Category: Community

Putnam Bank September 2017 Employee of the Month

Alyson Davis was named Putnam Bank’s Employee of the Month for September 2017. Alyson has been with the bank since October 2001, and is currently the CSR Supervisor at the Main Office in Putnam.

Alyson said, “I’m honored and grateful to receive this award. You’re only as good as the people around you and I’m fortunate to be part of a great team. While I appreciate the individual recognition, this could easily be a team award.”

Alyson is an avid runner and active in the community having participated in the Walk & Run for NECT Cancer Fund, Northeast Opportunities for Wellness, Inc 3.5ish Mile Road Race, and Quinebaug Valley Community College Foundation Tackle the Trail.  She lives in Putnam with her sons, Elijah and CJ.

“Aly is a highly competent, caring, and enthusiastic employee of Putnam Bank, and I’m not at all surprised that she received such glowing reviews from staff and customers alike. She excels in her position. She demonstrates excellent customer service and still finds the time to participate in community activities which is at the core of Putnam Bank’s mission.” stated Thomas Borner, Putnam Bank President & CEO.

PB Bancorp, Inc., headquartered in Putnam, Connecticut, is the parent of Putnam Bank, a state chartered stock savings bank founded in 1862. The Bank offers a wide range of financial services through its eight full-service offices. Putnam Bank also operates a full-service loan center in Putnam, Connecticut. The Bank’s deposits are insured by the Federal Deposit Insurance Corporation. PB Bancorp, Inc.’s common stock trades on the NASDAQ Capital Market under the symbol PBBI.

Communities Receive $59,000+ in Charitable Contributions

A juvenile mentoring outreach program gained resources for at risk children. Various organizations received funds to aid in the support of children’s programs aimed at developing a love of literacy and the arts. Funding was given to provide essential health and human services to the homeless and elderly. These are only a few examples of where Putnam Bank and the Putnam Bank Foundation contributed financially in 2016/2017 to help the needy, care for children and improve life in our local communities. For the last few years, the Putnam Bank Foundation has been a significant sponsor of the Town of Putnam Summer Al fresco and Fireworks and the River Fire Series. They have pledged commitments to Day Kimball Healthcare, Natchaug Hospital Joshua Center, Windham County 4-H, The Last Green Valley Walktober, and the Regional YMCA.

As a community bank with a vested interest in the local communities, Putnam Bank and its Foundation supported many local agencies and community groups with grants and contributions totaling over $59,000. The contributions consisted of: Area Youth Baseball Leagues, Boy Scouts of America, Tackle the Trail Sponsorship, Celebrate Cultural Diverisity Title Sponsorship, Thompson Ecumenical Empowerment Group, Daily Bread, Project Northeast, Empowering Women, Putnam Holiday Giving, Make-a-Wish, Sassy Chapeau, and the Turkey Trot.

Why the emphasis on charitable causes? “We’re not just in the community; we are community to the core. We feel we have a responsibility to not only provide products and services but also to help to enhance the quality of life in the communities where we live and work,” explains Thomas A. Borner, Putnam Bank’s President and CEO. “We see giving back to the community as part of our mission, and our responsibility.”

Putnam Bank, chartered in 1862, is a $512 million Connecticut-chartered bank. Putnam Bank has branch offices in Putnam, Pomfret Center, Danielson, Plainfield, Griswold, Gales Ferry, and Norwich. It also operates a full-service loan center in Putnam. Stock is traded through NASDAQ under the symbol PSBH. For more information call (800) 377-4424 or visit our website at putnambank.com.

10 Ways to Shop Local

Small Business

Supporting our community is one of the most impactful ways we can help it grow. By shopping with local vendors and utilizing area service providers you and your family can help ensure that our community prospers and grows each year. If you want to shop local, but don’t know where to start, our team at Putnam Bank has come up with some creative ideas you may not have considered yet.

  1. Get produce at your local farmers market.
  2. Purchase floral arrangements from your neighborhood florist instead of online vendors.
  3. Work with local providers for your insurance and wealth management.
  4. Venture out for the night and tour area dining and entertainment establishments.
  5. Bank with a community bank.
  6. Buy groceries from a regional company compared to the large national chains.
  7. Like your favorite area businesses on Facebook and other social media.
  8. Shop for birthdays and holidays at your community’s downtown storefront.
  9. If you have received great service or products from a local business, recommend them to a friend or relative.
  10. Stay local when planning weddings or other milestone events and avoid online alternatives.

Owning and managing a small business may be more difficult than you think. We believe that opportunity is everywhere. Whether you’d like to open a business of your own, or simply want to support the ones you enjoy, it’s great to learn what small businesses are all about. That’s why Putnam Bank is excited to share some compelling and surprising facts surrounding the small businesses in our neck of the woods.

