massachusetts banker 1q 2012

T H E M A G A Z I N E O F T H E M A S S A C H U S E T T S B A N K E R S A S S O C I AT I O N

F I R S T Q U A R T E R 2 0 1 2

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CREDIT REALITY FAIRHIGH SCHOOL STUDENTS LEARN LIFE LESSONS AT

One Washington Mall, Boston, MA 02108-3906

Phone 617-523-7595 • Fax 617-523-6373www.massbankers.org

OFFICERS

Chairman: Norman S. Seppala, President

Granite Savings Bank, Rockport

Vice Chairman: Dorothy A. Savarese, President

Cape Cod Five Cents Savings Bank, Orleans

Treasurer: Michael E. Tucker, president

Greenfield Co-operative Bank

President: Daniel J. Forte

Questions?Call: 617-523-7595

Massachusetts Banker is the official publication of the Massachusetts Bankers Association, which is solely responsible for its written content. The magazine is produced quarterly by

©2012 The Warren Group Inc. All rights reserved. The Warren Group is a trademark of The Warren Group Inc. No part of this publication may be reproduced in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system, without written permission from the publisher.

Editorial, Production and advErtising officEs:

The Warren Group280 Summer Street, Boston, MA 02210

Phone 617-428-5100; Fax 617-428-5119 www.thewarrengroup.com

Editor Bruce E. Spitzer Associate Editor Barbarajean Adams The Warren Group Chairman Timothy M. Warren CEO & Publisher Timothy M. Warren Jr. President David B. Lovins

Finance & Administration

Controller / Dir. of Operations Jeffrey E. Lewis Editorial

Custom Publications Editor Christina P. O’Neill Associate Editor Cassidy Norton Murphy Advertising & Circulation

Publishing Division Sales Manager George Chateauneuf Advertising Account Managers Rich Ofsthun Cara Feldman Marketing & Events Coordinator Emily Torres Design & Production

Creative Director John Bottini Senior Graphic Designer Scott Ellison Graphic Designer Ellie Aliabadi Design Intern Alyssa Sullivan

DEPOSIT SLIPS® CARTOON . . . . . . . . . . . . . . . . . . . . . . .12

ROCKLAND TRUST INVESTS IN EMPLOYEES . . . . . . . . . . .14

MBA CHARITABLE FOUNDATION AWARDS GRANTS . . . . .16

Dossier: Enterprise Lives Up to its Name . . 6On the Move . . . . . . . . . . . . . . . . . . . . . 28 Good Neighbors . . . . . . . . . . . . . . . . . . . 32MBA Calendar of Events . . . . . . . . . . . . . 38

D E P A R T M E N T S

Chairman’s Column . . . . . . . . . . . . . . . . . . . . . . . 4Legislative Review . . . . . . . . . . . . . . . . . . . . . . . 10

`Fair‘ Play? Students Learn Life is not Always Fair . . . . . . . . . . . . . . . . . . . .20 C O L U M N S

F E A T U R E S

First Quarter 2012 n M A S S A C H U S E T T S B A N K E R 3

C O V E R S T O R Y

3216

O ne of the great things about writing a column, I’ve dis-covered, is that you can take

a look back, revisit current events, or even speculate as to the future.

What better time to do all or some of that as we sit at the beginning of a new year. There-fore, what follows is a summary of the major banking issues, and a few

minor subjects, that come to mind as we start 2012.• New CFPB chief Richard Cordray

says politics will not play a role in the way he runs the new agency. Given the GOP’s opposition tothe agency’s structure and the president’s recess appointment, stay tuned.

• When will the media check theretailers to ensure, as promised, they’re giving back to custom-ers the windfall they received from the government fixing interchange fees?

• Foreclosure activists better becareful they don’t get what the wish for. A balanced and prompt solution is necessary; otherwise it could slow down the economy and the prospects for housing for years to come.

• As Barney Frank finishes his lastyear as our representative in Con-gress, it will be interesting to see who will be selected as his replace-

ment as ranking member of the HouseFinancialServicesCommit-tee, and how well he/she under-stands the banking industry.

• With two members of the Mass.Congressional delegation retir-ing, what new person will emerge within our soon-to-be nine-mem-ber Congressional delegation, down from 10? Are any incum-bents on the bubble?

• In addition to the presidentialelection this year, will we be con-gratulating Sen. Scott Brown or Elizabeth Warren? Will our Con-gressional delegation be serving with a new administration?

• Withbudgetshortfallseverywhere,isn’t now the time that Congress and the commonwealth get serious about taxing large credit unions?

• Every year in the MassachusettsLegislature there seems to be an unexpected issue that dominates. What will it be in 2012 – transpor-tation, health care reform, public pension reform?

• SpeakingoftheStatehouse,afterahuge jump in 2010, come Novem-ber, will we see more Republican seats added, or slide back again after the election? More balance would be good, but this is Massa-chusetts – don’t get your hopes up.

• Isn’titashamethat,goingonfouryears after the financial crisis hit, there is still a faction of the media, politicians and the general public who believe that all banks cre-ated the crisis? How many times

can we make this point: punish-ing Main Street banks through onerous, unnecessary regula-tions and higher costs for doing business will harm, not help economic activities.

• AlthoughmostoftheOccupypro-tests seem to have faded with the onset of cold weather, will there be a resurgence to influence peo-ple at the polls in November?

• Whowouldhaveguessed that theSUM surcharge-free ATM program would be expanding 14 years after it was created?

