Promotions pg 3 8-23-12
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- Category: Past Issues
PUTNAM — Putnam Bank recently announced that Thomas A. Borner was elected president and CEO of the bank.
Prior to his election as president and CEO, he served as chairman of the board and CEO.
Borner was first elected to the board in 1987 and served as chairman for more than 22 years.
Robert J. Halloran Jr., who joined Putnam Bank in 2006, was elected executive vice president, treasurer and CFO.
Charles H. Puffer of Woodstock, a director since 1984, was elected chairman of the board with Borner elected to serve as vice chairman.
Borner said these changes are more in keeping with corporate structures at other financial institutions and were intended to provide a better governance structure affording more board independence.
Puffer reported the bank ended its fiscal year on June 30, 2012, in good financial shape with earning in excess of $1 million.
“I’m also pleased to report that the bank is well capitalized with tier one capital exceeding 8.25 percent,” said Puffer. That is a good level of capital.
Borner said, “I believe we are now exiting one of the worst times for banking since the Great Depression and am pleased that Putnam Bank has weathered the storm as well as we have, especially considering community banks were not the cause of the problem.”
He added that as a result of the Dodd-Frank Act, the Office of Thrift Supervision (OTS), the bank’s federal regulator, was eliminated. The Office of the Comptroller of Currency (OCC) and the Federal Reserve Bank became Putnam Bank’s new regulators, together with the FDIC.
The recent article in an area daily “simply didn’t understand that the agreement entered into by Putnam Bank and the OCC was a continuance of an Informal Agreement already in place with the OTS,” said Borner. “At least the industry consultant quoted in the article got it right, stating that the bank is not in bad shape and the agreement is not bad compared to other banks he studied.”
Borner added, “Putnam Bank is solid and thrilled to be celebrating our 150th Anniversary. We look forward to serving eastern Connecticut for many years to come.”
Putnam Bank is a $453 million, federally chartered and insured stock bank with branch offices in Putnam, Pomfret, Danielson, Plainfield, Griswold, Gales Ferry and Norwich.