Home Tags Newtown Savings Bank
Tag: Newtown Savings Bank
Bank On Connecticut is one of close to 90 Bank On coalitions across the country working to connect the underserved population to the mainstream banking system.
As of Jan. 24, the SBA reports approving 4,787 loans for nearly $479.2 million in Connecticut during the new round.
To compile the list, 2,500 FDIC-insured U.S. banks were assessed based on 55 separate factors.
While hopeful that the federal government will make available some additional financial help, bank president and CEO Ken Weinstein says, "it’s pretty obvious that, right now at least, that we can’t count on that.”
Union Savings Bank, Savings Bank of Danbury, and Newtown Savings Bank have formed a fundraising alliance, “Feeding Our Neighbors Community Challenge,” through which the banks have donated a total of $45,000 to benefit the Danbury Food Collaborative.
But it's anyone's guess what Q3 might bring.
“We’re constantly discussing options for our customers in the face of hardship,” says Patriot Bank President Richard Muskus Jr. “We will do what we can as an organization to help them – the bank is not going to abandon them.”
Invoke the prefix “crypto” to most people, and negative thoughts are likely to follow; after all, dictionary.com defines the term as a noun meaning...
Newtown Savings Bank’s new tagline — “The Power of Local” — comes with what President Ken Weinstein says is a twist: They really mean it.
Still looming: the effect of the Small Business Administration's closure. “We’ve got loans that have been approved or are in the process of being approved that are waiting for the SBA,” says Patriot Bank President Richard Muskus Jr. “The SBA had better be ready for a tidal wave of backlog.”
The Danbury-based bank will continue to operate as usual with its customers regardless of whether the Connecticut Department of Banking approves the move.
There is a common misconception that community banks, especially the smaller ones, are limited in the types of services and state-of-the-art technologies they offer their customers.
"With the community bank model, especially with mutual savings banks, it’s such a win/win/win, for the bank, its customers, the community and the employees," Weinstein says. "I feel very fortunate to have more or less fallen into this industry."
12Page 1 of 2