Connecticut Banking 3Q 2014

Third Quarter 2014 • Connecticut Banking Magazine

Third Quarter 2014

Third Quarter 2014 • Connecticut Banking Magazine

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Third Quarter 2014 • Connecticut Banking Magazine

Third Quarter 2014

CONNECTICUT BANKERS ASSOCIATION

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

Second Vice Chairman Richard J. Cantele

First Vice Chairman Stephen P. Reilly

President & CEO Lindsey R. Pinkham

President & CEO Liberty Bank, Middletown

President & CEO Salisbury Bank, Lakeville

President & CEO Northwest Community Bank

Executive Vice President & Treasurer Thomas S. Mongellow

COVER STORY

RESPA/TILA Reform through Mortgage Disclosure Integration.......................................... 12 FEATURES

Financial Reporting Relief for Smaller Businesses............................................................... 4 Balance Sheet Management in a World of Uncertainty............................................................. 8

First Senior Vice President & Secretary Colleen E. Clancy

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 Colleen E. Clancy ©2014 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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Connecticut Banking Magazine • Third Quarter 2014

Financial Reporting Relief for Smaller Businesses

By Richard H. Gesseck, CPA

H

ow many of you remember the Rolaid’s ad that asked the question: “How do you spell relief?” Well, for many small businesses financial reporting relief may be spelled: FRF-SMEs. What does it mean?

FRF-SMEs is the acronym for the Financial Reporting Framework for Smalland Medium-Sized Entities issued by the American Institute of Certified Public Accountants in June 2013. FRF-SMEs was issued in response to the concerns of small business stakeholders, including owners, their CPAs, and lenders, that GAAP (general accepted accounting principles) financial statements had become too costly to prepare and difficult to understand. The FRF-SMEs may offer a financial reporting solution for which small businesses have long been waiting.

The FRF-SMEs is a special purpose framework (SPF) of accounting, as are cash and income tax bases of accounting. A SPF basis of accounting is also commonly referred to as an “other comprehensive basis of accounting” or “OCBOA.” Presenting financial statements using the FRF-SMEs may fulfill the needs of financial statement users who require more financial information

ment. Any form of organization, such as a partnership, corporation or limited liability company, in a broad range of industries, such as construction, service, and distribution may use the framework. The FRF-SMEs financial statement presentation provides the owner/manager with reliable information which confirms his or her assessment of performance, including what is owned, what is owed, and cash flows. Financial statements prepared using the FRF-SMEs accounting framework are intended generally for those external users who have direct access to the reporting entity’s management. Such financial statements would not be appropriate for entities that intend to “go public.”

What are the features of the FRF-SMEs? than provided by cash basis or income tax basis presentations such as cash flows.

Also the required disclosures are more informative. Financial statements prepared in accordance with the FRF-SMEs provide robust and relevant information upon which lenders could base decisions.

They are not, however, intended to be a presentation in accordance with GAAP.

Why is the FRF-SMEs accounting framework needed?

Privately owned smaller and medium sized entities, who do not need GAAP compliant financial statements have been voicing their demands for a more relevant, simplified, cost-effective framework to meet their financial reporting needs.

Bankers, sureties and other third-party financial statement users have continually expressed a desire for uncomplicated, useful financial statements that are based on a reliable, principles-based framework when GAAP is not needed.

So who is the FRF-SMEs intended for?

The FRF-SMEs is intended for small and medium-sized for-profit entities with significant owner or manager involve4

The framework is non-authoritative, as are all the other SPFs, such as the income tax basis of accounting. The FRFSMEs uses traditional accounting methods with accrual income tax methods.

As such, differences between reporting under the FRF-SMEs and reporting for income tax purposes are reduced. An objective presenting financial statements using the FRF-SMEs is to provide relevant information based on simplified or straightforward principles which are expected to remain stable. In addition, the FRF-SMEs requires only targeted disclosures.

The FRF-SMEs is fully self-contained within approximately 200 pages. Bright lines, prescriptive rules and excessive narration are reduced, resulting in the need for the preparer to use “professional judgment” for transactions and circumstances for which specific guidance may not be included in the FRF-SMEs. Another feature of the FRF-SMEs is the use of the historical cost measurement basis and the limited use of fair value, such as for marketable equity and debt securities held-for-sale. continued on page 6

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Connecticut Banking Magazine • Third Quarter 2014

Financial Reporting continued from page 4

What are some other examples of principles under the FRF-SMEs? Presented below are some of the notable principles that the preparer will encounter.

Consolidation: The reporting entity elects an accounting policy to account for its investments in subsidiaries using either the consolidation method or equity method. A subsidiary is an entity in which the reporting entity’s ownership is greater than 50 percent. Note that the framework follows ownership rather than “financial control” as defined in GAAP for consolidation purposes, including the consolidation of variable interest entities.

Investments: Investments in an entity in which the reporting entity’s ownership is 20 percent or more, but not more than 50 percent, should be accounted for by the equity method if the reporting entity exercises significant influence. A difference between the reporting entity’s investment cost and the amount of its underlying equity in the net assets of the investee that is

similar to goodwill is amortized. Investments in entities by the reporting entity of 20 percent or less are accounted for at cost unless they are held for sale.

Income Taxes: The reporting entity elects an accounting policy to account for income taxes which may be either the taxes payable method or the deferred income taxes method. Under the former policy, only currently payable or refundable income taxes are reflected in the financial statements.

Goodwill: Goodwill is amortized generally over the same period as that used for federal income tax purposes, or if not amortized for such purposes then over 15 years.

