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2023 Annual Report

Stephen Lewis headshot

Message From The CEO

Dear Valued Clients,

I am delighted to present to you Thomaston Savings Bank’s Annual Report, highlighting our journey as a Purpose Driven Bank committed to serving you, our esteemed clients, and the communities we are proud to be a part of.

Our unwavering commitment is to focus on higher goals—yours. As a mutual savings bank, we stand apart by being owned by you, our clients, and not by any investors. This unique structure aligns our interests, ensuring that everything we do is driven by your best interest. From pioneering technologies that elevate your banking experience to fortifying security measures, and crafting tailor-made solutions, our singular mission remains: to empower you for financial success.


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Stephen L. Lewis
President & CEO, Thomaston Savings Bank

Fiscal Year Highlights

This fiscal year was highlighted by solid balance sheet growth and continued strong earnings. Total assets increased by $166 million, or 10.5%, to $1.75 billion at September 30, 2023. Total deposits increased by $73 million, or 5.0%, to $1.55 billion. Total loans increased by $221 million, or 23.5%, to $1.16 billion. Total borrowings were $77 million higher than the start of the fiscal year, providing the liquidity to fund the significant loan growth this year. The Bank’s core net income, which excludes certain non-recurring items, was very strong at $12.1 million, comparable to last year.

Rebekah Stokes

Senior Vice President,
Chief Financial Officer


At 9/30/23 At 9/30/22 Change
in thousands $ %
Cash and due from banks 16,507 16,786 (279) -1.7%
Investment securities 470,361 534,278 (63,917) -12.0%
Residential mortgage loans 430,210 324,602 105,608 32.5%
Consumer loans 107,586 87,262 20,324 23.3%
Commercial loans 634,971 538,701 96,270 17.9%
Less: Loan loss reserves (11,926) (10,374) (1,552) -15.0%
Total loans, net 1,160,841 940,191 220,650 23.5%
Premises & equipment, net 26,120 23,723 2,397 10.1%
Bank owned life insurance 35,454 35,059 395 1.1%
Other assets 37,734 30,984 6,750 21.8%
Total Assets 1,747,017 1,581,021 165,996 10.5%
At 9/30/23 At 9/30/22 Change
in thousands $ %
Deposits 1,552,947 1,479,598 73,349 5.0%
Borrowed funds 79,078 2,266 76,812 3389.8%
Other liabilities 7,208 7,810 (602) -7.7%
Capital accounts 107,784 91,347 16,437 18.0%
Total Liabilities & Capital 1,747,017 1,581,021 165,996 10.5%
For the Years Ended September 30,
2023 2022 Change
in thousands $ %
Interest and dividend income 62,538 46,951 15,587 33.2%
Interest expense 12,594 2,532 10,062 397.4%
Net interest income 49,944 44,419 5,525 12.4%
Provision for loan losses 2,202 - 2,202 0.0%
Net interest income after provision 47,742 44,419 3,323 7.5%
Service fees and other income 7,806 7,053 753 10.7%
Net investment security gains 5,695 (4,464) 10,159 227.6%
Net gain on sale of loans 129 814 (685) -84.2%
Non-interest income 13,630 3,403 10,227 300.5%
Non-interest expense 40,862 37,633 3,229 8.6%
Income before income tax expense 20,510 10,189 10,321 101.3%
Income tax expense 3,899 1,634 2,265 138.6%
Net Income 16,611 8,555 8,056 94.2%

New Britain Branch

Discover Thomaston Savings Bank's newest location! We are thrilled to announce the opening of our 16th branch, nestled at 233 Main Street in New Britain. This vibrant addition to our network embodies our commitment to serving diverse communities.

At this location, we are excited to have several bilingual staff fluent in Spanish and Polish on our team. Our dedicated team is here to assist you on your financial journey, ensuring that every interaction is smooth and tailored to your needs.

With our roots deeply embedded in the communities we serve, our 233 Main Street branch represents another step in our journey to provide accessible, client-centric banking to even more individuals and businesses. Join us as we celebrate this new milestone and look forward to continuing our tradition of excellence and innovation in finance.

New Britain Branch Illustration

Huascar Beato

Branch Manager

Our Website is Getting A New Look


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Consumer Lending

Residential Lending

Thomaston Savings Bank is dedicated to making home ownership accessible for all. This is reflected not only in our inclusive products and lending practices but in the unwavering dedication of our staff. From application to closing, our team ensures the process moves swiftly, allowing applicants to experience the joy of homeownership sooner. Our exceptional origination numbers stand as a testament to our dedication to serving our clients with efficiency and care, making the journey toward their first, next or dream home a reality.

Top 5 Originator in


of the communities
we serve
Number One Originator in


of the communities
we serve
  • Client Testimonial


    “I just wanted to thank you so much for all of your help with this process. I know it wasn't easy and you really went above and beyond for us! We have dealt with several other people/mortgage companies with other homes we have purchased and this was SO much smoother and much more comfortable.”

    – Mortgage Client

Personal Loans


Increase in loans closed
from last year
Hand holding dollar sign
Auto Loans


Increase in loans closed
from last year

Personal Lending

We are dedicated to delivering accessible, efficient and tailored lending solutions that empower the individuals in our community to take control of their finances and empower their financial aspirations.

