Thomaston Savings Bank App Icon

Thomaston Savings Bank App

Available on the Google Play Store


2022 Annual Report

From the President & CEO


I am happy to report on another all-around strong year. As always, we continue to focus on the needs of our customers and community by enhancing our services as the world around us changes.

In the face of the ongoing news surrounding our Nation’s economy, I am happy to report that Thomaston Savings Bank remains in a strong financial position. Our 2022 fiscal year was met with consistent deposit growth, due in part to Connecticut’s banking environment remaining turbulent with several mergers, acquisitions and branch closures coming to fruition. We have welcomed many new customers impacted by these changes and look forward to growing our relationship with them. In spite of a rising rate environment, our commercial lending pipeline continues to grow. Mirroring that performance, our residential lending team saw several record months with both application and closed loan volume and we have had a record year for home equity lending. Keeping in line with our vision, we continue to help our customers and community increase their financial wellbeing and realize their goals with the addition of new products and services you will read about throughout this report. Thomaston Savings Bank remains well capitalized and is prepared to weather the economic downturn allowing us to continue looking forward and planning for long term prosperity.

This past April, we not only opened our Unionville Branch, but we also opened a 24/7 ATM located in Wolcott. In an effort to continue expanding our presence and building new relationships within our community, we are excited to announce the addition of our new limited-service branch at Thomaston High School. The branch opened at the beginning of the 2022 school year with students serving as tellers. We have reinforced our mission of providing financial education to our community by immersing the students in banking as both tellers and customers.

In addition to promoting financial wellness amongst students, we now offer a credit score tool, Credit Sense, which is available through Online Banking and the Thomaston Savings Bank Mobile App. This tool shows users their credit score and the factors that influence it, plus gives them tips on how to strengthen it. It also alerts the user when their score increases or decreases, constantly keeping them up to date on their financial wellbeing.

As we continue to recognize the increasing need for digital banking services in today’s world, we are pleased to announce that we now accept personal loans via online application. This new platform allows customers to apply for loans and go through the entire process online, from start to finish. As today’s interpersonal communication sways toward digital, we are taking steps to add additional accessibility to our products via online options.

We have also added a live chat feature to CASH, Thomaston Savings Bank’s chat bot, on our website and within Online and Mobile Banking, further streamlining the process of getting in touch with a Customer Service Representative. Users can request that CASH transfer them to a live agent during normal business hours. Our Contact Center team is then able to chat with users as well as validate customers to provide account specific information. Users chatting with our Contact Center team from within Online Banking and the Thomaston Savings Bank Mobile Banking App are automatically validated, streamlining the overall process.

As always, I would like to express my gratitude to our employees, Corporators and Board of Directors for their continued commitment to the Bank, our customers, and our community as a whole. We will continue to remain focused on offering our customers the best tools and services available, while adapting to the ever-changing world. We have always been, and always will be, here for you.

Stephen L. Lewis
President & CEO, Thomaston Savings Bank


At 9/30/22 At 9/30/21 Change
in thousands $ %
Cash and due from banks 16,817 13,751 3,066 22.3%
Investment securities 534,247 625,652 (91,405) -14.6%
Residential mortgage loans 324,602 268,863 55,739 20.7%
Consumer loans 87,262 78,143 9,119 11.7%
Commercial loans 538,701 539,597 (896) -0.2%
Less: Loan loss reserves (10,374) (10,069) (305) 3.0%
Total loans, net 940,191 876,534 63,657 7.3%
Premises & equipment, net 23,723 23,685 38 0.2%
Bank owned life insurance 35,059 30,274 4,785 15.8%
Other assets 30,699 18,544 12,155 65.5%
Total Assets 1,580,736 1,588,440 (7,704) -0.5%
At 9/30/22 At 9/30/21 Change
in thousands $ %
Deposits 1,479,598 1,428,965 50,633 3.5%
Borrowed funds 2,266 5,891 (3,625) -61.5%
Other liabilities 7,525 17,936 (10,411) -58.0%
Capital accounts 91,347 135,648 (44,301) -32.7%
Total Liabilities & Capital 1,580,736 1,588,440 (7,704) -0.5%
For the Years Ended September 30,
2022 2021 Change
in thousands $ %
Interest and dividend income 46,951 47,431 (480) -1.0%
Interest expense 2,532 4,426 (1,894) -42.8%
Net interest income 44,419 43,005 1,414 3.3%
Provision for loan losses - 1,586 (1,586) -100.0%
Net interest income after provision 44,419 41,419 3,000 7.2%
Service fees and other income 7,053 5,869 1,184 20.2%
Net investment security gains (4,464) 489 (4,953) -1012.9%
Net gain on sale of loans 814 4,407 (3,593) -81.5%
Non-interest income 3,403 10,765 (7,362) -68.4%
Non-interest expense 37,633 35,350 2,283 6.5%
Income before income tax expense 10,189 16,834 (6,645) -39.5%
Income tax expense 1,634 3,081 (1,447) -47.0%
Net Income 8,555 13,753 (5,198) -37.8%