Business Combinations: The reporting entity acquirer may make an accounting policy choice to recognize an intangible asset acquired in a business combination separately, or subsume it into goodwill.

Leases: Accounting for leases follows traditional methods and guidelines for classifying them as either operating or capital.

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Intangible Assets: All intangible assets are considered to have finite useful lives and are amortized over their estimated useful lives. The amortization should reflect the pattern of economic benefits if reliably determinable. If not reliably determinable, the straight-line method is used.

How will CPAs report on financial statements prepared under the FRF-SMEs? CPAs may be engaged to audit, compile or review financial statements prepared using the FRF-SMEs. CPAs engaged to audit them will report on whether those statements are presented in accordance with the AICPA’s Financial Reporting Framework for Small and Medium-Sized Entities. The review engagement report states whether the CPA is aware of any material modifications that should be made to the financial statements in order for them to be in conformity with the Financial Reporting Framework for Small and MediumSized Entities. The standard compilation report of the CPA provides no assurance on financial statements prepared under either the FRF-SMEs framework or GAAP framework.

Summary of the case

The AICPA’s Financial Reporting Framework for Small and Medium-Sized Entities provides an alternative form of financial reporting that is more comprehensive than the other forms of reporting under SPFs. Many third-party financial statement users and preparers who do not need GAAPbased financial statements may find this form of financial reporting more cost-effective and responsive to the unique needs of small and medium-sized entities. This form of reporting has similarities to the International Financial Reporting Standards (IFRS) for SMEs which has gained worldwide acceptance. However, IFRS for SMEs is not United States concentric. u Richard H. Gesseck, CPA, is a member of the board of Ion Bank and a retired Ernst & Young partner. He provides accounting and auditing training to CPA firms and consulting services to publicly held and privately held businesses.

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Connecticut Banking Magazine • Third Quarter 2014

Balance Sheet Management in a World of Uncertainty

By Jim Clarke

B

alance sheet management is difficult in a world of uncertainty, and since December 2008 we have lived in that environment. Shortterm interest rates are at the lowest level on record. The federal fund rate can be tracked back to 1950, and in 64 years of history, it has been below 2 percent three times: 1954, 2003 through June 2004, and 2008 through February 2014. It has been below 1 percent only once: 2008 through 2014. At the short end of the curve, we have never experienced this environment before 2008. Are bankers getting too complacent and beginning to view this level of short-term rates as a new normal that could be with us for many more years?

Long-term rates, using the long bond as the reference (10-year Treasury) have also been at historic low levels. In the last 25 years, the long bond has averaged 5.15 percent. Since 2003 it has been below 5 percent, but from 1989 to 2002 the 10 year averaged 6.6 percent. Lest we get too comfortable with current rates

and too complacent in portfolio management, take a longer view of history. Since 1945, the long bond was above 2 percent every year until 2011, when it broke below 2 percent as S&P downgraded U.S. Treasury securities. The yield bottomed in July of 2012 at 1.43 percent. To experience this environment one needs to go back to World War II. Bank portfolio managers and ALCOs should reflect on this historical comparison, because we have never been here before. Something else to think about: the Fed has never been here before, either.

We were long overdue for a wakeup call and in May 2013 we finally experienced an abrupt signal of what the future could bring. On April 30, 2013, the long bond yielded 1.66 percent, and by the first week of January 2014, the yield broke 3 percent. What catastrophe caused this dramatic change in rates? On May 1, theChairman of the Fed Ben Bernanke made some comments related to unwinding QE3; on May 22, he did it again, and in 8

July he repeated a potential plan to taper the bond purchase program. This is all it took to move the long bond more than 130 basis points, but more importantly, an 81 percent increase.

Go back and look at the impact of this change on your bank’s balance sheet.

First the bad news: On April 30, 2013, most banks had substantial capital gains in their investment portfolios and by year-end the portfolios showed capital loses. In April 2013 mortgage refinancing continued to be robust. Banks that sold these loans were experiencing good capital gains, bolstering non-interest income, and all of a sudden the game ended, as the 30-year mortgage rose above 4 percent.

Thirdly, the yield curve steepened, making FHLB bank advance more expensive.

But there was good news; a steeper yield curve improved investment options, and a steeper yield curve has stabilized commercial loan pricing. But whether the news is good or bad for your bank, the more important consideration is the overall impact on balance sheet management driven by some random chatter from the Chair of the Fed. Wakeup calls are valuable if they result in shaking us out of complacency and get us to think about future possibilities. The long bond has averaged 5.15 percent over the last 25 years, and it’s current 2.60 percent; if it would revert to the average, the change would be 98 percent. Try translating that into the losses in your investment portfolio or, more importantly, the impact on economic value of equity (EVE) in your interest rate risk model. As serious as these changes would be to balance sheet valuations, the more important issue may be the impact on the income statement from a change in short-term rates.

With respect to the federal funds rate, the Fed has framed the discussion around continued on page 10

Connecticut Banking Magazine • Third Quarter 2014

Balance Sheet Management continued from page 8

forward guidance. Forward guidance was initially stated in terms of dates, but in the fourth quarter of 2012, the Fed created benchmarks as indicators of when the federal funds rate would be increased.

The initial metrics were less than 6.5 percent unemployment or more than 2.5 percent inflation. In April 2014 the unemployment rate hit 6.3 percent. Chairman of the Fed Janet Yellen has changed course and nixed the unemployment target. The new guidance is less precise, as the committee has indicated they are viewing the macro economy more holistically. It has moved from physics to metaphysics, creating even more uncertainty. As we view the future from the third quarter of 2014, it appears as if the federal funds rate will definitely not increase in 2014 and, based on most forecasters, it looks more like mid-2015 or later.

