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Newtown, CT, USA
Newtown, CT, USA
Newtown, CT, USA
Newtown, CT, USA
Business

Celebrating 160 Years Part 1 - NSB Staffers Share Thoughts, Memories, Stories

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Newtown Savings Bank, with its headquarters on Main Street, is celebrating its 160th anniversary in 2015. Over the next few weeks, The Newtown Bee will be bring readers a glimpse into this community institution through the eyes of a number of its employees, some who have spent an entire career spanning decades at the bank.

But first, a look back at Newtown Savings Bank's history, with details supplied by Tanya Wulff Truax, vice president/customer experience pfficer and public relations director.

During the Industrial Revolution, commercial banks did not serve small depositors, so to compensate, citizen volunteers created mutual savings banks to benefit their communities. Under these principles, in 1855, Newtown Savings Bank became the 23rd savings institution founded in Connecticut.

Now, with more than $1 billion in assets, the community bank counts 14 branches in nine towns throughout western Connecticut. But even with its significant growth, Newtown Savings Bank has always served as a significant local commercial presence and member of the community.

These are just a few key points in Newtown Savings Bank's 160-year time line:

*July 14, 1855: The first meeting to organize the Newtown Savings Bank met in David B. Beers’ office

*September 15, 1855: The bank opens for business in the office of Henry Beers Glover (located in his house.) At the time, a single depositor was limited to a maximum amount of $400.

*October 6, 1855: The first mortgage was given to John Carroll of Newtown for $100 for 23 acres of land.

*May 5, 1909: Bank relocates and is open for business at the current Main Street location.

*August 1966: The bank becomes computerized.

*1987: ATM and 24-hour banking services offered.

*March 24, 1998: The Foundation is formed for the purpose of making donations to various not-for-profit organizations.

A number of bank staffers responding to a Newtown Bee survey discussed their first and current position with the bank; the biggest changes that occurred in their tenure; offered humorous anecdotes; and related the most important thing they would like Newtowners to know about their employer.

John TrentacostaPresident & CEO

"I joined the bank in 1998 as the controller and was responsible for most of the financial functions — reporting, budgeting and control — within the bank."

"Today, as president and CEO, I am responsible for leading our team in managing the bank on a day-to-day basis. I’m also responsible for working with the Board to establish and guide the bank in its strategic direction."

"There are so many things that have changed in the 17 years since I started. First of all we, are significantly larger. We were a $200 million bank then. Beyond that the level of sophistication with respect to employees, technology and products has developed significantly. Also, the regulatory requirements to run a safe, sound bank are materially harder."

"Although the bank has changed over the past 160 years our values and mission have not. We still remain focused on our three primary constituencies: customers, community, and our employees. The name on the door has never changed."

"Everyday I’ve been here has been interesting and I always try to find some humor throughout my day. However, I always think about the days when we were small enough in the Main office to have Secret Santa at Christmas. Our then-Executive VP, Joe Humeston, would dress in his traditional plaid Christmas pants and hand out the gifts. I forgot just how nice that felt. On another note it sure was interesting operating the Main branch from a trailer while we were remodeling."

Maureen Birden Vice President/Mortgage Banker : 41 years, 10 months

"I was a teller in the Main Office at 21 years old. Carol Mahoney was a teller then and convinced me to apply."

"The biggest change is technology — I think about how we used to process our work back then, even when we first got 'computers' they weren’t really computers."

"I want Newtowners to know that it’s a great place to work and I really believe that we give our all to help our customers. This has been my home for 30 years and I have always felt a sense of pride in knowing that I have been able to help so many people over the years. Just think of the number of townspeople who opened their first savings account here at the bank with the entries posted in ink."

"I managed the Sand Hill Plaza branch for many years, and I accumulated a very large assortment of shoes in the coat closet over the years! In all seriousness, I have watched so many people come and go, and I am always so grateful that I stayed — this bank is my life, I’ve been married to it as long as I’ve been married to my husband!"

Lori Katuska Account Resolution Specialist

"I joined as a teller at the Main Office in 1992 (23 years ago), and now I'm an account resolution specialist."

"The biggest difference between when I started and today is the growth of the bank — when I started there were only five branches and around 55 employees!"

"I want Newtowners to know that Newtown Savings Bank [has grown, but] it is still their hometown bank."

Laura Cole Assistant TreasurerRetail Banking Operations Specialist: 29.5 years

"I started out as a teller at the main office in 1986, and I currently work as assistant treasurer/retail banking administrative and operations specialist."

"Working in the back-office you do not have a lot of customer contact and I do miss the customers, but the job is just as rewarding."

"I would like Newtowners to know that we are a great bank that truly cares about our customers and the communities that we serve."

"I think my most memorable experience was being a part of our conversion team when we switched our core computer system. We really got to know each other working together LONG long hours, laughing, crying and bonding. The knowledge gained was tremendous and I was proud to be a part of that project."

In Part 2 of our 160th Anniversary feature, we'll hear from more Newtown Savings Bank employees.

In this first part of a series on the occasion of Newtown Savings Bank's 160th Anniversary, President and CEO John Trentacosta joined bank staffers Laura Cole, Maureen Birden (at desk) and others, recalling some of their favorite moments in their careers, collectively spanning almost a century. 
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