RAISING THE STANDARD
Reflecting on the past year, it is evident that 2024 was a year of significant progress, fueled by our team’s collaborative spirit and shared commitment to serving our customers and communities.
We closed the year with strong financial results, surpassing many key performance metrics despite a challenging interest rate environment. This success is a testament to the hard work and dedication of our team members, who consistently go above and beyond our already high standards to deliver exceptional service.
Throughout the year, we focused on strengthening our core capabilities while introducing innovative strategies to take Union Savings Bank and our products and services to the next level. Every step we took was guided by our mission to help our customers achieve financial success and deepen our impact in the communities we serve.
In 2024, our commitment to community support was evident as our team collectively volunteered over 10,000 hours. Additionally, the Bank and the USB Foundation contributed $800,000 to educational and enrichment programs, fundraising events, and numerous regional initiatives. Looking ahead, I’m excited to announce that starting in 2025, the USB Foundation will accept grant applications from local nonprofits annually, further expanding our giving opportunities.
One key initiative this year was to enhance awareness of the sophisticated services offered by our Wealth Management and Raymond James team. After thorough research and collaboration with stakeholders, we rebranded the group as The Wealth Group at Union Savings Bank. The feedback has been overwhelmingly positive, and The Wealth Group had a banner year, adding new assets and relationships, with revenue surpassing $5 million for the first time.
Other teams also delivered exceptional results. Our business banking team closed loans exceeding $10 million, while our commercial team achieved a 10% portfolio growth, increasing total commercial loans and mortgages by $124 million to $1.35 billion. On the residential side, mortgage production approached $120 million, and consumer lending reached an impressive $60 million—171% of goal and a 150% year-over-year increase. These achievements underscore our unwavering commitment to empowering customers to reach their financial goals.
In 2024, we also made significant strides in customer experience and market competitiveness. We enhanced our systems, technology, and processes, introducing innovative solutions to better serve our customers. Upgrades to our consumer online banking platform, mobile banking app, and business mobile app delivered enhanced functionality and an improved user experience. We also launched Zelle® for business customers, which has seen strong adoption since October, along with new products such as the Flex CD and ITIN mortgage offerings, further expanding our savings and lending options.
Internally, 2024 marked the inaugural full year of USB’s Culture Council, a group of 12 team members representing diverse areas of the Bank. The Council’s mission is to strengthen our organizational culture, benefiting our employees, customers, and communities alike.
This year, we elevated our service standards across all touchpoints through improved collaboration, advanced digital capabilities, and a focus on continuous innovation. These efforts not only improved the financial lives of our customers but also positioned us for an even greater impact in 2025 and beyond.
On behalf of the entire Union Savings Bank team, thank you for placing your trust in us as your financial partner. Together, we look forward to achieving even greater success in the years ahead.
Chelen Reyes President & CEO
Chelen Reyes
Raising the Standard FOR OUR CUSTOMERS
Above all, Union Savings Bank strives to partner with our customers at every stage of their financial journeys. We do this by not only going above and beyond with our customer service, but also by listening to their needs while providing them with the modern products and services to help them reach their goals.
From upgrading our online and mobile banking capabilities to providing our customers with new paths to save or buy a home, we help them achieve their financial dreams.
• More customers are opening bank accounts online. In 2024 we saw a 127% increase in online account openings, going from 291 to 663 compared to the previous year.
• Our new Flex CD product was launched in December, providing an enhanced savings option for customers. Unlike a traditional CD, Flex CD customers can access their funds one week after opening.
• We upgraded the USB Online Banking platform to a more modern look and feel while adding several new features, including access to account and routing numbers, the ability to view and customize account display, and access to USB Spending Insights to help customers better manage their spending.
• We saw an increase in mobile users throughout 2024, with the monthly average active mobile users increasing by 10%.
• The number of Zelle® users also saw a big increase, with a 48% increase in monthly users and an 83% increase in total transactions compared to 2023.
• In the Fall, we upgraded the USB Business Mobile App to update the look and feel including introducing new features such as Zelle,® Positive Pay approval features, running balance, and check images for mobile deposit. Not only have we received positive feedback from customers, but we’ve seen 600 more business customers enroll in the app in the last year.
• More business customers are also utilizing Bill pay, with a 13% increase in companies enrolled.
Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license.
Branch Teams
Total Deposits and Repurchase Agreement Deposits at year end was over $2.55 billion.
In Norwalk, our newest branch, deposits grew at an accelerated pace to $9 million.
We continued to expand educational and growth opportunities for branch staff in various fields including digital, operational, and customer service, to help them succeed in their banking careers.