The difference between long-term rates and short-term rates is the Fed’s control over rates. The bond market is bigger than the chairperson, Bernanke or Yellen, as we found out in May 2013. QE3 is being unwound and should end in October; therefore, the Fed’s influence on the bond market and long-term interest rate will decline. On the other hand, the Fed does have a good handle on short-term rates; therefore, we will not likely be surprised by a rate increase in 2015, 2016 or maybe even 2017. But do not get lulled to sleep; when the federal funds rate is the lowest in history it will eventually increase.

Given this eventuality, it is important to consider the magnitude of the potential change. Over the last 25 years, the average change in the federal funds in a rising rate environment is 2.73 percent, which implies an increase of approximately 3 percent based on historical experience. But we have never started at 25 basis points. The last time the Fed raised rates was 2004 to 2006, and the rate went from 1 percent to 5.25 percent, or a 425 basis point change. The 2004 to 2006 experience is probably a better source of information than 25 years of history, based on the level of Fed funds at the beginning of the change. Also, when the Fed did change rates in June 2004, the change over two years was orderly: 25 basis points at

every meeting. If we repeat this formula the increase in rates may be manageable, but there is no guarantee. Look at a different scenario, from September 2007 to December 2008 – the Fed dropped rates 500 basis points, but not at 25 basis points a meeting. Bankers can handle a 25 basis point increase every six weeks, but our greatest nightmare would be 50 to 75 basis points per meeting.

Under current regulation, all banks are required to conduct a stress test to determine their exposure to market interest rates. A simulation model is engaged quarterly to monitor the exposure on the balance sheet (EVE) and the income statement (NII). The results are then compared to the policy limits set by the board.

In 2010, the FFIEC sent a directive to all banks and federal credit unions reiterating model expectations. The 2010 directive upgraded the 1996 Joint Statement on Interest Rate Risk. Vendors have upgraded their models to address new standards. It would appear banks are in a better position today to accurately measure exposure to rising interest rates – but all models depend on assumptions, and assumptions very often depend on historical experience. Therefore we need to be able to back-test our assumptions. How reliable is back test when we have never been here before?

For example, what is the prepayment speed of a 3.25 percent fixed rate 30-year mortgage? How do you model a 3.25 percent coupon when there is no historical benchmark? How do you model nonmaturity deposits when the last historical benchmark is 2004 to 2006? The question concerns our products and our customers. Have we introduced new deposit products since 2006? High-interest checking, a product a number of banks use, was introduced in 2007. How will it respond in a rising rate environment? Your guess is as good as mine. Has customer behavior changed? Simply looking at the shifting of deposits from certificates to core deposits since 2007 may give us pause.

Has the customer changed? Bank deposits increased $2.5 trillion since 2008 with much of this money coming from investment companies. Do these customers be10

have in the same way as a traditional bank customer?

The point is that the world of banking has change significantly since 2005, and it is very difficult to validate assumptions when there is little historical precedence.

Given the level of uncertainty discussed throughout this article, I would offer a few suggestions for managing the balance sheet in 2014 and 2015: 1. Hope for the best; plan for the worst.

Most banks can handle a 100 to 200 basis point increase in short-term interest rates, so focus on the impact of a 300 to 400 basis points change. If you have the ability to manipulate the modeling assumptions, increase the sensitivity of deposits for rate changes greater than 200 basis points.

2. Err on the side of conservatism.

Modeling is not a perfect science, regardless of what the vendors tell you; do not expect 100 percent accuracy. Assumptions are the devil in the details: Bias deposit assumptions towards higher sensitivity (higher betas). You are better off overestimating the impact on financial statements than under-estimating.

3. Long-term interest rates have been at historic lows, and many banks have been originating and retaining long-term, fixed-rate mortgages, 10-year commercial loans, and longer duration investments.

End this behavior in 2014: pay attention to asset duration even if you need to give up yield. This strategy cannot reverse the decisions made in 2011 through 2013, but with a little luck, rates may not increase until 2016 or 2017, and disciplined strategies to shorten duration will pay dividends in the long run.

4. Lengthening liability may be a good strategy as we approach 2015. Retail strategies are likely to be expensive and lack precision as the customer can break the contract. Look to the FHLB’s advance line.

One last word of caution: banks making their greatest balance sheet mistakes will need the reversal of a rate cycle: be careful in 2014 and 2015. u Jim Clarke, Ph.D., is principal of Clarke Consulting. He may be reached at JJClarke2@aol.com.

Third Quarter 2014 • Connecticut Banking Magazine

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By Darlia Fogarty, director of compliance, and Dimitris Rousseas, association general counsel

R

emember back in 2012, when the Consumer Financial Protection Bureau (CFPB) proposed the “Integrated Mortgage Disclosures”? This rule requiring the know-before-you-owe disclosures was touted by many as the perfect marriage of the Truth in Lending and Real Estate Settlement Procedures Acts. Before we buy into that description, let’s take a deeper dive into exactly what changes are found buried within the 1,888 pages of explanations, requirements and model disclosures.

The CFPB received over 3,000 comments when the rule was first proposed.

The CFPB expected this type of reaction because of the significant changes.

