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2020 Annual Report

Thomaston Savings Bank was established with a mission to fulfill the financial needs of those right here in Connecticut. It is by the dedicated and philanthropic nature of our Bank that we continue to make a positive impact on the communities we serve — even when the unexpected happens. Our character, endurance and spirit has been tested to the fullest by COVID-19. Though we have shifted our primary focus to the safety and wellbeing of our customers and staff, we have been cognizant of our role in the bigger picture of financial security and continue to be agents of financial wellness for those who need us most.

View our 2020 Annual Report Below

$0M

Funded Through the Paycheck Protection Program (PPP)

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Local Businesses Supported Through the Paycheck Protection Program (PPP)

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Employee Community Service & Volunteer Hours

$0M

Increased Gains on Residential Loan Sales

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From the President & CEO

Neighbors,

It goes without saying that this year is not one we will soon forget. The challenges COVID-19 has presented to Thomaston Savings Bank, our employees, customers and community have been difficult to navigate. However, as we have all worked to adapt to the “new normal”, I believe Thomaston Savings Bank has changed for the better and is more agile than ever.

While the pandemic is now a focus of our daily lives, I would be remiss to ignore the first half of our fiscal year. In December, our Farmington branch opened and was met with a very warm reception from the community. With our retail, lending, and investment teams in place and outreach starting prior to opening our doors, the branch shattered their initial goals and continue to grow their customer base at breakneck speed.

To continue enhancing our convenience services suite, we introduced Zelle® at the end of 2019. Zelle is a fast, safe, and easy way to send money directly between almost any bank account in the US, typically within minutes, using just an email address or US mobile phone number. For ease of use, Zelle is accessible through Online Banking and our Mobile Banking App.

Our 2019 fiscal year was off to a great start with very strong deposit growth, commercial loans positioned to meet the budgeted goal well ahead of schedule, and record month after record month in our residential lending department. The Bank was well prepared to handle the low interest rate environment we were encountering and remained well-capitalized. Even though we could not predict a global pandemic, the Bank was, and still is, prepared to persevere challenging times and economic recessions.

As we entered March and the country realized the threat COVID-19 posed, the health and safety of our employees and customers was paramount. We closed lobbies to walk-in traffic for a time, transitioned a majority of our team to work-from-home, and ensured that CDC and State cleaning and sanitizing guidance was being followed in all locations, including personal work stations, common areas, and ATMs. Ongoing precautions for everyone’s health remains a priority, especially as we reopened branch lobbies and brought many employees back to working on site.

Protecting our customers’ financial well-being was a main focus as we put safety precautions in place and deployed relief efforts. We regularly communicated and updated our website with COVID-19 resources and relief information to ensure our customers and community were aware of their options. We experienced an incredible influx of businesses applying for Paycheck Protection Program (PPP) loans, residential mortgage applications and inquiries from customers seeking loan deferrals. Furthermore, we were reversing and waiving a variety of charges including CD early withdrawal penalties, non-sufficient funds fees and unavailable funds fees. We called upon over 50 employees to work across different departments so we could be as responsive as ever to these incredibly urgent requests, and deliver the level of service our customers expect and deserve.

With communities in quarantine, we saw an incredible increase in Online and Mobile Banking use as well as an increase in calls to our Contact Center. With this in mind, we fast-tracked the launch of eOpen, our online account opening service for new customers, to allow easier access to those wishing to establish a relationship with us. Ensuring our customers have access to user-friendly digital services is of significant importance and we continue to look for ways to improve upon our customer and user experience.

Now, more than ever, I am incredibly appreciative of our employees’ commitment to our customers and community. They continue to donate their time and money to local areas in need and went through extraordinary measures to ensure Thomaston Savings Bank was able to supply COVID-19 relief measures to as many businesses and individuals as possible. We are grateful to serve such a supportive community and strive every day to be the best and only bank in town. We remain focused on offering our customers incredible service and continuously exceeding expectations.

I look forward to when reference of the pandemic is in past versus present tense, and remain hopeful that time will come soon. I wish good health for all in our community, now and always.

