Connecticut Banking 4Q 2017

Fourth Quarter 2017

Q&A with 2017 CBA Chairman

Michael J. Casparino

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Fourth Quarter 2017 • Connecticut Banking Magazine

Fourth Quarter 2017

Q&A with 2017 CBA Chairman

Michael J. Casparino

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 Union Savings Bank

Lindsey R. Pinkham

President and CEO Thomaston Savings Bank

Q&A with 2017 CBA Chairman Michael J. Casparino........... 14 FEATURES

‘Take Your Lawmaker to Work’ Day....................................... 4 Unleashing Your ‘Hidden Capital’ .......................................... 6 Transforming Branches in Connecticut.................................. 8 How to Hire Millennials Now................................................ 10 Who’s Talking on Your Behalf?............................................. 11

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

Getting Objective Customer Feedback Is Both Harder and Easier Than You Think......................................................... 12

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

The Warren Group

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

CONNECTICUT BANKING Editor

Karen Horanzy

©2017 The Warren Group Inc. All rights reserved. The Warren Group is

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

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CBA Calendar.............................................................. 11 Bankers in the News .................................................... 20 Banks in the News........................................................ 22

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Connecticut Banking Magazine • Fouth Quarter 2017

‘Take Your Lawmaker to Work’ Day

Guilford Savings Bank Welcomes Congresswoman Rosa DeLauro Earlier this summer, Connecticut Congresswoman Rosa DeLauro stopped in to Guilford Savings Bank (GSB) for the American Bankers Association’s “Take Your Lawmaker to Work Day.” This national program is an initiative to let local legislators learn more about how banks operate and the important role they play in their community.

“It was great to see Congresswoman DeLauro and share the Guilford Savings Bank story with her,” said Timothy Geelan, President and CEO of GSB. “Take Your Lawmaker to Work Day was the perfect occasion to show the impact GSB has on the Connecticut shoreline community and the entire state through our expanded digital capabilities. I look forward to further opportunities to work with Congresswoman DeLauro to discuss how public policy impacts our Bank’s ability to serve our communities.”

“We are not just there to help local families and businesses with all their milestone events, like buying a new car or first home, planning for college or retirement, or expanding a new business,” continued Geelan. “As a mutual bank, we’re also creating jobs and participating in the civic life of our community.”

Simsbury Bank Welcomes Congresswoman Elizabeth Esty Simsbury Bank recently hosted a “town hall” style meeting with Congresswoman Elizabeth Esty who represents Connecticut’s 5th House District. Congresswoman Esty met with Simsbury Bank employees, a cross section of local business leaders from a variety of industries and elected officials. She spoke about her legislative work in DC to advance the interests of Connecticut’s Fifth District and fielded questions from those assembled on topics including banking regulations, healthcare reform, tax policy and infrastructure. u

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Connecticut Banking Magazine • Fourth Quarter 2017

Unleashing Your ‘Hidden Capital’

By Richard L. Pilla, Managing Member, Paramount Partners LLC

By Michael J. Purchia, Managing Director, Paramount Financial Institutions Group

I

f you are a mutual or stock bank looking to grow, hidden capital may literally be all around you. New England community banks can anticipate that five to twenty percent of the value of your premises can be redeployed to improve profitability, without negatively impacting current operations.

It’s a straightforward process of building efficiencies and using creativity to downsize and finding the “highest and best use” of your corporate real estate assets.

What Is Hidden Capital Very simply put, hidden capital is money tied up in underutilized real estate and facilities that could be unleased to create opportunities to improve profitability and reduce overhead. One of the more familiar vehicles is sale/leaseback, particularly when demand in the capital markets is high, as it is currently. However, there are many hidden capital deal types: • site development optimization • Co-branding • sale/lease surplus space • air-rights development • branch right-sizing • purchase sale/leasebacks • condominium • ground lease/community endowment

ATMs, ITMs, etc. Innovative banking executives need to analyze their own data and use analytics to drive branch transformation and provide customers with multichannel experiences.

What Bankers and Retailers Are Doing Factors that are forcing businesses to constantly evolve include: staffing online shopping reduced customer traffic technology changing consumer patterns higher occupancy costs smaller store formats

Macy’s and its real estate optimization partner Brookfield, are analyzing roughly 50 of the retailer’s owned store to identify redevelopment opportunities. Macy’s CFO Karen Hoguet stated, “Increasing the density of the site could not only create value for the site, but [it] would also create beneficial synergies for the ongoing Macy’s retail operation.”

Mergers and acquisitions is an expeditious growth vehicle.

However, the downside of any acquisition is that the acquiring institution must take challenged properties along with the good ones. As consumer behavior, eco-friendly work environments and technology have brought about changes in the size, shape and design of bricks and mortar branching, they have also impacted headquarter and operations centers.

By reducing overhead and leveraging underutilized physical assets, banks can generate capital pools. It is a straightforward process of improving efficiencies, introducing new technologies and creating a better staffing model and customer experience, all for the goal of improving a bank’s profitability and gaining a distinct competitive advantage.

The ‘hidden capital quotient’ starts with a facility, customer and site audit and then progresses to a highest-and-best-use • • • • • • •

In markets where the economic environment is strong and demand for real estate is high, developers are aggressively looking for opportunities to meet that demand whether it is in the office, residential, institutional, retail or hospitality sectors. America’s more dynamic cities are where demand is highest and as a result, so is land cost. In the more mature Richard L. Pilla enclaves, development sites are scarce and one way to address the shortage is to go up which is why some of New England’s most successful projects have included air-rights development.

Because of high land cost No. 1, and consumer lifestyle demands No. 2, developers are looking to make their projects more marketable and appealing and are doing so by combining difMichael J. Purchia ferent uses in the same building.

Many older generation headquarter properties, for example, have wonderful architecture. These properties with high vaulted ceilings, marble columns, ornate fixtures and magnificent entrances, are also money pits with inefficient systems, cavernous spaces that require higher staffing levels, and they offer a customer experience that may have worked in years past, but no longer.

A second and equally valuable component of hidden capital is optimizing a bank’s real estate retail delivery network, e.g., branch, 6

Fourth Quarter 2017 • Connecticut Banking Magazine

analysis of your corporate real estate assets in order to arrive at creative solutions to achieve the highest value for both short and long-term benefits.

A client bank had a 4,810-square-foot branch, built in 1990, with $31 million in deposits. The bank sold the building to a dental practice and leased backed and fitted-out a 1,100-square-foot-technologyenabled branch. The bank’s business did not suffer. It gained a new loan customer, was able to drastically lower direct operating expense to $231,000, more than half of its 1990 expenses adjusted for inflation, and freed-up a million dollars in capital.

The impact of freeing up one million dollars in capital, assuming a 10 percent capital ratio, can add $9 million in borrowings and invest $10 million into interest earning assets and with a net interest spread of 2 percent per year on borrowings means $180,000 additional pre-tax income per year.

