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2021 Annual Report

From the President & CEO

Dear Neighbors,

2021 was certainly another year for the books! While COVID-19 remains at the forefront of all of our lives, I feel as though we have been able to return to some sense of normalcy, and am glad to be reporting on another strong year for Thomaston Savings Bank.

Our 2021 fiscal year has seen robust deposit growth, a flourishing commercial loan pipeline, and more record setting months from the residential lending department. We experienced great earnings this year, allowing us to donate $165,000 to the Thomaston Savings Bank Foundation, further solidifying our commitment to the communities we serve. We continue to review internal strategies to ensure the Bank remains well positioned to withstand the ongoing low-interest rate environment. The Bank remains well capitalized and we continue to plan for long-term prosperity.


For the Years Ended September 30, 2021 & 2020

At 9/30/21 At 9/30/20 Change
in thousands $ %
Cash and due from banks 13,751 13,785 (34) -0.2%
Investment securities 625,652 352,610 273,042 77.4%
Residential mortgage loans 268,863 297,573 (28,710) -9.6%
Consumer loans 78,143 80,239 (2,096) -2.6%
Commercial loans 539,597 543,808 (4,211) -0.8%
Less: Loan loss reserves (10,069) (8,631) (1,438) 16.7%
Total loans, net 876,534 912,989 (36,455) -4.0%
Premises & equipment, net 23,685 24,353 (668) -2.7%
Bank owned life insurance 30,274 29,676 598 2.0%
Other assets 19,068 15,029 4,039 26.9%
Total Assets 1,588,964 1,348,442 240,522 17.8%
At 9/30/21 At 9/30/20 Change
in thousands $ %
Deposits 1,428,965 1,201,630 227,335 18.9%
Borrowed funds 5,891 2,266 3,625 160.0%
Other liabilities 18,460 23,416 (4,956) -21.2%
Capital accounts 135,648 121,130 14,518 12.0%
Total Liabilities & Capital 1,588,964 1,348,442 240,522 17.8%
At 9/30/21 At 9/30/20 Change
in thousands $ %
Interest and dividend income 47,431 42,616 4,815 11.3%
Interest expense 4,426 8,195 (3,769) -46.0%
Net interest income 43,005 34,421 8,584 24.9%
Provision for loan losses 1,586 1,811 (225) -12.4%
Net interest income after provision 41,419 32,610 8,809 27.0%
Service fees and other income 5,869 5,115 754 14.7%
Net investment security gains 489 972 (483) -49.7%
Net gain on sale of loans 4,407 2,948 1,459 49.5%
Non-interest income 10,765 9,035 1,730 19.1%
Non-interest expense 35,350 33,621 1,729 5.1%
Income before income tax expense 16,834 8,024 8,810 109.8%
Income tax expense 3,081 1,307 1,774 135.7%
Net Income 13,753 6,717 7,036 104.7%

Coming Soon to Unionville

2 S Main St, Unionville, CT

Business Customer Connection

Commercial loan growth has remained strong this past year, which is a reflection of our commitment to support businesses in our local community. We’ve partnered with both new and existing businesses in their endeavors, assisting them as they grow and thrive, and in turn stimulated our local economy.

Since the Paycheck Protection Program was announced, we have worked tirelessly to help our business customers navigate the program and utilize their funds to maximize their forgiveness.

PPP Loans Closed




PPP Loans Forgiven as of 9/30/2021




  • "During COVID-19 we worked with fifteen different financial institutions to assist our business clients with various Small Business Association relief programs. Our firm was extremely impressed with the team from Thomaston Savings Bank. Frequently reviewing applications late into the evening and over the weekend is just one example of how they went above and beyond in supporting our clients through a very difficult time. The SBA team at Thomaston Savings Bank knew how crucial those funds were to the general operations of these businesses. This sense of community and cooperation makes us proud to be a strategic partner with Thomaston Savings Bank!"

    – David Ciampi, Ciampi Tax & Financial Services

  • “The staff at Thomaston Savings Bank were wonderful to work with and made the process of applying for both of our PPP loans & forgiveness very easy. We were most impressed that Thomaston Savings Bank made the time and effort to assist us through the whole process when our own main bank was unwilling to do so.”

    – Mark Kovitch, Chief Financial Officer, New Opportunities Inc

  • “This has been the most trying time in our history and it was a great relief to know that the Bank was there to assist us in any way possible with our application process. The PPP loan gave us the opportunity to maintain our staff and continue to operate our family business. We are a success story in the small business arena, as we were able to survive a very tumultuous year, with the help of Thomaston Savings Bank and your outstanding staff our journey was possible. We are extremely grateful to have Thomaston Savings Bank in our corner.”

    – Barbara Zajko, Comptroller, Stephen Auto Mall Centre

  • “The experience we had getting a PPP loan through Thomaston Savings Bank was amazing!! We started the process with a much larger bank who lacked communication. We hadn’t done business with Thomaston Savings Bank prior, but the team welcomed us as if we were long time, loyal customers. They walked us through every step of the process from applying for the loan, to applying for forgiveness and then receiving forgiveness! We are now FOREVER customers and friends!”