Our simple online personal and auto loan application has transformed how our community secures financing – and you can see it in our production.

  • Client Testimonial


    “Out of all loans that I have applied for, I have never had a better or quicker or more efficient experience than with Thomaston Savings Bank. I had a deadline from the dealer of a 2-day turnaround and it was turned around the same day! My plate is overfull at my full-time job, plus I have a part-time job, and the lending team and staff at the Waterbury branch made it easy for me to pick up the check so I could get it to the dealer and pick up my new truck. Thank you, TSB, for restoring my faith in efficiency in the banking industry!”

    – Auto Loan Client

Powered by Thomaston Savings Bank

$230,000,000 in Commercial Loan Origination

At Thomaston Savings Bank, we take immense pride in fueling the aspirations of businesses that define our communities.

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Ascension Athletics

Commercial Lending

  • shaking hands Jim Forker $16,000,000 CRE construction loan for hotel expansion in Bristol
  • shaking hands Tony Mattioli $4,300,000 CRE construction loan for condos in Southington
  • shaking hands Tony Mattioli $6,500,000 term loan for CVS in Waterbury
  • shaking hands Charlie McCormick $2,800,000 LOC’s for working capital and capex in Thomaston
  • shaking hands Mark Graveline $20,000,000 CE Construction loan in Naugatuck
  • shaking hands Missy Erdtmann $2,000,000 LOC for working capital in Watertown
  • shaking hands Trish Tomlinson $6,500,000 LOC for working capital in Berlin
  • shaking hands Trish Tomlinson $1,040,000 term loan for acquisition in West Hartford
  • shaking hands Mark Crook $10,435,000 LOC’s for working capital; Litchfield Non-Profit


Powering Change Through Volunteerism

Our commitment to the community runs deep at Thomaston Savings Bank. Through the Can Do Crew, our employees come together as a force of good. Their passion and action fuel impactful change, as they volunteer time, donate resources, and offer their support to a diverse array of nonprofit organizations. From revitalizing local spaces to mentoring youth, our crew’s dedication resonates across our community, creating a brighter future for all.

Meanwhile, our commitment to volunteerism goes beyond designated projects. Our employees actively serve on boards, invest their personal time, and engage in activities that directly address the needs of our neighbors. This commitment extends our positive influence far and wide, nurturing the well-being of both our clients and employees in the places we all call home.

At Thomaston Savings Bank, volunteerism isn’t just an initiative—it’s a driving force that amplifies the positive impact we have on the communities we serve. Together, with our Can Do Crew and shared dedication, we’re not only banking on dreams, but building a better tomorrow for everyone

Number of boards and committees our employees sit on:


Number of organizations that our employees volunteer with:


Total Employee Volunteer Hours:


Building Bridges, Empowering Communities

Thomaston Savings Bank proudly introduces AHEAD—the Alliance for Hispanic Education Advancement and Development. With a team of 14 dedicated employees, AHEAD is a powerful initiative designed to foster deeper connections and understanding within the Hispanic community we are honored to serve.

Committed to effective outreach, AHEAD stands as a bridge between Thomaston Savings Bank and the diverse Hispanic population we proudly call our own. By tapping into the collective knowledge, experiences, and insights of our AHEAD members, we’re not just fostering communication, but also nurturing a true sense of belonging.

Through AHEAD, we’re forging a path towards meaningful engagement, promoting financial literacy, and ensuring that the unique needs of the Hispanic community are heard, understood, and met. At Thomaston Savings Bank, AHEAD isn’t just a committee—it’s a testament to our commitment to inclusion and our dedication to building a stronger, more united community together.


"I feel a sense of fulfillment being part of this initiative that celebrates diversity and elevates inclusivity." - Tony Sanchez, AHEAD Chairman

Susan D. Sadecki
Thomas G. Parisot
Carrie A. Zimyeski
James S. Kaniewski
Michael S. Madow
Mark D. Malley
Stephen L. Lewis
Mark P. DiVenere
Richard F. Bushka
James R. Nichol

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

Michael S. Madow

President, Ramco Recovery, Inc.

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

James R. Nichol

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

Executive Management


Stephen L. Lewis 
Chief Executive Officer


Rosemary Briglia 
Executive Vice President,
Chief Operating Officer


Rebekah Stokes
Senior Vice President,
Chief Financial Officer


James Murdick
Senior Vice President,
Chief Loan Officer


Rebecca M. Kayfus
Senior Vice President,
Chief Human Resources Officer


Jonathan Gilbode
Senior Vice President,
Chief Digital Banking Officer


Todd Burton
Senior Vice President,
Chief Consumer Banking & CRA Officer


Patrick Quinn
Senior Vice President,
Chief Information Officer


Francesca Kracht
Senior Vice President,
Chief Risk Officer 


John Scarritt
Senior Vice President,
Chief Credit Officer 


    • 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
    • Angela Chapman
    • 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
    • Thomas Minuto
    • Susan Murawski
    • Amanda Nardozzi
    • 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
    • Manpuneet Singh
    • Philip J. Wojtusik
    • Stephen P. Worhunsky
    • James Zeller
    • Michael A. Ziebka
    • Carrie A. Zimyeski