The Takeaway • 5 -20 percent of the value of your bank’s fixed assets can be monetized and used for growth initiatives • improves capital and performance ratios • helps transition your bank from current core customers to Millennials • if done right, sends a positive message to staff and the marketplace u Richard L. Pilla specializes in the retail and banking real estate sectors. Pilla is a member of Retail Brokers Network’s (RBN) executive committee and co-chairman of RBN’s Financial Institutions Specialty Council. He is also an active member of the International Council of Shopping Centers (ICSC), and a member of the Massachusetts and New Hampshire Bankers Associations.

Michael J. Purchia provides strategic planning and real estate advisory services to community, national and regional financial institutions. Purchia’s banking and real estate expertise turns merger, consolidation, expansion and regulatory actions into successful reality-based implementation programs.

Over the course of his 25-year-career, he has provided board-level strategic planning, profit improvement, merger and acquisition and real estate advisory programs to hundreds of financial institutions.

We are pleased to welcome Susan D. Stanley to our Banking and Commercial Finance Practices Susan D. Stanley Counsel  Banking  Commercial Finance 203.330.2195 sstanley@pullcom.com

© Pullman & Comley, LLC

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Connecticut Banking Magazine • Fourth Quarter 2017

Transforming Branches in Connecticut

First County Bank, Westport

Newtown Savings Bank, Oxford

Simsbury Bank, West Hartford

By Ian Hough

T

hree financial institutions in Connecticut recently opened new branch platforms, each with its own unique take on the concept of dialogue banking. They were all heavily focused on the branding and retail communications elements of the customer journey, and were fitted with the very latest in technology to ensure an efficient and positive experience.

Two of them were ground up constructions, and the third was a complete renovation in an existing retail space.

First County Bank, Westport Main platform alone minus private offices=802 square feet This 2,150 square-foot ground-up project in Fairfield County was designed very much with upscale local architectural sensibilities in mind. The interior offices are fronted with branded glass in order to highlight the graphic walls within, which feature colorful renditions of local places of interest. There is also an illustrated timeline of the bank’s history, as well as flat 8

screen digital displays and environmental branding throughout the branch.

A sleek, ultra-contemporary dialogue tower (pod) complements the overall style, and behind it is the drive-thru window.

Both the dialogue tower and the drive-thru are fitted with cash recyclers to facilitate rapid, error-free transactions.

There are two tech kiosks where customers can master online banking on tablets, iPads, laptops or smartphones. Branch employees are available to teach people

Fourth Quarter 2017 • Connecticut Banking Magazine

how to navigate the bank’s website or apps, as well as perform transactions, check balances and transfer money.

Newtown Savings Bank, Oxford Main platform alone minus private offices and conference room=939 square feet This 3,000 square-foot ground-up branch is a linear design built around an interior serpentine wall. The translucent serpentine wall contains signature words and images associated with the brand and with community. The branch was strategically oriented to project its branding features outward to passing traffic with the intention that it would attract attention from a distance but be legible to customers inside the branch itself.

The main platform area is concentrated in one corner, adjacent to flat screen displays and a beverage center and waiting area. There is a large dialogue tower with stand-up and sit-down components and a cash recycler. The drive-thru window is behind the tower, and is also equipped with a recycler.

Flat screen displays can be viewed from

customers at the tower, the beverage center and the waiting area. The content on the screen behind the dialogue tower is short form, intended for customers to see as they’re being attended to. The content on the other screen is longer form, to be viewed by people in the waiting area. The stone used on the branch interior and exterior was obtained from a quarry that once occupied the site itself, and our architect worked directly with the quarry owner to select stone of the desired hue.

Simsbury Bank, West Hartford Main platform alone minus private offices and passage=780 square feet Simsbury Bank’s West Hartford office was a 2,400 square-foot space in an existing neighborhood shopping plaza. A fresh, modern look was desired, and they were eager to explore the dialogue tower concept, which was very new to them.

They also wanted to take advantage of the large windows in the space for branding purposes, including a large stabile version of the bank’s logo hanging from the high ceiling which is visible to outside traffic.

The stabile had to be fixed in position, as a

mobile would trigger the building’s alarm system. The windows themselves are also branded, and there are merchandising materials attached to the glass, visible from the interior and exterior.

The long, contemporary dialogue tower is branded and curved, following the shape of the interior walls. There is a cash recycler in the tower. Three pendant lights above the tower create a warm destination that draws visitors in. There’s a flat screen digital display at an adjacent check desk and another, larger one, behind the dialogue tower, displaying branded information on products and services.

The glass-fronted offices are transparent and welcoming, and architectural partitions, glass walls and doors are all branded in the bank’s theme. The new millwork incorporated solid Corian countertops, which are smooth and clean.

There’s a beverage center and community board, which complements the overall appearance of the branch, which is designed to look uncluttered, with every element being purposeful. u Ian Hough is director of marketing at Solidus.

JANUARY 11, 2018 | MOHEGAN SUN The Connecticut Bankers Association and Connecticut Banking magazine are accepting nominations for the New Leaders In Banking honors. This program recognizes the up-and-coming stars of the banking industry.

Please nominate an individual that should be considered for this year’s recognition.

An individual must meet the following requirements: • Work at a CBA Member Bank (Dues Paying in Good Standing) • Be an outstanding employee, manager, or business leader • Be making a notable impact within their bank and community Please consider the following information when writing your nomination: professional achievements and awards; accomplishments at your institution; promotions; membership in professional organizations; membership in private organizations; charitable work and contributions.

NOMINATE A DESERVING COLLEAGUE TODAY

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Nominations close on November 10. Winners will be chosen by an independent committee, and will be notified in late November.

Awards will be distributed at a special dinner reception taking place on Thursday, January 11, at Mohegan Sun.

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For more information contact Connecticut Bankers Association at (860) 677-5060 or cba@ctbank.com www.bankworldexpo.com | www.facebook.com/bankworld | www.twitter.com/bankworld

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Connecticut Banking Magazine • Fourth Quarter 2017

How to Hire Millennials Now

National Study Offers Insight on Attracting Millennials into the Banking Workforce

By Kedran Whitten

M

illennials continue to perplex the American business population; we want to know what attracts and motivates them, and keeps them coming back for more. For the banking industry in particular, it really boils down to one simple question: How do we win this generation?

With that in mind, CSI, in partnership with The Center for Generational Kinetics, conducted a national study of 1,008 U.S. adults ages 21-65 – the purpose of which was to form an accurate picture of banking trends as they relate to different generations, with a focus on what makes Millennial customers tick.

But, the survey went further to uncover Millennials’ thoughts on pursuing a career in Kedran Whitten the banking industry. According to Pew Research, Millennials – ages 20-36 – have taken the torch from Baby Boomers not only as the country’s largest generation at more than 76 million, but also as the largest segment of the American workforce.

