Union Savings President Kline Announces Retirement

DANBURY — John C. Kline, president and CEO of Union Savings Bank, who has served as the bank’s president and CEO since 2006, has announced that he will retire effective March 31.

The bank’s board of trustees has selected Executive Vice President & COO Jay C. Lent to succeed Mr Kline with the title of president on January 1, and the title of president and CEO on April 1, following Mr Kline’s retirement.

Mr Kline started his banking career with New England Merchants Bank in Boston in 1974. He spent 14 years at Union Trust Company before joining Union Savings Bank in 1994 as senior vice president of marketing and sales. In January 2006, he was named president and CEO of Union Savings Bank, succeeding Charles Frosch. At that time, the bank had 20 offices with total assets of $1.6 billion and $144 million in capital.

Since 2006, Mr Kline orchestrated significant bank growth, including the acquisition of The First National Bank of Litchfield in April, which gave Union Savings Bank the largest branch network in western Connecticut and an employee base that now totals 450. The branch network includes 28 offices and now serves 43 towns stretching from Ridgefield to the Massachusetts state line.

Under Mr Kline’s leadership the bank was projected to end 2010 with total assets of approximately $2.5 billion and total capital of approximately $183 million.

“After 17 years with the bank and 37 years in what has turned out to be a very fulfilling career, I feel it is a good time to move on to spending more time with my family and having the opportunity to continue my involvement with nonprofit work that has been so fulfilling for me,” Mr Kline said in a release. “During the next three months, I look forward to helping guide the transition of leadership within an organization that has meant so much to me during these last several years.”

Union Savings Bank Board of Trustees Chairman Jack Tyransky said, “John Mr Kline will be missed, but like all good leaders he has done a very fine job of preparing a capable management team that will continue the bank’s commitment and service to deposit holders, investors, and the community.”

Regarding the selection of Mr Lent to be the bank’s next president and CEO, Mr Tyransky said, “Jay has spent the last ten years at the bank preparing for this moment and is well qualified to run the bank. A certified public accountant, he served as CFO prior to being named COO of the bank in 2006. Jay has more than 30 years of financial services industry experience.”