New Locations Now Open

Powered By Thomaston Savings Bank

$200.5 million in commercial loan originations

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 and watched them grow and thrive, and in turn stimulating our local economy.

Viron Rondo Osteria


Hidden Valley

Hear From Our Cash Management Customers

  • “Thomaston Savings Bank’s “Positive Pay” service has enhanced our business and ensures accuracy and validity within every aspect of our banking needs. After an attack on our business, we set up Positive Pay in order to prevent any future fraudulent activity. When another attack occurred just months later, Positive Pay notified me and I was able to ensure that the checks in question were marked as fraud and we didn’t lose our money. By adding Positive Pay to my bank routine, I am relieved that we will never have to deal with the hassle of any fraudulent activity again.”

    – Loehmann-Blasius Chevrolet Cadillac Inc., Waterbury

  • “Our accounting department has had very positive experiences using Thomaston Savings Bank’s online ACH and Positive Pay features, both of which we have found to be easy to navigate. Their support team has been excellent in the regards of training and answering any questions.”

    – Radcliff Wire, Bristol

  • “One of the best features that Thomaston Savings Bank offered us is the remote deposit capture system. Being able to scan our checks at our place of work is wonderful. It’s an easy step to be able to deposit them into the system the same day. Banking with Thomaston Savings Bank has been an easy process whenever it comes to any questions we may have. Their customer service is great as well.”

    – Target Enterprises, Inc., Thomaston


Total Community Support: $879,908

Denim Days Icon

Denim Days

Total $25,630

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.

Can Do Crew Icon

Can Do Crew

27 projects in one Year

The Thomaston Savings Bank Can Do Crew volunteers to benefit a wide variety of non-profit organizations throughout our community. From donating time, money and resources our employees are dedicated to giving back for a good cause. Employees participated in 27 projects over the course of the year.

Thomaston Savings Bank 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.

Thomaston Savings Bank 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.

Watch The Video
Employee Volunteerism Icon

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.

Number of boards & committees our employees sit on:


Number of organizations that our employees volunteer with:


Total Volunteer Hours:


Environmental, Social, and Governance (ESG)

ESG Report Coming April 2023

Thomaston Savings Bank is built on integrity and reliability. We believe that creating meaningful environmental, social and governance programs will further our positive effect on the communities we serve and build upon our core mission of responding to the human and material needs of our community while improving the quality of life for our neighbors.

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.

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

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

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 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
    • Michele Caulfield
    • Elizabeth M. Devino
    • Mark P. DiVenere
    • Edward J. Duffy, Jr.
    • William Dunbar, Jr.
    • Jeffrey P. Dunn
    • Anne-Marie Fenn
    • Jacquelyn L. Furniss
    • Michael Ganem
    • William R. Gangloff
    • Mark Gibson
    • Amy Hayden
    • Kim Holley
    • Susan Holway
    • Paul Jessell
    • Cara Johnson
    • Francis R. Kaminski
    • James S. Kaniewski
    • George LaCapra, Jr.
    • Deborah Laviero-Heimbach
    • Stephen L. Lewis
    • Victor L. Losure
    • Michael S. Madow
    • Mark D. Malley
    • David J. Martin
    • John B. Maxwell
    • 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
    • Jay Sattler
    • 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