CT Banking 2Q 2018

Second Quarter 2018

2018

Women in Banking Conference

October 21-23, 2018 | New York Hilton Midtown | New York, New York

ABA is taking on the Big Apple. Join us as we capture the energy of the city that never sleeps to tackle issues facing the industry, connect to peers and business pioneers, and take home bright ideas and big dreams for your bank.

Special Rate for Connecticut Bankers—Register Now aba.com/Annual

Second Quarter 2018 • Connecticut Banking Magazine

Second Quarter 2018

2018

Women in Banking Conference

COVER STORY

CONNECTICUT BANKERS ASSOCIATION

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

Second Vice Chairman Cynthia C. Merkle

First Vice Chairman Stephen L. Lewis

President & CEO

President-Northern Connecticut People’s United Bank President and CEO Thomaston Savings Bank

President and CEO Union Savings Bank

Lindsey R. Pinkham

2018 Annual Women in Banking Conference........................ 10 FEATURES

Two Ways Banks Can Generate Fee Income with Life Insurance................................................... 4 Stepping Up Our Political Engagement ................................. 5 #MeToo and You – the Movement’s Impact in the Workplace ....................................................... 6

Executive Vice President & Treasurer Thomas S. Mongellow

Beneficial Ownership: Step-by-Step...................................... 7

First Senior Vice President & Secretary Colleen E. Clancy

Up in Smoke?..................................................................... 14

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.

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Bankers in the News .................................................... 15 Banks in the News........................................................ 18

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Connecticut Banking Magazine • Second Quarter 2018

Two Ways Banks Can Generate Fee Income with Life Insurance

By Craig Simms

W

ith continued low interest rates flattening spreads and constricting core revenue streams, banks have the opportunity to get more creative when it comes to generating fee income.

Non-traditional bank products, like annuities, stocks, bonds and mutual funds, can help fill that fee income void while meeting customer needs. However, the recent implementation of the Department of Labor’s (DOL) fiduciary rule has complicated the sales process for these products.

This begs the question: What product allows banks to increase fee income while working within Craig Simms the onerous DOL rule?

The quick answer is life insurance. In general, we see a consistent life insurance offering as a reliable way for banks to generate fee income for two main reasons:

the Medical Information Bureau, pharmaceutical databases and Motor Vehicle Records to shorten the underwriting process and ultimately speed the delivery of a policy decision. The accelerated underwriting process can take anywhere from a few seconds to a few days to deliver a policy.

This development, while still in the works at major insurance companies, will likely become the new norm for selling life insurance five years from now.

A shorter underwriting process could make life insurance more appealing to bank customers, especially to young and healthy applicants, and translate to more sales of the product. Additionally, accelerated underwriting’s ability to access medical records allows applicants to sidestep the invasive medical exams that are typically part of the underwriting process.

Considering that life insurance products may be a better fit in the new regulatory landscape and the underwriting process will dramatically improve in the coming years, banks have an opportunity to market the product in a whole new way and leverage these advantages to generate fee income.

To get started, work with your life insurance provider to:

Less Regulatory Risk Of all the products available for sale through a bank, life insurance remains the most conservative, fiduciary-friendly option. Other products, such as mutual funds, stocks and bonds, are subject to greater regulatory scrutiny because they can often involve the utilization of retirement funds, a key area of sensitivity under the DOL rule.

But the beauty of life insurance is that traditional term and basic whole life insurance generally are not funded by “qualified” money from 401k plans, etc. They are sold and bought solely for their ability to provide a death benefit upon the owner’s death and the monthly cost is paid for from after-tax income.

The other benefit to life insurance is that there is no long-term commitment to pay the premium. If at any point the customer wants to surrender their policy or decides they can’t afford it, they can ask the insurance company to simply cancel it and there’s no obligation to continue paying for the product.

By offering a combination of traditional “protection-oriented” products such as term and basic whole life insurance, as well as single premium “wealth transfer” products, banks can meet the financial needs of many core customers while at the same time generating fee income for the institution and avoiding the intricacies of the DOL rule.

• Build a product and distribution plan • Lean on the experience of the life company for marketing and training support, website page building, etc.

• Train internal and field employees on the simple ways to offer life insurance • Integrate life insurance into the licensed agent “scorecard” • Create a dynamic online presence for the product supported by an ongoing awareness campaign

Technological Advancements in The Underwriting Process Bank agents have long-dreaded the amount of time it takes to guide customers through the traditional life insurance underwriting process, which typically lasts between four and six weeks. Not only does it cause frustration on the bank’s end, but customers may become irritated with the long waiting period it takes to actually receive insurance coverage.

However, the development of accelerated underwriting is beginning to solve this issue. Accelerated underwriting aggregates and analyzes readily available data about the applicant from places like LexisNexis,

All of these initiatives are generally paid for by the life insurer. Fee income results will depend on the infrastructure of the institution and the bank’s ability to create an ongoing marketing campaign to promote the availability of the product within their institution. u

Craig Simms is senior vice president at Vantis Life Insurance Co. 4

Second Quarter 2018 • Connecticut Banking Magazine

Stepping Up Our Political Engagement

By Rob Engstrom

G

o vote. Every election we hear about the importance of voting.

And it is extremely important.

But as an industry that touches every community in America, I’d argue that bankers need to do more than just vote; we must be politically engaged year-round, even and odd-numbered years.

Political engagement means so much more than just voting or giving to campaigns, though both are important ways to make your voice heard.

Political engagement is a holistic approach Rob Engstrom that, when executed appropriately and thoughtfully, can make a big difference both inside and outsides the walls of government.

ABA, state bankers associations and our members have helped build and defend the foundation of the American economy for nearly 150 years. Now we’re bringing our allAmerican values to the halls of Congress, standing with candidates and legislators of both parties that appreciate the critical role banks play in the economy.

Political engagement is about doing our part to keep the American dream within reach for bank customers, clients and communities.

To recognize and elevate the importance of political engagement, both as an organization and on behalf of bankers everywhere, ABA has fully integrated our BankPac, grassroots, independent expenditure and voter education efforts to speak with one voice under the ABA brand. To that end, we are:

• Launching a voter education effort — the ABA Voter Education Fund to grow our political profile by engaging in issue and candidate advocacy, polling, research and “get out the vote” efforts • Establishing criteria for candidate support and outlining standards for engagement • Expanding our grassroots infrastructure and preparing to mobilize as we near key milestones legislatively and politically • Strategizing with our partners in the ABA-State Association Alliance, utiliz-

ing their boots on the ground for local efforts These are all opportunities for ABA members to be involved and we invite you to be a part. Of course, it all starts with your state bankers association. All politics in local and no one understands that – or is a better local resource for you – than your state bankers association.

