2025Annual Report
Message From The CEO
Dear Valued Clients,
As we reflect on this past year, I am filled with pride and gratitude for all that we have accomplished together. It has been a year marked not only by growth and progress but also by celebration, as we joined the Town of Thomaston in commemorating its 150th anniversary. This milestone was a powerful reminder of the deep connections we share within the communities we serve, and we were honored to take part in the festivities, including the Town of Thomaston's 150th Anniversary Parade and the Thomaston Volunteer Fire Department Carnival that brought neighbors, friends, and families together. Celebrating Thomaston's remarkable milestone gave us a unique opportunity to reflect on our own long-standing roots and reaffirm our commitment to the people and places that have helped shape our journey.
In addition to celebrating this historic milestone, we are proud to have been recognized as a Connecticut Top Workplace this year. This recognition is especially meaningful because it reflects the voices of our employees, the people who bring our mission to life each and every day. Their dedication, compassion, and commitment to excellence continue to drive our success and strengthen our culture from the inside out.
Sincerely,
Stephen L. Lewis
President & CEO, Thomaston Savings Bank
Fiscal Year Highlights
This fiscal year included a repositioning of the Bank's balance sheet as management replaced maturing investment securities with higher-yielding loans, resulting in improved earnings throughout the year. Total assets increased by $18 million, or 1.0%, to $1.84 billion on September 30, 2025. Total deposits increased by $22 million, or 1.4%, to $1.62 billion. Total loans increased by $74 million, or 5.8%, to $1.35 billion. Total borrowings declined by $20 million, or 25.3% to $59.1 million. The Bank's core net income, which excludes certain non-recurring items, was strong at $12.6 million, an increase of $3 million over the prior fiscal year. A significant increase in net interest income of $4.6 million, or 9.8% and non-interest income of $1 million, or 10.8% contributed to the favorable results. Income was further boosted by a $525,000, or 35.0% reduction in the provision expense for credit losses due to continued strong asset quality.
Rebekah Stokes
Executive Vice President,
Chief Financial Officer
Financials
Treasury Management
At Thomaston Savings Bank, we know that efficient financial tools are essential for the success of our local businesses. Our Treasury Management services are designed to streamline operations, improve cash flow, and simplify payments, whether it's through ACH Origination, liquidity management, or digital banking solutions.
We also help protect your business and bottom line with Positive Pay fraud protection, which detects and prevents unauthorized checks, saving you time and money. Plus, complimentary Account Reconciliation services make month-end processes easier. Our team has prevented over $4 million worth of fraud loss thanks to Positive Pay.
With a team dedicated to understanding your unique needs, we're here to support your growth, because when local businesses thrive, so does our community.
Meet Heather Piteo
Vice President,
Treasury Management Manager
Top Workplaces
We are proud to announce that Thomaston Savings Bank has been recognized as a Top Workplaces 2025 honoree by South Connecticut Top Workplaces, in addition to being named one of the Top Workplaces in the Financial Services Industry. These lists are based solely on employee feedback gathered through a third-party survey administered by employee engagement technology partner, Energage, LLC. The confidential survey uniquely evaluates several aspects of workplace culture, including employee engagement and satisfaction. These awards are a testament to the culture we have created and maintained, where our employees feel satisfied in their roles inside the office and outside in the community.
Community
Our commitment to creating a bright financial future is tangible. Together with the Thomaston Savings Bank Foundation, we're empowering our neighbors and strengthening the communities we proudly serve.
The Thomaston Savings Bank Foundation
The Thomaston Savings Bank Foundation is deeply committed to enhancing the quality of life in the communities we serve. The Foundation's work reflects our dedication to fostering growth and providing essential resources to those in need. By partnering with organizations that make a meaningful impact, we help strengthen our community, ensuring that it remains a vibrant place to live, work, and thrive for generations to come.
The Great Give
The Bank awarded $10,400 to 23 local agencies through our newest corporate giving program, Impact Together. Employees who volunteer and report two or more hours per quarter for the full year are eligible to apply for a $400 grant to award to the organization where they are investing their time. Twenty-six employees took advantage of this opportunity in 2024. We are delighted to support the organizations that are incredibly meaningful to our employees.
Stephen Lewis Joins Boston Fed's Council
Our President and CEO, Stephen Lewis, joined the Federal Reserve Bank of Boston's Community Depository Institutions Advisory Council (CDIAC). The CDIAC is comprised of 12 members located across Connecticut, Massachusetts, Maine, New Hampshire, Rhode Island, and Vermont.
The First District's Community Depository Institutions Advisory Council members bring information from their local communities to the Boston Fed to advise the Bank of the economy, lending conditions, and other issues. The CDIAC members represent commercial banks, thrifts, and credit unions with assets less than $10 billion.
Leadership
Board of Directors
Michele Caulfield
Vice President, Treasurer and Chief Financial Officer, Stevens Company, Inc.
Carrie A. Zimyeski, CPA
Chairman
Partner, 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
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
president,
Chief Executive Officer
Timothy D. Bergstrom
Executive Vice President,
Chief Operating Officer
Rosemary Briglia
Executive Vice President
Rebekah Stokes
Executive Vice President,
Chief Financial Officer
Todd Burton
Senior Vice President,
Chief Consumer Banking & CRA Officer
Jonathan Gilbode
Senior Vice President,
Chief Digital & Product Officer
Francesca Kracht
Senior Vice President,
Chief Risk Officer
James Murdick
Senior Vice President,
Chief Loan Officer
Patrick Quinn
Senior Vice President,
Chief Information & Security Officer
John Scarritt
Senior Vice President,
Chief Credit Officer
Corporators
- Walter L. Barber
- David M. Barberet
- Frederick Blasius
- Mark J. Blum
- Julee M. Busalacchi
- Richard F. Bushka
- John P. Butkevich
- Laura A. Carey
- David J. Carlson
- Richard Caruso
- Michele Caulfield
- Angela Chapman
- Raymond Cocozza, Sr.
- Elizabeth M. Devino
- Mark P. DiVenere
- Edward J. Duffy, Jr.
- William Dunbar, Jr.
- Jeffrey P. Dunn
- Lauren Forgione
- Jacquelyn L. Furniss
- Michael Ganem
- Mark Gibson
- Kim Holley
- Susan Holway
- Paul Jessell
- Cara Johnson
- James S. Kaniewski
- George LaCapra, Jr.
- Deborah Laviero
- Stephen L. Lewis
- Victor L. Losure
- Michael S. Madow
- Mark D. Malley
- Anne-Marie Fenn
- 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
- Christopher Porcher
- Susan D. Sadecki
- Jay Sattler
- Jeffrey K. Scott
- George P. Seabourne
- David L. Segal
- Steven Shaker
- Manpuneet Singh
- James Strub
- Philip J. Wojtusik
- Stephen P. Worhunsky
- James Zeller
- Michael A. Ziebka
- Carrie A. Zimyeski
Routing #: 211174259
Copyright © 2025 Thomaston Savings Bank. All rights Reserved. Website designed and hosted by WORX.
