressing pire in the coming years or will be up for re-election. the importance of building networks to in turn build relationships She also addressed M&As in the industry and the importance and connections. of community banks’ continued existence. For example, she said, “Be a resource to build trust,” she said. “Seventy percent of in- only one new de novo bank was recently approved, in the first teractions should be being a resource because they’ll come back to quarter of 2015. you.” Twenty percent of interactions should be based around letting “For those of you in banking, this is no shocker – consolidation walls come down so people get to know you better, and only 10 per- continues in the banking industry,” she said. cent of the conversation should involve talking about yourself, she Liu said consolidation without growth of de novo is a problem, said. commenting that “we don’t want to end up like Canada, with a Phillips said it’s important to learn about a person’s interests handful of big financial institutions, but that’s it.” and goals, but also to understand the purpose of networking. She She also highlighted several community bank “wins,” pointing pointed out that some of the most important strategies are to follow out that “community banks are a vital source of credit.” through and get outside of your comfort zone. The pay-off, she said, continued on page 17 is being seen as a credible resource.

“Do the same for others. I have spent my entire career dedicated to helping others and it really has come back to me tenfold,” she said.

15

Connecticut Banking Magazine • Second Quarter 2017

“I think that [the CBA], specifically with women in banking, is very important. This is the second year that I’ve had the opportunity to attend it and I find the speakers and the information very informative and very refreshing.”

— Martha Maresca, vice president of retail review, United Bank

Upcoming

CBA Calendar JUNE 2017

OCTOBER 2017

AUGUST 2017

JANUARY 2018

7

CT Legislative Session Adjourns

28 CBA Annual Golf Tournament

SEPTEMBER 2017

6-8 Cybersecurity 10-12 CSFM Resident Session 13 Directors and Trustees College

20 FDIC Update 11 12

New Leaders Awards Dinner BankWorld

MAY 2018 15

Director & Senior Officer Symposium

Second Quarter 2017 • Connecticut Banking Magazine

continued from page 15

Liu mentioned a case study competition at the annual community banking conference that raises awareness among undergraduate students to encourage them to join the banking industry (and stay in it long term). She also talked about big topics in the banking industry that are on the table for discussion in Washington, such as flood insurance, fintech, housing finance and BSA/AML reform. She answered questions among the audience regarding medical marijuana in the banking industry and the regulation around it, encouraging the bankers “to continue to engage with their regulators and legislators, because the trend of legalization is not stopping.”

Liu’s perspective resonated particularly with attendee Amy Jock, brand ambassador at Red Barn Consulting.

“As a whole, I love the presentation, I love the people that come in from different areas,” she said. “Margaret Liu, I love her presentation on Washington. It’s really nice to see everything coming in as a whole, because we get so locked in on what’s just pertinent to our little industry without branching out and seeing the larger pictures, so I think that’s really nice.”

Revitalizing Your Wardrobe, the State and Your Bank Debbie Wright, fashion stylist at Project Closet, gave the women attendees tips and tricks to update their wardrobes and look professional.

“Every day, be mindful with what you wear. Feel connected to your beauty and greatness. Be the woman you admire” she said.

Wright advised playing up the features that you love about yourself, rather than trying to hide the things you hate. She advised showcasing what makes you different and focusing on fit, rather than size.

Don’t be afraid of prints or colors, she stressed. Wright advised incorporating shades of coral and aqua into your wardrobe, which she said look good on everyone. Floral pencil skirts and cold-shoulder tops are very in this season, and help accentuate some of everyone’s best features.

Wright illustrated her styling advice on six lucky attendees who walked the runway to upbeat music and received the redcarpet treatment, thanks to the makeup styling provided by Wolf & Co. to complement the professional headshots additionally offered to all attendees. ”The fashion [presentation] is always fun,” said Jock. “It’s always fun to put your best foot forward and feel great about what you’re doing – which I think is great in these industries – because you get out, and you network and you meet more people when you’re feeling good about yourself.”

Attendees were happy to be a part of the conference.

“I’m enjoying myself. I like the history, with the Washington D.C. area and the politics there. I also enjoyed the fashion show, that was really nice. And I think the first guest speaker had some really, really good information on the networking, so I thought that was helpful,” said Marjorie Jones, branch manager at the Bloomfield office for Farmington Bank.