Engaging in these efforts is not about checking a box for each activity. It’s about finding strategic opportunities to use your resources and your voice to expand the banking industry’s political profile.

BankPac, the Voter Education Fund and grassroots are important pieces of increasing our political presence and all allow opportunity for bankers to get involved. But we recognize that these components are not one-size-fits all. Each bank and each banker have different attributes that may allow them to interact with these opportunities differently. There is a place for every banker and every bank in these political engagement efforts.

So, how can you be a part? Reach out to ABA and your state bankers association to 5

see how you are best placed to participate.

For some, it may be joining BankPac; for others, supporting voter education efforts; and for more still, it’s being a grassroots ambassador – not just cultivating your own relationships with lawmakers, but educating your peers and employees about what’s happening in Washington, so that they get involved.

Political engagement is more than a contribution in an election year or contacting your lawmaker during an important vote. Political engagement is developing and maintaining a constant presence in front of lawmakers and the public that shows bankers are here, we’re paying attention to what’s happening in the halls of government, and we’re actively involved in creating a civic environment that is helpful to the American economy.

The banking industry represents two million employees and millions more customers. It’s time our political will and engagement match that. That’s what we’re doing at ABA and we invite you to be a part of it. Join us at aba.com/engage. u

Email Rob Engstrom at rengstro@aba.com.

Connecticut Banking Magazine • Second Quarter 2018

#MeToo and You – the Movement’s Impact in the Workplace

By Laura Simmons

S

ince late 2017, the entertainment industry has been deluged with sexual harassment allegations against some of its biggest names. The public has witnessed powerful men in the entertainment industry being taken down by these allegations.

Harvey Weinstein, Matt Lauer, Bill O’Reilly and others have watched their careers vanish when someone finally listened to the women they had been victimizing for years. The resulting #MeToo and #TimesUp movements demonstrate that women are no longer willing to tolerate or ignore sexual harassment. Only time will tell the impact this will have on companies in other industries.

However, this is not unique to the entertainLaura Simmons ment industry. In 1992, sexual harassment captured the country’s attention when President Bill Clinton was accused of inappropriate conduct with an intern, and Clarence Thomas had to contend with Anita Hill’s allegations during his confirmation hearings. Despite Bill Clinton remaining president of the U.S. and Clarence Thomas being confirmed as a Supreme Court justice, businesses throughout the country felt the impact of these events with a 71 percent increase in charges filed with the Equal Employment Opportunity Commission (EEOC). Employers were forced to review their policies and procedures to ensure that there was a “zero tolerance” for sexual harassment, and that managers were trained on how to respond to allegations of sexual harassment. Employers had to take a hard and honest look at their culture and make appropriate changes.

What will happen in 2018 as a result of the #MeToo and #TimesUp movements?

It is too soon to tell. It is highly anticipated that the frustration witnessed in the entertainment industry will expand to other industries, resulting in additional sexual harassment complaints. Already, visitors to the EEOC website have more than doubled. While the scope of the impact is still unknown, no one doubts that there will be increased scrutiny on sexual harassment resulting in more claims

being brought. Employers should use these events in the news to improve their culture, review their policies and ensure that they provide a harassment-free workplace for everyone.

So what now? Your organization should take a hard look in the mirror and consider the following issues: What is your culture? Honest answers only!

Companies are fully aware of sexual harassment as an issue and certainly take steps and have policies to avoid it, BUT, what actually goes on in your workplace? It’s easy to identify the very graphic conduct coming out of Hollywood as sexual harassment, but what may be happening in your workplace is likely much more subtle. It is a good reminder that ALL of the following conduct are considered sexual harassment: • Sexual jokes, innuendoes and gestures • Comments about a person’s appearance, dress or body • Unwelcome flirtations or advances even if joking or subtle • Terms of address like “honey,” “baby” or “sweetheart” • Intrusive questions or comments about a co-worker’s personal life or sex life • Any unnecessary and unwanted physical contact such as touching, rubbing or hugging • Display or transmission of sexually suggestive electronic content Employers need to be aware of how employees actually interact on a day-to-day basis in the workplace. Your company is at risk if a culture remains where some or all such conduct is tolerated.

What are your company policies on sexual harassment?

Most companies proudly report that they have a “zero tolerance” policy on sexual harassment. This may actually deter the reporting of sexual harassment issues. Many women want to report a sexual harassment issue, but do not want the perpetrator to be fired. They continued on page 9

TRAIN AND EDUCATE MANAGERS AND SUPERVISORS

Employees who have been placed in managerial and supervisory roles within the company are the frontline defense for sexual harassment.

• They should understand that they each have an obligation to watch for behavior that might be making someone uncomfortable, and must step in and stop it.

• They should be trained on what type of conduct can be considered sexual harassment.

• They should understand that conduct does not have to rise to the level of actionable sexual harassment before speaking up. If they think conduct MIGHT be making an employee uncomfortable, they should address the situation.

Consider what resources are currently provided to your managers and supervisors, and evaluate whether enough is being done to make them effective and active at preventing sexual harassment.

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Second Quarter 2018 • Connecticut Banking Magazine

Beneficial Ownership: Step-by-Step

By Silvia Garcia Maggio

T

here have been a lot of questions on the various 2018 rules but one of the two (looking at you, HMDA!) that the Compliance Alliance hotline gets the most questions on is the Beneficial Ownership Rule. And the number one question? “Can someone please explain this to me in plain English?!” It’s a fair question so it’s time to break down this rule by going step-by-step.

legal entity customer and you would get the CIP-like information from each of them.

Step 3: Who Do I Get the Ownership Information From?

The beneficial ownership information – who the owners are, how much they own, who is in charge - is going to be given to you by the person opening the account. Does that mean a beneficial owner has to open the account? No, the person has been given the right to open the account by the company can give you this information. That means that the person opening the account may very well not be one of the five people you’re collecting the beneficial ownership information on.

Step 1: Who Does This Rule Apply to?

The rule applies to “legal entities” as defined by the rule. So even if you’re used to thinking about family trusts and estates as a “legal entity” because they are separate from the individuals involved with them and they are created by state law, that’s not the defining trait of a “legal entity.” The defining trait is an organization that is created by registering with the secretary of state (or whatever your state’s registration agency is called) as a business that is separate from the individual(s) running it. So for example, a sole Silvia Garcia Maggio proprietorship wouldn’t meet that definition but a sole member LLC would. Likewise, a family trust would not meet definition but a business trust that is set up by registering with the secretary of state would. So, you have a legal entity, you continue to step 2, if not, you follow your regular CIP steps.