When it comes to hiring Millennials, banks have some hurdles to clear. According to CSI’s study, 91 percent of millennials believe that working at a financial institution is a respectable career choice (94 percent of both Baby Boomers and Gen X believe the same). But the majority of Millennials aren’t preparing themselves for positions in banking.

these millennials because they can have a lot to offer, especially as it relates to technology and thinking outside of the box.”

Attracting Millennials to the Hiring Line According to CSI’s study, 42 percent of Millennials said that after salary, traditional benefits like health insurance and retirement savings plans were the No. 1 way to steer them toward a career in banking.

Further, 30 percent of Millennials named the ability to build a long-term career as important in their willingness to pursue a banking job. They also look for the following: • Paid time off. Through competitive market research, learn what other organizations in the industry, and in your region, offer in terms of vacation time and sick leave. Be prepared to match, or exceed, what your competition provides.

• Consistent hours. While banks only have so much flexibility here, consider a scheduling plan that ensures each employee has some Saturdays/weekends free to promote a work-life balance. Also, determine whether offering flextime or working remote are options for your institution.

• Interesting work. Our study indicated that the perception of uninteresting work is a deterrent. When working with millennials, ensure they have the opportunity and flexibility to build on their natural strengths. Their idea of personally fulfilling work also includes plenty of opportunities to collaborate on projects. u

Only One in Three Millennials Would Consider a Job in Banking When we pressed a bit more and asked how likely survey respondents would be to accept a job at a bank, only one-third of them replied they’re likely or very likely to do so. Not bad, but it leaves obvious room for improvement. So, how can your financial institution ensure it will be staffed for the future?

For insight, we turned to Becky Hallman, assistant vice president and human resources director at River Bank & Trust, based in Prattville, Alabama. The $809 million-asset bank with 10 branches across Alabama has an impressive record of attracting and hiring Millennial staff: of its 146 employees, 60 of them, or 41 percent, are Millennials.

“My advice would be to get more involved with local schools and colleges, and to look into creating an internship program that would attract either high school seniors or college students that can be cross-trained in multiple areas of the bank,” Hallman says. “We stay in close contact with college advisors that can help place outstanding students nearing graduation in a particular position that we are looking to fill.”

While River Bank, a CSI NuPoint core customer, seeks ultimately to place the right applicant in the right position, Hallman adds, “we also understand how important it is to attract

Kedran Whitten is chief marketing officer for CSI. She has more than 20 years of marketing leadership experience, and her background includes driving revenue growth, customer satisfaction, brand awareness, product pricing and competitive positioning.

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Fourth Quarter 2017 • Connecticut Banking Magazine

Who’s Talking on Your Behalf?

Community Bankers Can Help Shape Public Opinion by Telling Their Own Story

By Patrick Dix

I

was watching the “Today Show” one morning and a story came on about the ongoing investigation into wrongdoing at Wells Fargo. The reporter ended the story by saying, “And that’s why we need more regulation on these banks.”

Setting aside the unnecessary commentary from the reporter, she lumped every bank into one big group, ignored the complexity questions over the regulatory environment and left viewers with the impressions that you … are just like Wells Fargo.

You can argue all you want the reporter isn’t doing their job. I’d argue bankers contribute to that kind of uneducated comment by not speaking up, not advocating for their own issues and by not telling their own, unique story.

I’ve had the good fortune to spend a lot of time in different places with a wide range of banks and bankers over the last couple of years. The consistency of concerns over regulatory relief is a frequent theme of conversation. But, when I ask how many times the banker has tried to pitch that story to local media, things get quiet.

It’s time for bankers to start raising their hand, displaying their thoughtful expertise and offering their opinion to help shape any number of debates in their own community, state or in Washington, D.C. There are a lot of opportunities right now. Record low interest rates put pressure on you and your industry, but does the public really understand how those rates affect the services they’ve come to expect from their community bank?

When communities are in crisis, have a natural disaster or are in need of a unifying corporate citizen to step up, how often is it a bank provides a place for common contribution, solid backing for rebuilding or genuine philanthropy? It will happen along the Gulf Coast in dozens of communities effecting thousands of people. Will we hear that part of the story?

Wells Fargo can’t seem to stay out of the headlines, but as the example we started with illustrates, every time they say bank or banker, public opinion about your profession takes a hit. Rather than using this as an opportunity to illustrate how banks are different, bankers seem content to sit on the sidelines, out of the line of fire, hoping no one will notice them.

Advocacy is an every-day discipline, and no one is better qualified to speak for your bank than you are.

When was the last time you, or a group of your peers got together and talked with the local paper’s editorial board? The conversation doesn’t have to have a specific agenda, it can be a wide-ranging conversation that gives a sense of how you and your fellow bankers are dealing with your challenges, and the concerns you see coming for the community.

How many times have you seen a story on TV or heard a piece on the radio expressing the view of bankers and thought, “That’s not how I feel about it” or “That’s not the story in our community?” That moment is the time to pick up the phone and pitch a reporter to come out and talk to you.

And finally, you can take your case right to your community. SHAZAM is often asked to talk to a community organization like Rotary or a chamber of commerce.

What an opportunity! Think about how those businesses or their families use your institution and begin framing your comments through their eyes.

The support of the people in your community can move policy in Washington, D.C., and public opinion on Main Street just as well or better than any political lobbyist or slick PR campaign. YOU are your greatest weapon. But you have to tell your own story u Patrick Dix is senior public relations manager for SHAZAM and can be reached at pdix@ shazam.net.

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Upcoming

CBA Calendar NOVEMBER 10

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New Leaders Awards Submission Deadline CSFM 2018/2019

DECEMBER

5 CSFM 2019 6 CSFM 2018 13 FMS

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FEBRUARY 2018

6 CSFM 2018/2019 7 CT Legislative Session Commences

MARCH 2018 7

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APRIL 2018

5 CSFM 2019 5 FMS 8-10 CSFM 2018 BankSIM 11 CSFM 2018 Graduation 16 Final Submission for Q2 Magazine 26-27 Women in Banking

MAY 2018

8 CSFM 2019 9 CT Legislative Session Ends 15 Director and Senior Officer Symposium 22 CSFM 2019 30 Final Submission for Q3 Magazine TBD Bank Secrecy Act

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Connecticut Banking Magazine • Fourth Quarter 2017

Getting Objective Customer Feedback Is Both Harder and Easier Than You Think

2017 Statewide Benchmark Results for Overall Quality

By Bruce Paul

E

very good community bank wants to get feedback from its customers – to help make important business decisions, to head off any problems quickly or to understand their relative strengths and weaknesses vs competitors. However, financial institutions tend to hear unsolicited feedback from only two kinds of customers – those who are very happy, and those who are very upset. Even if a bank decides to spend tens of thousands of dollars to develop their own feedback surveys, they almost always end up with inaccurate results. This is because when they know it is the bank asking, many customers are not completely honest because they do not want to get their favorite teller or commercial banker in trouble (even if that person makes a mistake or is not adding enough value). Worse yet, sometimes a bank’s employees will try to coach respondents to give good scores. This always leads to an inaccurate view of a bank’s customer base which in turn can lead to business decisions based upon erroneous customer intelligence. For example, customer satisfaction scores gathered internally in this way, without any competitive comparison or objective measurement, are typically over-inflated by 10-20 percent (and sometimes much more). It is no wonder that when I give presentations at bank conferences and ask a large crowd of community bankers who believes their service levels are better than most community banks, almost 100 percent of them say they themselves are. Either half of them are wrong, or Connecticut banking must be like Lake Wobegon, where all banks are above average.