• Hard to believe, but just over 25years ago the combination of the MBA and the Savings Bank Associ-ation of Mass. was one of the first cross-industry association mergers in the U.S.

• Willwefinallyhaveafullcomple-ment of Senate-confirmed direc-torson theFDICboard?AndwillTom Curry get a well-deserved promotion to comptroller of the currency?

• Will this be the year that socialmedia goes mainstream in a ma-jority of our banks?

• Andfinally,Ipredictthatbyyear’send we’ll have just as many inter-esting subjects to speculate about for the following year!

Norman S. Seppala is chairman of the MBA and president and president of Granite Savings Bank, Rockport. He can be reached at [email protected].

As I was Saying …

CHAIRMAN’S COLUMN b y N o r m S e p p a l a

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DOSSIER

Richard Hadley, chief exec-utive of Tewksbury-based Envirotek USA, was pleas-

antly surprised that he and his firm were even nominated for Entrepre-neur of the Year in the “Celebrate Excellence” awards event, spon-sored by Enterprise Bank of Low-ell. But Hadley, whose firm col-lects and recycles used restaurant cooking oils, wasn’t quite ready to actually outright win the award in November.

“I don’t even use that bank,” said Hadley of Enterprise. “So I was shocked when we actually won. It just shows how fair the event was. We were truly happy. It meant so much to us.”

Such testaments to the “Cel-ebrate Excellence” awards are music to the ears of Enterprise chief executive Jack Clancy, whose bank started the awards ceremony three years ago as a way to honor local businesses and in-stitutions in the Merrimack Valley area. To Clancy, it’s not just about Enterprise’s customers, as much as he values them. It’s also about an entire business and community

ecosystem that makes an economy work and hum – and it’s about rec-ognizing those who contribute to that ecosystem.

“There are so many people out there going unrecognized,” said Clancy. “Entrepreneurship is one of the most important things that will bring our economy back, and we need to recognize those entrepreneurs.”

Besides entrepreneurs, Enter-prise’s “Celebrate Excellence” awards also recognize businesses of the year, nonprofits of the year, community service of the year, and educator of the year.

Only three years old, “Celebrate Excellence” has turned into some-thing of a phenomenon in the Mer-rimack Valley, as a who’s-who of the regional business and non-profit community assemble to rec-ognize those toiling successfully within the region.

Judging by the growing turnout at “Celebrate Excellence” events, the bank’s act of simple recognition has resonated in the Merrimack Valley. In 2008, the event, now held every 18 months, drew 700 peo-

ple to its initial gala. In 2010, about 1,100 people showed up for the event. And in 2011, 1,600 people at-tended the gala in November at the Lowell Memorial Auditorium.

The “Celebrate Excellence” events were actually conceived al-most two decades ago when En-terprise Bank founder George L. Duncan,whohad just receivedanaward on behalf of his bank, men-tioned to his staffers how a simi-lar awards event should be held in Lowell for others.

It took a while to get the con-cept off the ground. But Enter-prise finally did it, organizing the first event in 2008, as the economy alarmingly began to turn south fol-lowing the collapse of Bear Stearns.

“It was a gloomy time,” re-called Clancy. “We thought it was a good time to start it. It was a bit of a way to inspire people during tough times.”

Though “Celebrate Excel-lence” is sponsored by Enter-prise, the award winners are ul-timately chosen by a deliberately picked independent board. This

Enterprise Lives Up to its Name

Bank: Enterprise Bank

Headquarters: Lowell, Mass.

CEO: JackP.Clancy

Charter: Massachusetts Trust Company

Assets: $1.5billion

Branches: 18

ATMs: 23

Founded: 1989

Employees: 370 Jack P. Clancy

b y J a y F i t z g e r a l d

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Dossiercontinued from page 6


year,DeshDeshpande, the legend-ary co-founder of Sycamore Net-works Inc., served as one of the lead judges. There are also bank employees on the final awards- selection board.

“We do try to remove ourselves from the process,” said Clancy.

This year, the awards-selec-tion board had to sort through more than 150 applications inorder to ultimately determine the 2011 winners.

Before the final gala in Novem-ber, the bank hosted a “pre-event” gathering this past fall to celebrate all of those who were being con-sidered for the awards. The “pre-event” has become almost as im-portant as the final gala itself, said Clancy.

“As far as we’re concerned, they’re all winners,” he noted.

In the end, 10 businesses and individuals were recognized at the final “Celebrate Excellence” award event, after listening to key-note speaker Chris Gardner, whose life as a homeless man who rose to the top of Wall Street was the focusofthe2006movie“PursuitofHappyness” (sic). Attendees also watched a pre-recorded video of Micky “Irish” Ward, also the focus ofaHollywoodfilm,“TheFighter.”

Past speakers included TheoEpstein, the former Red Sox gen-eral manager and now GM for the Chicago Cubs, and Tedy Bruschi, former star linebacker for the New EnglandPatriots.

The Businesses of the Year awards went to Jackson Lumber & Millwork of Lawrence and Whitte-more Company Inc. of Lawrence.

Entrepreneurs of the Year went toHadley’sEnvirotekUSAandF.H.Cann & Associates of North Ando-ver, and the Cann family’s separate Coffee Cann Café of Lawrence.

“It was great to share the award with everyone,” said Frank H.CannJr.,ownerofF.H.Cann&As-sociates, an accounts receivables management firm. Cann’s family is also the owner of the recently opened Coffee Cann Café, a break-fast and lunch shop in Lawrence.