Step 4: What Do I Have to Collect?

What you’re actually going to be collecting on each individual is really similar to CIP information: name and title of the individual, name and address of the business, date of birth and Social Security Numbers for US citizens and Passport Numbers for non-citizens. One big difference is, unlike CIP, you can accept copies of those documents as verification instead of the actual ID. So that means, the person opening the account can come prepared with that information.

Step 5: How Do I Collect It?

Step 2: What Do I Have to Do?

There’s also a model certification form in the appendix which you can take from your customers to identify those beneficial owner individuals. It’s basically going to allow the customer to just list their up-to-four beneficial owners and the single individual who is listed as controlling the company. You can use the model form but it’s not a requirement – so if you want to take that information in some other fashion, you can do that. The person opening the account has to sign off on the information being correct regardless of how it’s collected.

The beneficial owner rule requires that banks identify who the beneficial owners of a legal entity are and then, verify the identity of those owners much like CIP. So first, you need to figure out who is an owner and if anyone owns at least 25 percent of the business. So, for example, for sole member LLC, you’re going to have one person who owns 100 percent of the company and you need to get their verification documents. On the other hand, you might have a company owned by 10 people, all owing at least 10 percent of the company so none of those owners would meet this ownership requirement.

In addition to your owners, you also need one person who has the ability to control or manage the business – for example, your CEOs, your CFOs or COOs. It doesn’t matter who it is along as they can control the company. You can also rely on the information the customer is giving you in regards to this role. The end point being, you could be collecting information on up to five individuals – up to 4 owners who own at least 25 percent plus 1 controlling owner. If you don’t have someone who owns at least 25 percent of the entity, you will just collect information on that controlling or managing owner. So this rule will have to collecting on 1 to 5 people, total.

That’s simple enough when the direct owners are natural people – but what if the beneficial owner is a trust or another company? For a trust that owns at least 25 percent of a legal entity, you’re simply going to get the CIP-like information from the trustee. For a legal entity that owns a legal entity, you’re looking to see if any natural person individual owns at least 25 percent of your legal entity customer. For example, if your legal entity is 100 percent owned by an LLC and that LLC is owned by two people – they indirectly own 50 percent of your

Step 6: When Do I Have to Collect?

This information has to be collected every time a legal entity opens a new account – it’s not based on the legal entity being a new customer – it’s literally every time they open a new account, even if the entity has banked with the bank for 20 years.

Additionally, after the rule came out, we started hearing panelists at regulator panels and different parties indicating that the beneficial ownership rules apply to renewals of CDs and loans. However, it’s also important to be aware the FDIC has also indicated that auto-renewals of CDs do not trigger beneficial ownership requirements. Since there have been conflicting opinions on this topic, it’s always best practice to get an interpretation directly from your own regulator.

So there’s the rule – similar to CIP but requires more organization information from your business customers. Compliance Alliance does have a full BSA/AML compliance toolkit including beneficial ownership tools. u Silvia Garcia Maggio is an associate general counsel for Compliance Alliance.

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Connecticut Banking Magazine • Second Quarter 2018

Congratulations – Class of 2018

Connecticut School of Finance & Management The Connecticut Bankers Association is proud to announce that 48 students in the Connecticut School of Finance & Management’s Class of 2018 graduated on April 11, 2018. CSFM is the premiere management training program offered by the CBA and 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. Sharon J. Cossu of Thomaston Savings Bank was awarded the John C. Shortell Award for Academic Excellence, which is presented to the student who has achieved the highest academic grade while attending the CSFM two-year program.

The syllabus and application for the CSFM Class of 2020 is currently available on the CBA website at www.ctbank.com/CSFM/Application.aspx. The application – which includes course descriptions, class schedules, fees associated with attendance and much more – is due by Friday, June 15, 2018. Get your applications in now, as space is limited and spots fill quickly! u

CSFM Class of 2018 Graduates: Bankwell

Shanelle M. King

Chelsea Groton Bank

Colleen C. Kluberdanz Carleen M. Lee Max A. Spelman

COCC

Sara J. Monroe Michelle R. Orsini

CT Department of Banking Teresa R. Williams

Liberty Bank

Matthew S. Hallet Bethany A. Lombard Amber L. Zawistowski

Fairfield County Bank

Jacqueline B. Getchell Tanya R. Parker National Iron Bank Michael Stacey Brock Wehry

Farmington Bank

Bethany J. Lavertu Honors Holli L. Moore Gianpaolo Patane

First County Bank

Grazyna M. Landmesser Catherine Piscitelli

Guilford Savings Bank

Kathleen D. Duncan Bryan J. Mierzejewski Michael D. Paz Honors

People’s United Bank Larissa M. Delo John M. Gonski Jennifer L. Lynch Venice A. Scott

Savings Bank of Danbury

Farley A. Santos Stephen Fernando Siguenza

Simsbury Bank

Christina B. Adajian Alyssa F. Davies Honors

Ion Bank

TD Bank, N.A.

Jewett City Savings Bank

Stephanie M. Bliga Theresa M. Plasky

William R. Couture Melissa L. Waite Honors

Thomaston Savings Bank

Damion R. Dunn Kelly H. Griffin John Yanchek

Sharon J. Cossu Honors Matthew R. Fazo Andrea M. Phillips

Union Savings Bank

Rui P. Anderson-Sousa Taylor L. Marcucci

United Bank

Pasquale S. Cusello Aieshya N. Jackson Jason R. McConnell Maxwell Scardetta

Webster Bank, N.A. Meredith J. Winzler Natalie R. Bonito 8

Second Quarter 2018 • Connecticut Banking Magazine

#MeToo

hours. Many companies sponsor social events for employees after work hours. None of these needs to (or should) stop; however, rules involving sexual harassment apply in these situations as well. Putting employees in social situations – often with alcohol – can lower inhibitions and make employees feel very comfortable with each other.

This can create camaraderie and improve teamwork, as long as nothing crosses the line.

• Ensure that employees understand that being “off the clock” is not a defense for sexual harassment.

• at events, consider having members of your management team remain sober for the event and stay for the duration so that they can identify and put a stop to any issues that may arise. u

continued from page 6

just want the behavior to stop. A policy that references appropriate consequences for sexual harassment without the “zero tolerance” language may actually encourage more women to come forward and honestly report situations without the fear that they may ruin someone’s career.