Connecticut Department of Economic and Community Development Commissioner Catherine Smith delivered “A Progress Report on Connecticut’s Economic Agenda.”

Smith discussed many aspects of the the state’s economic development strategy, including recruiting and maintaining talent in the workforce and addressing infrastructure issues. The state is investing in UConn and STEM studies to bring jobs into the state and revitalize urban downtowns. Connecticut is also working to support local businesses like Aetna, Travelers and The Hartford, while simultaneously stimulating the economy as a whole.

“People will bring the business to where they want to live,” she said.

Wrapping up the day’s speakers, Jill Castilla, president and CEO of Oklahoma-based Citizens Bank of Edmond, told her story.

Castilla described her own timeline, sprinkled with financial and personal obstacles, and how she saved a near-failing bank and gained the support of hard-to-win-over-colleagues and superiors.

Castilla outlined some of the strategies she has used to bring her little bank in suburban Oklahoma into the limelight of press attention and financial success. She talked about the open-floorplan renovations, bringing tellers and upper management out from behind the counters and doors of their office, and into the public space to better assist the customer. She detailed shutting down some branches and instead supplying the space with the bank’s own custom-built interactive teller machines.

Castilla recalled seeing negative headlines about the bank dominating much of its professional impact on social media.

“Use social media to control the story of your bank,” she said.

Castilla monitored any negative reviews, statuses or Tweets that circulated regarding banking or customer service issues afterhours. She replied directly to the customer, calling in favors to employees to ensure that the issue was fixed immediately, despite the bank being closed, building her customers’ loyalty.

She then launched a series of community events to support businesses and bring attention to the bank’s name, such as cash mobs and music festival “Heard on Hurd” that now draws over 30,000 attendees to the small town of Edmond, Oklahoma. The festival is filled with music, small business participation and food trucks, which have even won the approval of a hard-to-please local reporter, she noted.

Castilla also described supporting a nearby business by extending the branch’s own WiFi signal to cover the café and appease customers.

At the conclusion of the day, attendees were appreciative of the information they received.

“I think that this organization, specifically with women in banking, is very important,” Maresca said. “This is the second year that I’ve had the opportunity to attend it and I find the speakers and the information very informative and very refreshing.” u Malea Ritz is an associate editor with The Warren Group, publisher of Connecticut Banking.

17

Connecticut Banking Magazine • Second Quarter 2017

Kevin McAndrew

Nancy Abels Caccia

Trish Fontes

Nick Santorelli

Alessandro Spadafora

Courtney Sacchetti

Matthew Oxx

Vittoria Maccaro

Willmar Acevedo

Bill Mundell

Gregory Shook

Margery Petterson

Debra Verbeke

Joseph Greco

Thomas Borek

Susan Adams

David Iannucci

Betty Rubner

Marco Cabral

Donna DiMichele

Diane Dornfried

Sherrie Krawczyk

Richard Nemec

E.J. D’Ettore

Sharon Mansfield

Kelly Magalhaes

Kevin King

Allison Standish Plimpton

Jamie Dinh

Amy Helbling Crafa

Bankwell announced Kevin McAndrew joined as first vice president and controller.

Nancy Abels Caccia joined as first vice president, customer experience and development leader. Trish Fontes joined as vice president, treasury management sales officer. Nick Santorelli joined as first vice president, director of investments and treasury operations. Alessandro Spadafora was appointed vice president and branch manager. Courtney Sacchetti was named first vice president and director of financial planning and analysis. Matthew Oxx was promoted to first vice president. Vittoria Maccaro was appointed branch manager.

Willmar Acevedo joined as assistant branch manager.

Berkshire Bank – CBT Region announced Jason Edgar was named director of wealth management and interim chief information officer. Allison O’Rourke was named executive vice president of finance. Kevin Nihill was named senior vice president and treasurer. Jeannine Cimino was appointed to senior vice president and regional operations leader.

Chelsea Groton Bank announced Bill Mundell joined as assistant vice president and direct banking/e-commerce department manager.