“It was a very touching moment,” said Cann of winning the “Cele-brate Excellence” award. “It meant so much because of the sacrifice of so many.”

Cann’s accounts-receivables firm has banked with Enterprise since 2008, Cann said. “It’s been a breath of fresh air since,” said Cann.

Both Hadley and Cann said it’s important to recognize the suc-cesses of businesses and other in-stitutions, especially during rough economic times.

“It’s a fantastic idea,” said Had-ley. “It’s great from a morale standpoint.”

It’s also good for business, as Hadley has discovered.

Since winning the “Celebrate Excellence” award, Hadley’s

Envirotek USA has found it easier to approach potential customers within the Merrimack Valley area. The reason: They’ve heard about the award through the local media.

“We’ve picked up a lot of busi-ness since the award came out,” he said. “It’s made a big impact.”

Today, Envirotek services about 1,000 restaurants in New Eng-land and also runs operations in the Caribbean.

Other “Celebrate Excellence” winners this year include:

Educator of the Year: Michael Delahanty, superintendent ofschools in Salem, N.H.

George Duncan Award for Ex-cellence: MSI Mechanical Systems Inc. of Salem, N.H.

Nonprofits of the Year: Chal-lenge Unlimited Ironstone Farmof Andover; and D’Youville Life &Wellness Community of Lowell.

Community Service Awards: Lowell Sun Charities of Lowell; and Bridget Shaheen, executive di-rector of Lazarus House Ministries in Lawrence.

ForClancy,making sure to rec-ognize those in the nonprofit sec-tor is important.

“We call it a ‘virtuous cycle,’’’ said Clancy of everyone who con-tributes to how a community works. “This is not just about busi-ness. It’s about all the other facets (of a community).”

Clancy, whose $1.5 billion-as-set bank is celebrating its 25thanniversary this year, said he hopes the “Celebrate Excellence” awards will continue to grow both in popularity and stature over coming years.

“It’s the most recognition some of these people will receive in their careers,” said Clancy. “This is our signature event, a way to recognize excellence in our community.” n

Only three years old,

“Celebrate Excellence” has

turned into something of a

phenomenon in the Merrimack

Valley, as a who’s-who of

the regional business and

nonprofit community assemble

to recognize those toiling

successfully within the region.

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The holidays are over, football completed, and winter has begun. Yet in legislative par-

lance, we’re at halftime. The first year of the two-year cycle is com-

plete. The “must-dos” for 2011 are done, the key pri-orities for 2012 are being final-ized, and ground-work is being laid for acting on bills before election-

year politics dominate the agenda.The year 2011 ended much as it

began, with intense partisan bicker-ing and brinkmanship in Washing-ton over spending and taxes. There were also disputes that have a di-rect impact on fiscal and spending programs in Massachusetts, as well as our key industries such as health care, higher education and defense. Together, they receive hundreds of millions annually in federal funding. Forthethirdtimeinayear,Repub-licans and Democrats in Congresscould not agree on a host of finan-cial issues. One week before Christ-mas Congress approved and Pres-ident Barack Obama immediately signed a $1 trillion appropriation bill(H.R.2055)thatfundsthePen-tagon and dozens of other federal agencies through Sept. 30, 2012. It cuts spending of many domestic agencies by close to 10 percent, ex-tends the flood insurance program through May 31, 2012 and contains a provision inserted by Sen. Rich-ard Durbin (D-IL) that directs theFederalTradeCommissiontostudythe impact of the Durbin inter-change amendment on community banks and the potential for banking industry pricing collusion.

A separate temporary measure, which extended the 2-percent re-

duction in payroll taxes and unem-ployment benefits for two months, was not resolved until Christmas Eve as Senate and House Republi-cans had to resolve starkly different approaches to funding the contin-ued payroll tax cut. To fund the $33 billion in benefits, FannieMae andFreddieMacwillchargehigherfeesto back new mortgages or refinanc-ings beginning later this year. When fully phased in, those increases could add about $17 per month to a $200,000 mortgage. The bill also prevents a scheduled 27 percent cut in Medicare reimbursements to doctors. Congress plans to vote on a further extension of the payroll taxcutbytheendofFebruary.

Republicans succeeded in in-cluding a provision in the tax bill designed to force Obama to de-cide within two months on whether to allow construction of the pro-posed 1,700-mile Keystone XL pipeline, which is to deliver up to 700,000 barrels of oil daily from tar sands in Alberta, Canada, to re-fineries in Texas. The language re-quires him to issue the needed per-mit unless he declares the pipeline would not serve the national in-terest. The President wanted todelay a decision until after the 2012 elections to allow for ad-ditional study and avoid choos-ing between two key Democraticconstituencies: environmentalists or unions.

These issues would have been avoided had the deficit reduction “Super Committee,” appointed last August to develop a comprehen-sive spending reduction/revenue package, been successful. However, with neither side willing to budge, at least publicly – some reports suggest that there was much more private agreement among the 12

members than they could sell to their own parties and outside con-stituencies – the payroll tax, exten-sion of unemployment insurance benefits beyond 99 weeks, fiscal 2012 appropriations and related matters, had to be addressed during the Christmas holidays.

The political stalemate in the na-tion’s capital precipitates economic uncertainty, which only stimulates caution and inaction. The European countries’ struggle to restructure their debt, sustain their financial markets and banks, and convince their voters that austerity is their best elixir, strongly reverberate through American markets. Massa-chusetts is closely watching these European challenges, since ex-ports are a key element of our high-tech manufacturing and medical device economy, and Europe is a key market.