The way to avoid bias and get a true, unfiltered snapshot of what your customers think is to get an external, independent survey of your customers. This is not difficult if you happen to be a bank with over $30 billion in assets and a few hundred thousand dollars to spend, you are in luck with a national sample study like JD Power. Or better yet, if you are a very large national bank you can conduct the entire research for yourself – the largest U.S. banks spend over $50 million each year to track competitive customer experience. But if you don’t have the level of market share to show up in JD Power, and you do not have tens of millions of dollars to spend, what are your alternatives? One option is to hire a market research firm and do it yourself. But that can be expensive and leads to the bias mentioned earlier. The alternative is to subscribe to a local benchmark that already collects your customer feedback (and feedback on your competitors’ customers) in a large, Connecticut-focused survey. The benefits of this approach are that it is unbiased, accurate, low cost and provides competitive results (not just your own). The result is a holistic view of the good, the bad – and the middle. The drawbacks are that the results come out on a set schedule (typically twice per year), and there is very little room for customization if your marketing team has a very high level of market research expertise and likes to tweak surveys.

One example of a local benchmark is the Connecticut Bank Benchmarks which comes out twice per year (in January and July) and covers every single bank in the state. The latest results from July included

28,645 reviews by Connecticut residents, including ratings on customer service, technology, overall quality, proactivity, value for fees and 50 other metrics. Below are some of the interesting top line results. They may surprise you, but they are based upon your own customers’ feedback, so they are important to know.

Below are the top-rated banks for overall quality in each Connecticut county, as rated by their own retail and commercial customers. The overall quality index is driven by a combination of servicing, tools, problem incidence and resolution, policies and trust. The top tier performers include a range of large and small institutions, showing that size does not necessarily translate into results.

Top CT Banks in OVERALL QUALITY, as rated by customers Q2 2017 Retail Top 3

Commercial Top 3

Fairfield 1. Darien Rowayton Bank 2. Bankwell 3. CT Community Bank

1. First County Bank 2. Chase Bank 3. Newtown Bank

Hartford 1. Collinsville Savings Society 2. First National Bank of Suffield 3. Farmington Bank

1. Windsor Federal Savings 2. Liberty Bank 3. TD Bank

New Haven 1. Thomaston Savings Bank 2. Guildford Savings Bank 3. TD Bank

1. Wells Fargo Bank 2. Webster Bank 3. TD Bank

New London 1. Chelsea Groton Bank 2. Liberty Bank 3. Savings Institute Bank and Trust

1. People's United Bank 2. Chelsea Groton Bank 3. Liberty Bank

Litchfield 1. Torrington Savings Bank 2. Thomaston Savings Bank 3. TD Bank

1. TD Bank 2. Torrington Savings Bank 3. People's United Bank

Middlesex 1. Liberty Bank 2. Essex Savings Bank 3. TD Bank

1. Wells Fargo Bank 2. Liberty Bank 3. Citizens Bank

Tolland 1. Stafford Savings Bank 2. Liberty Bank 3. United Bank

1. Liberty Bank 2. TD Bank 3. People's United Bank

Windham 1. Putnam Bank 2. Savings Institute Bank and Trust 3. Jewett City Savings Bank

1. Putnam Bank 2. Savings Institute Bank and Trust 3. Citzens Bank

Worth noting, there are a number of institutions that fell just below the top tier and may be able to capitalize on their strengths to achieve the top level in the next survey, scheduled for Q4 this year. The results for any bank can be accessed through www.cescx.com or by emailing info@cescx.com. u Bruce Paul is president and CEO of Westport-based Customer Experience Solutions, the creators of the Connecticut Bank Benchmarks. He may be reached at (203) 906-8923 or bruce@cescx.com. For more information please visit cescx.com.

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Fourth Quarter 2017 • Connecticut Banking Magazine

The Discipline of Growth

By Tom Long, Principal, The Long Group LLC

C

reating operating leverage or growing revenue faster than expenses is the essence of business. With compressed margins the new normal, lifting or accelerating the growth trajectory is an economic necessity. In a thin margin business, stimulating top line revenue growth is a priority for every financial institution.

The Law of Diminishing Returns An organization’s ability to grow is impacted by two factors, sales volume and attrition. Consider that there is a sales and attrition dynamic within each product line determining not only the composition of the balance sheet but its growth rate as well. Furthermore, every product line and market that the bank competes for business can be plotted on a growth curve. Uncovering benchmark statistics will allow the financial institution to anticipate the challenge.

Generally, as each product line portfolio grows, should the attrition rate remain unchanged, the absolute volume of business that is required to be replaced expands. This attrition volume will eventually approach or exceed annual sales volume, compromising growth. Stagnation arises when attrition equals sales volume while contraction occurs when attrition exceeds sales volume.

portunity produces accountability. It starts with the knowledge necessary to generate the strategy and focus required to launch impactful business development activities on a branch-by-branch basis.

Entering New Markets Branching today represents a significant investment and as such requires a disciplined approach to making decisions. To sustain growth necessitates a thoughtful process to evaluate potential new markets each of which are competing for capital. Once de novo branch market priorities are established, discovering a specific site with the locational advantages to successfully penetrate the market reveals a means of entry. However, branching momentum is determined pragmatically by quantifying the profit and loss impact of the branching decision. New markets, successfully identified, accelerate top line revenue growth and drive financial performance. The benefits to branching are great. So are the consequences. Manage the risks with an analytical approach to branch expansion.

The Growth Paradigm The core activities to ensure growth include improving the stability of the account base, competing in new product lines, or entering new markets to leverage the existing product set. For the last 24 years, The Long Group has been surveying both consumers and businesses regarding financial service usage (ownership) and behavior (the access and maintenance of their relationship), capturing evolving trends. Here is what the proprietary database suggests as financial institution priorities.