The new requirements not only affect two major regulations, they also affect the entire residential real estate industry. The CFPB responded to the comments by adding over 750 pages to the regulation, bringing the total to 1,888 pages for this amendment alone. The agency is justifying these changes by stating that the actual regulatory changes only accounts for 70 pages, bringing the total to 279 pages in length.

By any standard, that is a lot of information to digest and implement. But we digress.

Let’s put these facts out of our mind and move on to what this actually means to us as bankers.

Key provisions on timing The purpose of the rule is to improve the way consumers get loan information whey they apply for and close on a mortgage loan. The majority of the requirements are about the two required disclosure documents, which are the Loan Estimate (replaces the current GFE, Appraisal Notice, Servicing Disclosure, ECOA notice and the Early Truth-in-Lending) and the Closing Disclosure (replaces the current HUD and the Final Truth-in13

Lending). The rule also contains some key provisions about the timing of these disclosures. The purpose of reducing the number of the disclosures to only two is not only to reduce the burden on the lenders and other loan personnel who prepare these forms, but to also simplify the forms to be easily understood by the consumer.

Before we go into the requirements of the new forms, we would be remiss if we did not also note that the proposed integrated mortgage disclosure rule added some language to the official interpretation of Regulation Z, which is seemingly unrelated to integrated disclosures. The CFPB slipped in a fairly big change that may broaden the scope of Regulation Z to expressly include loans to trusts.

Section 1026.3(a)(2) of Reg Z specifically exempts extensions of credit “to other than a natural person.” Many compliance specialists often argued that because trusts are not defined as “natural persons,” a loan to such an entity would be exempt from the regulation. While there has been debate to the contrary, and even some case law suggesting that revocable trusts are still subject to the rule, there was no definitive guidance – until now.

The Integrated Disclosure Rule now amends the commentary to section 1026.3(a)(2) and provides, in part, that “credit extended for consumer purposes to certain trusts is considered to be credit extended to a natural person rather than credit extended to an organization.” (Commentary to 12 CFR 1026.3(a).) The commentary further explains: “Regardless of the capacity or capacities in which the loan documents are executed, assuming the transaction is primarily for personal, family or household purposes, the transaccontinued on page 14

Connecticut Banking Magazine • Third Quarter 2014

Mortgage Disclosure Integration continued from page 13

tion is subject to the regulation because in substance (if not form) consumer credit is being extended.” If a loan to a trust is for a consumer purpose, then Regulation Z, and all its glory, will apply.

Breaking it down Now for the agencies’ stated purpose of the rule, let’s break the requirements of the final rule into five sections: First, either the lender or the broker may deliver the Loan Estimate to the consumer; however, ultimate responsibility falls on the lender.

The final form that the CFPB developed is three pages long. The final form de-emphasizes APR because, in testing, the consumers found the APR to be confusing, but includes some new disclosures that were mandated by the Dodd-Frank Act, such as total interest percentage and the “in five years” calculation.

Second, there are multiple versions of the loan closing form to account for different transaction types; for example, a refinance and a purchase have different forms.

This will be a training concern – ensure lending staff understands the definition of each type of transaction and the “real purpose of the loan.” For instance, staff should be able to differentiate between a land-only loan, construction-only and constructionto-permanent loan.

There also is a “seller-only” form required for closed-end loans in residential transactions. Other loans, such as reverse mortgages and home equity lines of credit and other mortgages secured by a mobile home or by a dwelling that is not attached to the real property, will still use the HUD-1 form.

The new loan estimate co-mingles lender and settlement costs with loan terms and replaces the HUD line numbers with an alphanumeric system. The closing disclosure itemizes the costs and includes section totals rather than lumping costs together and rolling them up into one line item. Because the form is a combination of loan information and settlement costs, communication and cooperation between the lender and closing agent is vital. If the settlement agent completes the loan closing disclosure form, the lender needs to provide a copy of

the loan estimate form to provide the information necessary for an accurate closing disclosure.

Third, the initial loan estimate must be delivered or mailed to the borrower no later than three business days after the lender receives the mortgage application and no less than seven business days before consummation of the loan. A revised loan estimate due to changed circumstances must be delivered or placed in the mail within three business days of the lender’s knowledge of a changed circumstance; however, the borrower must receive it no later than four business days before consummation of the loan.

The borrower must receive the closing disclosure no later than three business days prior to the consummation of the loan. A revised loan closing disclosure can, in most cases, be delivered and received at the closing. Key points of the three-day rule include: • If disclosures are not delivered in person, but are instead delivered by mail, electronic media or a courier, the borrower is considered to have received the disclosure three business days after being placed in the mail, sent by email or placed with a courier. Accordingly if delivering other than in person, an additional three business days is required in order to ensure receipt by the borrower no later than three business days prior to consummation.

• The lender is allowed to rely on evidence that the consumers actually received the disclosure earlier, if the disclosure is sent by email (assuming the consumer has consented to email and complied with e-signature requirements), and receipt is acknowledged the same day as the lender sent them, then the lender can rely on the actual day of receipt and consummation may take place on the third business day after the actual receipt.

• The loan closing disclosure can change from the time received by the borrower and consummation unless (a) the APR changes by one-eighth of 1 percent, or (b) the loan product changes, or (c) a prepayment penalty is added. In any of those three instances, a re-disclosure must be received by the borrower three business days before consummation, 14

meaning that consummation would be delayed.

Fourth, the “tolerance levels” are kept intact; however, some of the items falling within the “buckets” will be changed for loans that require the disclosures.