There will certainly be situations where harassing conduct warrants termination, but if the sexual harassment policy allows more flexibility by employers, the most appropriate course of action can be identified. Employers may want to review their sexual harassment policy with counsel to determine whether it can be made more effective.

Sexual harassment is not a 9 to 5 issue only.

Many employees can be reached any time of the day or night through emails or texts. Employees regularly socialize together after

2020 Connecticut School of Finance and Management Application & Information

Laura Simmons is ABA Insurance Services’ HR director and EPLI claims manager. She can be reached at lsimmons@abais.com or 800274-5222, ext. 1304.

The Connecticut School of Finance and Management (CSFM) is a proven management development staple within many Connecticut banks, and a critical tool in shaping future leadership teams. This two-year program, instructed at the undergraduate level, has a curriculum designed to provide an opportunity for junior bank management personnel to obtain a more comprehensive knowledge of the financial services industry. Class work includes banking theory, practices and procedures, capital markets and management functions, all of which will be of substantial value in the student’s preparation for greater responsibilities at the management level. The program is designed to increase the knowledge of the students in their own specialties and, at the same time, introduce them to a wide range of banking topics. CSFM instructors are experts on their respective topics and, thanks to their energy, expertise and professionalism, they offer an unparalleled commitment to creating a program that has become a destination and a rite of passage for our industry’s brightest future leaders.

Upon completion, students will have developed a broader perspective of the industry, a more enlightened view of their own bank and most importantly, a greater awareness of their individual capabilities. 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 Kim Tuttle at ktuttle@ctbank.com.

Testimonials: Through the two years at CSFM I met a lot of people and made connections that I will keep throughout my career.

— John R., United Bank, CSFM Class of 2017

This was a great help to my current position as well as future career path. It increased my understanding of the underlying strategic plans of the bank.

— James M., First Niagara Bank, CSFM Class of 2016

The entire session/program was excellent - well organized and great example on a different scale of the inner workings of bank and decisions that are made.

— Jennifer D., Chelsea Groton Bank, CSFM Class of 2016

The whole program was amazing.

— Michelle W., Essex Savings Bank, CSFM Class of 2016

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I cannot say enough good things about this program, I think you do a fantastic job of giving students a “big picture”' perspective of banking and I left feeling like I had a more well-rounded knowledge of the industry and my role in my bank. — Melissa W., Jewett City Savings Bank, CSFM Class of 2018

Connecticut Banking Magazine • Second Quarter 2018

Over 235 Attend Annual

Women in Banking Conference

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Second Quarter 2018 • Connecticut Banking Magazine

By Kimberly Tuttle

T

he fourth annual Connecticut Bankers Association Women in Banking Conference commenced with a Networking Reception on Thursday, April 26 at the Mystic Marriott in Groton. Several returning attendees were looking forward to the reception so much so that they commented that there would be an “uprising” if the highly anticipated, delectable mashed potato bar was not included. The following morning, over 235 banking professionals were in attendance for a day of leadership, learning, networking and empowerment as they listened to presentations, participated in panel discussions and engaged in interactive leadership programs.

CBA Chairman Michael Casparino opened the conference as he offered a warm welcome to those in attendance. Jean M. Joy, director of professional practice at Wolf & Co. emceed the conference, including announcing the lucky raffle and networking bingo prize winners throughout the day.

The conference kicked off with an informative presentation from Denyette DePierro, vice president and senior counsel at the American Bankers Association. DePierro focuses on the state, federal and international regulation of technology, cybersecurity, privacy, data security and emerging trends in banking, including fintech, blockchain, internet of things, artificial intelligence and social media. She offered insight into the digital threats and vulnerabilities faced by our organizations in today’s world, including recognizing fake emails, protecting our brand and pro-actively examining our future vulnerabilities amidst current cultural shifts.

DePierro was followed by a panel of the four female CEOs at banking institutions throughout Connecticut: Maureen Frank, president and CEO at Start Community Bank; Lisa Griffin, president and CEO at Eastern Savings Bank; Sue Shields, president and CEO at The Milford Bank and Cindy Merkle, president and CEO at Union Savings Bank. The women spoke frankly about their backgrounds in banking, the obstacles they’ve faced and how they have worked to overcome them and their rise to become CEO of their respective organizations.

One question presented to the panel was, “How do you ensure a work-life balance in

Continued on page 12 11

Connecticut Banking Magazine • Second Quarter 2018

your busy lives? Can women really ‘have it all’?” Sue Shields enlightened the audience with her response, “Yes, we can definitely have it all – just not all at the same time!” She and her fellow panelists went on to discuss and address the timeless challenge of achieving work-life balance.

The CEOs also shared both the qualities they look for in successful employees, and the fact that none of them had begun their careers with banking in mind, and certainly not with the specific goal of becoming a bank CEO. The curiosity, drive and dedication these women embody is what led them to be leaders in their field. The audience was appreciative of the CEOs open and honest responses. “I enjoyed the panel discussion and really appreciated the mix of speakers,” shared

Judith Corprew of Patriot Bank NA. The morning program closed with an appearance from New Britain’s Mayor, Erin Stewart. Stewart is the youngest mayor ever to be elected to the city of New Britain, and she shared with the room that President Barack Obama personally informed her that she is also the youngest woman mayor ever to be elected in the United States. Stewart addressed the crowd with a vibrant and forthcoming talk titled Women Empowerment in the 21st Century. She spoke of her entrance into politics in her teens and her enthusiasm to promote change within her community, and how that has grown to encompass the entire state of Connecticut in her current run for governor. She shared many anecdotes and relatable sce12

narios in which her gender elicited negative reactions in her professional circle, especially when she won the mayoral seat and pushed to invoke change. Stewart then opened the floor and took questions from the audience as well.