Beacon Hill ReportAs the New Year begins, let’s as-

sess what passed in 2011 and what we can expect in 2012:

Traditionally, relatively few major bills are enacted in the first year of the legislative cycle aside from the annual budget and a few other matters. By the end of 2011, the Legislature enacted and Gov. Deval Patrick signed 225 bills intolaw. More than 150 were specialacts dealing with a specific com-munity or individual. The few major new laws enacted included: munici-pal health insurance reform; signif-icant court management and pro-bation reform; phase two of public pension reforms; the first overhaul of state alimony laws in decades; redistricting all state Senate and House of Representative seats; and a sweeping realignment of the

LEGISLATIVE REVIEWb y D a v i d F l o r e e n

Halftime

continued on page 12

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state’s Congressional seats from 10 to nine, mandated by the 2010 federal census.

Perhaps themost visible legisla-tion adopted in 2011 was Chapter 194 of the Acts of 2011, establish-ing a five-member gaming commis-sion that will oversee the creation of up to three destination casinos in different geographic areas of the commonwealth and one slot parlor. The new law also establishes a new state anti-money laundering law, Chapter 267A of the General Laws, and permits Attorney General Mar-tha Coakley to access CTRs and SARs from financial institutions if the AG no longer can obtain those reports directly from FINCEN. Weapplaud the attorney general for working with the association on crafting the final language that re-flected the needs and concerns of both financial institutions and law enforcement.

At the end of December theLegislature enacted, and Patricksigned, a bill delaying the effec-tive date of the new Massachusetts Uniform Probate Code from Janu-ary 2 to March 31, 2012. Later this

winter we anticipate that the Leg-islature and Patrick will enact theMassachusetts Uniform Trust Code (UTC), which also includes a series of technical corrections and modi-fications of the fee schedule to the new Massachusetts Uniform Pro-bate Code with a March 31 effec-tive date. Together, these two new laws will be the most sweeping re-visions and codification of trust and probate laws and practices in Massachusetts in over 100 years.

This year is a presidential elec-tion year and in Massachusetts, for a change, several spirited Congres-sional races and dozens of highly fought contests are likely for state senate and representative. Until 2010, most Massachusetts Con-gressional seats were either un-contested or had seen weak oppo-nents, unless it was an open seat. For 2012, due to themandated re-districting and the loss of one seat from 10 to nine, many incumbents are forced to run in districts where 30 to 60 percent of their constitu-ents may be new. The population shifts for state senate and repre-sentative seats are less dramatic,

but it is far too early to predict what impact the generally higher voter turnout for presidential elections, coupled with the Scott Brown vs. Elizabeth Warren contest, will have on legislative races.

Under joint legislative rules, all committees are required to act on all bills under their jurisdiction by the third Wednesday in March (this year, March 21) of the second year of the legislative cycle. Therefore the first three weeks of March will be very busy as committees and their staffs assess all the testimony and lobbying provided over the past 12 months and determine whether to give a favorable or unfavorable report to a bill, amend it, or send it off to a “study” – a polite way to put a bill on long-term hold.

Without a doubt, mortgage/fore-closure issues will dominate the banking agenda for 2012 on Beacon Hill. Over 40 bills have been filed and referred to three separate com-mittees:FinancialServices,Housingand Judiciary. Only the Committee onFinancialServicesheldhearingsin 2011. Other bills will be heard this winter. In addition to promot-ing legislative action, Coakely has advocated for strong legal remedies and financial penalties on lenders who engaged in abusive lending and foreclosure practices. She initiated law suits against five major lenders, alleging mortgage fraud regarding their mortgage servicing practices and their utilization of the MERS network to sell and service loans.

While some activists praise her initiatives, others, including PaulWillen, senior economist and ad-visor at the Federal Reserve Bankof Boston, caution that govern-ment efforts to stall foreclosures ultimately do not stop foreclo-sures and simply prolong the crisis. The association is deeply involved in several legislative and regula-tory initiatives that seek to address the mortgage housing situation in reasonable, responsible and cost- effective ways.

Legislative Reviewcontinued from page 10


Other issues to watch early in 2012 include: legislation to update various out-of-date banking laws; efforts to expand oversight of tax expenditures and credits for busi-nesses; financial literacy initiatives in the K-12 curriculum; debt col-lection reform and as yet unfore-seen developments. The biggest non-budget matter likely to con-sume legislative attention in 2012 is health care payment reform – the top priority for Patrick. Lookfor legislation to emerge possibly by March.

Washington UpdateThe standoff continues between

Congress and Obama and between the branches on so many issues. Whether it’s the stalled appoint-ments to lead the Office of Comp-troller of the Currency (OCC) (Thomas Curry) or the FederalDeposit Insurance Corporation(FDIC) (Martin Gruenberg) Con-gress has withheld approval of these and other appointments over procedural, philosophical or sub-stantive grounds. The absence of permanent leaders for these crit-ical banking regulators contin-ues to inhibit real planning within the agencies. In a very controver-sial move on Jan. 3, Obama in a re-cess appointment appointed Rich-ard Cordray to lead the Consumer Financial Protection Bureau. Thebanking industry and Republi-cans in Congress have strongly op-posed the single regulator struc-tureoftheCFPBandhaverefusedto support any nominee to head the agency until the single regu-lator head is replaced with a five-member board. Now that Cordray is in office, it will be very interest-ing to see how the CFPB movesforward in regulating non-bank financial institutions.