    – Jacki, Farmington Pediatric & Adolescent Medicine, LLC

  • “My experience with the entire Thomaston Savings Bank team throughout the PPP process has been amazing! I had been banking with a large bank for several years prior and when the pandemic hit they were uncertain whether or not they could help us with the PPP. The Bank helped me through the initial application process as well as the forgiveness application. Without Thomaston Savings Bank I am not certain if our business would have survived the pandemic. We are forever grateful to the entire team and highly recommend them to any business or individual.”

    – Craig Goldstein, Owner Cheshire Fitness Zone Pediatric Therapy


Community Kitchen Project

The Community Kitchen Project is a Bank initiative arranging food preparation and delivery through a selection of our foodservice customers to provide meals to organizations that focus on area crisis intervention and food security in the community. This Project provided business to an industry that was heavily impacted by COVID-19, while also helping to ensure that the selected non-profits were able to feed their guests.

Denim Days

Total $21,680

The Bank’s Denim Days allow employees to wear jeans on Fridays throughout the month for a small donation to a preselected local non-profit which provides vital services to the community. If employees donate a total of $1,000 or more throughout the month, the Bank contributes an additional $1,000 to that month’s cause. Denim Days encourages employees to express themselves while also donating to a great cause.

iFi University

iFi University is a free financial literacy resource that offers a variety of personalized tools created to enhance users’ financial wellness.

Users have access to:

  • Personalized lesson plans that provide new insight and tips you can use in your day to day life
  • Quizzes to test your knowledge and awareness of various financial wellness topics
  • News articles to offer relevant data and statistics for understanding topics
  • Engaging courses to help set and achieve your financial goals
  • Infographics to help you understand complex topics quickly and effectively
Check out ifi university
A group of the Bank’s Officers wore red pumps for the Susan B. Anthony Project’s Walk a Mile in Her Shoes event to raise awareness for domestic assault victims.

Employee Volunteerism

Thomaston Savings Bank employees are steadfast in their commitment to the local community. From serving on boards to donating their personal time, our employees are dedicated to ensuring the needs of the community are being met. This dedication promotes a positive impact on the wellbeing of the community that both our customers and employees live in.

Bank Employees that sit on boards


Number of organizations that our employees volunteer


Top Workplace

Thomaston Savings Bank takes pride in creating a workplace that is both effective and enjoyable for our employees. By creating and preserving an environment that fosters communication and partnership, we are able to translate these values in servicing our customers and the needs of the community.

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

Board of Directors (In photo order)

Board of Directors

Susan D. Sadecki, MBA

President and Chief Executive Officer, Main Street Community Foundation

Thomas G. Parisot
Vice Chairman

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

Carrie A. Zimyeski, CPA

Zackin Zimyeski Sullivan

James S. Kaniewski

Owner, Town & Country Real Estate

James R. Nichol

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

David J. Carlson

Retired, Former President and Chief Executive 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 and BSA Officer

Kimberly Lebron

Senior Vice President
Chief Credit Officer

Rebecca Kayfus

Senior Vice President
Senior 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 L. Barber
    • David M. Barberet
    • Frederick Blasius
    • Mark J. Blum
    • Clifford C. Brammer, Jr.
    • Julee M. Busalacchi
    • Richard F. Bushka
    • John P. Butkevich
    • Laura A. Carey
    • David J. Carlson
    • Richard Caruso
    • Elizabeth M. Devino
    • Mark P. DiVenere
    • Edward J. Duffy, Jr.
    • William Dunbar, Jr.
    • Jeffrey P. Dunn
    • Christopher T. Elliot
    • Anne-Marie Fenn
    • Jacquelyn L. Furniss
    • Michael Ganem
    • William R. Gangloff
    • Mark Gibson
    • Amy Hayden
    • Susan Holway
    • Paul Jessell
    • Francis R. Kaminski
    • James S. Kaniewski
    • George LaCapra, Jr.
    • Deborah Laviero-Heimbach
    • John J. Leone, Jr.
    • Stephen L. Lewis
    • Victor L. Losure
    • Michael S. Madow
    • Mark D. Malley
    • David J. Martin
    • John B. Maxwell
    • David V. Merchant, Sr.
    • Joanne E. Milburn
    • Gregory G. Miller
  • Corporators

    • Thomas Minuto
    • Susan Murawski
    • James R. Nichol
    • Robert Nocera
    • Thomas G. Parisot
    • Michael J. Pinette
    • Susan D. Sadecki
    • Paul M. Scionti
    • Jeffrey K. Scott
    • George P. Seabourne
    • David L. Segal
    • Jannette D. Stevens
    • Philip J. Wojtusik
    • Stephen P. Worhunsky
    • James Zeller
    • Michael A. Ziebka
    • Carrie A. Zimyeski