Dime Bank announced Sen. Paul Formica, John Fuller, Mary Lenzini, Attorney William Nardone, Dr. Sandeep Varma and Philip Warzecha were appointed as corporators.

Essex Savings Bank announced Gregory Shook was re-elected to the board of directors of the Federal Home Loan Bank of Boston. Margery Petterson joined as vice president and commercial loan officer.

Fairfield County Bank announced Debra Verbeke was appointed executive vice president of human resources.

First National Bank of Suffield announced Joseph Greco was selected as the next president and CEO. Thomas Borek was promoted to commercial loan officer. Susan Adams was promoted to assistant vice president. David Iannucci was promoted to assistant vice president and residential lending manager. Betty Rubner was promoted to assistant vice president.

Guilford Savings Bank announced Lisa LeMonte is now marketing and community development officer. Bryan Mierzejewski is now network and security manager. Steve Supernaugh is now leading the accounting and finance functions. Alex Sulpasso joined as assistant vice president and operations 18

manager. Dave Finnerty was promoted to senior vice president and senior operation manager.

Ion Bank announced Marco Cabral was promoted to vice president and senior mortgage originator. Donna DiMichele was named assistant vice president and mortgage originator. Diane Dornfried was named assistant vice president and mortgage originator. Sherrie Krawczyk was named assistant vice president and mortgage originator. Richard Nemec was named senior vice president of commercial lending. E.J. D’Ettore was named senior vice president of commercial lending. Sharon Mansfield was named senior vice president of commercial lending. Kelly Magalhaes was awarded the top annual customer service commendation for 2016. Kevin King was named senior vice president of commercial lending.

Key Bank announced David Cabezas was hired as a junior relationship manager.

Allison Standish Plimpton was a panelist for the Middlesex County Chamber’s third annual Small Business Lending Forum.

Liberty Bank announced Jamie Dinh, Amy Helbling Crafa and Lawrence Jeune were appointed as bank officers.

Second Quarter 2017 • Connecticut Banking Magazine

Lawrence Jeune

Susan Kovacs

Tom D’Agostino

Linc Keil

Paula Woodhouse

Karin O’Brien

Sue LoRusso

Jennifer Blatchley

Holly McNamara

Justin Markovits

Eric Haffa

Bianca Martin

Lana Morrison

Jessica-Lynn Nigro

Bernadeta Eichner

Rita Elkboury

Perry E. Brown

Kasey Beckendorf

Rachel Mahoney

Stephen Burke

Jason Giordano

Rob Costentino

Brian Runkle

Randall Blattner

Samuel Hanna

Christopher Moti

John M. Jezowski

Joe Cox II

Chris Perry

Linda Cote

Kevin O’Connor

Newtown Savings Bank announced Susan Kovacs joined as assistant treasurer and branch manager. Tom D’Agostino, Linc Keil and Paula Woodhouse were promoted to vice president. Karin O’Brien and Sue LoRusso were promoted to assistant vice president. Jennifer Blatchley and Holly McNamara were promoted to assistant treasurer. Scott Baggett, Todd Ingersoll, Maureen Crick Owen and Dawn ReshenDoty were inducted as new corporators.

Salisbury Bank & Trust Co. announced Justin Markovits, joined as vice president and trust officer. Eric Haffa joined as assistant vice president, branch manager and cash management specialist. Maria Marrero was recognized as "Employee of the Year.” James Kelly was recognized as "Rookie of the Year." Michele LaPlante was recognized as "Volunteer of the Year." Todd Clinton received the 2016 President’s Award.

Bianca Martin was promoted to assistant vice president and branch manager. Lana Morrison retired after 33 years at the company.

Simsbury Bank announced JessicaLynn Nigro joined as market manager.

Bernadeta Eichner joined as branch manager.

Union Savings Bank announced Rita Elkboury was promoted to assistant vice president, merchant sales and servicing manager for payment services. Perry E. Brown joined as vice president and wealth management administrative officer. Kasey Beckendorf was promoted to assistant vice president and compliance officer.

Webster Bank, N.A. announced Kristen Magninelli was promoted to senior vice president of marketing. Dawn Morris was named one of the Hartford Business Journal’s Women in Business.

