For a limited time only, Jewett City Savings Bank is offering consumers the opportunity to earn a higher return on money they put aside to pay for energy costs this winter. The special Energy Savings Account will pay a guaranteed rate through April 18, 2008, on accounts originally opened by September 30, 2007, but, now extended to October 13, 2007.

 “This is a wonderful way to help offset the high cost of fuel,” said Kevin C. Merchant, president and CEO of Jewett City Savings Bank, “and saving systematically, in advance, also makes good sense.”

 A minimum of $100 is required to open an Energy Savings Account, and funds can be added at any time, in any amount. Customers can make up to six transfers (including writing three checks) from the account each month. The account is available at all offices of Jewett City Savings Bank.

BauerFinancial conducts a financial analysis of U.S. banks according to comprehensive formulas used to evaluate the institution’s financial performance. The banks are then assigned a star rating from zero to five, with five stars being the strongest.

Bank president Kevin C. Merchant stated that this most recent award places Jewett City Savings Bank in an elite group of banks considered “Exceptional Performance Banks” by the rating firm.

Jewett City Savings Bank is a mutual savings bank operating full-service offices in Jewett City, Brooklyn, Central Village, and Dayville. Established in 1873, the Bank is a member of the Federal Deposit Insurance Corporation (FDIC).

Based in Coral Gables, Florida, BauerFinancial, Inc. is the nation’s leading independent bank rating firm. It has been reporting on and analyzing the performance of US banks, thrifts and credit unions since 1983.

Merchant has over three decades of financial services experience, and has spent the past 26 years with Jewett City Savings Bank. He joined the Bank in 1981 as an assistant vice president, and was promoted to vice president two years later. He was named senior vice president in 2000.

“Kevin is a very talented banker,” Horstmeyer said of his successor. “He is well respected by his colleagues, and will bring a new enthusiasm and vision to the position.”

A graduate of Norwich Free Academy, Merchant went on to study at Central CT State University in New Britain, earning a bachelor’s degree in administrative sciences. He is a member of Jewett City Businessmen’s Club and several banking organizations and local chambers of commerce. Until recently, he was also actively involved with his daughters, Kristen and Lindsay, in their youth basketball and softball activities and coached the Connecticut Green Devils AAU fastpitch softball team.

Merchant lives in Sterling with his wife, Lori, and stepchildren Ariel and Zachary.

Landry joins Jewett City Savings Bank from Citizens Bank in Colchester, where she was manager/business banking officer. She began her banking career at age 18 as a teller at Savings Bank of Manchester, joining Citizens Bank in 1999 as assistant manager at the Plainfield office. Her experience also includes branch management with Westbank in Putnam/Danielson. 

An honor roll graduate of Putnam High School, Landry studied business at Quinebaug Valley Community-Technical College. She is a member of the BNI Group and the Chamber of Commerce.

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.

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

Kevin Merchant of Sterling, senior vice president, will take over as president and CEO following Horstmeyer’s June 30th retirement.

Horstmeyer, a Canterbury resident, joined Jewett City Savings Bank in 1970 as a management trainee slated to manage the Bank’s first branch office, in Central Village. He was named to lead the Bank a decade later. At the Annual Meeting, he thanked “the Board members who gave me guidance and Corporators who supported me over the years.”

He praised the selection of Merchant as his successor.

“Kevin is a very talented banker with over 30 years of experience, over 26 with Jewett City Savings,” Horstmeyer said. “ He is respected by his fellow employees, and will bring a new enthusiasm and vision to the position.

“ I will leave knowing the Bank remains in good hands,” he added.

Horstmeyer also announced the promotion of Diana L.  Rose of Canterbury to vice president and senior retail officer, a new position. Now responsible for the Bank’s marketing efforts, Rose’s new responsibilities will also include branch oversight and support of the Bank’s retail efforts.