Rockville Bank President and Chief Executive Officer William J. McGurk rang the Nasdaq closing bell last week in celebration of the Initial Public Offering of the bank’s newly formed holding company, Rockville Financial Inc. McGurk (center) also accepted the Nasdaq Crystal from Nasdaq Senior Vice President Brian Hyndman (left) and Director David Wicks. The company’s stock began trading on the Nasdaq on May 23 under the symbol “RCKB.”
Bill McGurk, president and chief executive officer of Rockville Bank, rang Nasdaq’s closing bell on Thursday, July 21. The community bank began its offering of a minority interest in Rockville Financial Inc. as part of its strategy to grow the bank, offer new products and services to customers, and remain independent.
McGurk has taken numerous steps to improve customer service. He has an unwavering focus on customer service initiatives and Rockville Bank’s commitment to always putting the customers first, according to bank officials, who added that he steers clear of any impersonal bureaucracy and prefers taking calls from customers himself.
Several years ago, dissatisfied with the impersonal aspects of an automated bank-wide voice mail system, McGurk discontinued it, and today every customer phone call at Rockville Bank is answered by a live person.
McGurk coined the acronym (and owns the copyright) “GUSTO: Greet the customer, Use their name, Smile, Thank them, and Offer another service,” and often visits branches unannounced so he can view the operation through the perspective of a customer.
NewMil’s Assets Increase
The board of directors of NewMil Bancorp has announced results of its second quarter, which ended June 30.
Diluted earnings per share increased 10 percent to 53 cents for the second quarter ended in 2005 from 48 cents for the second quarter ended last year.
Net income increased 9 percent to $2.2 million for the second quarter of 2005, compared with $2.1 million for the second quarter of 2004. The strong results were attributable to increases in net-interest income and non-interest income. Net-interest income increased primarily due to an increase of $84.5 million in average earning assets, which more than offset the 27-basis-point decrease in the net-interest margin to 3.61 percent, compared with 3.88 percent at June 30, 2004. Non-interest income increased primarily due to a gain on sale of a foreclosed residential real estate property and increased deposit fees. Non-interest expense was also lower in the six-month period ended June 30 of this year, contributing to an efficiency ratio of 57 percent for that period.
NewMil’s assets increased to $812 million, up $67 million since Dec. 31, 2004. Total gross loans were $495 million at the end of this year’s second quarter, an increase of $13 million, or 2.7 percent, since Dec. 31, 2004. Credit quality remains strong, as evidenced by nonperforming assets at 3 basis points of total assets at June 30, 2005. Deposits increased $17 million to $604 million from a total of $587 million at Dec. 31, 2004. As of June 30 of this year, book value and tangible book value per common share were $13.18 and $11.21, respectively, and Tier 1 leverage and total risk-based capital ratios were 7.14 percent and 13.12 percent, respectively. Return on the average shareholder’s equity was 16 percent for the second quarter of 2005.
“We are very pleased with our results for the quarter,” said Francis J. Wiatr, NewMil’s chairman, president and chief executive officer. “Our commercial lending business had an excellent quarter, as activity remained strong in all of the markets we serve. Our residential mortgage business has also gained steam recently as the rate environment remains favorable to the housing market.”