The CFPB has moved for-ward with its first major regula-tory initiative to conduct a thor-ough review of existing banking regulations. Specifically, it is seeking public input to identify

provisions of regulations it inher-ited from other federal regulators that are candidates for “updating, modifying or eliminating because they are outdated, unduly burden-some, or unnecessary.” Comments are due by March 5, 2012. This isa critical first step in the long pro-cess of working through the thick underbrush of outdated regula-tory requirements. In fact, most of the activity in Washington affect-ing banks in 2012 will be at the regulatory agencies.

Finally, this column would notbe complete without a tribute to Rep.BarneyFrank,who,tothesur-prise of many, announced on No-vember 29 that he would not be a candidate for re-election in 2012. Frank has served Massachusettsfor 31 years, most recently as chair and now ranking minority mem-beroftheHouseCommitteeonFi-nancial Services. This writer has knownFrank sincehe served as a

state representative in the 1970s, and the association staff and lead-ership have worked very closely with Rep. Frank on many issues,particularly during the very try-ing days during the financial crisis and the ultimate enactment of the Dodd-FrankAct.Whilewedidnotagree on every issue, the Massa-chusetts banking industry and our nationwaswell served by Frank’sintellect, sense of humor, persis-tence, political instincts and com-mitment to addressing the issues in a generally pragmatic way. We look forward to a strong and positive re-lationship during the final year of his leadership. No doubt 2012 will be most interesting. n

David Floreen is senior vice president at the MBA. He can be reached at [email protected].

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force performs is fundamental to the organization’s growth, competitiveness, success – and its bottom line.

Cultivating, engaging and retain-ing employees, including creating em-ployee satisfaction, is paramount for senior management.

Sage HRMS reports that companies with 300 employees on average spend $4.5million annually on turnover, andthat to replace an employee can cost anywhere from 30 to 400 percent of the individual’s annual salary. Conversely, they say that every dollar invested in the workforce yields $10 in profit.

The leadership team at Rockland Trust Company fervently believes that investing in its talent is imperative for both personal and organizational suc-cess. Currently, there are approxi-mately 1,000 employees within the bank’s network of 67 retail branches, eight commercial lending centers, four mortgage banking centers and three management offices in the common-wealth, and an investment manage-ment and commercial lending office in Rhode Island.

Serving as the foundation of its com-mitment to invest in its workforce,

Rockland Trust, led by President andCEO Christopher Oddleifson, estab-lished an executive Education Council that meets regularly to assess and im-plement plans to develop leaders. This is one initiative employed to help the bank’s leadership achieve the goal of growing the company into what they want it to be in the future.

As an integral part of its strate-gic plan to meet the goal, Rockland Trust has partnered with the New Eng-land College of Business and Finance(NECB). Founded over 100 years agoas an educator for banking institutions, the Boston-based college has been fully online for more than 10 years to ac-commodate working adults looking to improve their skills and careers both cost effectively and with flexibility, while balancing work and family.

Rockland Trust’s employees (and theirfamilymembers)receivea25per-cent discount on NECB’s tuition, which for most nets out at zero each year when leveraging the company’s tuition assistance benefit. Hundreds of Rock-land Trust employees have either grad-uated from NECB or taken courses and seminars, including the new master of science in business ethics and compli-ance (MBE) degree, the only degree of its kind in the country.


Rockland Trust Invests in Employees

Rockland Trust’s director of talent development, Michael Shipman, says the bank’s leaders are extremely grat-ified that annually, on average, 35 stu-dents take advantage of the tuition as-sistance program and enroll at NECB. He points out that executives, includ-ing Oddleifson, make sure to acknowl-edge employees’ educational achieve-ments each year with graduation luncheons. Shipman says, “Learning has become contagious around here. We’ve got people who were hired with high school diplomas who now hold master’s degrees. Some have moved into new areas of the business while others continue to move up.”

In addition to encouraging educa-tional advancement, Rockland Trust employs other initiatives to enrich its workforce. These include efforts to fos-ter diversity and inclusion; promote en-gagement and satisfaction; and appre-ciation efforts that reflect employees’ contributions and value to the organiza-tion.Foradifferentperspective,Rock-land Trust has also sent ascending ex-ecutives to the New England School for FinancialStudiesoperatedby theMas-sachusetts Bankers Association in co-ordination with other banking associa-tions in New England. Inside the bank, leadership has created a coaching cul-ture that supports management and leadership development, and provides training on technology and how it can be leveraged.

Shipman affirms the ROI is there. “Our employees have really responded to our programs, which help advance commitment and productivity, both key challenges for management today. Moreover, our retention rates are high with an average tenure of nine years, and turnover rates are low. This trans-lates into significant savings annually.”

Shipman describes the atmosphere as “inspiring” as people gain confidence and pride through their accomplish-ments, which make them feel more con-nected to the organization and its busi-ness goals and aspirations.

Rest assured, the all-important cus-tomer also wins in this scenario, im-pacting the bottom line in the right direction. Rockland Trust’s custom-ers are more satisfied because they


enjoy a higher level of quality and service with a more educated and trained workforce.

“The value of our investment can’t be overstated; we absolutely wouldn’t be achieving the results we are without cultivating the talented people we hire,” declares Shipman.

The bank’s efforts have paid off not only with more satisfied workers and customers, but others have taken no-tice, as well. The organization was hon-ored by The Boston Globe as one of the Top Places to Work in Massachusettsthree years in a row, from 2009 to 2011. The award recognizes the state’s most progressive companies based on the re-sults of confidential employee surveys conducted by an independent research firm. Employers are measured on em-ployee feedback based on six factors: direction, execution, managers, career, conditions, and pay and benefits.