Rachel Mahoney joined as senior vice president and director of brand, affinity and community affairs. Glen Marx was promoted to senior vice president of portfolio management and commercial banking. Gary Israel was promoted to senior vice president of audit. Gilbert Torres joined as senior vice president of commerical banking. Stephen Burke joined as senior vice president of commercial 19

banking. Ray Beloin, Jason Giordano and Rob Costentino made the Top 100 Bank Advisors list from Bank Investment Consultant. Brian Runkle joined as senior vice president of transformation and operational excellence. Josephine Moran joined as senior vice president and sales manager. Randall Blattner joined as senior vice president and director of business applications delivery. Samuel Hanna was promoted to senior vice president and head of middle-market banking. Christopher Moti was promoted to executive vice president and head of commercial banking.

John M. Jezowski was re-elected to the board of trustees for the New Britain Museum of American Art and appointed chairman of the museum’s investment committee. Joe Cox II and Chris Perry were named Five Star Wealth Managers.

Linda Cote was elected to a two-year term as chairperson of the Home Builders & Remodelers Association of Central Connecticut Charitable Foundation.

Westfield Bank announced Kevin O’Connor was promoted to executive vice president and chief banking officer. u

Connecticut Banking Magazine • Second Quarter 2017

Essex Savings Bank sponsored an internship program with Valley Regional High School.

Essex Savings Bank supported its local soup kitchen by volunteering and providing food.

Bankwell launched the Bankwell Pet Adoption Project.

Bankwell gave a $2,500 grant to Silvermine Art Partners to fund a Norwalk Housing Authority middle school student project.

Essex Savings Bank employees held a sock drive for the needy with an annual holiday competition to decorate a stocking.

Bankwell provided a $12,000 grant to the Maritime Aquarium’ s Children’s Opportunity Fund.

Bankwell was the lead sponsor for Dine Out Fairfield.

Essex Savings Bank provided funding to refurbish the Essex Groundhog for the town parade.

Bankwell sponsored a toy drive for Cliford Beers Clinic.

Bankwell donated $2,500 to Child Advocates of Southwestern Connecticut.

Berkshire Bank Foundation awarded a total of $1,862,265 in grants to nonprofit organizations in 2016.

Berkshire Bank expanded its scholarship awards program to 35 high school seniors for a total of $52,500.

Berkshire Bank announced the winner of their military and veteran Exciting Rewind Mortgage Giveway is David Hiltz who will receive $12,000 to assist paying his mortgage for a year.

Bankwell participated in a winter coat drive to benefit the Bridgeport Rescue Mission.

Fairfield County Bank teamed up with the Connecticut Food Bank “GROW! Up With Good Nutrition” for events on financial literacy and budgeting money.

Farmington Bank donated more than $1 million in sponsorship and grants to more than 400 nonprofit organizations in 2016.

Berkshire Bank awarded $7,500 to winners of its Exciting Home Equity Sweepstakes.

Berkshire Bank achieved 100 percent employee participation in its XTEAM corporate volunteer program.

Berkshire Bank partnered with Rachael Ray to present a $5,000 donation to the Dana-Farber Cancer Institute.

Bankwell contributed $4,500 to the Tiny Miracles Foundation.

Berkshire Bank Foundation provided $20,000 in grant opportunities through its Xtraordinary Day Grant for nonprofits.

20

Farmington Bank presented a $100 prize to the high school student who won their video competition on saving and using money wisely.

Second Quarter 2017 • Connecticut Banking Magazine

[[WEBSTER - BOB Award]] [[no photo]]

Farmington Bank Community Foundation awarded a $30,000 grant to the University of Saint Joseph and Urban Alliance to support “More than Food.”

Jewett City Savings Bank Foundation awarded $5,100 to purchase automated external defibrillators for three area high schools.

First National Bank of Suffield participated in Mary’s Place’s “Have a Heart” campaign by raising more than $1,000.

Jewett City Savings Bank Foundation awarded $9,200 to support libraries, arts and cultural organizations in the local community.

Farmington Bank participated in their “On Us” campaign on St. Patrick’s Day at Dunkin Donuts with free breakfasts.