In the zero-tolerance bucket, there can be no increase for any item in the amount paid at closing over the estimated amount on the loan estimate form for borrower paid: • Charges paid to the lender and/or broker for their own fees, such as origination charges; • Transfer taxes; • Fees paid to an affiliate of the lender or broker for a service required by the lender (this is a change from the current tolerances); and • Fees paid to an unaffiliated service provider for a service required by the lender if the borrower was not allowed to shop for the provider (which is not a zero tolerance item under current HUD regulations).

In the 10 percent bucket, charges for services that can increase, but by no more than 10 percent in the aggregate are fees paid to a third-party provider not affiliated with the lender for a service required by the lender if the lender permitted the borrower to shop and the borrower still selected off the lender’s provider list; and recording fees paid by the borrower Changes that can increase by an unlimited amount over the estimated amounts on the loan estimate form include: prepaid interest; property insurance; amounts for escrow deposits (taxes, insurance); fees paid to third-party providers selected by the borrower and not on the lender’s list of providers; and charges paid for third-party services not required by the lender.

The lender can issue a revised loan estimate if a “changed circumstance” occurs. If a “changed circumstance” occurs causing an increase in charges above the applicable “tolerance level” the lender must provide an updated loan estimate form within three business days after having knowledge of the change. Examples of “changed circumstances” that would allow

Third Quarter 2014 • Connecticut Banking Magazine

for revisions in the loan estimate include: • The consumer asks for a change; • Information provided in the application was inaccurate or has changed since the application; • New information as to the consumer or transaction is provided that the lender had not relied on; • The loan estimate expires; • Interest rate dependent charges (when the rate is locked by the consumer, lender must provide revised loan estimate showing all such changed charges); and • Extraordinary event occurs beyond the control of any party.

It is critical to start now on system changes, training (to include how to complete the new forms), policy and procedures/processes. It may seem like the mandatory compliance date of Aug. 15, 2015, is far off, but the clock is ticking, and there is a lot of work to be done. u

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Connecticut Banking Magazine • Third Quarter 2014

BANKSintheNEWS p Bank of America associates volunteered to help prepare and serve meals at Hands On Hartford.

p Chelsea Groton Bank kicked off its 160th anniversary celebration at an all-employee meeting. The celebration’s culmination, a gift to our community, 160 Acts of Kindness, was last to be announced.

The Citizens Bank Foundation awarded $7,500 to Thames River Community Service.

p Girl Scouts of Connecticut teamed up with Merrill Lynch Wealth Management, part of Bank of America, for a financial empowerment workshop, where 19 Girl Scouts received the new Merrill Lynch-branded Money Matter$ Girl Scout patch.

Dime Bank Foundation awarded a $1,500 grant to Heavy Hitters Sports and Mentoring Program.

p Bank of America associates volunteered to sort produce donations for the CT Food Bank in East Haven.

p Over 20 employees of Farmington Bank, along with friends and family members, participated in the American Cancer Society’s Relay for Life of Farmington, walking over 300 miles and raising over $5,000. The Farmington Bank Community p Bank of America associates volunteered to teach Foundation matched donations, bringing the financial education with Junior Achievement grand total to $10,000 donated.

Southwest New England at the Wish Elementary School.

Farmington Bank made a multi-year commitment as presenting sponsor to the Golden Kielbasa Veterans Open.

Berkshire Bank hosted its sixth annual Company-Wide Day of Service, carrying out 20 community service projects that will benefit nonprofit organizations across Massachusetts, New York, Connecticut and Vermont.

The Governor’s Prevention Partnership honored Chelsea Groton Bank as one of its 2013 Corporate Mentors.

Farmington Bank announced the expansion of its lending program, including affordable mortgages for veterans and first-time homebuyers.

Dime Bank Foundation awarded a $1,000 grant to Lyman Allyn Art Museum.

Essex Savings Bank announced the results of the voting by the bank’s customers, who participated in the bank’s Community Investment Program.

Based on ballot results, $67,013 was disbursed during the month of April.

Chelsea Groton Bank hosted its Eighth Annual Money Madness Seminar with nearly 240 area high school students and teachers in attendance.

p Farmington Bank employees joined forces with Rebuilding Together New Britain, which assists homeowners with critical home maintenance and repairs that they are unable to manage on their own.

p Farmington Bank employees, along with their family and friends, joined together in support of Foodshare and the Walk Against Hunger.

The team raised a total of $4,000, which was matched by the Farmington Bank Community Foundation.

16

p First County Bank served as corporate sponsor at the Fairfield County Women’s Expo.

p First County Bank hosted a Homebuyers Workshop, answering questions and providing guidance for homebuyers.

p First County Bank volunteers staffed the last and much-needed water stop for people and dogs, while other employees ran or walked in the 5k event, raising funds to benefit the Bennett Cancer Center at Stamford Hospital.

p First County Bank hosted executives from area nonprofit organizations to hear from guest speaker Ellen Estes, planned giving consultant and adviser, on how planned giving can provide a way for nonprofits to help donors make a gift to their organization.

Third Quarter 2014 • Connecticut Banking Magazine

p Over 90 applications were received and the First County Bank Foundation’s board of directors selected three winners for the Richard E. Taber Citizenship Award, which honors high school seniors who consistently demonstrate good citizenship at school, at home and in the community.

p First Niagara was recognized for its leadership support of the CT Mentoring Partnership, through the bank foundation’s Mentoring Matters program at the Governor’s Prevention Partnership’s 25th Anniversary Celebration Breakfast.

