Kevin C. Merchant, president and CEO of Jewett City Savings Bank, announced today that Lorraine Corson of Plainfield has been promoted to serve as assistant branch manager of the Bank’s Brooklyn office.

Corson joined the Bank in 1997 as a part-time teller at the Main office. She became a full-time employee that same year, and later served as deposit operations clerk and then as head teller of the Central Village office. In March of this year, she was named head teller of the Brooklyn office.

A graduate of Plainfield High School, she holds associate’s degrees in accounting and in management from Quinebaug Valley Community College in Danielson. She has also earned several diplomas and certificates from the American Institute of Banking and the Center for Financial Training.

Corson has served as data entry clerk for the Plainfield Fire company for 12 years, and is a three-year member of the Plainfield Fire District.

For the 63rd consecutive quarter, Jewett City Savings Bank has earned a 5-Star Superior rating for financial strength from BauerFinancial, Inc., an independent national bank research firm.

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.

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.

Jewett City Savings Bank has donated a battery-powered automated external defibrillator to the Griswold Public Schools.

According to Kevin C. Merchant, president and CEO, the donation was made to support the school system’s fundraising campaign to acquire a minimum of four of the life-saving devices, to ensure their availability for the school population.

The need for the defibrillators was brought to light by the tragic death of Larry Pontbriant, a Norwich Free Academy student, due to sudden cardiac arrest.
 
“We encourage everyone to join in this defibrillator fundraising effort to help save a life by donating to this worthy cause,” said Merchant.

The portable defibrillators cost approximately $2,000 each, and donations toward the purchase of additional units for the schools can be made by contacting Athletic Director Glenn LaBossiere at 376-7636.

Jewett City Savings Bank has a long tradition of involvement with the local schools, including providing academic and community service scholarships and class marshal awards and supporting activities such as Project Safe Graduation, Drama Department productions and the Booster Club.

Pictured from left to right: Yvonne Palasky, Chair, Griswold High School Parent Advisory Council; Glenn LaBossiere, Athletic Director, Griswold High School and AED fundraiser co-coordinator; Kevin Merchant, President and CEO, Jewett City Savings Bank; Dr. Mark Frizzell, Principal, Griswold High School; and Sharon DeRico, Griswold High School Health Aide and AED fundraiser co-coordinator.

2007 giving exceeds $50,000
The Jewett City Savings Bank Foundation recently awarded $32,000 to a total of 21 local non-profit civic and charitable groups, according to Foundation President Kevin C. Merchant.

Established in 2003 to reinforce, encourage, and support the Bank’s ongoing commitment to the well-being of the communities it serves, the Foundation has awarded more than $50,000 in grants this year alone.

Ten local fire and ambulance companies each received $1,000 for a variety of purposes from equipment and supplies to training programs and materials that will enhance their efforts to provide for the safety of local residents and property. Grant recipients included Atwood Hose Fire Company, Voluntown Community Ambulance, A.A. Young Hose and Ladder Co. #1, Moosup Fire Department, and Plainfield Fire Co. #1.

Also receiving $1,000 Foundation gifts were the Central Village Fire Co. #1, East Brooklyn Fire Department, Mortlake Fire Company, American Legion Ambulance Fund, Inc. and Oneco Fire Company.

At the opening of Jewett City Savings Bank’s new Dayville office earlier this year, the following fire companies each received a $600 donation from the Foundation: Attawaugan Fire Department, Danielson Fire Department, Dayville Fire Company, East Killingly Fire Department, South Killingly Fire Department and the Williamsville Fire Engine Company.

Libraries in Jewett City, Brooklyn, Moosup and Canterbury received a total of $8,750 in awards from the Foundation. The Slater Library and Fanning Annex was granted $3,000 to purchase a new copier for use by staff and the public. The Brooklyn Town Library Association received $2,800 to buy three laptop computers for its existing wireless network, available free to the public. The Aldrich Free Public Library in Moosup will use its $2,650 award to install an “Early Literacy Station” for youngsters, and the Canterbury Public Library will use the Foundation’s gift of $300 to educate patrons about carbon dioxide and how to reduce their “carbon footprint” and help address the issue of global warming.