The 2018 Women In Banking Conference concluded with a dynamic, entertaining and highly interactive workshop called, Own It: Vision, Leadership and Execution Strategies, led by Meridith Elliot Powell. Powell is a business strategist, with a background in corporate sales and leadership. Her career expands over several industries including banking, health care and finance. She worked her way up the corporate ladder from an entry-level position to earn her seat at the C-Suite table and, through that ex-

Second Quarter 2018 • Connecticut Banking Magazine

perience, helps leaders in business learn the new rules of success today, including how the economy has changed, how that has changed today’s customers and employees and specifically how that impacts business. “No walking on coals, no breaking boards, just real-life strategies you can put into place first thing Monday morning,” she says. During her highly engaging and energetic session, Powell revealed how to attract more business, retain top talent and leap into position to win in this new economy. Everyone in attendance was on their feet, participating and learning, during this fun and energizing end to the day’s events. “I love that she had exercises that made everyone get out of their seats and have conversa-

tions with total strangers. Having people move and interact in a seminar is more effective than solely speaking to an inanimate audience,” Bethany Lavertu from Farmington Bank said, “When I left the conference, I felt as though her message of ‘know what you want, make it clear to your peers what you want and develop a strong network to help you get what you want’ is going to help me, and all the other ladies at the conference, in advancing our careers.”

Attendees were appreciative and enthusiastic about the Women in Banking experience. Barbara Curto from Chelsea Groton bank shared, “I found the presenters to be engaging, motivating and fun. It was inspiring to be in a room 13

filled with women whose backgrounds were quite diverse, but who had each managed to accomplish a tremendous amount personally and professionally.” “I really wasn't sure what to expect at this event since I had never been before,” said Denise Napoli of Farmington Bank. “I thoroughly enjoyed listening to all of the speakers and the panel. Everyone brought such great energy to the room.”

Mark your calendars now to attend our fifth Annual Women in Banking Conference scheduled for Monday, May 3, 2019 at the Mystic Marriott. We hope to see you there! u Kimberly Tuttle is director of education at Connecticut Bankers Association.

Connecticut Banking Magazine • Second Quarter 2018

Up in Smoke?

By Darlia Fogarty

T

hough it is still early in the year, 2018 has already made its mark on banks nationwide. From laborious HMDA amendment implementation to digesting Consumer Financial Protection Bureau (CFPB) policy metamorphosis, banking professionals occupy an uneasy space to say the least. Adding smoke to the fire, U.S. Attorney General Jeff Sessions announced in early January the rescission of the socalled “Cole Memo,” which had instructed federal prosecutors nationwide not to dedicate resources to marijuana activities increasingly deemed legal under state laws. The Cole Memo had provided some breathing room for financial institutions to engage in providing services to marijuanarelated businesses (MRBs), leading to nearly 400 institutions nationwide providing such services by the end of 2017.

The original memo and subsequent clarifications provided space for federal prosecutors to forego comprehensive enforcement of the Controlled Substance Act (CSA), which is a federal law prohibiting the production, processing, or sale of marijuana. This direction was issued based on the growing number of state laws initially permitting medicinal use of the substance, and eventually provisions permitting the recreational use of the drug. The memo was clear that federal resources should be dedicated to those marijuana crimes with the most severe implications, such as crimes involving minors, guns or criminal enterprises.

The memo indicated the former administration’s perspective on enforcement of the CSA with regard to marijuana, and opened up dialogue between MRBs and potential service providers, including banking institutions. The Financial Crimes Enforcement Network (FinCEN) issued guidance for financial institutions in 2014 to provide a framework for dealing with MRB relationships and transactions. The industry appeared to be well on its way to achieving legitimacy status, though the dragon in the room that everyone increasingly ignored was the continued existence of a federal law prohibiting the very activities in which the MRBs were engaged.

Enter U.S. Attorney General Jeff Sessions, long-time outspoken opponent of marijuana use. In April of 2017, Sessions wrote a letter to congressional leaders emphasizing the dangers of marijuana and requested they not approve an appropriations rider barring the use of federal funds to prevent certain states from implementing state laws permitting possession, cultivation, distribution or use of medical marijuana. A federal district and appellate court have interpreted that rider to include a prohibition on prosecutions of both state officials and private individuals. Questions remain as to the applicability of the rider to recreational use, but the likely answer is that it does apply to both medical and recreational use. Despite Sessions’ efforts, the rider was approved and remained in effect until Feb. 8, 2018, at which point all federal appropriations require renewal.

Financial institutions are left in a precarious position regarding banking MRBs. Arguments abound on either side, with more conservative voices advocating that banks not engage with MRBs in any respect, and voices of those less risk-averse providing suggestions for banks in managing MRB relationships. The latter voices view recent events as merely one more stepping stone to full legalization. Regardless of which side your bank may take, there are strong arguments being made by key players that the federal government must provide a legitimate infrastructure in which to bank MRBs. Issues made worse by precluding MRBs from establishing a banking relationship include increased risk for money laundering and other criminal activity, security concerns around large cash amounts, lack of ability to track a large segment of the economy, and lack of accurate taxation.

Efforts under way to alleviate the disconnect between state legalization, federal prohibition, industry need, and banking compliance include both federal and state level initiatives. The attorney generals of 19 states signed a letter to congressional leaders urging them to pass legislation to permit a safe harbor for banks to provide 14

services to MRBs. The U.S. Attorney from Colorado has indicated that their office will continue efforts as they were before Sessions issued the rescission, and California and Massachusetts have proposed laws in the last few weeks as a result of the rescission. California’s proposal focuses on permitting banks to provide services to MRBs, while Massachusetts takes a more direct aim at the rescission by proposing to prohibit local and state law enforcement from assisting federal prosecutorial efforts in marijuana-related cases.

While an industry representing $6.7 billion in sales at the end of 2016 and projected to reach $20 billion by 2021 is nothing to sneeze at, banks must mind the consequences of engaging with MRBs. Should the federal government proceed with efforts to enforce the CSA, repercussions could include asset forfeiture, criminal aiding and abetting, and racketeering charges, not to mention violations of the Bank Secrecy Act and regulations pertaining to anti-money laundering. Indeed, Sessions mentions these specific laws by name in his announcement, thus making it clear that the Department of Justice may scrutinize financial institutions choosing to bank MRBs. Investors could also be subject to prosecution or civil liability.

Banks with a less conservative approach and those already tied up in the industry can mitigate risk through use of technology platforms to track and monitor accounts, comprehensive and real time cash transaction monitoring, use of multiple sources for data comparison, ensuring complete transparency and documentation, performing regular and thorough risk assessments of policies and procedures for banking MRBs, and working with customers and colleagues to remain proactive in employing best practices and ensuring communication. Finally, refer to the FinCEN guidance on banking MRBs and ensure the timely and accurate filing of reports in accordance with that guidance. u Darlia Fogarty is director of compliance and COO at Compliance Alliance.