Shipman says people often ask him about employees, “What if you train them and they leave?” To which he responds, “What if we don’t, and they stay?” n

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MBA Charitable FoundationAwardsGrants

PHOTO FEATURE

The Massachusetts Bankers Association (MBA) CharitableFoundationrecentlyawardeditsannualcommunitygrants.The32grantstotaled$125,000.

The foundation has now provided gifts totaling $1.42 mil-lionoverits15-yearhistory.

Supported by the 190 member banks of the MBA throughout Massachusetts and New England, the foun-dation distributed the grants over eight geographic re-gions in Massachusetts, giving awards to deserving social service agencies.

“There were many deserving organizations to con-sider,” said Dorothy A. Savarese, chairman of the MBACharitable Foundation and president of Cape Cod Five

Cents Savings Bank, Orleans. “We’re pleased to be able to help folks in their time of need and salute the many organizations throughout New England that do such good work.”

The Massachusetts Bankers Association Charitable Foundation awards are symbolicof themany individualdonations banks make on a regular basis to organizations and causes in their local communities. In addition to the more than $40 million per year given by Massachusetts banks to local charities, employees contribute thousands of volunteer hours each year across the commonwealth.

The MBA Charitable Foundation Award recipientsfollow.

Group ICradles to Crayons

Brighton, Mass.$5,000

Fisher House BostonWest Roxbury, Mass.$5,000

West End House Boys & Girls ClubAllston, Mass.$5,000

Group IIBoys & Girls Clubs of Middle-

sex CountySomerville, Mass.$5,000

John M. Barry Boys & Girls Club of Newton$5,000

Woburn Council of Social Concern$5,000

Group IIIHealing Abuse Working for

Change (HAWC) Salem, Mass.$5,000

Pettengill House, Inc. Salisbury, Mass.$5,000

Wellspring HouseGloucester, Mass.$5,000

Group IVFriendship Home, Inc.

Norwell, Mass$5,000

Interfaith Social ServicesQuincy, Mass.$5,000

My Brother’s KeeperNorth Easton, Mass.$5,000

Group VA Baby Center

Hyannis, Mass.$5,000

Boys & Girls Club of Taunton$5,000

The FLY Foundation (Financial Lift for Young Adults with Cancer) FallRiver,Mass.$5,000

Group VIBottom Line

Worcester, Mass.$5,000

Community Harvest Project, Inc.

North Grafton, Mass.$5,000

Group VIICooley Dickinson Hospital

Northampton, Mass.$5,000

Rachel’s TableSpringfield, Mass.$5,000

Springfield Day Nursery Corp.$5,000

Group VIIIGirls Inc. of the Berkshires

Pittsfield,Mass.Family Life Support Center, Inc.

Adams, Mass.$5,000

MBA Charitable Foundation AWARD RECIPIENTS


In addition to the 22 primary award recipients, 10 non-profits received “Honorable Mention” awards of $1,500 from the MBA Charitable Foundation:

Christian Community Service of North ReadingFuller House of StonehamNatick Service CouncilNantucket Emergency Food Pantry/Nantucket Interfaith CouncilPro-Home, Inc.

Taunton, Mass.

Sandwich Food Pantry IncorporatedMarlborough Community CupboardWoods Memorial Library

Barre, Mass.The Parish Cupboard

West Springfield, Mass.Berkshire South Regional Community Center

Great Barrington, Mass.

A BABY CENTER

BOYS & GIRLS CLUB OF MIDDLESEX

COMMUNITY HARVEST PROJECT

BOTTOM LINE

BOYS & GIRLS CLUB OF TAUNTON

COOLEY DICKINSON HOSPITAL


FOUNDATION AWARDS GRANTS continued from page 17

CRADLES TO CRAYONS

FAMILY LIFE SUPPORT CENTER

FISHER HOUSE BOSTON FRIENDSHIP HOME INC

GIRLS INC OF THEBERKSHIRES

HEALING ABUSE WORKING FOR CHANGE

INTERFAITH SOCIAL SERVICES

JOHN M. BARRY BOYS & GIRLS CLUB


WEST END HOUSEBOYS & GIRLS CLUB

MY BROTHER’SKEEPER PETTENGILL HOUSE

RACHEL’S TABLE SQUARE ONE

THE FLY FOUNDATION WELLSPRING HOUSE

WOBURN COUNCILOF SOCIAL CONCERNS

FINANCIAL EDUCATION

Fair’ Play? Students Learn’Life is not Always Fair


T ess Arruda has a newfound respect for what her parents go through when it comes to running her family’s house-

hold finances.“Money is a lot to deal with,” said Arruda, 16,

ajunioratDartmouthHighSchool.“I’velearnedthat it can be real stressful. You don’t want to end up being in debt.”

So how did Arruda and other teenage stu-dentsatDartmouthHighSchoolsuddenlyarriveat the conclusion that their parents are, in gen-eral, under a lot of financial pressure that most children are so blissfully unaware of?

The answer: “Reality Day,” also known asCreditforLife.DartmouthHighSchoolrecentlyhosted a “Reality Day Fair” in its gymnasiumin which hundreds of students, all of them ju-niors, were assigned make-believe jobs, with set monthly salaries, and household budgets they had to meet – or else. Think of Monopoly on a more personal scale: Students running from booth to booth and, instead of moving pieces on a game board, try to line up deals for renting apartments, buy cars, get insurance, set aside money for savings, sign up for utilities and cell

phone plans, and make it work mathematically by the end of a three-hour session.

