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Jewett City Savings Bank Holds 144th Annual Meeting

Elects Elena Hermonot of Sterling as Corporator

President and CEO Kevin Merchant presided over Jewett City Savings Bank’s 144th annual meeting held recently at the Jacques Cartier Club. Highlighting the Bank’s 2016 performance, Merchant reported $63.6 million in loans originated over the course of the year, a 13.9% increase over the previous year and the largest organic loan growth in the Bank’s history. As a result of the growth, loan to asset ratios grew from 65.2% to 71.6%, he said, and interest income was also bolstered due to a significant increase in commercial loans.

The Bank’s total assets at year-end increased by $9.8 million, or 3.8%, to total $269.6 million. Net income earned in 2016 totaled nearly $1.3 million, an increase of 22.4% over 2015. Another $1.2 million, or 2.9%, added to capital increased it to nearly $44 million, leaving the Bank with a healthy Tier 1 Leverage or capital ratio of 16%; more than three times what is required for the Federal Deposit Insurance Corporation to consider a bank to be “well capitalized.”

Merchant also focused on the Bank’s commitment to the community during the past year, including $76,000 in grants awarded by the Jewett City Savings Bank Foundation, an additional $50,000 in donations from the Bank in support of a variety of local initiatives, and 1,000 hours of time volunteered by the Bank’s employees throughout the year.

The Bank’s new branding concept, “Your Life Your Bank,” was the theme of the meeting. “Jewett City Savings Bank is here to provide the financial assistance that individuals and businesses need along that journey called life,” explained Merchant. “It’s that assistance and guidance that helps our customers to achieve their financial goals.”

Merchant also reported on the progress of the major renovation project underway at the Bank’s Main Office, which is expected to be completed in June 2017. He predicted that visitors to the Main Office will be pleased with the improved efficiencies and by the impressive combination of traditional and contemporary features within the building.

Elections

Newly elected Corporator Elena Hermonot

Newly elected Corporator Elena Hermonot

At the meeting, incumbent directors Louis Demicco and Diane Manning were re-elected. Demicco, president and owner of Jewett City Greenhouses, Inc., has been a director of the Bank since 1994 and has served as Chairman of the Board since 2005. Manning is the president and CEO of United Services, Inc. in Dayville and has been a director of the Bank since 2007.

Elena Hermonot was elected to serve as a corporator of the Bank. Hermonot is co-owner and manager of Ekonk Hill Turkey Farm in Sterling, a family business known as the largest grower of pasture-raised turkeys in Connecticut. Her background includes positions as a Certified Nurse’s Aide at Day Kimball Hospital and local nursing homes and as co-owner and manager of a cow farm in Middlebury. She supports community service activities as a member of Ekonk Community Grange and has volunteered as Poultry Superintendent at the Brooklyn Fair and served on the Sterling Family Day committee.

“Elena is a motivated and highly regarded member of the local business community,” said Merchant. “We are pleased to have her join the group of ambassadors who represent the Bank out in the community.”

A moment of silence was observed in memory of two corporators who died in 2016. They were Robert Chamberland, who became a corporator in 1984 and went on to serve on the board of directors from 1995 until 2008, and Leonard Zuckerbraun, who was elected as a corporator in 1964.