Sincerely,

Stephen L. Lewis

Thomaston Savings Bank President & CEO

2020 Financials

Click to expand the Statement of Condition

Foundation

The Thomaston Savings Bank Foundation was created to distribute funds annually to local religious, charitable, health, public safety, arts, and educational programs. Since its inception 23 years ago, the Thomaston Savings Bank Foundation has sought to respond to the human and material needs of our communities, to improve the quality of life for individuals and businesses, and strengthen our neighborhoods.

Now more than ever, we are committed to directly responding to the urgent needs of our most vulnerable neighbors and making a positive impact for hundreds of people in our communities.

$0

Awarded to Organizations Responding to COVID-19

$0

Awarded to Organizations Responding to Food Insecurity

$0

Awarded to Organizations Aiding Homelessness and Housing Insecurity

$0

Awarded to Organizations Supporting Community First Responders

Here for You: COVID-19 Assistance

The financial hardship facing our customers and community has been widespread. In response to the rising critical needs in Crisis Intervention, Food Security, and Homelessness and Housing Security, The Thomaston Savings Bank Foundation quickly implemented the Phase One 2020 COVID-19 Response Grant Cycle, awarding grant funds to our state’s most critical human services.

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Grant Funds Were Awarded to...

Agencies who provided rental and mortgage assistance to individuals who were suddenly out of work and unable to pay their living expenses.

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Grant Funds Were Awarded to...

Area Crisis Centers as they became inundated and overcapacity with clients seeking refuge.

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Grant Funds Were Awarded to...

Local food pantries as they faced unprecedented numbers of families and individuals who could not put food on their tables.

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Grant Funds Were Awarded to...

Area homeless shelters as they were forced to cut their populations in half and find alternate facilities for those displaced.

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Board of Directors

BACK ROW L to R:  James R. Nichol, David J. Carlson, Mark D. Malley, Stephen L. Lewis, Mark P. DiVenere, Richard F. Bushka

FRONT ROW L to R:  Susan D. Sadecki, Vice Chairman - Thomas G. Parisot, Chairman - Carrie A. Zimyeski, James S. Kaniewski

Corporators

Alexander Alves
Walter Barber
David Barberet
Frederick Blasius
Mark Blum
Clifford Brammer, Jr.
Julee Busalacchi
Richard Bushka
John Butkevich
Laura Carey
David Carlson
Richard Caruso
Mark DiVenere
Peter Doiron
Edward Duffy, Jr.
William Dunbar, Jr.
Jeffrey Dunn
Christopher Elliot
Anne-Marie Fenn
Jacquelyn Furniss
Michael Ganem
William Gangloff
Mark Gibson
Amy Hayden
Susan Holway
Paul Jessell
Francis Kaminski
James Kaniewski
George LaCapra, Jr.
Deborah Laviero-
  Heimbach
John Leone, Jr.
Stephen Lewis
Victor Losure
Michael Madow
Mark Malley
David Martin
John Maxwell
David Merchant, Sr.
Joanne Milburn
Gregory Miller
Thomas Minuto
Susan Murawski
James Nichol
Robert Nocera
Thomas Parisot
Roger Perreault
Michael Pinette
Susan Sadecki
Paul Scionti
Jeffrey Scott
George Seabourne
David Segal
Jannette Stevens
Philip Wojtusik
Stephen Worhunsky
James Zeller
Michael Ziebka
Carrie Zimyeski
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Executive Management

BACK ROW L to R:

James Murdick
Senior Vice President
Chief Loan Officer

Rebekah Stokes
Senior Vice President
Chief Financial Officer

Stephen L. Lewis
President
Chief Executive Officer

Jonathan Gilbode
Senior Vice President
Chief Digital Banking Officer 

Jack Lynn
Senior Vice President
Chief Information Officer

FRONT ROW L to R:  

Nancy O’Donnell
Senior Vice President
Chief Risk Officer and BSA Officer

Kimberly Lebron
Senior Vice President
Chief Credit Officer

Rosemary Briglia
Executive Vice President
Chief Operating Officer

Rebecca Kayfus
Senior Vice President
Senior Human Resources Officer