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2022 Semi-Annual Report


From the President & CEO


I am thrilled to report on a number of items which have taken place since our 2021 Annual Report.

We are pleased that our Unionville Branch, located at 2 South Main Street, opened its doors on April 5th, 2022, becoming our second branch in the town of Farmington. We are excited to expand our presence and build new relationships in the Unionville neighborhood. That same week, we opened a 24/7 ATM located at 1776 Meriden Road in Wolcott. In addition to providing added access to banking services and convenience to our customers, the Unionville Branch and Wolcott ATM have reaffirmed our commitment to accessible, in-person banking.

To further assist our community’s first-time homebuyers, we have expanded the eligibility guidelines with the addition of our First-Time Homebuyer Plus program. The First-Time Homebuyer program assists those who wish to purchase homes in low- and moderate- income census tracts, while our First-Time Homebuyer Plus program assists low- and moderate-income individuals purchasing homes in any of the Bank’s communities. Adding to these robust programs, we also introduced our own down payment assistance program available to applicants within the First-Time Homebuyer programs. With the expanded eligibility and more flexibility in financing, buying a home has never been more achievable.

Last year, Thomaston Savings Bank introduced iFi University, a free, personalized financial education tool. This online program provides users with a library of articles, courses, quizzes, and videos on a number of financial topics, all tailored to the user based on their current knowledge. In order to ensure more of our customers have access to the necessary tools to achieve their financial success, we are excited to extend iFi University as a resource to the Spanish speaking community by offering the option to view the website in Spanish. We are proud to offer an option that will cater to a larger customer base and we encourage all to utilize this tool on their journey to financial success.


The first half of our current fiscal year was highlighted by solid balance sheet growth and continued strong earnings. Total assets increased by $12 million, or 0.8%, over the first six months to $1.60 billion at March 31, 2022. Total deposits increased by $37 million, or 2.6%, to $1.47 billion including strong growth of $74 million in retail deposit balances. Municipal deposit balances contracted $37 million due to normal seasonal balance fluctuations and shifting some of the balances off balance sheet. Total loans declined by $28 million, or 3.2%, to $848 million at the end of the period mainly due to forgiveness of Paycheck Protection Program loans. Additionally, $6 million was added to regulatory capital during the period.

The Bank’s core net income, which excludes certain non-recurring items, was very strong at $5.9 million for the first six months of the fiscal year. Compared to the same period of the prior fiscal year, current year results were $490,000, or 7.6%, lower, due to reduced gains from the sale of residential mortgages which were $1.8 million, or 69.8% lower than the prior period. While mortgage origination volume remains strong, as rates have begun to rise, the sales spread has compressed and the Bank is now holding new residential mortgage originations on the balance sheet rather than selling them. This will ultimately result in higher net interest income over the coming years.

The other two main sources of core revenue, net interest income and noninterest income, were both higher than the prior period. Net interest income grew by $14,000, or 0.1%, and noninterest income grew by $614,000, or 22.1%. Loan loss provision expenses were $1.4 million lower as the Bank did not incur any provision expenses in the current year as the level of loan loss reserves is appropriate. Core operating expenses were higher by $897,000, or 5.2%. The increased expenses were primarily related to data processing and compensation expenses.


financial table
James S. Kaniewski
Carrie A. Zimyeski
Thomas G. Parisot
Susan D. Sadecki
James R. Nichol
Mark D. Malley
Stephen L. Lewis
Mark DiVenere
Richard Bushka

Board of Directors (In photo order)

Board of Directors

James S. Kaniewski

Owner, Town & Country Real Estate

Carrie A. Zimyeski, CPA

Zackin Zimyeski Sullivan

Thomas G. Parisot
Vice Chairman

Partner, Law Firm of Secor, Cassidy & McPartland, P.C.

Susan D. Sadecki, MBA

President and Chief Executive Officer, Main Street Community Foundation

James R. Nichol

Retired, Former Executive Vice President and Chief Operating Officer, Thomaston Savings Bank

Mark D. Malley

Partner, Seabourne & Malley Attorneys at Law

Stephen L. Lewis

President and Chief Executive Officer, Thomaston Savings Bank

Mark P. DiVenere

Owner and President, Gemco Manufacturing Company, Inc.

Richard F. Bushka

Co-Owner, Bushka Lumber & Millwork Co., LLC

Rosemary Briglia
Nancy O’Donnell
Kimberly Lebron
Rebecca Kayfus
Patrick Quinn
Rebekah Stokes
Jonathan Gilbode
Stephen L. Lewis
Todd Burton
James Murdick

Executive Management (In Photo Order)

Executive Management

Rosemary Briglia

Executive Vice President
Chief Operating Officer

Nancy O’Donnell

Senior Vice President
Chief Risk Officer

Kimberly Lebron

Senior Vice President
Chief Credit Officer

Rebecca Kayfus

Senior Vice President
Chief Human Resources Officer

Patrick Quinn

Senior Vice President
Chief Information Officer

Rebekah Stokes

Senior Vice President
Chief Financial Officer

Jonathan Gilbode

Senior Vice President
Chief Digital Banking Officer

Stephen L. Lewis

Chief Executive Officer

Todd Burton

Senior Vice President
Senior Retail Banking & CRA Officer

James Murdick

Senior Vice President
Chief Loan Officer

  • 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
    • Michele Caulfield
    • Elizabeth Devino
    • Mark DiVenere
    • Edward Duffy, Jr.
    • William Dunbar, Jr.
    • Jeffrey Dunn
    • Christopher Elliot
    • Anne-Marie Fenn
    • Jacquelyn Furniss
    • Michael Ganem
    • William Gangloff
    • Mark Gibson
    • Amy Hayden
    • Kim Holley
    • Susan Holway
    • Paul Jessell
  • Corporators

    • Cara Johnson
    • Francis Kaminski
    • James Kaniewski
    • George LaCapra, Jr.
    • Deborah Laviero-Heimbach
    • Stephen Lewis
    • Victor Losure
    • Michael Madow
    • Mark Malley
    • David Martin
    • John Maxwell
    • Joanne Milburn
    • Gregory Miller
    • Thomas Minuto
    • Susan Murawski
    • James Nichol
    • Robert Nocera
    • Thomas Parisot
    • Michael Pinette
    • Susan Sadecki
    • Jay Sattler
    • Jeffrey Scott
    • George Seabourne
    • David Segal
    • Philip Wojtusik
    • Stephen Worhunsky
    • James Zeller
    • Michael Ziebka
    • Carrie Zimyeski