The Advantage of Focus: Improving Retention At the typical financial institution, four months of the year are spent on growth. The sales volume acquired over the remaining eight months of the year is invested in replacing business lost through attrition. Reducing attrition is a quantifiable exercise. Specifically, customers that maintain a one or two account relationship generate churn. Therefore, the average size of a client relationship determines longevity with client tenure expanding by 50 percent among those households that maintain three or more balance sheet account relationships with the institution. While automating sales production has strategic benefits, the typical financial institution remains in search of an executable plan to expand share of wallet.

Improving Market Penetration The branch is rapidly morphing from a transaction center to a sales center with many financial institutions unprepared for this opportunity. Often financial institutions operate within specific branch markets without the knowledge of focus. Knowing the product lines that will contribute to each branch’s growth is essential. Establishing feasible, realistic and appropriate product line sales volume frames expectations. In addition, creating a plan to capture the identified op-

Think Strategically Growth requires discipline and discipline requires focus. Thinking strategically will allow the financial institution to behave tactically.

Examine whether or not the institution has a solution to expand customer relationships. Create a mechanism to understand, evaluate and capture the incremental product line opportunities available within each existing branch market. Construct a profitable branch expansion blueprint. Plan for success by closing the knowledge gap to improve performance. u Tom Long is the principal at The Long Group LLC. For more than 20 years, The Long Group has been providing tactical guidance and insights to financial institutions through strategic planning, customer and market analytics, expansion planning, staffing and productivity analysis and marketing. The Long Group’s ongoing research places the firm as a thought leader within the industry. Tom Long can be reached at tomlong@longgrouponline.com or at (603) 424-5664.

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Connecticut Banking Magazine • Fourth Quarter 2017

Q&A with 2017 CBA Chairman

Michael J. Casparino

By Malea Ritz

A

fter more than three decades in the banking industry – all with the same institution – Connecticut Bankers Association 2017 Chairman Michael J. Casparino (effective November 2017) is the market president of Northern Connecticut at People’s United Bank, N.A. Active in the banking industry, Casparino is eager to begin his chairmanship with the CBA.

But more importantly, their management training program was very well-known throughout the banking industry as being one of the best and most comprehensive. All I can say is that the organization was an absolute perfect match for me. In 1986, the Bridgeport based People’s Bank had 80 branches and less than $2 billion in assets, compared to today’s 406 branches and $43 billion in assets.

So, 31 years later, what a great ride it continues to be! I’ve been so fortunate to have outstanding bosses, loyal and hard-working employees and great coworkers. The senior executive leadership team for the bank is very dynamic and talented. Throughout the years, I’ve worked my way up the corporate ladder and I’ve fulfilled various assignments of increasing job responsibilities, including those of assistant vice president and branch manager, vice president and area manager, first vice president and senior growth manager in the regional banking division.

In January 2008, I was promoted to market president of Northern Connecticut, overseeing the strategic direction in community relations for the bank’s branches in Hartford, Litchfield, Middlesex, New Haven, Tolland, Norwich and Windham counties. That consists of 82 locations. I continued my education at the National School of Banking in Washington D.C., graduating with honors from the class of 2000, and I was elected vice president of our class by my peer group.

Tell our readers about your banking career.

I graduated from the University of Connecticut with a Bachelor of Science degree in business administration, majoring in finance in 1986. That was during, as I like to call it, the ‘Roaring ’80s,’ because the job market was so great. But being the son of a stockbroker, I was always fascinated with the big banks and brokerage houses on Wall Street, and at that time I wanted to be an investment banker on Wall Street. After thinking it through, and getting some great advice from mentors in the trade, I decided to reinforce my finance degree by taking a job at a banking company that offered a management training program for recent college graduates. During that time, I had multiple job offers and decided to choose People’s Bank–as it was named at the time up until 2007 when it became People’s United Bank–because they were a strong bank on the move that featured a great growth strategy.

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Fourth Quarter 2017 • Connecticut Banking Magazine

I have been fortunate to work for such a great company, while raising a family in the great state of Connecticut. Connecticut is very special to me, it’s where I was educated, grew up and worked my entire life. Connecticut has such a rich history which rallies around its community base.

What is the best part about your job?

The best part about my job is working with smart and talented people and succeeding together. Every day I work with the best people within the banking industry. My job as market president for Northern Connecticut allows me the opportunity to work with my coworkers, employees, customers and the community every single day. At the bank, we are proud of our legacy of community investment, and our ability to anticipate and to address the individual financial and development needs of our customers and their communities. Our story reflects not only our banking history, but also our fundamental principles. At People’s United Bank, we believe that by offering empathy and expertise to our customers, giving back as partners in our communities and valuing the know-how of our employees, we all succeed together.

Like many bank executives, you serve on many boards – how do you find the time?

Community involvement is one of my favorite parts of the job and is one of the main reasons why I chose banking as a career.

Giving back to the community and helping people was instilled in me at a very young age from my parents and family. They were involved themselves, and at times took me along with them to different meetings and charitable events. So, it’s what I’ve always done, and it’s the way I grew up – it’s a part of my DNA. It’s also a great way to stay in touch with the local community and understand what’s working and where the greatest needs are.

Currently I serve on seven other executive boards including: the Metro Hartford Chamber of Commerce (IFS) Board, West Hartford Children’s Museum, Governor’s Prevention Partnership, Hartford Hospital (corporator); Hartford Economic Development Corporation, Tax Board of Assessment for Appeals for Rocky Hill and People’s United Community Foundation. I am involved in coaching youth sports annually for hockey, soccer and baseball throughout the year. I have been very fortunate to be a part of these great organizations. In my opinion, there’s no doubt, having a full-time job, being very active in the community and raising a family is very rewarding, but proves to be challenging at times. Time management, setting priorities and planning in advance are all keys to my success.

Tell us about People’s United Bank and the community it serves.

People’s United Bank is a premier community-based regional bank headquartered in the Northeast with $43 billion in total assets. People’s United was originally charted as the Bridgeport Savings Bank on Christmas Eve in 1842, so we’re celebrating our 175th anniversary this year. The Bank provides commercial and retail banking, as well as wealth management services. We build longlasting relationships with our clients, serving as their trusted advisor and take ownership for their financial success and wellbeing. We operate more than 400 branches in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine, including sevenday, full-service, extended hour locations in Stop & Shops across Connecticut and New York. Through our subsidiaries, People’s United Financial provides equipment financing, brokerage and insurance services.

With 5,500 employees across the Northeast, and national businesses spanning across the country, we’ve remained close to our roots in Connecticut and our communities here. We’re proud of how 15

People’s United employees give back to our communities, from serving on boards, teaching financial literacy classes and participating in fundraising events. Community involvement is an integral part of our culture and how we do business.

In 2016, People’s United Bank and People’s United Community Foundation invested more than $6 million in the communities we serve through charitable donations and sponsorships. In addition, our employees gave more than $450,000 to United Way affiliates across the footprint through our annual employee giving campaign, and more than $178,000 was matched by People’s United Community Foundation.

