Thomas A. Borner, President and CEO of Putnam Bank, announced today that its Application for a Connecticut State Banking Charter with Federal Reserve membership has been approved.
“This is an important structural change,” commented Mr. Borner. “This will serve to reinforce our eastern Connecticut-based community commitment.”
Putnam Bank was originally chartered in Connecticut in 1862 as Putnam Savings Bank and has maintained its headquarters in Putnam while its branch network has grown to eight branches along the Route 395 corridor to Gales Ferry.
Current assets stand at $477 million. After the regulatory broadening of lending products in the 1980s between savings banks and commercial banks, the bank dropped “Savings” from its name to Putnam Bank. The charter was converted to a federal charter in 2003 under the federal agency of the Office of Thrift Supervision (OTS). Congress dissolved the OTS as part of its recent banking reform renewing the opportunity to convert the charter to one more favorable to a community bank.
“This will serve to confirm our dominant presence as not only a major retail lender of mortgages and home equity loans, but also our ever expanding commercial portfolio,” according to Mr. Borner. “Our identity as a long serving eastern Connecticut bank is very important to us and to our customers. This change will be seen less to our customers in any fashion and rather will ease some of the regulatory burden and reduce expense to the bank,” according to Mr. Borner.
Here’s a hint: it has nothing to do with presents or a jolly guy in red
There are a lot things to love about this time of year, aren’t there?
We live in beautiful area of the country, the most beautiful in our somewhat biased opinion. The communities we serve and live in are full of vibrant people and businesses, making our jobs that much better.
The hustle and bustle of the holiday season keeps us busy as we get ready to surprise our loved ones and friends with meaningful gifts. Some of us love the thrill of shopping, the unique process of finding just the right gift or the general busyness of the season.
There are also holiday events, dinners and get-togethers to shop for, cook for and attend. Whether it’s an ugly sweater party or a company Christmas party, getting together with your favorite people is a huge reason to love this season. Continue reading
Saving money doesn’t have to be hard or complicated!
“I want to save more money” is one of the most common New Year’s resolutions behind losing weight and getting in shape. You may have made this resolution at the beginning of 2014, but like over 80 percent of Americans who make resolutions, yours ended in failure.
However, a new year is upon us, and with the turn of the calendar comes another chance to actually save more money. But you can’t just say it; you have to do it as well. That’s where Putnam Bank comes in.
We’ve created a step by step plan to help you save more money to put toward an emergency fund, your child’s education, retirement or anything you need to save for. Follow these steps to save your way to a better 2015. Continue reading
The best thing you can do before you shop is plan.
The holiday season is in full swing, which may have you feeling a little stressed and scrambled. Will you ever be done shopping?
Have no fear, Putnam Bank is here to help! The key to holiday shopping is not to treat it like a marathon, but rather a series of sprints with research time in between. Take a look at the tips below to see how you can shop smarter (instead of “until you drop”) this year. Continue reading
Do you know how much consumer credit card debt Americans have racked up? One billion? Two billion? Try over $880 BILLION! While credit cards can be great financial tools when used correctly, they can also lead to mountains of debt when used poorly.
With the holidays upon us, Putnam Bank believes it’s important to talk about responsible credit card use. Try these five tips to get everything you need for the holidays without spending yourself into debt. Continue reading