FutureTrack
By investing in educating our staff through the Life Stage Financial Consulting Program, we’ve increased the number of certified FutureTrack coaches to 82 employees.
Throughout 2024, FutureTrack coaches partnered with local universities and schools to teach budgeting and financial planning to students. More than 150 students have attended these courses, which were created to build a strong financial foundation and fiscal responsibility for young adults.
Residential & Consumer Lending
Residential Mortgage produced $120 million in new business which included helping 33 customers buy their first home via our First Time Home Buyer program.
Our Mortgage Team also introduced two new mortgage products: Home Possible, a mortgage program offered through Freddie Mac that helps low-to-moderate income borrowers buy a home; and an ITIN Mortgage, a program that allows customers to apply for a mortgage using their Individual Taxpayer Identification Number instead of a Social Security Number.
Consumer production, including HELOCs, saw tremendous growth at $60 Million, which was 171% of our 2024 goal and a 150% increase year-over-year.
Business Banking
In 2024, Business Banking closed 150 loans, including 119 Rapid Loans and Lines, totaling over $10 million.
We also expanded our sales team by adding a new Business Banking Officer dedicated to serving our Norwalk branch and lower Fairfield County.
To further streamline our operations, Business Banking will be transitioning to a state-of-the-art loan origination system in 2025.
Commercial Services
Our commercial team achieved remarkable 10% portfolio growth, increasing total commercial loans and commercial mortgages by $124 million to $1.35 billion.
The team originated $268 million in new loan dollars, 141% of our 2024 plan and 29% higher than any prior year.
We issued nine community development loans that provided financing for affordable housing or community agencies serving low- to moderate-income groups by providing services for people with disabilities, needing mental healthcare, or addiction services.
Union Savings Bank became a participating lender in the Build 4 CT Program, a “workforce housing” funding collaborative sponsored by the Connecticut Department of Housing and Connecticut Housing Finance Authority (CHFA).
Customer Service Center
In 2024, the Customer Service Center (CSC) excelled at handling customer requests, resulting in an overall customer satisfaction score of 93.7%.
All members of the CSC, including management, completed the Life Stage Financial Consulting Program, which equips them with enhanced skills to consult with customers more effectively.
Information Technology
Our Information Technology department made several enhancements to our technology platform both in office and in-branch to better protect customer data. These upgrades included installing Network Access Control to safeguard data, enhancing our data storage capabilities, and expanding our data center bandwidth.
It was an exciting year for our Wealth Management team as it, along with the Raymond James division, rebranded under one umbrella, now known as The Wealth Group at Union Savings Bank. The rebrand highlighted our client-first approach and included a complete redesign of our website and printed materials to showcase a more modern image.
WEALTH MANAGEMENT
It was also an extraordinary year for new and committed business for The Wealth Group, with new assets of $53.4 million, bringing total assets to $620 million for the division. We also saw continued growth in our financial and estate planning services with a focus on fixed-income investing. The new business for the year and a robust market pushed revenue for the department to an all-time high.
RAYMOND JAMES
The Raymond James team achieved a significant milestone by surpassing $1 million in revenue for the first time since the department's formation. Throughout the year, they delivered 35 financial plans to clients and prospects, which played a crucial role in driving $58.4 million in new asset growth. As a result, the team's total assets under management (AUM) increased to $274 million.
Raising the Standard FOR OUR TEAM MEMBERS
To raise the standard for our customers, we recognize the need to raise the standard for our employees. By embracing our di erences, supporting educational opportunities, and developing a skilled workforce, we can more e ectively meet the needs of both our customers and our local community.
COMPANY CULTURE
We believe in a thriving company culture, where all team members feel valued, contributes greatly to the Bank’s success and growth opportunities. Last year marked the first full year of the USB Culture Council, which was formed to ensure the Bank maximizes the benefits of our diverse community and amplifies the voices of our many unique stakeholders. We believe this contributes to delivering success and growth opportunities for our organization. Highlights of the Council’s first year included:
• Developing an actionable mission statement to represent the work they hope to accomplish in future years.
• Utilizing feedback from an employee survey to develop programs aimed at increasing cross departmental awareness and better understanding of career opportunities at the Bank.
• Promoting celebrations within the Bank to increase cultural awareness, while encouraging our colleagues to share their traditions with each other.
