2023Impact Report
2023
Welcome!
Welcome to our Impact Report! We are excited to highlight the positive impact Thomaston Savings Bank, our Foundation, and our employees have made in our community throughout 2023.
Throughout the year, we've been dedicated to enhancing financial wellness and education. Our efforts have included enhancing our existing services, implementing robust fraud prevention measures, and hosting engaging financial literacy workshops. These initiatives are our way of empowering each member of our community with the knowledge and tools they need to thrive financially.
Quality, accessible banking is an ongoing focus for us. We believe everyone should be able to access financial services confidently and conveniently. To that end, our newest location on Main Street in New Britain features bilingual staff, with the ability to serve clients in Spanish and Polish, helping to eliminate language barriers.
Sincerely,
Stephen L. Lewis
President & CEO, Thomaston Savings Bank
Financial Wellness & Education
Thomaston Savings Bank is dedicated to improving our product and service offerings to ensure our clients have the resources they need to achieve their financial goals.
iFi University
iFi University is a free online tool that offers a library of financial resources including articles, courses, infographics, and more. This platform encourages users to better their financial wellness through personalized recommendations, weekly challenges, and goal setting.
Join Today
Credit Sense
With Credit Sense, our free credit monitoring tool, clients can view their credit score with no impact to their existing score, monitor their credit file with alerts, take a free financial checkup, and more!
Enroll in Credit Sense
Financial Literacy Workshops
Bank employees hosted a total of 17 financial literacy workshops throughout the local community. Their enthusiasm reflects a genuine desire to engage and educate, fostering a sense of empowerment among attendees to achieve their financial goals and dreams. These workshops cover a range of topics, including fraud prevention, senior wellness, basic financial literacy and more, aiming to equip our community with essential knowledge for a secure financial future.
Fraud Prevention
Thomaston Savings Bank’s fraud team is steadfast in protecting clients against fraud. Thanks to the team’s knowledge and expertise they were able to prevent significant losses.
Total Fraud
Cases:
Average Fraud
Attempt:
Total Loss Prevented
by Our Fraud Team:
Losses Prevented Due to Positive Pay:
Waterbury Promise
Thomaston Savings Bank is a proud partner of Waterbury Promise. Waterbury Promise is a scholarship program that provides relief to students in Waterbury who are looking to further their education at an accredited Connecticut based college or university. The Bank is thrilled to provide internship opportunities to Promise Scholars as they gain experience and knowledge of the banking industry.
Meet our Promise Scholars!
Jocelin Quituizaca
Smith Bernard
Jocelin Quituizaca
Jocelin first job shadowed at the Bank in March 2023 where she learned more about Thomaston Savings Bank, the banking industry, and possible future career opportunities. She then began as a summer intern in the Community Outreach Department, assisting with the Bank’s Foundation’s Grant Cycle and other administrative duties, and joined the staff part-time that following fall as the Community Outreach Administrative Assistant.
Our Foundation
The Thomaston Savings Bank Foundation is a 501(c)3 nonprofit corporation founded in 1997. It is exclusively funded from contributions made by the Bank, currently holding over $9 million in assets. We invite you to explore more about our Foundation’s initiatives and giving below.
Annual Stats
Total Foundation Assets
2023 Foundation Giving
2023 Bank & Foundation Giving
Foundation Giving Since Inception
Total Organizations Impacted in 2023
2023 Grant Cycle
Thomaston Savings Bank Foundation hosts its grant cycle in three phases considering applications from local nonprofit and government agencies who are addressing community needs in their respective county.
Grants in Phase I Hartford County:
Grants in Phase II Litchfield County:
Grants in Phase III New Haven County:
Fuel Assistance Grants
The Thomaston Savings Bank Foundation awarded $33,000 in fuel assistance grants to 11 organizations throughout the community in 2023. These grants provide financial support to those unable to afford essential utilities throughout the year, especially in the winter months.
Act to Impact
The Thomaston Savings Bank Foundation hosted its Act to Impact Employee Giving Campaign, an initiative which allows Bank employees to decide how to disburse grants locally. Employees chose a non-profit organization from each of the three counties the Bank serves to award with a $10,000 grant.
“Thomaston Savings Bank, its Foundation, and employees have been incredibly supportive of survivors of domestic and sexual violence and its prevention. Grant awards, including Act to Impact, assist Susan B. Anthony Project in raising up to 50% of income annually to assure there are no interruptions in service to our clients. Our organization and our community is strengthened by this support from Thomaston Savings Bank.” - Jeanne Fusco, Executive Director, Susan B. Anthony Project
Recipient:
Hartford County
Brian’s Angels Homeless Outreach, Inc.
Our Board
Thomaston Savings Bank’s Board of Directors consists of 10 community leaders who live and work within the local community. Their local expertise enables us to make informed, impactful decisions that benefit everyone we serve.
The Board of Directors lead by example, dedicating countless hours to professional and civic organizations for the good of the community.
Sustainability
Amid some uncertainty in the banking industry, Thomaston Savings Bank remains well capitalized and resilient to adverse market events. Its strong capital and liquidity positions, diverse deposit base, and high-quality loan portfolio enable the Bank to withstand economic headwinds and market volatility.
