Kevin C. Merchant, president and CEO of Jewett City Savings Bank, has announced the appointment of three new Corporators. John L. Lombardi of Brooklyn, David T. Panteleakos of Woodstock, and Gabrielle Labonte of Putnam were elected at the Bank’s 135th Annual Meeting of Corporators held recently.

Lombardi
John Lombardi is CEO of the Orchard Group, LLC, a consulting service for the construction industry, and is also a full time member of faculty at Quinebaug Valley Community College's Construction Technology Department.  He formerly served on faculty at New England Institute of Technology, and as a Small Business Development Center educator at Bryant University.

Companion with industry licensing and certification, Lombardi holds associate and bachelor degrees from the Pace University Lubin School of Business.  He is a fall 2008 candidate for a master’s degree in Strategic / Organizational Leadership at Mountain State University.

Currently, Lombardi serves as Chairman of United Services, Inc., as a member of Brooklyn's Building Code Enforcement Review Board, and as a Corporator of Westcott-Wilcox Elderly Residential Housing, Inc.

Former community service includes terms as Chairman of Brooklyn's Economic Development Commission, Vice-Chair of the Northeast Connecticut Visitors District, Director of the Quinebaug-Shetucket Heritage Corridor, Inc., Co-Chairman of the Killingly High School “School to Career” Initiative, and member of the Exchange Club of Northeast Connecticut.

Panteleakos
David T. Panteleakos is the administrator and CEO of Westview Health Care Center in Dayville. He is a third generation healthcare administrator and has been very active in the health care industry as a Connecticut licensed nursing home administrator since 1987.

Panteleakos is a Corporator for Day Kimball Hospital and also a member of the Day Kimball Hospital’s Philanthropic Committee.  He is well known in Northeastern Connecticut for his philanthropic work through his organization, Broadway Live Productions, LLC, which has created an entertainment and art venue in the Putnam area while donating the net proceeds of events to a variety of charitable organizations.  

Panteleakos holds a BS degree from Eastern Connecticut State University and a MS degree from the University of Connecticut, respectively. He is also licensed with the State of Connecticut as a nursing home administrator.

Labonte
Gabrielle Labonte has been a practicing attorney since 1994. She has practiced in the Towns of Putnam and Killingly and has also served as Deputy Chief Clerk in Tolland Judicial District for Juvenile Matters and as the Associate General Counsel for Aetna U.S. Healthcare.

In addition to her practice in estate planning and probate work, Labonte devotes time and talent to community activities, including her service on the Board of Directors of the ARC of Quinebaug Valley, Putnam Rotary, and as a Corporator of Day Kimball Hospital.  

She served as the 2007 Chairperson of the Windham County Judicial Law Day program, a service-oriented program provided by the Windham County Bar and Windham County Judiciary to provide information about access to the courts to all of the high schools in Windham County.

Labonte holds a bachelor’s degree in business management from the University of Connecticut and a law degree from Suffolk University Law School.

Gary W. Peloquin of Brooklyn was elected to the Board of Directors of Jewett City Savings Bank at the 135th Annual Meeting of Corporators held recently.

Peloquin has been a Corporator of the Bank since 1999. He replaces Robert Chamberland, retiring vice chairman of the Board of Directors. Current Director Jack Burke replaces Chamberland as vice chairman.

Peloquin
A Certified Public Accountant (CPA) since 1984, Gary Peloquin is a partner in Peloquin, Santos and Company, LLC, located in Danielson, CT.  The firm offers tax preparation services to individuals, corporations, not-for-profits, estates and trusts and also provides auditing services.

Actively involved in the community, Peloquin is a member of the Northeastern Connecticut Chamber of Commerce, Danielson Main Street, Inc., and currently serves as a member of the Board of Ethics in the Town of Brooklyn. He is a Registered Investment Advisor and Personal Financial Specialist (PFS), offering retirement planning and estate planning as well as asset management. Peloquin is also a member of several state and national professional accounting organizations.

Peloquin has also been an instructor in accounting and real estate taxation at Quinebaug Valley Community College (QVCC), the Treasurer of the QVCC Foundation, and the recipient of the Quinebaug Valley Community College Distinguished Service Award.  He is a past member of the St. James School Board.

Peloquin resides in Brooklyn with his wife, Jean, and children, Lisa and Jeffrey.

Prudent underwriting serves Bank well

Kevin C. Merchant, president and CEO of Jewett City Savings Bank, reported a year of favorable results to those in attendance at the Jacques Cartier Club in Jewett City for the 135th Annual Meeting of Corporators.