EDUCATION AND LEADERSHIP
USB continues to provide opportunities for employees through education and leadership programs:
• CSFM Grads – Connecticut School of Finance & Management and ABA Stonier Graduate School of Banking
• ASPIRE Leadership Academy
• Leadership Danbury Program
• Leadership Northwest Program
• College and graduate level course support
QUARTER CENTURY CLUB
Comprised of employees who have completed 25 or more years of service at USB, our Quarter Century Club includes 21 members representing 682 years of banking experience.
USB demonstrates a strong commitment to the community through the Bank and the USB Foundation. Our corporate philanthropy goes above and beyond to support non-profits and community partners, providing financial resources, volunteer support, and strategic initiatives that drive meaningful impact. It’s why we’re thrilled to announce that in 2025, the USB Foundation will allow non-profits to apply for a grant every year instead of every other year to help broaden the opportunity for our support.
CHARITABLE GIVING
The Bank and the USB Foundation donated over $800,000 to support educational and enrichment programs, fundraising events, and countless other worthwhile causes in our community.
The USB Foundation donated $250,000 to the Foundations of Nuvance Health to support their Community Care Teams. Also, in honor of Jeff Levine’s retirement as past chair and active USB board member, it donated $20,000 in support of Ability Beyond Disability and the Community Action Agency of Western Connecticut.
VOLUNTEERISM
The USB team volunteered 10,000+ hours in our community via board and committee presence, muscle power to help with needed projects, extra hands at local food pantries, working with local youth, and so much more.
Community Champions: We celebrate and reward team members who do good in our community by translating their volunteer hours into donations to organizations of their choosing. For every 10 hours volunteered, USB donates $25. Given the dedication of our team, we donated an additional $12,000 to local nonprofits in support of this team initiative.
United Way Employee Giving Campaign: Via our annual United Way Campaign, our team members and the Bank donated nearly $60,000, which will benefit the United Way of Coastal and Western Connecticut and the United Way of Northwest Connecticut.
Salvation Army Angel Tags: Together with the Salvation Army of Greater Danbury and the Salvation Army of Torrington, our team and customers fulfilled the wishes of 128 Angel Tags this past holiday season.
FEEDING OUR NEIGHBORS
Over 800 pounds of nonperishable food items were collected during our annual drive supported by employees, customers, and the community. All proceeds went to Community Food Rescue, which distributes food at their weekly pantry while supporting other pantries.
In addition, the USB Foundation contributed $25,000 to local food pantries serving our neighbors' continued food insecurity needs.
USB GIVES BACK
Through this program, various USB departments select a cause, purchase supplies, and participate in an activity that assists our community. In 2024 alone, 28 organizations were impacted, and nearly $14,000 was donated.
SHARE THE LOVE OF READING
During our annual drive, several hundred books were collected and distributed through the little libraries at each USB branch. These libraries continue to bring reading enjoyment to children and adults in our community.
TEACHERS’ CLOSET
We collected 4,500+ of school supply items during our annual drive in August. In 2025, we’re expanding the program strategy to allow any teacher in our service footprint to order supplies to support their students in need.
FINANCIAL LITERACY
In partnership with Junior Achievement of Greater Fairfield County and Danbury Student & Business Connection, among other organizations, we continue to share our financial insight, savings tips, and financial skill-building expertise with local students so that they can grow to be savvy savers or consider a career in the banking industry.
2024 USB Financial Statements
INCOME STATEMENT
USB Bancorp Corporators
Michael J. Allen
President, Danbury Square Box Company
Cheryl A. Bakewell, CPA Partner, Bakewell & Mulhare LLC
Wendy Bernard, Esq. Attorney/Managing Member, Bernard Law Group, LLC
Steven Boa DeMoura, Esq. Probate Judge/Attorney, Law Office of Steven Boa DeMoura
Robert D. Botelho
Developer and Property Manager, Victorian Associates/ RDB Construction Co.
Nancy J. Brault
President & Co-Founder, The Ultimate Companies, Inc.
Maureen Casey Gernert Retired Director, Career Development Center, WCSU
Fil Cerminara
President, F&M Electric Supply Co.
Joseph Chemero* Real Estate Broker, Coldwell Banker
Ella Cohen* Head of Legal, BNP Paribas Asset Management
Mourad Fahmi CEO/Principal Owner, MillerStephenson Chemical Corp.
Philip M. Farmer President, Credit Resources, Inc.
Humberto Figueroa* Owner, HF Home Improvement, LLC
Thomas T. Fitzsimons Board Member, Channel Sources
Ann L. Fowler-Cruz, Esq Principal, Cohen & Wolf PC
Martin Handshy President, Charter Group Partners
Laura Hawley Mascolo* Property Manager, Hawley Management, Co.
