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Ion Bank News
Web Site:
http://www.ionbank.com
- West Side Office
500 West Main St.,
Meriden, CT 06451
- 2708
Tel: (203) 639-8866
Fax: (203) 639-2808
Ion Bank is an independent community-based bank committed to providing a full line of consumer and business products and services.
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Naugatuck Savings Bank Reports Earnings
March 21, 2012
Mark C. Yanarella, Chairman and CEO and Charles J. Boulier III, President and CFO, announced the 2011 results for Nutmeg Financial Mutual Holding Company (MHC) and Naugatuck Savings Bank at its annual meeting held March 7, 2012. Mr. Boulier commented that "Naugatuck Savings Bank had an outstanding year reflected by 10.5% growth in loans and 6.5% growth in deposits as the bank continues its mission to serve our customers and communities. The $72.3 million in loan growth is a reflection of the Bank's commitment to invest in our community for individuals who are purchasing homes or refinancing their current mortgages or for the small business owners requesting funds to finance their growth."Naugatuck Savings Bank was a strong producer of Small Business Administration loans, receiving an Eagle Award and was named Emerging Lender for 2011 by the SBA. Mr. Boulier noted "this is a sign of strength for the bank and our dedication to use our capital to foster economic growth in the communities we serve." The $46.0 million in deposit growth was driven by the Bank's business checking accounts and the Ka-Ching! savings account. The Bank's capital levels remain very strong. With risk based capital of 14.87%, the bank is very well capitalized. Bank earnings of $3.5 million were driven by higher levels of net interest income, non-interest income and a lower provision for loan losses offset by higher non-interest expenses. The slight decline in earnings from 2010 levels can be attributed to the growth in non-interest expenses due to the $300 thousand contribution to the Naugatuck Savings Bank Foundation and the costs associated with the opening of new branches in Meriden, the Mt. Carmel section of Hamden and at Naugatuck High School.
In a time when several other Banks in Connecticut are closing branches, Naugatuck Savings Bank is expanding to better serve their customers. The Bank is also opening new branches in Waterbury and Wallingford in 2012. Nutmeg Financial, MHC is a non-stock mutual holding company formed in 2005. Its banking subsidiary is Naugatuck Savings Bank, a state chartered bank formed in 1870. In 2005, John M. Sutherland, Inc., an independent insurance agency operating in Naugatuck since 1915, was acquired by Nutmeg Financial, MHC.
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