“Thomaston Savings Bank’s balance sheet is a testament to the financial strength of the Bank. Our Tier 1 Capital is more than double the regulatory minimum for a well-capitalized institution, we maintain healthy levels of liquid assets, and implement prudent underwriting practices, resulting in a very low risk profile.”- Becky Stokes, EVP, Chief Financial Officer
Accessibility
Our dedication to accessible banking ensures a seamless and welcoming experience, empowering all clients to manage their finances conveniently and confidently.
New Britain Branch
Our 233 Main Street, New Britain Branch is open for all your banking needs. We are excited to be a part of the New Britain community and look forward to building relationships that contribute to its prosperity. Our staff includes individuals fluent in English, Spanish, and Polish, helping to ensure that language will never be a barrier to quality service.
Lending Services
Thomaston Savings Bank is thrilled to announce a significant enhancement in our lending services. We have streamlined our processes to make lending more accessible to non-U.S. citizens, a solution commonly referred to as ITIN lending. We recognize the importance of accessibility to comprehensive financial solutions and with our updated lending options, non-U.S. citizens can now experience a smoother and more efficient loan application process.
Financial Goal Getter Coming Soon!
Unsure of the path to take on your financial journey? Enter the Financial Goal Getter! This resource is designed to help our clients take the next steps toward their financial success. After completing a brief survey, clients receive a custom set of solutions to assist them in furthering their financial wellbeing.
Opening Doors
Start Your Banking Journey with the Uncommon Account
The Uncommon Account is ideal for anyone who is just starting their banking journey or looking to start fresh. With only $10 to open, this account offers unique features including no minimum balance and no overdraft fees.
Learn MoreFirst-Time Homebuyer Program
The First-Time Homebuyer Program is designed to assist individuals either buying homes in low- and moderate-income census tracts, or low- and moderate-income individuals purchasing homes in any of the Bank’s communities in Connecticut.
Learn MoreMore Than Bankers
At Thomaston Savings Bank, our employees are more than bankers. They actively seek out opportunities to get involved in the community through various organizations and causes.
Can Do Crew
Participating in 35 projects over the course of the year, the Thomaston Savings Bank Can Do Crew remains committed to giving back to our community. From donating time, money, and resources, our employees are dedicated to giving back for a good cause.
Total Employee Volunteer Hours:
Denim Days
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 that provides vital services to the community. If employees donate a total of $1,000 or more throughout the month, the Bank donates an additional $1,000 to the organization.
Total Donations:
Salvation Army
Thomaston Savings Bank employees are dedicated to the community, managing the Thomaston, Terryville, and Harwinton kettles for the Salvation Army. With the help of more than 10 volunteers, employees raised over $4,450 across the three towns to go toward supporting the wide range of programs and services of the Salvation Army.
“As the Treasurer for the Salvation Army Litchfield Hills Service Unit since 2019, I have had the privilege of seeing firsthand just how impactful the organization is to our local communities. I am fortunate that the Thomaston Savings Bank leadership team and my colleagues have continued to support me and the annual kettle campaign through volunteerism and donations. I am so proud to represent both wonderful organizations.” - Marissa McGee, VP, Senior Operations Officer
United Way
Annual Workplace Campaign
Thomaston Savings Bank is proud to support local United Way organizations in their efforts to provide basic needs, education, and financial stability to every person in the community.
Donated by Employees
Total Branches & Departments with 100% Participation
Increase in Donations
Stock the Pantry Initiative
Employees collectively donated over 2,000 pounds of healthy food items to the United Way of Greater Waterbury’s Stock the Pantry Campaign. This campaign distributes food to ten local food pantries who will offer their services throughout the local community.
United Way Day of Caring
United Way of West Central
Employees participated in the United Way of West Central CT’s Day of Caring in May by assisting Bristol Adult Resource Center with landscaping and building a swing set.
United Way of Greater Waterbury
Bank employees also volunteered at the United Way of Greater Waterbury’s Day of Caring assisting with various projects at Waterbury Youth Services.
CT Foodshare Mobile Pantry
Our Can Do Crew partnered with the United Way of Greater Waterbury and CT Foodshare to staff their mobile pantry once a month. The Mobile Pantry is stocked with fresh fruits and vegetables for those in need every other Thursday in Waterbury.
Employee Achievements
Thomaston Savings Bank is proud to invest in our employees with our Tuition Reimbursement Program. This benefit encourages personal development while also assisting employees in increasing effectiveness in their current position, preparing them for advancement and more.
Tuition Reimbursement Program
Andrea Phillips
AVP, Loan Operations Officer
Master of Business Administration
Courtney Esposito
Commercial Lender Trainee
Masters in Ethics and Compliance
– Forensic Accounting
Giuliana Rinaldi
Loan Operations Assistant
Master of Science in Finance with
a Concentration in Global Finance Trading
Professional Development & Leadership Programs
Patrick Quinn, SVP, Chief Information Officer
ABA Stonier Graduate School of Banking Graduates
Patrick Quinn, SVP, Chief Information Officer
Todd Burton, SVP, Chief Consumer Banking & CRA Officer
Connecticut School of Finance & Management Graduates
Rachael Gagnon, Commercial Lender Trainee
Rosanne Palladino, Officer, Direct Banking Officer
ASPIRE Leadership Academy
Emily Gagnon, Direct Banking Specialist
Laura Serro, Applications Administrator
Greater Waterbury Leadership Program
Brian Valletta, Assistant Branch Manager
New Leader in Banking
Marissa McGee, VP, Senior Operations Officer
Community Giving
Routing #: 211174259
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