Last year our employees logged over 30,000 volunteer hours, having an economic impact of nearly $800,000. As a leader in the financial services industry, it is particularly important for People’s United Bank to invest in the financial health and wellbeing of our neighbors. In 2016, People’s United Bank employees conducted more than 650 financial education workshops, helping to enhance financial literacy, foster financial stability and improve banking relationships among nearly 20,000 residents throughout our communities.

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

Recognizing that Millennials want convenient access to user-friendly technology, the bank is continuing to make investments to allow for an easier, frictionless experience with our mobile banking app. In addition to our new layout and more streamlined navigation, the mobile app offers debit card controls, person-to-person payment options and enhanced touch ID technology. The enhanced navigation provides quick access to balances, mobile deposit capture, planning tools and calculators, as well as ATM/branch locations.

continued on next page

Connecticut Banking Magazine • Fourth Quarter 2017

continued from page 15

We offer a full range of products and services for Millennials as they progress through their various life stages and events, from value-based checking, savings and credit cards, to first-time homebuyer mortgages and seminars. We also have tools to assist them with investment planning, and given their affinity toward technology, are developing digital investment allocation solutions, such as robo-advice.

How do you picture the future of banking?

The future of banking will continue to need to be client-centric, providing the convenience and expertise that our customers, both consumers and businesses, will demand and deserve. Banks will need to be smart and nimble, leveraging technology to further improve upon the multiple delivery

channels that clients have access to today, while also evolving the role of the physical branch, where technology, personal service and financial guidance intersect.

We have already started to re-engineer our branch network to make it more efficient and convenient for our customers.

Our 140 branches in Stop & Shop locations offer the benefit of seven-day, full-service and extended-hour banking. We have also designed a more streamlined branch, called Advantage Centers in some of our Stop & Shop locations that use less square footage and more technology, equipping our employees with tablets that help with customer engagement. The tablets provide quicker access to product information and online demos of new offerings and are being very well received by both existing customers and prospects.

What are you most looking forward to in your role as CBA chairman?

I’m looking forward in my role as chairman to working more closely with our 52 member banks, future banking members and our 82 associate members.

I will also be more involved in the political aspect of the banking industry to help support and promote legislative and regulatory action, both at the state and federal level. This also includes working closely with the association as they serve the collective needs of its members through developing educational programs and providing cost-effective services annually. u Malea Ritz is an editor with The Warren Group, publisher of Connecticut Banking.

THANK YOU TO CBA’S ANNUAL MEETING SPONSORS

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Fourth Quarter 2017 • Connecticut Banking Magazine

ALAN DeTOMA

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As we continue to grow, who better to lead our northern expansion than Alan DeToma, a New England native himself with over 20 years invested in the design/build industry with financial institutions.

For a complete listing of PWCampbell’s products and services, please contact Alan at alan.detoma@pwcampbell.com or 508.918.2428 or visit www.pwcampbell.com

Connecticut Banking Magazine • Fourth Quarter 2017

Humberto Navarro

Jean McGran

Shawn Gelin

Peter Hermance

Alyssa Bryan, Megan Foster, Kimberly Friend, Tom Gouin, Alyssa Kumpf and Elizabeth Owen

Leila Votto

Flo Carbone

Melissa Mednick

Maria Cusano

Barbara Curto

Marielle Winkelman

Miria Toth

Andrea Barron

Stacey Taylor

Katherine Morano

Crystal Sides

Christene Mullane

Laura Legary

Amy Turner

Nancy Roberts

Gregory Shook

Nathan Bordeleau

Diane Arnold

Emily Gayton

Susan Lockwood

Scott Edwardson

Jagjiwan Singh

Tiffani Valenti

Diana Serrano

Juanita James

Duncan Lee

Gregory Pignataro

Christine Beirne

David Rotatori

Michelle Stronz

Kathy Taylor

Jeff Hubbard

Lakisha Jordan

Michael Marchus

Bankwell announced Humberto Navarro was appointed assistant vice president and branch manager. Shawn Gelin was promoted to senior vice president of deposit operations. Peter Hermance was named assistant branch manager.

Leila Votto was promoted to vice president and branch manager. Diane Basedo was promoted to assistant vice president and deposit operations manager. Flo Carbone was promoted to assistant branch manager. Melissa Mednick was promoted to first vice president. Will Acevedo was named assistant vice president and branch manager.

Maria Cusano was certified as a regulatory compliance manager.

Berkshire Bank – CBT Region announced Jeffrey Stone was hired as senior vice president of retail branch banking. Sharon Blanchette moderated the Cybersecurity Panel at the Association of Certified Anti Money Laundering Specialists.

Kevin Gillis joined as regional vice president and branch manager.

Chelsea Groton Bank announced Barbara Curto was promoted to assistant vice president and marketing manager. Marielle Winkelman was promoted to branch manager. Miria Toth joined as assistant secretary and community education

officer. Jean McGran joined as assistant vice president, regional sales and service manager.

Alyssa Bryan, Megan Foster, Kimberly Friend, Tom Gouin, Alyssa Kumpf and Elizabeth Owen were presented with the esteemed “Chelsea Award” for outstanding contributions to the bank and community. Beth Glynn was presented the George Strouse “Spirit Award.”

Dime Bank announced Andrea Barron joined as assistant vice president and branch manager.

Stacey Taylor joined as assistant vice president and corporate branch manager. Katherine Morano was promoted to corporate officer and mortgage originator. Crystal Sides was recognized as a recipient of the 2017 Women of FIRE Award.

Eastern Savings Bank announced Christene Mullane joined as business development sales manager. Laura Legary and Amy Turner were promoted to branch managers. Nancy Roberts was appointed vice president of retail sales and service.

Essex Savings Bank announced Gregory Shook was honored as a retiring Middlesex Chamber of Commerce chairman. Kristin Estep was selected 18

among “Best of Best” financial advisors to attend Barron’s Top Independent Women Advisors Summit. Nathan Bordeleau was promoted to credit officer, assistant treasurer. Diane Arnold was recognized as a recipient of the 2017 Women of FIRE Award.

Fairfield County Bank announced Emily Gayton was appointed vice president of human resources.

Susan Lockwood was appointed vice president and compliance officer. Scott Edwardson was elected as a corporator.

First County Bank announced Jagjiwan Singh was recognized as one of Fairfield County’s “40 Under 40” Award winner. Tiffani Valentin and Diana Serrano received CFT course certificates.

Juanita James was elected as a director. Duncan Lee joined as a branch manager.

First National Bank of Suffield announced James Cormier graduated from the ABA Stonier Graduate School of Banking. David Oliver was named senior vice president and head of retail and small business banking.