Second Quarter 2018 • Connecticut Banking Magazine

Jonathan Breen

Michael Pida

Ellen Bay

David Dineen

Paul F. Larsen

William Lidestri

Michael Sheahan

Jamie Goulas

Richard Morelli

Carolyn Welch

Lori Dufficy

Melissa Raffanello

Hillary Ryan

Anthony Joyce

Betsy Conway

Marla Bogaert

Jamie Hunter

Renuka Kumar

Linda Mucciacciaro

Brendan Goodrich

Jennifer Daukas

John Pruchnicki

Carlos Santos

John Zinno

Lisa SanAngelo

Sorrina Salvatore

Brian Paul

Bankwell announced Jonathan Breen joined as vice president commercial lender. Michael Pida was named vice president and market manager. Ellen Bay joined as vice president and market manager. David Dineen was elected to a three-year term on the Board of Trustees of The Maritime Aquarium at Norwalk.

Paul F. Larsen joined as senior vice president and head of C&I lending.

Chelsea Groton Bank announced that Michael Rauh received the 2018 Connecticut River’s Council Boy Scouts of America Outstanding Leadership Award.

William Lidestri was promoted to executive vice president. Michael Sheahan was promoted to director of retail lending and executive vice president. Jamie Goulas graduated from the Greater Norwich Area Chamber of Commerce Leadership Exploration and Development program.

Richard Morelli was promoted to executive vice president and corporate secretary. Carolyn Welch was promoted to senior vice president of commercial lending manager. Lori Dufficy was promoted to executive vice president. Melissa Raffanello joined as residential loan officer.

Hillary Ryan joined as vice president of business intelligence. Anthony Joyce was promoted to senior loan officer and executive vice president. Betsy Conway was

appointed to the board of trustees.

Marielle Winkelman was promoted to assistant secretary. Alysha Yepes was promoted to assistant secretary. Richard Balestracci was promoted to commercial loan officer and vice president. Denise Fournier was promoted to vice president.

Jessica Todd was promoted to director of finance. Jennifer DeLucia was promoted to accounting manager and assistant vice president. Lize-Anne Stewart was promoted to assistant secretary. Ana Healy was promoted to assistant secretary. Carleen Lee was promoted to assistant secretary. Jennifer Seuferling was promoted to assistant secretary. Susan Bailey was promoted to retail lending underwriter II and assistant secretary for retail lending.

Kathryn Reynolds, Tryon Clark, Sean Rotermund and Matthew Needleman were elected as trustees.

Dime Bank announced Kevin Owren rejoined as residential mortgage originator and assistant vice president. Sarah Harris was elected as a corporator. Peter Maneri was elected to the board of directors.

Essex Savings Bank announced Marla Bogaert was recognized for her volunteerism by the Valley Courier as a person of the week. Kevin Nolan and David LaMay were selected to attend the Bar15

Kevin Trahan and Josue Luna

Amanda Scott

ron’s Top Independent Advisors Summit.

Fairfield County Bank announced Jamie Hunter joined as vice president and financial advisor. Renuka Kumar was promoted to senior vice president, credit administration.

Farmington Bank announced Steve Gemme was promoted to vice president.

Linda Mucciacciaro was promoted to senior vice president. Brendan Goodrich was promoted to vice president. Jennifer Daukas was promoted to senior vice president.

Ion Bank announced John Pruchnicki, Carlos Santos and John Zinno were elected to the board of corporators.

Amanda Scott received a customer service commendation. Lisa SanAngelo was hired as vice president and chief operations officer. Sorrina Salvatore was promoted to vice president and business development officer. Brian Paul joined as commercial lines producer.

Jewett City Savings Bank announced Kevin Trahan and Josue Luna joined as corporators.

Continued on page 16

Connecticut Banking Magazine • Second Quarter 2018

Gregg Vaillancourt

Helena Moronta

Sue Murphy

Robin Faircloth

Katharine Washburn

LeeAnn Liberty

Thaddeus Rogala

John Saunders

Chandler Howard

Irena Qyaja

Trina Johnson

Bethany Lombard

Laura Berendsohn

Mary Jascha

Karin O’Brien

Michael Hogan

Spring Burke

John Jepson

Michele LaPlante

Steven Kulikoski

Penn Johnson

Paul Little

Anita Richard

Demetrio Ricciardone

Angela Hernandez

Cynthia Palmer

Christine Feden

Kathryn Tracey

Jennifer Theofanidis-Cronin

Ryan Stepalavich

Emily Petrik

Lisa Hopkins

Renee Simao

Mary Conti

Lauren Murphy

Kenneth Martin

Sarah Duval

Susan Fearn

KeyBank announced Gregg Vaillan- president and privacy officer. court was hired as vice president of senior payments and solutions advisor.

Litchfield Bancorp announced Laura Berendsohn joined as assistant vice presiLiberty Bank announced Chandler dent and branch manager.

Howard was named a member of the Boston Federal Reserve Bank board of direcNewtown Savings Bank announced tors. Helena Moronta was named an of- Mary Jascha was promoted to first vice ficer. Robin Faircloth was named first vice president and senior commercial lending president and compliance officer. Katharine officer. Karin O’Brien was promoted to vice Washburn was named operational risk of- president and bank security officer. ficer, incident and business continuity man agement. John Saunders was named assisSalisbury Bank & Trust Co. announced tant vice president and senior commercial Peter Albero, Ronald Myers, Robert Lotz, credit underwriter. Irena Qyaja was named Laura Bosio, Michael Hogan, Rory Goodassistant vice president, cash management man and Lynne Storti received the “Presioperations manager. Trina Johnson was dent’s Award.” Michael Hogan received named assistant vice president, internal the “Rookie of the Year” award. Nicole audit manager. John Jepson was named vice Chase joined as assistant vice president and president, senior commercial loan officer. branch manager. Spring Burke received Sue Murphy was named Volunteer of the the 2018 Five Star Mortgage Professional Year by the Chamber of Eastern Connecti- Award. Michele LaPlante received the cut’s Education Committee. LeeAnn Liberty “Volunteer of the Year” award. Steven Kuwas named bank officer and loan advisor likoski received the “2017 Employee of the supervisor. Thaddeus Rogala was named Year” award. assistant vice president, privacy officer.

Savings Bank of Danbury announced Bethany Lombard was named assistant vice Penn Johnson was a guest on Connecti16

cut Style talking about helpful hints to get ready to buy a home.

Savings Institute Bank & Trust announced Paul Little was promoted to chief credit officer. Anita Richard joined as retail lending compliance manager.