  • A company is considered a small business if they have less than 500 employees according to the Small Business Administration.
  • 99.7 percent of all active companies in the United States are classified as small businesses.
  • If your favorite retailer has been in business over ten years, they have officially beat the odds. According to the Bureau of Labor, two out of three small businesses are still operating after two years in business, and only half of small businesses have survived after being open for five years.  Approximately one-third of small businesses last ten years or longer.
  • Cash flow is cited as the more common issue regarding a business’s failure. Associated tasks such as invoicing, timed billing, and record keeping are often the most commonly linked culprits.

If your business needs to gain capital for an expansion or start-up, Putnam Bank is here to help. Our experienced commercial lenders can help you determine your ideal capital amount while also setting up valuable cash flow services Send us your information or stop in today to learn more about this convenient and affordable service.

 

The Basics Behind New Business

New Business

A mouthwatering dish your grandmother made you, a leaf falling across the park, or one of the endless questions your preschooler has begun to ask you; the truth is great ideas can come from anywhere. If you have a concept you are itching to turn into a reality, there are some key components you’ll need to make it happen. At Putnam Bank, we were founded upon our commitment to small and medium sized business, and we are thrilled to help you transform your inspiration into a live entity.

To complete the process from conceptualization to implementation, there are ten key components to ensure your business has all the legal qualifications necessary. Simply follow these helpful prompts, and if there are any components you’d like further clarification on, never hesitate to reach out! Our experienced team of commercial lenders is here to answer any questions or inquiries you or your business partners may have.

  1. Write a business plan. Your company’s business plan should detail the purpose and differentiators associated with your business. SBA.gov is an informative resource to help you determine all the required components for your proposed document.
  2. Register as an LLC or Corporation. An LLC is the most common choice for new business because the Corporation classification does mandate a $10,000,000 revenue requirement.
  3. Finance your new business. There are a variety of ways to finance your business. Whether debt or equity based, our dedicated team can help you determine which route is best suited for your business.
  4. Determine your business location.  Keeping your budget in mind, purchase or lease the space you’ll be using for your location. If you’ll be working from home be sure to take advantage of the associated tax benefits.
  5. Register for EIN and determine payroll structure. Before you hire any employees,  you’ll need to register for your Employer Identification Number for federal taxation purposes.
  6. Register your business name. You can choose to register your business as a DBA, or Doing Business As, or you can choose to register your company name and/or logo as a trademark. Both options will allow you to operate under your desired business name.
  7. Open a designated banking and credit card account. Separating your personal finances from your business is imperative in keeping accurate accounting records. Additional tools such as Quickbooks Self Employed can help you manage all aspects of your finances at home or on the go.
  8. Complete registration for state and local taxes. Business taxes are set up differently than your personal taxes. Be sure you’re accounting for all the variables before you open the doors.
  9. Receive business licenses and applicable permits. If you plan to sell alcohol or firearms, you may need federal licenses in addition to the various state requirements.
  10. Structure and start a marketing campaign. Marketing is an ongoing effort, but to get customers in the door, they’ll need to know you’re an option. Get the word out with a strategic marketing initiative, and make a yearly plan on to keep new clients coming in.

 

Planning Your Spring Garden for the Best Return

Seasonal

Spring is just out of sight, and for prospective spring gardeners, the time to start seed germination is almost here! With seeds for some summer produce taking up to three months to prepare for planting, planning ahead of time can truly make or break both personal and commercial growers. Before you start organizing your garden for the season, we offer these helpful tips to help you make the most of your agricultural investment:

Grow Heirloom: Tomatoes are a staple of countless summer gardens, but what will differentiate your juicy produce from other countless selections at the market? Variety! With new strains of tomatoes being discovered each year, blue, striped, and white fruits can offer your family and customers a unique and delicious twist on a summertime classic. The basic large red tomato has an average price point of approximately $3.50 per pound, but smaller heirloom varieties often go for more than $5.00 per pound. With one plant typically producing over 20 pounds of fruit, you could easily make $100 off of one heirloom plant!

Learn to Preserve: Once you’ve harvested the tomatoes grown above you can continue to tack on the savings by processing those fruits into recipes which can be canned. Packaged goods like salsa and pasta sauce can run about $3.00 a piece; however, you can create a pantry full for the low cost of the plants and reusable mason jars.

Add Some Flavor: Personal herb gardens have continued to grow in popularity over the past several years, and 2017 is no different. With many urban gardeners opting to plant their own seedlings, you’d think the retail need would decrease; however, the opposite may be occurring. With an influx of gardening comes an influx of use. Many home cooks are beginning to learn the benefits of using fresh herbs, and they’re not always cheap. Generally, a small bunch of herbs can run between $1-3. Most healthy plants are able to produce a consistent amount of bunches throughout the summer, and even into fall. If you have one plant that offers 50 bunches at $2 apiece, that’s a simple $100 earned for just one plant.
With so many incredible plant varieties to choose from, we’re sure your next garden will be a success! Whether you’re planning to sell your crops at the weekend farmer’s market, or stock a pantry your grandmother would be proud of, the practice of gardening has proven to be a money saver for you and your family. If you have any other great gardening tips, be sure to share them with us on our Facebook page.

