United Savings Bank Chief Charles Frosch Announces Retirement

DANBURY — Charles (Chic) F. Frosch, president and chief executive officer of Union Savings Bank, announced at the bank’s annual meeting that he will retire effective March 31, 2006.

Mr Frosch has served as president of the bank since 1982.

The Board of Trustees selected John C. Kline, executive vice president and chief operating officer, to succeed Mr Frosch as president and CEO effective at the time of his retirement. 

 “After 30 years with the bank, and 24 of those years as president, I feel it is a good time to move on to the next phase of my life, spending more time with my family, friends, and having the opportunity to more fully enjoy boating, golf, and traveling,” Mr Frosch said. “I am very pleased to say that, by all accounts, the bank is one of the top performing banks in the northeast. It has certainly been a great team effort over the years, with very strong board support and a great group of employees committed to our mutual bank mission. 

“I am looking forward to my last year with the bank and the opportunity to transition the leadership of an organization that has meant so much to me and my family over these many years,” he said.

Thomas Frizzell, chairman of the bank’s Board of Trustees, said, “Chic Frosch has done a remarkable job of growing the bank, now the fifth largest bank in the state, and has provided outstanding leadership both at the bank and in the community through the many nonprofit organizations he has worked with over the years.”

A graduate of Bentley College in Waltham, Mass., Mr Frosch started became a certified public accountant with KPMG Peat Marwick. He joined Union Savings Bank in May of 1976 as treasurer and was named president six years later. At that time, USB had five offices with total assets of $173 million.

Mr Frosch played an instrumental role in the rapid growth of the bank, including several acquisitions, expansion of the bank’s branch network from Ridgefield to the Connecticut/Massachusetts border, and the recruitment of a management team that now oversees approximately 300 employees. The bank ended 2004 with total assets of $1.5 billion, 17 offices, and two more to be added by midyear.

“It has been a great privilege and honor to lead what has turned out to be the premier banking organization in western Connecticut,” Mr Frosch said. “It is particularly gratifying to be associated with a mutual bank that has had such a significant impact on its community.”

John Kline has more than 30 years of banking experience, the last 12 of which have been spent at Union Savings Bank as the bank’s vice president and COO.

“John is well qualified to run the bank,” Mr Frizzell said. “Like Chic, John has been very involved in community outreach and understands how to maximize the value of our mutual bank in the community. “

Mr Frizzell said the announcement of Mr Frosch’s retirement plans will allow for a smooth transition in leadership over the next year. “[It will] provide ample notice to our employees, customers, and communities that the bank is well prepared to continue its fine record of financial performance and commitment to community involvement and support,” he said.

Established in 1866, Union Savings Bank is headquartered in Danbury. A full-service financial institution, it has branch offices in Newtown, Bethel, Bridgewater, Danbury, Kent, New Fairfield, New Milford, Ridgefield, Sharon, and – beginning this spring – in Southbury.