Demetrio Ricciardone was appointed business development officer. Angela Hernandez was promoted to branch manager. Cynthia Palmer was promoted to commercial loan officer. Christine Feden was promoted to senior vice president, commercial loan officer. Kathryn Tracey was promoted to vice president. Jennifer Theofanidis-Cronin was promoted to assistant vice president. Ryan Stepalavich was promoted to assistant treasurer and infrastructure manager. Maria Grenier was promoted to operations manager.

Emily Petrik was promoted to branch officer. Lisa Hopkins was promoted to branch officer. Renee Simao was promoted as training and selection coordinator. Mary Conti joined as life insurance and annuity program manager. Lauren Murphy was promoted to chief finan-

Second Quarter 2018 • Connecticut Banking Magazine

Laurie Gervais

Joseph Luzzi

Gary DellaRocco

Brian Coates

Joanne J’Anthony

Susan Lebel

Annual Meeting Corporators

cial officer and executive vice president. Kenneth Martin was promoted to chief commercial lending officer.

Sarah Duval was promoted to operations manager. Susan Fearn joined as vice president, cash management officer. Laurie Gervais was promoted to chief operating officer. Joseph Luzzi was named mortgage consultant.

Simsbury Bank announced Joanne J’Anthony was promoted to assistant vice president. Susan Lebel was promoted to assistant vice president and senior relationship manager. Christine Miller was promoted to assistant vice president.

Thomaston Savings Bank announced Mark Gibson joined as a new corporator.

Christine Miller

Mark Gibson

Edward Handy and Mark Gim

Cindy Cipriano

Gabriel Sousa

Patricia Clemente

Ken Mitchell

Stephen Dow

Mark Tuteja

Cindy Cipriano was named branch manager. Gabriel Sousa was appointed assistant branch manager. Patricia Clemente was named assistant vice president and small business commercial lender.

Torrington Savings Bank announced Rita Myers joined as vice president of direct banking.

Union Savings Bank announced Gary DellaRocco joined as business banking officer. Brian Coates was promoted to senior vice president and commercial services region manager. Wanda McCarry, Zachary Rapp, Thomas Oneglia and Mandy Handyshy were appointed corporators.

United Bank announced Nga Nguyen joined as vice president and branch manager.

Washington Trust announced Edward Handy assumed the role of chairman and CEO and Mark Gim assumed the role of president and COO.

Webster Bank, N.A., announced Ken Mitchell joined as senior vice president and director of digital marketing. Stephen Dow was promoted to senior vice president and director of SBA & specialty banking. Mark Tuteja joined as senior vice president and market manager. u

SEND BANKSintheNEWS & BANKERSintheNEWS Submissions to cba@ctbank.com 17

Rita Myers

Connecticut Banking Magazine • Second Quarter 2018

Bankwell presented $2,500 to Inspirica as part of its Bankwell for Good program.

Bankwell donated $5,000 to the Carver Foundation of Norwalk.

Bank of America volunteers sorted 11,500 pounds of fresh produce at Foodshare for distribution to pantries, meal programs and mobile food trucks.

Bankwell delivered coats collected during a winter coat drive to benefit Person to Person.

Bank of America volunteers participated in Read Across America.

Bankwell teamed up with the Darien Depot donating $10,000 to the organization to support the Apres Ski Winter Fundraiser and launched its first scholarship as part of the “Bankwell for Good” program.

Bankwell donated $2,500 to Arts for Healing.

Bankwell sponsored the seventh annual Maker Faire Westport.

Bankwell sponsored the Fourth Annual Filling in the Blanks luncheon and fashion Show.

Bankwell donated to the Junior Achievement 2018 Stock Market Challenge.

Bankwell supported Darien House Tour for not for profits.

Bankwell donated $2,500 to the Connecticut Food Bank in lieu of holiday gifts to customers this past year.

Bankwell donated $5,000 to Housing Development Fund.

The Chelsea Groton Foundation made a donation to the Three Rivers College Foundation.

Bankwell completed a two-month food collection to benefit the Food Pantry at the Open Door Shelter in Norwalk.

Bankwell employees volunteered at Filling in the Blanks to pack thousands of meals to be delivered to over 800 needy children.

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Chelsea Groton Financial Services volunteered at Habitat for Humanity Building Day.

Second Quarter 2018 • Connecticut Banking Magazine

The Chelsea Groton Foundation made a $100,000 grant to NCDC for establishing a Global City Initiative to support the revitalization of Downtown Norwich.

Dime Bank Foundation donated $5,500 to The Furniture Bank to help purchase 100 new beds for low-income families.

Essex Savings Bank held its annual holiday contest in support of the Shoreline Soup Kitchen & Food Pantries collecting over 900 pounds of food and donating $200 to local charities.

Essex Savings Bank hosted Middlesex Chamber’s Chester/Deep River/Essex division meeting.

Essex Savings Bank loan department participated in the Lots of Socks campaign in recognition of World Down Syndrome Day.

Fairfield County Bank donated $5,000 to the Open Door Shelter in Norwalk.

Fairfield County Bank donated $1,500 to WICC Holiday Fund for Children.

First County Bank sponsored the Stamford Museum & Nature Center Maple Sugar Festival Weekend.

Farmington Bank continued its sponsorship of the town of Farmington Economic Development Commission Business Breakfast Series.

First County Bank awarded $1,000 for the Grand Opening Grand drawing winner.

Farmington Bank partnered with 102.9 The Whale to host a “Warmth Drive” by collecting winter outerwear for donation to The Salvation Army.

Farmington Bank was selected to participate in the Federal Home Loan Bank of Boston’s Equity Builder Program.

CORRECTION Two images in the previous issue of Connecticut Banking from First County Bank were incorrectly attributed to Fairfield County Bank; the correct images are below

First County Bank held a ribbon-cutting event.

First County Bank sponsored Banzai for eight schools in Fairfield to promote financial literacy.

First County Bank received the Women’s Choice Award as a highly recommended financial firm.

First County Bank is the official sponsor of Bobby Valentine Sports Academy Collaboration.

Essex Savings Bank announced its 2018 Community Investment Program balloting results

Fairfield County Bank partnered with Community Reinvestment Act Partners to help provide safe and secure environments for seniors.

Fairfield County Bank donated $40,000 to four local United Way organizations.

First County Bank volunteers led the Stamford Balloon Parade.

First County Bank employees donated a total of $1,500 to the Undies Project.

Jewett City Savings Foundation awarded a $5,000 grant to United Community and Family Services for a new health care facility in Griswold.

First County Bank employees attended the Annual Community Associations Institute of Connecticut Conference.

