2024
Annual Report
2024
Message From The CEO
Dear Valued Clients,
As we look back on this past year, I am both proud and grateful for the many achievements we have accomplished together. This year, in particular, was a momentous one as we celebrated our 150th anniversary—a milestone that reflects the enduring strength of our institution, the loyalty of our clients, and the dedication of our incredible employees. This celebration was more than a reflection on our history; it was a reminder of the deep relationships we've built within our community, grounded in trust, service, and shared success.
In addition to this historic celebration, we've continued to expand and evolve. At the beginning of our fiscal year, we opened a new branch in New Britain, further extending our reach and reaffirming our commitment to meeting the needs of our clients across new communities. This expansion is part of our continued mission to ensure that we remain accessible, delivering the personalized service that our clients expect and deserve.
Sincerely,
Stephen L. Lewis
President & CEO, Thomaston Savings Bank
Fiscal Year Highlights
This fiscal year was once again highlighted by solid balance sheet growth. Total assets increased by $77 million, or 4.4%, to $1.82 billion on September 30, 2024. Total deposits increased by $45 million, or 2.9%, to $1.60 billion. Total loans increased by $120 million, or 10.3%, to $1.28 billion. Total borrowings were unchanged and remained at $79 million. The Bank’s core net income, which excludes certain non-recurring items, was strong at $9.5 million, a decline from the $12.1 million recognized last fiscal year. The decline is directly attributed to net interest income, which was $2.9 million lower in the current fiscal year. Elevated market rates and an inverted yield curve persisted throughout the year, constraining our primary source of core revenue.
Rebekah Stokes
Executive Vice President,
Chief Financial Officer
Financials
150th Anniversary Celebrations
Click and Drag!
1984 vs. 2024Celebrating 150 Years of Legacy and Community Excellence!
This year, we proudly celebrated 150 years of being your mutual community bank. The values that have guided us since 1874 remain true as we continue to foster local growth while empowering our clients to achieve financial success. Through personalized service and a deep commitment to our community, we’ve built a strong foundation that supports individuals, families, and businesses. As we mark this significant milestone, we remain dedicated to upholding the values and business practices that have sustained us for over a century and a half.
Clocktown 1874 Brew
Thomaston Fireworks
Breakfast on Us
Clocktown 1874 Brew
Thomaston Savings Bank partnered with Clocktown Brewing Company to create the exclusive 1874 Brew. This limited-edition beer honors our founding year and embodies our deep local roots, serving as a unique, flavorful tribute to the generations of clients and neighbors who have supported us throughout the years. Cheers to 150 years of community, growth, and shared success!
Financial Goal Getter
Discover Thomaston Savings Bank’s enhanced online presence with our newly redesigned website, now featuring the Financial Goal Getter. This powerful tool guides clients toward financial success by offering personalized insights based on thoughtfully designed personas. After answering a few quick questions, clients receive customized recommendations, including tailored products, services, and resources to help them achieve their financial goals.
SCROLL IN THE LAPTOP TO SEE MORE
Commercial Lending
At Thomaston Savings Bank, we recognize that local businesses are the heart of our community, driving growth, innovation, and opportunity. Through tailored lending solutions, we empower businesses of all sizes to thrive and expand, fueling the local economy. Whether it's helping a new startup get off the ground or providing capital for an established business to grow, our team takes the time to understand each business's unique needs. We believe in building strong relationships with our business clients because when local businesses succeed, our entire community prospers.
Empowering Business Growth
Throughout the years, Thomaston Savings Bank has been a trusted partner in supporting the success of local businesses. Our dedicated Commercial Lending team offers tailored solutions from start-ups to established enterprises. With a proven track record of providing exceptional service and competitive rates, we continue our commitment to helping companies throughout our community achieve their business goals.
Antonio Ponte
Antonio Ponte
James Forker
Introducing Our Commercial Trainee Program!
We are excited to introduce our Commercial Trainee Program, designed to cultivate the next generation of commercial banking professionals. This program offers hands-on experience and comprehensive training in key areas such as credit analysis, loan structuring, and relationship management. Trainees will work closely with senior commercial bankers and gain valuable insights into the strategies that drive business growth and client success. Our goal is to provide participants with the skills and knowledge necessary to build a rewarding career in commercial banking, while also supporting the evolving needs of our clients and communities.
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.
Explore the legacy of the Thomaston Savings Bank Foundation! Watch our history unfold and see how we’re making a lasting impact in our community.
WATCH NOW
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
In celebration of our 150th anniversary, Thomaston Savings Bank launched the Great Give, an initiative that allowed every employee to direct a $150 donation to the non-profit of their choosing within the Bank’s footprint. This unique opportunity resulted in over $33,000 in donations to 109 organizations, reflecting the diverse passions of our team members. We are thrilled to support causes close to our employees’ hearts, including education, youth services, healthcare, animal welfare, crisis intervention, the arts, community development, and more.
Making Our Time Count
Total Number of Boards and Committees Employees Sit On
Total Organizations Employees Volunteer With
Total Employee Volunteer Hours
Total Giving
(Bank $392,944| Foundation $926,504)Stephen Lewis Awarded the E. Bartlett Barnes Award
Our President and CEO, Stephen Lewis, was honored with the Central Connecticut Chambers of Commerce's prestigious E. Bartlett Barnes Distinguished Service Award. This award recognizes Steve's outstanding leadership, dedication, and unwavering commitment to both Thomaston Savings Bank and the communities we serve. Under his guidance, the Bank has flourished, consistently upholding our mission of empowering our clients for financial success. Steve's recognition with this award is a testament to his vision, integrity, and tireless service, inspiring us all to continue making a positive impact in the lives of those we serve.
Board of Directors
Michele Caulfield
Vice President, Treasurer and Chief Financial Officer, Stevens Company, Inc.
Carrie A. Zimyeski, CPA
Chairman
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
Rosemary Briglia
Executive Vice President,
Chief Operating Officer
Rebekah Stokes
Executive Vice President,
Chief Financial Officer
James Murdick
Senior Vice President,
Chief Loan 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
Corporators
Routing #: 211174259
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