Savings Bank of Danbury
The Savings Bank of Danbury Foundation is accepting applications for grants that will be awarded in 2005. The foundation, established by the bank in 2004, provides financial grants to nonprofit organizations in cities and towns in the Greater Danbury and Waterbury areas for education, community and economic development, health and human services, and arts and culture.
“Throughout our 155 years, Savings Bank of Danbury has focused its efforts on service,” said Hal Wibling, the bank’s president and chief executive officer. “We are about people serving people, and we value our role in supporting our neighbors. The foundation’s mission is to strengthen our communities by providing grants to organizations that are vital to the well-being, growth and prosperity of the communities in which we live and work.”
Foundation grants are administered by a committee consisting of Savings Bank of Danbury corporators, directors and officers.
Recipients of grants awarded in 2004 included the Danbury Scott Fanton Museum, Handy Dandy Handyman, Housatonic Habitat for Humanity, Shelter of the Cross, C.A.R.D. Foundation, Cherry Street Association, Gaylordsville Volunteer Fire Department, Interlude, WeCAHR, Ann’s Place, The Home of I CAN, Community Service Club of New Fairfield, Danbury Visiting Nurse Association, Family Counseling Center, Regional Hospice of Western CT and W.I.N.-W.I.N. Foundation.
PSB Buys People’s Branches
Putnam Savings Bank recently signed an agreement to acquire three branch offices and related deposits from People’s Bank, which is based in Bridgeport. As part of its overall branch expansion strategy, Putnam Savings will acquire the People’s branch offices located in Plainfield, Griswold and Ledyard.
Putnam Savings will acquire the deposits of the three offices. As of April 30, the deposits being sold totaled $62.9 million, representing a 28 percent increase in Putnam Savings’ deposit base. The bank also will assume the outstanding leases of the three branches and offer employment to all of the employees currently working within the offices.
“This acquisition is a natural extension of our market area, and is an excellent fit for us,” said Robert G. Cocks Jr., president and chief executive officer of PSB Holdings Inc. “It enables us to strengthen our existing position in Windham County and expand our branch network into New London County, accelerating our de novo branching strategy by a number of years. We welcome the addition of a solid customer base, productive employees and stable low-cost deposits. We are confident that our community banking philosophy, responsive local decision-making and strong community commitment will prove to be a winning combination in these new markets.”
The transaction is scheduled to close in the third quarter of 2005 and is subject to all necessary regulatory approvals.
“We look forward to welcoming the new employees and customers into the Putnam Savings Bank family,” said Cocks. “Putnam Savings Bank employees are the heart of our bank. We are extremely fortunate to have an existing team of dedicated banking professionals on board, and welcome the opportunity to blend the experience and knowledge of the new employees into our branch system. Our Putnam Savings product mix is complementary to that of People’s Bank, and we are confident that the existing customer relationships in these three offices will continue to deepen and grow.”