The Foundation awarded Hospice of Southeastern Connecticut in Uncasville the amount of $2,000 to support its Patient Care Fund, which covers Hospice  supplies and services that are not reimbursed by insurance. The Griswold Regional Visiting Nurse Agency in Jewett City received $2,000 to continue the use of its telehealth monitoring system. A $3,000 gift to the St. Mary Food Pantry in Jewett City will help purchase food during the year for the needy families of the area.

The Thames Valley Music School in New London received a grant of $2,000 to provide scholarships for underprivileged students to participate in the Thames Valley Youth Symphony and string ensembles.  The Friends of Camp Quinebaug, Inc. will use its $500 gift from the Foundation for materials to implement a more-varied recreational program for individuals and their families.

United Community & Family Services in Norwich received $2,500 from the Foundation to purchase medical equipment to set up an exam room at its new Griswold site, and United Services, Inc. in Dayville will apply its $1,500 gift to implement a “Home and Community Safety Education” component to its PA/PEAS programs.

Additional grants awarded this year include $1,000 to each of the four area hospitals in response to their annual appeal campaigns; Backus Hospital in Norwich, Day Kimball Hospital in Putnam, Natchaug Hospital in Mansfield, and Windham Hospital in Willimantic.  The BackusCare project will be receiving the second $5,000 pledge of a five-year campaign towards improving the emergency department, surgical services for inpatients and outpatients, medical-surgical inpatient units, and cancer care services.

Performing Arts of Northeast Connecticut is receiving a $1,000 grant to support the Children’s Educational Opera Program, which will enable nearly 3,000 fifth grade students from the 26-town area to attend a live performance.  The Slater Library Corporation in Jewett City also received a $1,000 grant in response to its annual campaign.

Kevin C. Merchant, president and CEO of Jewett City Savings Bank, has announced the promotions of James A. McDonald of Essex and Kevin Goyen of East Hampton to positions of increased responsibility.

McDonald has been promoted to senior vice president and chief financial officer, with administrative oversight over the finance, information technology and deposit operations functions. He joined Jewett City Savings Bank in 1999 as controller, and was named vice president and controller in 2000 and to his most recent position as vice president and treasurer in 2001.

He began his financial services career 23 years ago with New Haven Savings Bank, advancing to positions of increased responsibility in the areas of accounting and operations with American National Bank, Founders Bank, Bank of New Haven and Citizens Bank of Connecticut prior to joining Jewett City Savings Bank.

A graduate of Enfield (CT) High School, McDonald attended Providence College and Southern Connecticut State University in Hamden, CT, the New England School of Banking and the American Bankers Association Stonier Graduate School of Banking.

Goyen, who was named technology manager in 2006, has been promoted to customer information security officer. He joined Jewett City Savings Bank as systems administrator in 1999.

He served in the U.S. Navy for 10 years as a naval air crewman and performed anti-submarine operations. He became a Master at Arms 1st class during his second enlistment in the Navy. Following his military service, he utilized computer skills gained as a hobby to land an entry-level job as a field service technician, gaining network and server skills and experience prior to joining the Bank.

Goyen is a graduate of Manchester (CT) Community College.

Safeguard against fraud and identity theft

Jewett City Savings Bank has joined the Go Direct campaign sponsored by the U.S. Department of the Treasury and the Federal Reserve Banks, to help senior citizens protect their monthly Social Security payments from financial crime.

Go Direct urges seniors, and others receiving federal benefit payments, to switch from paper checks to direct deposit.

“Direct deposit is safer, easier and more convenient than paper checks,” says Kevin Merchant, president and CEO of Jewett City Savings Bank, “and it gives seniors more control over their money.”

Merchant added that direct deposit eliminates the risk of forged checks and helps safeguard against identity theft.

“Last year alone, almost 57,000 checks issued by the U.S. Department of the Treasury were forged, totaling more than $54 million,” he said. “Although paper checks make up only 20 percent of the total number of Social Security payments, they account for more than 90 percent of reported problems.”

The Go Direct campaign makes switching to direct deposit easy with a toll-free enrollment number, (800) 333-1795 and web site, www.GoDirect.org. Switching to direct deposit is free and takes only a few minutes.

The bank’s customer service representatives will be happy to answer individual questions about direct deposit of Social Security and other payments into a Jewett City Savings Bank account, Merchant said.

Residents dreading this winter’s high cost of home heating fuel can find relief at Jewett City Savings Bank. 

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.