KeyBank Foundation pledged a three-year grant of $75,000 to Boys & Girls Club of Stamford to support a new program called Key to Success.

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Connecticut Banking Magazine • Second Quarter 2018

Northwest Community Bank presented a $10,000 check to the Winchester Public Schools for their community playground.

Northwest Community Bank contributed $5,000 to Gifts of Love.

KeyBank announced they are the UConn Athletics Official and Exclusive Retail Bank of UConn Men’s Basketball and presented $250 to a fan at half-time.

Liberty Bank partnered with Charter Oak State College Foundation to educate Connecticut residents about cybersecurity.

Northwest Community Bank was a Platinum

Sponsor for the Adopt an Artist Initiative at Connecticut Academy for the Arts.

Salisbury Bank employees Peter Albero, Ronald KeyBank executives and Wolcott High School students gathered for a job shadowing event.

Liberty Bank donated $1,500 to Connecticut Coalition Against Domestic Violence in honor of International Women’s Day.

Myers, Robert Lotz, Laura Bosio, Michael Hogan, Rory Goodman and Lynne Storti received the “President’s Award”

Salisbury Bank will provide several Free Shred Days scheduled for the remainder of the year.

Salisbury Bank completed another successful Fillthe-Basket food drive helping food pantries feed those in need.

Salisbury Bank offered a free seminar on internet security.

KeyBank presented a $1 million grant to the Connecticut Center for Arts and Technology.

Liberty Bank was recognized by the Bristol Press and Bristol Chamber of Commerce for outstanding customer service and dedication to helping the city’s residents.

Salisbury Bank offered financial advice for avoiding Liberty Bank's loan servicing team donated 120 pounds of food to Middletown’s Amazing Grace Food Pantry.

online dating scams to the community.

Savings Bank of Danbury delivered Spring Buddy Baskets to Regional Hospice for their Healing Hearts Children’s Grief Program.

Liberty Bank was a Glam Sponsor at the Connecticut Cancer Foundation’s 31st annual Gala.

Savings Bank of Danbury employees assisted at the Connecticut Food Bank/United Way of Western Connecticut Mobile Food Pantry at Walnut Hill Church.

Liberty Bank presented a $5,000 check to “Write On!” Mental Health Connecticut’s creative writing and advocacy program.

Liberty Bank donated over $357,000 to local food pantries and human service organizations

Litchfield Bancorp launched their community Cash Mob event to support local businesses.

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Savings Bank of Danbury employees bowled to help raise money for Relay for Life.

Second Quarter 2018 • Connecticut Banking Magazine

Start Community Bank was a sponsor of the United Way’s Read Across America Annual Event.

Start Community Bank sponsored and attended the 2018 Annual Leap Year Event.

Savings Bank of Danbury employees who are graduates of Western Connecticut State University attended the SCSU Marcicostas 2018 Entrepreneur luncheon.

Start Community Bank was a sponsor for Clifford Beers Clinic 15th Annual Builders of Hope Breakfast.

Start Community Bank was a sponsor of Music Haven’s Studio Classes 2018.

Start Community Bank was a sponsor of the Jazz

Event to Support New Haven’s Stetson Library.

Start Community Bank employees collected toys for the Clifford Beers Clinic Toy Drive.

Start Community Bank was a sponsor for and

participated in the Literacy Volunteers Scrabble Challenge.

Savings Bank of Danbury employees took part in “Jeans Day” raising over $400 for the March of Dimes.

Savings Bank of Danbury relocated its Wolcott, Waterbury Branch.

Savings Bank of Danbury awarded $179,410 to 66 agencies in 2017.

Start Community Bank employees collected food for the Christian Community Action Food Drive.

TD Bank awarded a $125,000 Housing for Everyone Grant to Choice Neighborhoods.

Simsbury Bank is a $1,000 “Swarm Sponsor” of the Granby Education Foundation’s 15th annual GranBee event.

Start Community Bank was a sponsor and attended the Archbishop’s Annual Columbus Day Breakfast Simsbury Bank donated $900 to the Granby Camera Club in exchange for photos for their 2018 calendar.

Simsbury Bank made a $2,500 donation and is the Champion Sponsor of the Farmington valley YMCA’s “Bike for the Battle.”

TD Bank presented Hands on Hartford with a $125,000 Housing for Everyone Grant.

Start Community Bank was a sponsor and participated in the 3rd Annual Chapel Haven Golf Tournament.

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TD Bank held a Veteran’s Day Bring Change event and presented a $7,150 check along with non-perishable food items and other necessities to Homes for the Brave.

TD Bank was presented with three awards from the SBA.

Connecticut Banking Magazine • Second Quarter 2018

Thomaston Savings Bank Foundation awarded $15,000 to Landmark Community Theatre to support the Thomaston Opera House.

Union Savings Bank partnered with the American Red Cross by hosting a blood drive which collectively saved 51 lives.

The United Bank Foundation Connecticut sponsored Asnuntuck Community College Annual Murder Mystery Dinner.

Thomaston Savings Bank announced the opening of their 13th branch in Wolcott.

Union Savings Bank attended the Latino Scholarship Fund Gala in support of its mission to enrich and encourage higher education for the youth in the communities.

United Bank presented a $2,500 grant to the Connecticut Electric Railway Association.

Torrington Savings Bank donated $150,000 to the Torrington Library Community Room.

Union Savings Bank Canton Solutions Team joined customer LaSalle Market & Deli for their monthly Give Back Series spotlighting the Friends of Canton Dog Park.

Torrington Savings Bank is celebrating its 150th anniversary in business.

Union Savings Bank employees participated in the 27th Annual Read Aloud Day hosted by the Northwest Connecticut Chamber Education Foundation.

Union Savings Bank new employees assembled Valentine’s Day kits for the Children’s Center of New Milford.

Union Savings Bank employees donated over 1,000 school supplies to their Teacher’s Closet at a recent corporate meeting.

Totes filled with school supplies from the Union Savings Bank Teacher’s Closet were delivered to Vogel-Wetmore Elementary School ensuring children have the tools they need to succeed.

United Bank teammates participated in the Tolland County Chamber’s Business Expo.

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United Bank announced its 2017 MLO Sales Contest Winners.

United Bank was named “2017 Investor of the Year” by The Manchester Community College Foundation.

Webster Bank recognized Black History Month with a panel discussion on career insights and life experiences to more than 70 colleagues.

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

Second Quarter 2018 • Connecticut Banking Magazine

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