More than 30 First Niagara employees participated in Junior Achievement’s “JA in a Day” event. An additional 10 volunteers taught classes at Jefferson Elementary School.

First Niagara was the presenting sponsor for The State of Girls Speaker Series, a five-part speaking series based on a groundbreaking report by the Girl Scouts Research Institute.

p First Niagara is a cornerstone sponsor in this year’s New Haven Open at Yale Tennis Tournament.

p Hartford YMCA received a $15,000 grant from the First Niagara Foundation.

p Liberty Bank honored Phoebe Lee and Andraya Carse as the recipients of the 2014 Liberty Bank Youth in Action Awards.

p The Liberty Bank Foundation, partnering with the New London County Fund to End Homelessness, announced a collaborative grant of $33,500 from the Southeastern Connecticut Funders Collaborative, an alliance of eight corporate and philanthropic funders in the region.

Litchfield Bancorp partnered with Rod Dixon’s KiDSMARATHON and Litchfield Hills Food Systems to sponsor the second annual Celebration of Community.

p First Niagara was honored at Junior Achievement of Southwest New England’s Hall of Fame dinner with the 2014 Corporate Award. p Newtown Savings Bank sponsored Project Homefront’s Annual Homefront Day.

p First Niagara served as presenting sponsor for the Greater Manchester Chamber of Commerce’s Annual Breakfast meeting.

p U.S. Rep. Jim Himes visited First Niagara Risk Management to speak with representatives from FNRM, Connecticut Benefit Brokers and the National Association of Healthcare Underwriters regarding challenges facing healthcare brokers and their business customers as it relates to the Patient Protection and Affordable Care Act.

p Through funding from the First Niagara Foundation, the Spanish American Merchants Association offers low-and-moderate income Hispanic business owners and startup enterprises the opportunity to attend the Empresario Computer Training Program.

p Guilford Savings Bank teamed up with Raise the Roof to continue its exemplary commitment to the communities it serves. Volunteers from all areas of the bank spent the day in downtown New Haven to take part in Habitat for Humanity’s current build.

p Jewett City Savings Bank-Team JCSB participated in the 2014 Hospice Walk at Mohegan Park, raising over $3,000 in support of the Center for Hospice Care.

17

p The Griffin Hospital Mobile Health Resource Van visited Newtown Savings Bank’s Southford branch.

p Newtown Savings Bank held an official ribboncutting ceremony to celebrate the opening of the newly renovated Sand Hill Plaza Branch.

continued on page 18

Connecticut Banking Magazine • Third Quarter 2014

BANKSintheNEWS

continued from page 17 Salisbury Bank announced its 2014 Annual Scholarship Program. Six scholarships may be awarded in the amount of $3,000 each to assist eligible students seeking a college degree in a variety of programs.

p The Lions Club of Harwinton received a grant from the Thomaston Savings Bank Foundation, Inc. to help fund the removal of brush and trees near the pavilion area and the first annual Cars for Sight car show and the annual Concert for Sight.

Salisbury Bank announced its Community Shred-it Day Schedule, which takes place May through October. p In recognition of Financial Literacy Month, People’s United Bank partnered with the Stratford Public School District throughout the month of April to provide financial education to elementary school students.

Salisbury Bank was voted the “Best Bank in Berkshire County” for the second year in a row by elected officials and readers of the Berkshire Record.

p The Town of Harwinton Senior Center received a grant from the Thomaston Savings Bank Foundation, Inc.

p Salisbury Bank held its official ribbon-cutting ceremony, celebrating the opening of its new branch in Great Barrington, Massachusetts.

p Quinnipiac Bank & Trust Company donated $1,065 to “Closer to Free” on behalf of Smilow Cancer Center and Yale Cancer Center.

Salisbury Bank and the Berkshire office of the Massachusetts Small Business Development Center Network partnered to offer a free seminar about the challenges for women in business.

p The Trumbull-Porter Chapter, Daughters of the American Revolution, received a grant of $1,500 from the Thomaston Savings Bank Foundation, Inc.

Salisbury Bank and the Dutchess County Chapter of SCORE offered a free workshop addressing business management in today’s environment.

Salisbury Bank and Massachusetts Small Business Development Center partnered to offer a free seminar about challenges, growth, and strategies for today in small business.

p The Middlebury Parks and Recreation received two grants from the Thomaston Savings Bank Foundation, Inc.

p Quinnipiac Bank & Trust Company held its document shredding event, taking in excess of 20,000 pounds of paper, 1,000 pounds of nonperishable food and over $450 for local food banks. p Savings Bank of Danbury employees, family and friends participated in the March of Dimes Walk America event in Middlebury and raised over $2,000, which included a corporate match from the bank.

p Quinnipiac Bank & Trust Company held another free shredding event. 16,000 pounds of documents and other articles were shredded by the professional ProShred Company. Fifteen boxes of food items were also collected, together with $600 in cash donations for the New Haven Home Recovery, Bikes for Kids and St. Martin DePorres Academy.

p Savings Bank of Danbury employees, family and friends participated in the March of Dimes Walk America event in Danbury and raised over $3,900, which included a corporate match from the bank.

18

p The Middlebury Senior Center received a grant from the Thomaston Savings Bank Foundation, Inc.

p Thomaston Memorial Association received a grant for $2,972 from the Thomaston Savings Bank Foundation, Inc.

Third Quarter 2014 • Connecticut Banking Magazine

Union Savings Bank was a proud supporter of Village Center for the Arts and was present at an exhibit for the Advanced Pottery Students.