And, oh, one of the 13 booths that students had to go to was deliberately set up as the rough equivalent of “Go to Jail” – or, in this case, stu-dents got socked with unexpected hits to their imaginary household budgets, such as losing a cell phone (deduct $200) or getting a speeding ticket(deduct$150).

Across Massachusetts, more and more high schools are hosting “reality fairs” for students to learn, first hand, via adopting an imaginary pro-fession with an imaginary monthly wage, how the real world of household finances works.

The various fairs – now held regularly at nu-merous high schools in western Massachusetts, the South Shore, Cape Cod and in greater Bos-ton – are usually sponsored by a local financial institution. In the case of Dartmouth’s “Real-ityDay,”themainsponsorwasCitizens-UnionSavingsBankofFallRiver.BristolCountySav-ings Bank was among the other sponsors of the Dartmouthfair.


Fair’ Play? Students LearnLife is not Always Fair b y J a y F i t z g e r a l d

22 M A S S A C H U S E T T S B A N K E R n First Quarter 201222 M A S S A C H U S E T T S B A N K E R n First Quarter 2012

“These events have really gained traction in recent years,” said Monica Spach Curhan, vice president and marketing director at Citizens-Union. “At some fairs I’ve attended, I’ve had kids come up to me and say, ‘My parents re-ally have to do this stuff all the time?’ They’re shocked. Some of them don’t have a clue about [household] finances and how budgets work.”

The Dartmouth High School fair was theschool system’s first. Citizens-Union has spon-sored similar fairs at Durfee High School inFall River over the past three years, whileother banks have sponsored fairs in their own geographic areas.

Fairs’ Popularity SpreadingThe success of various reality fairs has re-

cently caught the attention of state policy makers, who are intrigued with their poten-tial to teach students life lessons about finan-cial matters.

“Involving students at a young age in real-life financial scenarios is absolutely critical to their development,” said Massachusetts Trea-surer Steven Grossman. “I’ve participated in these reality fairs and have personally wit-nessed the extraordinary level of interest and engagement. The practical lessons that the stu-dents take away from these events will help them achieve and sustain financial stability throughout their lives.”

Grossman attended and participated in Bos-ton’s first reality fair in October, when more than 125 Boston students received real-worldlessons on financial choices and their impacts.

The concept of reality fairs traces its routes to the credit-counseling industry, which years ago developed a comprehensive game template that allowed students to experience the burden of making and spending money within a set budget, just like adults.

The game eventually spread like wildfire in some parts of the country, and eventually became fairs hosted by schools and spon-sored by leading local businesses, usually fi-nancial institutions.

Citizens-Union’s Curhan and others credit Leo MacNeil of HarborOne Credit Union for bringing the reality fair concept to Massachu-setts in the 1990s, holding a number of fairs at high schools in the southeast area of the Bay State.

MacNeil, who used to work with Curhan, said schools are clamoring for fairs as a way to teach kids the importance of household financ-ing and budgeting.

But getting a fair up and running is harder than one may think, MacNeil says. “Running a fair is like running a wedding – it can be over-whelming,” he warns. “It’s worth it. It’s defi-nitely worth it. But it’s a lot of work.”

Pulling it all TogetherFor the Dartmouth High School fair, the

main volunteer organizer was Mark Eisen-berg, a retired food distributor. Negotiations had to be conducted with school officials and local businesses that could sponsor booths. The intricate rules of the event – and they can be quite intricate – also had to be ironed out,

REALITY DAYcontinued from page 21

though most fairs are run off a standard tem-plate that’s passed from an event organizer to a fair organizer.

“It took a lot of work, months even,” said Eisenberg, a Dartmouth resident who helpedorganize the Dartmouth fair along with hiswife, Joyce.

In the days leading up to the fair at Dart-mouth High School, participating students were assigned specific “jobs” with an accompa-nying “salary,” as if theywere all 25-year-oldsnow out in the working world.

At theDartmouth fair, for instance,a “mar-ket researcher” made $32,000 per year. A “ma-terialsengineer”made$58,000.

There was also a devilish twist added to the day: Each student was assigned a credit score based on their real-life grade point average at Dartmouth High. The higher one’s GPA, thehigher their credit score going into the game.

In all, there were 13 main booths at Dart-mouth High School’s Reality Day. Each tablewas manned by adult volunteers, most of them employeesatvariousbusinessesinDartmouthand from surrounding towns.

The housing booth was manned by repre-sentativesfromGardnerRealtyofDartmouth.The savings and retirement table was handled by representatives from Bristol County Sav-ings Bank.

Other booths were for community service, part-time jobs, education, insurance, transpor-tation, furniture, personal luxury, credit and lending, health and nutrition, clothing, hous-ing and the dreaded “reality-check” table.

Lesson Learned … EventuallyAttheoutsetoftheDartmouthevent,it’snot

unfair to say that most of the students had that classic teenage “do I really have to do this?” look on their faces. Some could be overheard complaining about what a “dumb idea” the fair was before it had even begun.

But once they were handed special budget sheets, pencils, notebooks and calculators, the 269 students were told to start going to each booth, in whatever order they wanted, as long as they stopped at each table.

The game was on. The competitive spir-its were engaged. The cynicism was noticeably down. The students were off and running.