Guilford Savings Bank announced Gregory Pignataro joined as vice president and

Fourth Quarter 2017 • Connecticut Banking Magazine

John Keller

Gail Harris

Courtney Jinjika

Rebecca Gentile

Pamela Days

Pamela Reiss

David Wall

Philip Lukianuk

Peter Gerardi

Julianna Sinchak

Kevin Bennett

Rheo Brouillard

Samantha Bazydlo

Richard Cheney

Donna Connolly

Kenneth Martin

Mark Kantor

Cindy Palmer

Christine Kallipolites

Ann Szafranski

Denise DiDonato

William Groves

Daisy Paulhus

Cassandra Giovanni

Joseph Raycraft

James Finnegan

Debra Connors

Ray DeAguila

Linda Lydem

Suzanne LoRusso

commercial loan origination manager. Christine Beirne was promoted to senior vice president of human resources.

Ion Bank announced David Rotatori was named president and a director. Paul Simko, Dr. Michelle Stronz and Kathy Taylor were elected to the board of corporators. Douglas Coulter was hired as a commercial lines producer.

KeyBank announced Jeff Hubbard was elected market president of the Connecticut Convention and Sports Bureau. Lakisha Jordan was promoted to corporate responsibility officer. Michael Marchus was promoted to Hartford East area retail leader. John Keller was hired as senior relationship manager of commercial banking.

Gail Harris was hired as senior vice president and wealth advisor. Courtney Jinjika was promoted to regional retail leader. Rebecca Gentile was selected as a “40 Under 40” Award winner.

Liberty Bank announced Pamela Days-Luketich joined as community outreach officer.

Milford Bank announced that Pamela Reiss was promoted to assistant vice president and branch manager. David Wall was named first vice president and chief information officer.

Newtown Savings Bank announced Philip Lukianuk joined as assistant vice president and branch manager. Peter Gerardi was promoted to branch manager.

Salisbury Bank & Trust announced Julianna Sinchak was promoted to vice president, marketing and sales administration manager.

Jennifer Peterson was promoted to lending compliance specialist and assistant CRA officer. Kevin Bennett joined as vice president, commercial loan officer.

Savings Institute Bank & Trust announced Rheo Brouillard received the Spirit of St. Clare Award. Samantha Bazydlo, Richard Cheney and Stanley Sims joined as branch managers.

Donna Connolly was promoted to vice president and assistant controller. Kenneth Martin joined as market executive. Mark Kantor joined as call center manager. Cindy Palmer was promoted to commercial loan portfolio manager assistant treasurer. Christine Kallipolites was promoted to assistant treasurer, senior corporate accountant.

Ann Szafranski was promoted to assistant vice president, deposit operations manager. Denise DiDonato was promoted to vice president, credit administration manager. William Groves was promoted to vice president, solutions center manager. Daisy Paulhus was promoted to assistant vice president, solutions center manager.

Cassandra Giovanni was promoted to branch officer and marketing manager.

Simsbury Bank announced Joseph Raycraft joined as vice president and commercial relationship manager.

Start Community Bank announced April Langlois was promoted to BSA, OFAC and privacy and unlawful internet gambling officer.

Richard Venditto was promoted to assistant vice president.

Thomaston Savings Bank announced Kimberly Anne Curry and Diane Roveto 19

received the Vantis Life Insurance top sales awards. Heather Damberg, Eleanor FrankJimenez, Marie Langeway, Amanda LeMarie, Jen Wabiszczewicz, Melissa Rowe, Shannon Coughlan, Donna Curry and Amber Pinette received CFT certificates. Ilona Blouin was awarded the Paul Harris Fellow Award by the Rotary Club of Watertown.

Union Savings Bank announced James Finnegan joined as assistant vice president and research manager. Debra Connors joined as assistant vice president and senior branch manager. Suzanne LoRusso and Ray DeAguila joined as branch managers. Linda Lydem joined as senior branch manager. Frank Rowella was appointed to the board of trustees. Jason Ross joined as compliance officer. William Platosz joined as assistant vice president of loan review.

Mark Chory and John Gergots were promoted to vice president and senior commercial loan officer.

United Bank announced Justin Vicino joined as mortgage loan officer.

Westfield Bank announced Christos Tapases was elected chairman of the board. Kevin Green joined as an LPL financial representative.

Michael Vogel joined as vice president of cash management services. Bryan Cowan, Cathy Jocelyn, William Judd, Sarah Medeiros, Kelly Pignatare and Rick Zabielski were promoted to vice president. Michael Oleksak joined as vice president, commercial loan officer. Richard Hanchett was promoted to senior vice president, commercial loan officer. Donald Williams will retire as chairman in 2018.

Connecticut Banking Magazine • Fourth Quarter 2017

Berkshire Bank participated in World Elder Abuse Awareness Day.

Berkshire Bank recognized 31 employees for their volunteerism in the community.

Berkshire Bank employees donated over 6,000

hours of community service for Xtraordinary Day.

Berkshire Bank awarded a total of $52,000 to 35 high school seniors.

Bank of America awarded a $15,000 grant to the Connecticut Science Center in support of the Teen Innovation program.

Berkshire Bank joined IMPACT 2030 as a Bankwell donated $2,500 to the Stepping Stones Museum for Children.

collaborating partner.

Berkshire Bank Foundation awarded over $1 million in grants over the past six months.

Bank of America Student Leaders Program awarded a paid internship at the Boys & Girls Clubs of Hartford for five high school students and also attended a summit in Washington, D.C.

Bankwell donated $5,000 to Future Five.

Chelsea Groton Foundation awarded over $160,000 in grants to 57 nonprofit organizations.

Bank of America helped sponsor Pride Fest 2017 in Hartford.

Bankwell sponsored the 2017 Waveny Summer Concert Series with a donation of $2,500.

Chelsea Groton Bank presented scholarships to 16 rising college students.

Bank of America volunteers packed 1,000 backpacks with school supplies for Hartford and New Haven students.

Bankwell donated $2,500 to Arts for Healing.

Citizens Bank provided $65,000 to the Gemma E. Moran United Way/Labor Food Centers Action Month campaign and Mobile Pantry program, the Connecticut FoodBank and the Columbus House Dinner Service Program.

Bank of America awarded a $2,500 grant to the Boys & Girls Club of Bristol Family Center to underwrite their E (Entrepreneurial) Program.

Bankwell donated to the Norwalk Community Health Center where the bank staff also volunteered.

Bankwell donated $2,948 and a three-month collection of pet supplies to the Connecticut Humane Society as part of their Pet Adoption project.

Dime Bank Foundation presented a $2,500 check to Channel 3 Kids Camp.

Dime Bank Foundation bestowed a $3,000 gift to Mystic Area Shelter and Hospitality.

Dime Bank Foundation awarded $2,500 to the Shoreline Soup Kitchen.

Bankwell matched each donation dollar for dollar that Fairfield Theatre Co. contributed to support Autism Speaks.