Union Savings Bank, in partnership with Sen. Michael McLachlan, sponsored a youth education program where students submitted essays focused on National Women’s History Month.

Union Savings Bank was recognized by Regional Hospice and Home Care of Western CT by participating in the “beam signing” for the new hospice residence.

Webster Bank was named Best Community Bank by the readers of Hartford Magazine.

Webster Bank’s Greenwich banking center and private bank office received Energy Star Certification from the Environmental Protection Agency. p Union Savings Bank sponsored and participated in the Housatonic Regional Recovery Authority’s Seventh Annual Regional Recycling Poster Contest Award Ceremony.

Webster Bank sponsored a series of forums on the topic of fiscal sustainability, in conjunction with the Connecticut Institute for the 21st Century, the CT Mirror and four regional chambers of commerce.

Webster Bank ranked among the Top 50 Automated Clearinghouse originators and receivers in the nation.

Webster Bank ranked number three in New England in the J.D. Power 2014 U.S. Retail Banking Satisfaction Study – up from number six.

Webster Bank continued to hold special seminars for seniors and their families to help them understand, identify, prevent and respond to fraud.

p The Union Savings Bank Foundation awarded The Renewal House a $2,000 grant. p Webster Bank hosted a day-long job shadow session for students from High School, Inc., a college preparatory insurance and finance academy.

p The Union Savings Bank Foundation awarded a $7,848 grant to The Arc of Litchfield County.

p Jim Smith, chairman and CEO, Webster Bank, spoke at a Fiscal Sustainability Forum, sponsored by Webster Bank, on the topic of fiscal sustainability. The effort is to kick-start a public dialogue on the need to take action to put the state of Connecticut on a long-range path for sustainable tax, spending and investment policy.

Webster Bank received the Award of Excellence from the United Way of West Central Connecticut for creating lasting changes to improve people’s lives in our communities.

Rick O’Brien, senior vice president, regional president, accepted the award on behalf of Webster.

p Union Savings Bank supported the After School Arts Program, which reaches more than 6,000 children and adults each year through its specials events, educational workshops and programs in the literary, performing, visual and culinary art fields.

Union Savings Bank’s Southbury branch and its customers helped the local food bank by filling the shelves with spaghetti.

p Webster Bank, the official bank of UConn Athletics, helped sponsor the dual Victory Parade for the men’s and women’s NCAA National Championship basketball teams.

19

Connecticut Banking Magazine • Third Quarter 2014

BANKERSintheNEWS Peyton Patterson

Deborah Tetro

Joshua I. Brier

Moira B. Martin

Michael Duda

Rick Liljedahl

John Bonora

Patricia Fontes

Brian Falkowski

Michael Storiale

Anne Tedstone

Richard Davis

Chip Poehnert

Brett Eagleson

Robert J. Thevenet

Bill Couture

Anthony Giobbi

Joseph G. Bartolomeo

Todd Clinton

Dick Kelly

Betsy Summerville

Shelly Humeston

Amy Raymond

Steve Essex

Doug Cahill

Dee Harnish

Amanda Lidstone

Kim Bergenty

Stacey Curtis

Amanda Goewey

Peyton Patterson, president and CEO, Bankwell Financial Group, and Carol Bauer, a local philanthropist, were among the six honorees at the “Women Making an Impact” event.

Berkshire Bank recognized Heidi Higgins, assistant vice president and branch officer, Jean Deschaine, branch manager, Jerry Gaudette, assistant vice president and branch officer, Sheila Hudder, assistant branch manager, Mary Chmielewski, assistant vice president and branch officer, and Leslie Lever, branch manager, with its Volunteer of the Year Award.

Richard Balestracci joined Chelsea Groton Bank as senior credit analyst.

Deborah Tetro was promoted to assistant vice president and commercial loan administration manager at the Connecticut Mutual Holding Company.

Joshua I. Brier joined Dime Bank as senior vice president of retail banking, sales and marketing.

Moira Bessette Martin was promoted to senior vice president/senior trust officer at Essex Savings Bank. She will succeed Granville R. Morris, who has taken on a new role of special counsel to the trust

department. Brenda Kim, assistant branch manager, received her Professional Teller Certificate, Advanced Financial Services Diploma and First in Class Certificate for Real Estate Finance from the Center for Financial Training. Isabel Roberge, senior teller, received her Professional Teller Certificate from the Center for Financial Training. Suzanne Schneider, accounting representative, received a First in Class Certificate – Law and Banking: Applications, Introduction to Financial Services Certificate and Introduction to Financial Services Operations Certificate from the Center for Financial Training.

Michael Duda was appointed vice president of correspondent lending at Farmington Bank. Rick Liljedahl was appointed mortgage loan officer.

David Zamary, First County Bank, was appointed acting president of the Connecticut Mortgage Bankers Association. John Bonora was promoted to senior vice president, chief risk and chief credit officer.

Patricia Fontes, branch manager at First Niagara, and Brian Falkowski, small business banker, were named to the Fairfield County Business Journal’s “40 Under 40 Class of 2014.”

20

Michael Storiale was promoted to assistant vice president, digital banking manager at Guilford Savings Bank. Joining the GSB Team were: Anne Tedstone, vice president, banking technology officer; Richard Davis, branch sales and administration officer; Chip Poehnert, residential sales manager; and Brett Eagleson, credit analyst and portfolio manager.

Craig Wallace, assistant vice president, infrastructure operations at Ion Bank, was awarded the bank’s top annual customer service commendation.

