“We are pleased to welcome Brian and Theresa to Jewett City Savings Bank as our newest corporators,” said Merchant. “They are a perfect choice for their new roles as additional resources for our management team, and as ambassadors of the Bank out in the community, where they are well-known and highly regarded.”

Andstrom
Brian Andstrom, a broker associate with the Partner Network, is a partner of B.E.B.E. Company, a land development organization. He is a licensed real estate broker in Connecticut and Rhode Island.

He began his career in real estate sales with the Petrowsky Real Estate Company, where he gained experience in residential, commercial, industrial, sub-division, new construction and foreclosure sales. He purchased the Company in 1985 and then purchased Realty World Quintal a decade later. He was the owner/broker of Realty World Petrowsky-Quintal prior to joining the Partner Network in 2008.

Andstrom is a member and previously served on the board of directors of the Eastern Connecticut Association of Realtors. He also served as chairman of the Northeast Board of Realtors Professional Standards Committee for eight years.

He is a six-time recipient of the Eastern Connecticut Association of Realtors “Top 5% Sales” Award, and he received the award for multimillion dollar sales and listings for 21 consecutive years. In 2000, he received the “Business Person of the Year” award from the Plainfield Chamber of Commerce.

Andstrom is a 1975 graduate of Vermont Technical College, where he received an associate’s degree in civil/survey engineering.

A member of the Mohegan Striders running club, he is a volunteer leader for summer running programs through the Plainfield Recreation Department. He serves as the chaplain of the Plainfield VFW men’s auxiliary and is also a member of the Finnish American Heritage Society. He has also been prominent in the Plainfield business community, having served as a member of the Plainfield Lions Club and the Plainfield Jaycees. He was also a member of the Plainfield Economic Development Commission, and he served for four years on the Plainfield Recreation Commission.

Madonna
Theresa Madonna has been a solo practitioner of law with an office in Jewett City since 2007. Her general law practice handles estate planning, elder law, probate matters, consumer bankruptcy and small business matters. She is a member of the American and Federal Bar Associations, the Connecticut Bar Association, the New London and Windham County Bar Associations, and the National Association of Consumer Bankruptcy Attorneys.

Prior to her law practice, she was the vice president for academic affairs and the dean of the college at Fisher College in Boston, MA. In her academic career, she also held the positions of vice president for academic affairs and dean of faculty after serving as dean of graduate studies and continuing education at Salve Regina University in Newport, RI; and she was the academic director of graduate programs, College of Business following 10 years as a professor of management at Sacred Heart University in Fairfield, CT.

Madonna received her Juris Doctor from Quinnipiac University School of Law; a doctor of science degree in management systems from the University of New Haven; an MBA from the University of New Haven; a master of science degree in criminal justice from the University of New Haven; and a bachelor’s degree in criminal justice from Ohio Dominican College.

Active in the community, she currently serves as a board member of Thames River Family Program and Martin House, both located in Norwich, and also as a board member of A Reason to Ride in Griswold, serving needy veterans. She is a member of the State of Connecticut Planning Commission for Higher Education, and she recently served on the State of Connecticut Governor’s Task Force on CHFA Loss Mitigation. She is on the board of trustees for St. Vincent’s College in Bridgeport, is a board member of the Rotary Club of Norwich, and a member of the Norwich Area Chamber of Commerce. In the Town of Griswold, she served on the board of selectmen from 2009 to 2011, and also as a member of the board of education from 2003 to 2011.

In 2009, she was the recipient of the Pro-Bono Service Award from the Connecticut Bar Foundation and the Foreclosure Prevention Pro-Bono Service Award from the Connecticut Fair Housing Authority. She is also a past recipient of the Leadership Award from Sacred Heart University.

Panteleakos is the administrator and CEO of Westview Health Care Center, a 103-bed skilled nursing facility and rehabilitation center in Dayville. He also serves as the executive vice president of Westview Land Company, a commercial real estate company in Dayville, and is the owner of Alpha Medical Financial Services, LLC, a billing and financial consulting company for healthcare providers, institutions and physician practices, also located in Dayville.

“David has first-hand experience with a number of commercial financing projects totaling in the tens of millions of dollars, which is an added value he brings to the Bank’s board of directors,” said Merchant.

Active in the community, Panteleakos serves as a corporator of Day Kimball Hospital and as a director on the board of the Westcott-Wilcox Home in Danielson, a director of the board of The Theater of Northeastern Connecticut in Putnam, and the owner of Broadway Live Productions, LLC, a production company that he formed in 2001 for philanthropic fundraising events. Broadway Live has benefited non-profit 501(c)(3) organizations since its founding such as Day Kimball Hospital, the QVCC Foundation, Putnam Rotary Foundation, the Thompson Lions Club, the American Cancer Society’s Relay for Life, TNECT at the Bradley, the Hurricane Katrina Relief Fund, the American Red Cross, the Mongolia Fund, The Daily Bread, and the Thompson Ecumenical Empowerment Group.

“It is truly an honor to have been selected to join the Jewett City Savings Bank board of directors,” stated Panteleakos. “I look forward to working with Mr. Merchant and his outstanding team of banking professionals.”

Tillinghast
Retired director R. Avery Tillinghast served Jewett City Savings Bank as a corporator for 27 years before his election to the board of directors in 2003. During his term, he served on a number of committees including advertising/contributions, CRA, long range planning, salary/benefits, bylaws, nominating, and Jewett City Savings Bank Foundation grants.

“The Bank and I truly appreciate Avery’s loyal service on the board,” said Merchant. “We are sure that he will continue to support and promote the Bank for many years to come.”

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.

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.