“Because of our high underwriting standards, Jewett City Savings Bank has never had a sub-prime loan on its books,” Merchant said, referring to the unprecedented mortgage crisis that has left many other lenders reeling. “We were also able to meet the challenges of the beginnings of a shaky economy in 2007,” he added.

“We have a very strong, competent, and experienced management team in place at Jewett City Savings Bank,” he said in reviewing changes in staff responsibilities during the year.

James McDonald assumed responsibility for the oversight of the Deposit Operations and Information Technology areas of the Bank, and also assumed the responsibilities of senior vice president in addition to his responsibilities as chief financial officer and treasurer. Diana Rose, the Bank’s marketing officer, became a vice president during 2007 and is now also serving as senior retail manager, as well as administrator of the Jewett City Savings Bank Foundation.

Merchant updated the Corporators on the general financial condition of the Bank, and reviewed significant events over the past year, including the retirements of long-time President and CEO Reino Horstmeyer and Director Richard Duda. He personally thanked Board Chairman Louis Demicco for the support he provided during the transition.

New Office
The President also reported on the progress of the Bank’s newest office, which opened in Dayville in May 2007, and which was the first branch opened in a new market area in over 30 years. Noting that the branch is competing with four — soon to be five — other financial institutions within close proximity, Merchant nevertheless projected that the energetic Dayville staff would ultimately add to the momentum the branch is gaining slowly but surely.

New Lender
The addition of veteran commercial lender William Andrzeicik to the Jewett City staff was among the most important changes for the Bank this year, said Merchant, as the Bank pursues its plan to enhance both commercial lending and deposit services.

New Incentives
Among the other notable events at the Bank in 2007 were a reengineering of the Bank’s internal employee performance evaluation system, and the implementation of an employee recognition program, explained Merchant. He added that 72% of the employees have been with the Bank for five years or more.

A final program implemented last year was an incentive-based bonus plan for employees. Bonuses will be based on year-end performance results, he said of the program, which is designed to result in a better overall performance of the Bank.

New Awards
Merchant reported that the Jewett City Savings Bank Foundation awarded grants totaling nearly $52,000 in 2007. Funds were provided to help 36 non-profit organizations in the communities served by the Bank.

“Our efforts ‘to give back’ certainly wouldn’t be the same without our commitment to mutuality and the Bank’s constant focus on community and community values,” he added.

Finances in Detail
Following Merchant’s remarks, James McDonald, senior vice president and CFO, went on to review in detail the Bank’s 2007 balance sheet and income statement with Corporators and guests.

Copies of the Bank’s 2007 Annual Report and financial statements are available at all branch locations, or by calling (860) 376-4444.

Richard Duda, a member of the Jewett City Savings Bank Board of Directors since 1982, retired from that post at the Bank’s 134th Annual Meeting of Corporators on March 28 at the Jacques Cartier Club in Jewett City.

Duda, a Jewett City resident, served as chairman of the Board from 1998 - 2004 after serving as vice chairman for the prior five years. He was a longstanding member of the nominating and audit committees during his tenure, and also served on the bylaws, benefits, executive, investment and long range planning committees.

 “Attorney Duda has provided wise counsel and guidance to the Board and its committees, and has left his imprint on many of our decisions and who we are today,” said Reino E. Hortsmeyer, president and CEO of Jewett City Savings Bank.

Horstmeyer cited Duda’s many contributions during his tenure, including  his involvement and counsel in areas such as land acquisition and conveyance, branch and office construction and renovations, office consolidations, the introduction of banking technology, the creation of the Griswold High School scholarship trust, and the establishment of the Jewett City Savings Bank Foundation.

 “Richard’s association with the Bank as a Director, and his insights as Bank counsel, have been extremely beneficial,” said Horstmeyer. “His perspectives, his caring about the Bank and the community, and his attention to detail have effectively guided us in our deliberations and decisions.

 “During his 25 years on the Board, the Bank has done many things of which we can be proud, and which have improved the quality of life in the communities we serve,” added Horstmeyer.

Diane L. Manning of Jewett City was elected to the Board of Directors of Jewett City Savings Bank at the 134th Annual Meeting of Corporators held on March 28 at the Jacques Cartier Club in Jewett City. Manning has been a Corporator of the Bank since 2004.

She was elected to serve the remainder of the term of Director Richard Duda of Jewett City, who retired recently after 25 years of service to the Bank.

Manning is president and CEO of United Services, Inc. in Dayville, a social and mental health services provider with 250 employees at 16 sites throughout Northeastern Connecticut and an annual operating budget of $13.4 million