Holly Herbert President, General Welding & Fabrication
Geoffry G. Hook
Senior Vice President, Chief Information Officer, Nuvance Health/Western Connecticut Health Network
Matthew Karpas
Managing Member, Karpas Strategies LLC
Heather Katz
Managing Principal, Cleary Benefits Group, Inc.
Michael R. Kaufman, Esq
Attorney, Jones, Damia, Kaufman, Borofsky & DePaul LLC
Jeffrey B. Kilberg Vice President, Nicholas/Tobin Insurance, Inc.
Scott Lavelle Real Estate Broker/Owner, Remax Experience
Matthias Lukens Owner, 322 Marketing
Mark A. Malkin Owner, Malkin & Daigle LLC
Alyson R. Marcucio, Esq Attorney/Member, Chipman, Mazzucco, Emerson LLC
Martin Marola President, Marola Motor Sales, Inc.
Wanda McGarry Vice President, Corporate Secretary, Kovacs Construction Corp.
Rute Mendes Caetano, Esq Partner, Ventura Law
Roy G. (Rohit) Mirchandi President, Milestone, Inc.
Stephanie Nickse, Esq Attorney & Arbitrator, S.B Nickse Law Offices, LLC & American Arbitration Association
Daniel Ohlson* Sr. Director Global Partner Sales, Equinix
Thomas J. Oneglia Assistant Vice President, O&G Industries, Inc.
Emanuela Palmares Vice President Partner/Editor, The New American Dream Foundation
Larry Pereira, Esq Attorney, Baker Law Firm
William M. Petroccio, Esq Attorney, Russo & Rizio LLC
Zachary S. Rapp President, Sydney A. Rapp Land Surveying, PC
MaryJean Rebeiro President & CEO, NY-CONN Corporation
Eugene Reelick Owner, Hollandia Nursery
Anthony Rizzo, Jr.** President & CEO, The Rizzo Companies
Kristin Roberts Managing Partner, The Roberts Tax Group
Maura Ruby Chair of Board, Danbury Chamber of Commerce
M. Jeffers Ryer President, Ryer Associates
Andrea Rynn* AVP, Community, Government, and Public Relations at Nuvance Health
Perry R. Salvagne IV President, Hodge Insurance Agency, Inc.
Stephen Santa Director of Operations, Santa Energy Corporation
Thomas S. Santa Chairman of the Board, Santa Energy Corporation
Lisa Scails Executive Director, Cultural Alliance of Western CT
Ereida Spaho CPA, Landwehr & Spaho CPAs, LLC
Bart Stanco CEO & Executive Partner, Gartner, Inc.
Gregory L. Steiner Principal, Berkshire Corporate Park
Michael R. Sturdevant Deputy Chief of Police, Danbury Police Department
Lewis J. Wallace, Jr. Director, Common Fund
Joshua A. Weinshank, Esq Attorney/Partner, Cramer & Anderson, Ridgefield
Ralph Williams III
Principal, Connecticut Business Services LLC
Jordan Young President, Fairfield Processing
Jack Zazzaro, DMD Dentist/Owner, Cosmetic & Family Dentistry *New Corporators to be elected March 2025, **Trustee as of December 2024
USB and USB Bancorp Trustees
Chairman of the Board of Trustees
Lucie H. Voves
CEO & Founder, Church Hill Classics
Vice Chairman of The Board of Trustees
Arnold E. Finaldi, Jr. Vice President, NFP, Inc.
Ray P. Boa Owner, A & J Construction Company
John A. Brighenti Vice President & Owner, Avon Plumbing & Heating Co., Inc.
Susan Certoma Strategic Advisor/Board Director, Point2Point
Anthony W. Cirone, Jr.
Principal, Baker Tilly
David S. Hawley President, Hawley Management Company, Inc.
Jennifer Ingram SVP, Head of Integrated Marketing, The Hartford
Jeff M. Levine* Partner, Poppy’s Classic Car Storage
John M. Murphy, MD President & CEO, Nuvance Health
Chelen L. Reyes
President & CEO, Union Savings Bank
Anthony Rizzo, Jr.** President & CEO, The Rizzo Companies
Frank A. Rowella, Jr., CPA Retired
USB Management Council
Paul Bruce
Jason Ginsberg
Rick Judd
Peter Maher
Jeff McDonough
Brian McGuigan
Marlene Piche
Chelen Reyes
Peter Scotch*
Daniel Silva
Frank Sottosanti**
Jennifer Tomaino
*Retired 2024; ** Joined 2024
