Nick Clements
The third quarter of Essex Savings Bank’s fiscal year was a strong one, with a 25 percent increase in its balance sheet. Because of the strong performance, most directors and trustees were re-elected at an annual meeting held late last month.
Fiscal year third-quarter revenues increased 14.9 percent year-over-year, the highest ever quarterly increase for the bank, according to John Rafal, president and chief executive officer. The bank reported no non-performing assets and no foreclosed properties in its portfolio.
Rowland Ballek, Chairman of Essex Savings Bank and Chairman of Essex Financial Services, retired, and was succeeded by Nick Clements.
Incumbents Leighton Lee, Greg Shook and David Speirs were re-elected to the board of directors for a three-year term, and incumbent Clements was elected to the board for a two-year term.
Incumbents Lee, Gary Reynolds, John Rafal, Jim Blair, Bruce Glowac and George Meyer were re-elected as trustees for a five-year term, and incumbent Clements was elected trustee for a two-year term. A new member, bank Senior Vice President and Senior Trust Officer Granville Morris was elected to a one-year term as trustee and director.
DiDonato Named Senior Partner At Sorin Capital
Stamford investment firm Sorin Capital Management has named Brian R. DiDonato a senior partner and member of the company’s investment committee.
DiDonato will be responsible for commercial real estate debt, equity and special situation investments, the company said.
Before joining Sorin, DiDonato was president and chief investment officer of Capmark Investments.
Sorin Capital manages $1.4 billion in fixed income and real estate securities.
NewAlliance Steady In Q2
NewAlliance Bancshares of New Haven, holding company for NewAlliance Bank, has reported net income of $11.8 million for the second quarter of this year, down slightly from the first quarter but well ahead of a $3.9 million loss in the second quarter of 2007.
The company reported net income of $12.9 million in the first quarter. The company primarily attributed its $3.9 million second quarter loss last year to a $22.6 million write-down related to a restructuring of its securities and investment securities portfolios last June. Without that write-down, the company said, its second quarter 2007 net income would have been $11.1 million.
Through June 30, the bank reported total net income of $24.7 million, compared to net income of $5.4 million for the same period last year.
The bank said it will pay a quarterly dividend of $.07 per share, payable Aug.19 to shareholders of record on Aug. 8.
New London Credit Union Liquidated
A federal agency has liquidated the New London Security Federal Credit Union, saying it is insolvent and has no prospects for reviving operations.
The National Credit Union Administration, which charters and supervises federal credit unions, took the action Monday.
The New London Security Federal Credit Union was chartered in 1936 and served 365 people as of Monday. It had reported $12.7 million in assets.
The NCUA will issue checks to members to cover losses up to $100,000 per account.
The Day of New London reports that the credit union was a faith-based organization with less than $200,000 in loans outstanding. A message seeking comment was left Tuesday for its president. (AP)
Savings Bank Of Danbury Promotes Craig
Savings Bank of Danbury has appointed Catherine Craig to the position of assistant vice president.
Craig joined Savings Bank of Danbury in 2001. In October 2005, she was promoted to loan servicing officer. Craig and her husband, George, reside in Danbury with their two sons.
Savings Bank of Danbury is a mutual savings bank with assets of $650 million. The bank operates 12 branches in Bethel, Brookfield, Danbury, New Fairfield, New Milford, Newtown and Waterbury.