Bankwell donated $2,500 to the Bartlett Arboretum.

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Dime Bank Foundation bestowed a $2,500 gift to Higher Edge for College Access and College Success Programs.

Fourth Quarter 2017 • Connecticut Banking Magazine

Essex Savings Bank offered a “Taking the Fear Out of Small Business Selling” seminar for SCORE. Essex Savings Bank distributed $120,000 to nonprofits for the year.

Essex Savings Bank hosted the Madison Chamber’s networking breakfast.

Essex Savings Bank sponsored the Essex Lions Club 2017 Lobster Bake.

First County Bank participated as a Silver Sponsor in the 20th annual Hope in Motion Walk & Run. Ion Bank Foundation awarded a $2,000 grant to Kelly’s Kids Summer Farm Camp program.

Fairfield County Bank hosted their first “Doc Adams Days” with the Bridgeport Bluefish at Harbor Yard ballpark.

Farmington Bank welcomed West Hartford High School students during JA Career Walk.

First County Bank honored three students with the $5,000 Richard E. Taber Citizenship Award Scholarship.

Ion Bank Foundation awarded a $10,000 grant to the Brass City Harvest.

Jewett City Savings Bank matched donations for the Griswold PRIDE receiving a total of $5,000 through the Federal Home Loan Bank of Boston’s Grants for New England Partnership program.

Farmington Bank sponsored events at the Travelers Championship with a family day and a celebrity mini golf tournament.

First County Bank was the presenting sponsor for the Norwalk Summer Concert Series.

KeyBank Foundation presented a $15,000 donation to the Catholic Diocese of Bridgeport’s Foundations in Education.

Farmington Bank employees made back-to-school donations to schools in East Hartford and New Britain.

First County Bank announced the winner of the FirstPrize $avings account $1,000 drawing.

Farmington Bank employees participated in the CFA Society Corporate 5K for The Connection Fund.

KeyBank was a host bank sponsor of the Connecticut Insurance & Financial Services’ Banking Boot Camp.

Guilford Savings Bank branches distributed viewing kits for the solar eclipse and joined the community to view the phenomenon.

Ion Bank Foundation awarded the Mattatuck Museum a $4,000 grant for their Summer Youth Art Program.

First County Bank was a presenting sponsor of the 2017 Norwalk Seaport Association’s Oyster Festival.

Ion Bank upgraded six branches becoming more energy efficient for the environment.

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KeyBank was recognized by the Governor’s Prevention Partnership for their on-site youth mentoring program with students from Hillhouse High School.

Connecticut Banking Magazine • Fourth Quarter 2017

KeyBank employees volunteered at Camp Farnum for their 27th annual Neighbors Make the Difference Day as well as the Connecticut Food Bank, Pack Leaders Dog Rescue of Connecticut and Hands on Hartford.

Savings Institute Bank & Trust donated over $3,400 to Jonnycake Center through their Caring and Giving Program.

Salisbury Bank donated to three nonprofit organizations during its Mobile Banking Campaign.

Savings Institute Bank & Trust’s second annual Uniting for United Competitive Food Drive brought in more than 6,000 pounds of food and $6,000.

KeyBank was a presenting sponsor of the Channel 3 Kids Camp’s Ninth Annual Women Raising Awareness Philanthropically Luncheon.

Salisbury Bank offered a free seminar on how to create your legacy.

Salisbury Bank offered free seminars on how to prepare for emergencies, consumer fraud, smart financial steps and plans for seniors and their caregivers and the basics of Medicare.

Salisbury Bank offered free community shred days to help in the fight against identity theft.

KeyBank, in partnership with First Niagara Foundation, donated $45,000 to New Haven Reads Community Book Bank to support literacy programs for low income students.

Savings Bank of Danbury presented a $3,000 check to Help Our Military Heroes.

Savings Institute Bank & Trust donated over $4,000 from its employee-funded Caring and Giving Program to local organizations to help those with disabilities.

Savings Bank of Danbury Foundation awarded $169,500 to nonprofit agencies last year.

KeyBank sponsored University of New Haven’s Center for Family Business.

Liberty Bank held its June-long “Liberty Lends a Hand” campaign.

The Milford Bank raised over $14,000 with a 5K race for Milford veterans.

Salisbury Bank awarded eight $3,000 higher education scholarships.

Simsbury Bank sponsored the Greater Hartford YMCA’s fall and winter youth sports leagues for 2017.

Savings Institute Bank & Trust celebrated its 175th birthday by receiving a citation from the Connecticut General Assembly.

Savings Institute Bank & Trust opened its new financial solutions center.

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Simsbury Bank sponsored Hartford Stage’s Financial Literacy Program with Bloomfield’s Carmen Arace Intermediate School’s fifth grade classes.

Fourth Quarter 2017 • Connecticut Banking Magazine

Union Savings Bank was the inaugural sponsor of the Ridgefield Symphony Orchestra’s Education and Outreach Initiative providing music appreciation.

Thomaston Savings Bank awarded a grant to fund the 2017 Watertown Art League Juried Art Show.

Simsbury Bank hosted a free document shred day for the public.

Simsbury Bank was a $5,000 sponsor of “A Conversation About Compassion and Education Event” to help end the stigma of mental illness.

Thomaston Savings Bank was recognized with the 2017 Top Workplace Award for focusing on their customers and communities.

Union Savings Bank employees participated in their first “Week of Action” in partnership with the United Way of Western Connecticut cleaning, painting, gardening and organizing at Jerico Partnership.

Thomaston Savings Bank employees participated in the Waterbury Relay for Life event raising over $7,500.

Union Savings Bank collected over 1,400 books in their Share the Love of Reading book drive that were distributed to various local nonprofits.

Simsbury Bankwas the presenting venue sponsor for the Simsbury Meadows Performing Arts Center this season.

Thomaston Savings Bank supported local Boy Scout Troop’s Annual Soap Box Derby.

Union Savings Bank presented two scholarships at a Danbury Rotary meeting to students attending Western Connecticut State University.

Start Community Bank employees collected school supplies for the Clifford Beers Clinic Annual Backpack Drive.

Thomaston Savings Bank awarded a grant to the Old Bethlehem Historical Society to paint the museum.

United Bank Foundation donated $5,000 to The Network Against Domestic Abuse.

Start Community Bank sponsored and participated in the Easter Seals Goodwill Industries Annual Golf Classic.

Thomaston Savings Bank Foundation awarded a grant to fund a meal delivery program to homebound seniors.

Union Savings Bank employees volunteered with the United Way of Western Connecticut donating new backpacks to Ann’s Place and school aged children.

Union Savings Bank employees and the local community helped save over 60 lives by donating critically needed blood for the American Red Cross.

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United Bank presented a $10,000 check to First Choice Health Centers.

United Bank reports success of its PATH Plus Program, an innovative homeownership and financial education program.

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