Farmington Bank Community Bank Foundation awarded an $11,650 grant to The Arc of the Farmington Valley.

Guilford Savings Bank gave $275,000 to over 200 nonprofit organizations including Connecticut Sports Foundation.

Jewett City Savings Bank Foundation awarded $30,350 to local food pantries and health and social services initiatives.

Ion Bank Foundation awarded a $5,000 grant to Wellspring Foundation.

Farmington Bank taught financial fundamentals to third grade students at Holmes Elementary School.

Ion Bank Foundation awarded a $10,000 grant to the Naugatuck StayWell Health Center.

Farmington Bank participated in a holiday children’s clothing drive for My Sisters’ Place.

Ion Bank Foundation awarded a $5,000 grant to Columbus House for the Wallingford Emergency Shelter Program.

Farmington Bank hosted the Connecticut Asset Building Collaborative networking event.

Ion Bank Foundation awarded a $10,250 grant to the Naugatuck Economic Development Corp.

21

The Key Insurance and Benefits Services sponsored the Business Council of Fairfield County’s Healthy Workplace Employer Recognition Program.

KeyBank served as a presenting sponsor of New Haven Restaurant Week.

KeyBank served as presenting sponsor of the Walter Camp Football Foundation’s Stay in School Rally.

Connecticut Banking Magazine • Second Quarter 2017

KeyBank was awarded 2016 Neighbor of the Year Award.

Newtown Savings Bank employees raised $1,000 in celebration of American Heart Association’s National Wear Red Day.

Simsbury Bank made a $2,500 donation to Simsbury Community Television’s capital campaign.

KeyBank was a corporate sponsor of the NAACP of Greater New Haven’s centennial anniversary event.

Start Community Bank sponsored and participated in Read Across America Day 2017.

Simsbury Bank was the Champion Sponsor of the Farmington Valley YMCA’s “Bike for the Battle.”

Newtown Savings Bank sponsored the American Cancer Society’s Relay for Life for $5,000.

Newtown Savings Bank employees volunteered at the United Way of Western Connecticut’s Mobile Food Pantry.

Start Community Bank was a sponsor of the Clifford Beers Clinic Builders of Hope Breakfast.

Start Community Bank participated in the Literacy Volunteers Scrabble Challenge.

Thomaston Savings Bank Foundation awarded $15,000 to Landmark Community Theatre.

Start Community Bank partnered with LEAP and donated gently-used prom attire to New Haven high school students.

Salisbury Bank sponsored Fill-the-Basket Food Drive collecting 42 food baskets and $250 to help food pantries.

Salisbury Bank offered a free seminar on best practices for business owners with 401(K) plans.

Newtown Savings Bank donated $1,000 to the Boys and Girls Club of Lower Naugatuck Valley.

Salisbury Bank offered several free community shred days.

22

Thomaston Savings Bank Foundation awarded a grant to the Waterbury Boys & Girls Club to purchase a new scoreboard for their gym.

Second Quarter 2017 • Connecticut Banking Magazine

United Bank Foundation presented a check to the Greater Hartford Arts Council for its annual Big Red for the Arts event.

Torrington Savings Bank contributed $10,000 to the Nutmeg Ballet Conservatory.

Union Savings Bank employees helped create puppets used for educational programs hosted by the Women’s Center of Greater Danbury.

Union Savings Bank was a judge at Danbury Public School Invention Convention.

Webster Bank received the Gold Healthy Workplace Award from the Business Council of Fairfield.

Union Savings Bank sponsored a Save-A-Suit drive for local veterans and donated over 600 items.

Union Savings Bank employees visited several schools on Read Aloud Day in conjunction with Northwest Connecticut Chamber of Commerce.

Union Savings Bank participated in the Ridgefield Chamber of Commerce’s Future Leaders Conference for high schoolers.

Union Savings Bank celebrated Read Across America Day by hosting a book drive collecting over 350 books for the community.

23

Webster Bank took part in national Wear Red Day to join the fight against heart disease.

Webster Bank received Best of Business Awards for Best Bank for business, business lender and commercial mortgage lender.

Webster Bank participated in America Saves week.

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