Robert James Thevenet was elected to Jewett City Savings Bank’s board of directors, and Bill Couture joined the bank’s commercial lending team as a small business lender.

Anthony (Tony) Giobbi joined Newtown Savings Bank as senior vice president – commercial lending. Joseph G. Bartolomeo joined as vice president, mortgage loan officer.

Todd Clinton was named executive vice president and chief risk officer at Salisbury Bank and Trust Company. Dick Kelly was named executive vice president and chief lending officer. Betsy Summerville was named executive vice president and chief retail officer. Shelly Humeston was named senior

Third Quarter 2014 • Connecticut Banking Magazine

vice president and secretary. Amy Raymond was named senior vice president, retail lending. Steve Essex was named senior vice president, trust and wealth advisory services administrator. Doug Cahill was named vice president, human resources. Dee Harnish was named vice president, project management.

Amanda Lidstone was named vice president, compliance officer. Kim Bergenty was named assistant vice president, compliance manager and security officer. Stacey Curtis was named assistant vice president, administration.

Amanda Goewey was named assistant vice president, branch manager, Sheffield and Egremont offices. Shari Lorden was named assistant vice president, deposit operations manager.

James Thomas Morrison was promoted to senior vice president/credit, commercial and collections manager at Savings Institute Bank & Trust. Mary Beth Sworin was continued on page 22

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Connecticut Banking Magazine • Third Quarter 2014

BANKERSintheNEWS

continued from page 21

Shari Lorden

James T. Morrison

Mary Beth Sworin

Mark Light

Trevor Wood

Ann Szafranski

Gretchen Bushy

Francine C. Smith

Eric Erdtmann

Cynthia C. Merkle

Peter Cowenhoven

Jo-Anne Smith

Joseph M. Brancato

Vanessa Lynn

Kevin Aiken

Jennifer Charlebois

Annette Larabee

Charlotte Mattei

Bernard Garrigues

Janice Sheehy

John Olerio

Madelyn Cruz

Eamonn Bransfield

Paul McAfee

Eileen Cahill

Chris Perry

Patricia Phalon

promoted to vice president of education, training and development, and Mark Light was promoted to vice president in commercial lending; Trevor Wood was promoted to assistant treasurer/assistant IT manager; Ann Szafranski was promoted to operations officer/assistant manager-deposit operations; and Gretchen Bushy was promoted to branch officer.

Sanjeev Sood joined Simsbury Bank as controller; Elizabeth Lindstrom as project manager and assistant treasurer; and Krista Moran as compliance officer.

Francine C. Smith was promoted to vice president, store manager, at TD Bank.

Eric Erdtmann was hired as senior vice president of the new commercial lending department at Torrington Savings Bank.

Lisa A. Kraus was hired as vice president and Western Massachusetts sales manager; April Healey was hired as mortgage loan officer; and Jill B. Keefe was hired as mortgage loan officer at United Financial Bancorp, Inc. and United Bank.

Cynthia C. Merkle was elected president of Union Savings Bank. Fran Dattalo will remain as chief executive officer until his retirement at year-end. Sue Voghel, branch

manager; Sharon Cipolla, branch manager; and Carol Cooper Labouliere, customer service representative, were congratulated by the bank for their induction into the Vantis Life Insurance Company’s 2013 President’s Council. A special acknowledgment goes to Voghel, who was named “Rookie of the Year,” and to Labouliere, for being the first teller ever inducted into the President’s Council. Peter Cowenhoven joined the bank as vice president, chief investment officer, wealth management; Jo-Anne Smith as vice president, senior CRE loan officer, commercial lending; and Joseph M. Brancato, as vice president of e-marketing.

Rui Sosua was promoted to branch manager; Grieg Irving and Kim Ouellette to assistant branch manager and retail banking officer, respectively; and Vanessa Lynn to an associate compliance officer. The bank announced the election of 12 new corporators, including: Eduardo C. Batista, Anthony W. Cirone Jr., CPA, Daniel DiBuono, Thomas T. Fitzsimons, Michael R. Kaufman, Bruce Minoff, George Mulvaney, Frank Rowella Jr., CPA, Cynthia Emiry Roy, Thomas S. Santa, Greg Steiner, and Jordan Young.

Kevin Aiken was promoted to market manager in the Coastal Valley market; and Cathy Velez was promoted to New Haven market manager at Webster Bank.

Shelly Abdella was promoted to senior 22

vice president, finance and profitability; William Magee to senior vice president, capital markets; and Ewa Stasiowska to senior vice president, director of enterprise risk management. Jennifer Charlebois was appointed senior vice president, senior fiduciary services officer. Annette Larabee was promoted to senior vice president, business banking; and Charlotte Mattei was promoted to senior vice president, business banking. Bernard Garrigues was named its new executive vice president, chief human resources officer. Janice Sheehy was promoted to senior vice president, business banking, and was named board chairman of the Valley United Way. John Olerio, senior vice president, regional sales manager, Webster Investment Services at Webster Bank, was named to Bank Investment Consultant’s list of Top 20 Program Managers. Madelyn Cruz, customer care center fulfillment coordinator, was recognized as Outstanding Campaign Coordinator by the United Way of Meriden and Wallingford. Eamonn Bransfield was promoted to vice president, portfolio manager at Webster Private Bank. Paul McAfee was promoted to senior vice president, senior fiduciary services officer. Eileen Cahill and Chris Perry, CFP, were promoted to senior vice president, senior wealth advisors.

Patricia Phalon and Maria Scanlon were promoted to senior vice president, senior private banking lender. u

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