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- Category: Past Issues
PUTNAM — At the 149th corporators’ meeting, Thomas A. Borner, chairman and CEO of Putnam Bank, said despite economic challenges, “Putnam Bank stands on solid financial ground as we approach the 150th anniversary of its founding next June.”
He added, “Putnam Bank will weather all storms as it has in the past” and strategies have been implemented to position the bank to thrive when the economy does recover.
Total deposits at the end of the fiscal year on June 30, 2011, were $333.8 million, and total assets were $472.5 million. The total loan portfolio is a robust $256.3 million as the bank continues its tradition of prudent lending.
“Enhancing the banking experience of our customers through innovative products and exceptional service continues to be our main focus,” he said. In addition to 7-day-a-week banking at the Price Chopper branch, 7 a.m. opening at the drive-up teller windows is available at the Main Office and the Danielson, Plainfield and Griswold branches. Customer service will be further improved behind the scenes with the implementation of a new core processing system and a new ATM processor planned for mid-November.
Borner said, “Part of the success of Putnam Bank over the past 150 years has been due to our willingness to embrace change and new technology.” About 4,428 customers have signed up for the on-line banking program and mobile banking will be launched early next year.
Two new corporators were elected to fill vacancies. Ms. Jo Vickers of Prudential Real Estate was elected to the Class of 2012. Jeffrey Bousquet of Steve Bousquet Appliance and TV, Inc., was elected to the Class of 2018. Board members Robert J. Halloran Jr., Mary E. Patenaude, and Jitendra K. Sinha were re-elected to the Class of 2014.
Judy S. Haines and Lynn K. Brodeur, active volunteers with Habitat for Humanity of Northeast Connecticut, in a presentation at the end of the meeting, said that because of the “generous support by the community,” Habitat’s 10th home build is underway in Brooklyn.