10 Steps to Opening Your Own Business

Small Business

Creating the foundation of your next enterprise can be a challenging process. For everything from ideas to permits, it takes a lot to get a new business up and running. At Putnam Bank we would like to help you make your dream a reality, and offer these ten steps to opening your avant-garde operation:

 

  1. Write a business plan. Creating the sound reasoning behind what you want to do and how you want to do it, represents the building blocks to a good business. There are many tutorials to help you develop a plan and to accompany them, we recommend researching information for each section of the document.
  2. Select the best location. Location can make or break a business. In conjunction with your plan’s market research, we suggest scouting out the best potential locations. Adding this element to your proposal can help you create the optimal visualization when describing your concept.
  3. Build a marketing strategy. Great service and great promotion go hand in hand. Unfortunately the old adage, “If you build it they will come,” no longer applies. Now, in order to get clients through the door, you’ll need a structured and continual marketing plan to ensure customers in your area are aware of your business.
  4. Plan your finances. These not only refer to the funds you need to open your business, but also the additional costs to help support the initial years of operation. This extra capital will help ensure your business doesn’t topple while building its ongoing customer base.
  5. Meet with a commercial lender. Once you have the core of your business planned and calculated, it’s time to meet with a small business lender to evaluate your risk. He or she may require a percentage down, or that certain criteria are met before loan signing.
  6. Fulfill any requirements. Whether it’s saving additional funds, offering up collateral, or obtaining designated permits, it is best practice to meet and exceed the requirements that your lender has suggested, in order to maximize your lending potential.
  7. Close on a business loan. After securing the funds for your business, be certain they’re placed within a business account, instead of a personal one. To help ensure your funds are separated, we also recommend creating an LLC for your business prior to opening.
  8. Purchase or lease space. Using the money you’ve budgeted, move forward with purchasing or leasing the space for your new enterprise. After space has been secured you’ll need to acquire equipment and supplies from another portion of your predetermined budget.
  9. Structure and hire your team. Another old saying goes, “If you take care of your employees, they will take care of your customers.” This is a great adage to stick by, as more often than not, people are what makes a business successful. Decide your role within the company, and then craft detailed job descriptions for the rest of your potential employees. Start building your team with the best people for the job, and add further help as needed.
  10. Open and continually promote. The big day has arrived and the doors are officially open. Continue to keep them open through constant and innovative marketing efforts. By pushing your products and services to the public you can ensure that they’re aware of your offerings and consider your business a valued option.

 

We look forward to meeting with you about your next corporate venture. If you have any questions on how to complete the steps above or have additional inquiries on commercial lending, please don’t hesitate to reach out.

Community Banking: Why It’s a Wonderful Life

Community

As the seasons change, and the holidays approach, our team at Putnam Bank would like to share all the wonderful reasons we are grateful to be a community bank. Just like Mr. George Bailey, in the classic tale, It’s a Wonderful Life, we have found countless people and experiences that make our bank grateful to consider this community home:

It’s all About the People: Unlike the big banks of America, our small and locally-owned operation prides itself on putting our people first, making the success of our customers the bank’s number one priority. Just like the old Building and Loan, Putnam Bank strives to help our customers make their home ownership dreams become a reality.

Growth Engine for Small Business: We succeed when you succeed. Just as George Bailey invested funds in Mr. Martini’s home and business, Putnam Bank is here to offer advice and financing on your next home or commercial project. We want to help you and our hometown community grow, just like Bedford Falls.

Built on Long Lasting Relationships: The movie’s guardian Clarence, was a very wise man saying, “No man is a failure who has friends.” At Putnam Bank we pride ourselves on not only helping our customers with their finances, but also building relationships with them as well. If you have a question on how to budget, which retirement plans to look at, or other money management inquiries, consider us your friendly neighborhood adviser!

Community Backed: Instead of being underwritten by Mr. Potter, or other national big banks, our institution is built directly upon the needs and wants of our community’s citizens. Our dedicated team of officers works to build up the community, and the men and women who call it home.

Employing Local Citizens: Just like George and Uncle Billy, Putnam Bank is filled with fun and lovable characters. We take great pride in employing local citizens throughout our company, and helping them grow within the banking industry. If you’re looking for a new career, stop in and see if Putnam Bank is right for you!

Get to know all of us at Putnam Bank and discover how community banking can help you achieve a wonderful life. For everything from personal financing to commercial lending, we have the perfect solution for you. Get started today and share your next financial goal with us; we’ll help you shoot for the moon!