A sociological note here to parents, based on the overwhelming initial reaction of students at DartmouthHigh’s fair: Teenage students really want to have their own apartments. The housing table was initially inundated with students lin-ing up to “rent” their own place to live.

There was some logic to the move: Mort-gages and rents were and are the biggest sin-gle expenditure in most households, so it made sense to get the rental situation and financing under control first.

But Jeff Gardner, vice president of Gard-ner Realty, which sponsored the housing table, said he could see how intrigued and excited the students were about getting their own abodes, even if it was part of an imaginary exercise.

“A lot of these kids are pretty savvy,” said Gardner.



At Dartmouth’s reality-check station, unexpected outcomes – both good and bad – befell students.


Most of the students opted for the shared three-bedroom apartments, each paying $500per month in imaginary rent.

“I only had a few inquiring about the one-bedroom [$800 per month] option,” said Gard-ner. “One kid said to me, ‘I can’t stand living with anyone else.’ So he got the one-bedroom.”

The next big stop on the 13-booth circuit: Transportation. As in cars. Teenagers. No sur-prise there.

But for many students, they realized they might not be able to afford that VW Jetta or Lexus on their assigned make-believe budgets. Most opted for more affordable cars, like a Kia.

Some students realized they needed a part-time job to meet their desired monthly expen-ditures – but therewere only 25 part-time jobslots available in total at the fair’s part-time jobs booth. Tough luck if you couldn’t find a second paying job.

At the education table, career counsel-ors fromUMass-Dartmouth told students howmuch they owed in monthly student-loan pay-ments. But they were also told that if they got advanced degrees by going to school at night, they couldmake $250more permonth. Somesigned up as fast as possible.

At the savings and retirement table, Michael Patacao, branch manager at Bristol County Sav-ings Bank, counseled students to set aside some of their money for savings. “As we kind of expected, savings and retirements kind of take a back seat withthem,”Patacaosaidofthestudents.

Still, the vast majority of students did set aside some imaginary money each month.

Patacao said the entire event was a “real

eye opener” for him as a professional banker, watching students grapple with household fi-nances, even if it was only a make-believe event.

“I wish I had this experience when I was in high school,” said Patacao. “It’s really agreat event.”

By far, the most hilarious part of the day, at least through the eyes of non-participating ob-servers, was the reality-check desk.

At some fairs, a similar booth is sometimes nicknamed the “Wheel of Misfortune.”

Curhan said she once went to a fair in which students could end up losing their job in the middle of a game. Some students got so upset and angry that they were laid off, organizers de-cided to eliminate the layoff option at future fairs, Curhan said.

At Dartmouth’s reality-check station, unex-pected outcomes – both good and bad – befell students. They reached into a box and pulled out a fortune card with a statement on it. One read: “Speeding ticket – $150.” Another had“Youinherit$500.”

“Oh, no!” one student exclaimed when he got hit with an imaginary $250 charge to repair ahome computer contaminated by a virus.

“Please, please, please let it be good,”mut-tered another student as he reached into the box to pick a fortune card. No such luck: “Sto-lencreditcard–$50.”Life’stough,kid.

Toward the end of the three-hour event, stu-dents could be seen milling about the gymna-sium floor, some returning to booths to rene-gotiate previous deals. (Returning leased Lexus



Across Massachusetts, more and more high schools are hosting “reality fairs” for students to learn, first hand, via adopting an imaginary profession with an imaginary monthly wage, how the real world of household finances works.

Promontory-ICS_BestCustomers-VA-Banker.pdf 1 10/21/2011 9:53:42 AM


“It was a good experience. A lot of people were freaking out that they were going into debt. It was kind of nerve-wracking.” – Student Tess Arruda

cars was a biggie.) Others sat on the gymnasium benches, scratching and erasing items on their budget sheets, trying to balance their salaries and expenditures.

Others waited in line to have their final budget sheets reviewed and checked off as being prop-erly balanced. Representatives from Citizens-Union manned the final “credit counseling” booth.

“I’m in debt,” sighed Evan McCarthy, 16, a Dartmouth student, when asked how he wasdoing. McCarthy had realized that maybe he should not have leased that more expensive Chevy Volt, though he said he was proud that he opted for the less expensive three-bedroom apart-ment rental.

“It’sprettyinformative,”saidMcCarthyofDart-mouth’s“RealityDay”fair.“Itwasfun.”

“It was a good experience,” said student Tess Arruda. “A lot of people were freaking out that they were going into debt. It was kind of nerve-wracking.”

Greg Jones, chairman of the DartmouthSchool Committee, said he was “absolutely thrilled” by how seriously the students were treating the event.

“This is a real good way to throw the cold water of reality at these kids,” said Jones, who was snapping photos during the fair. “Kids really get to see and understand what their parents are going through.”

Jones,who has a freshman son atDartmouthHigh, said he sees the school district hosting a re-ality day fair in years moving forward.

Addressing Financial LiteracyNo one is saying such fairs are the solution,

but the fairs are emerging as an important part of introducing financial education and aware-nessintoschoolprograms,saidDavidFloreen,senior vice president of the Massachusetts Bankers Association.

“Lots of people get into financial trouble, not because they’re stupid, but because they never had the opportunity to learn about finances,” Floreen said. The banking industry will con-tinue to push for legislation to make financial-education part of the state’s mandated school curriculum, he said.

But until then, banks and other institutions will have to shoulder much of the burden of fi-nancial education through events such as Real-ity Day fairs and the MBA’s “Common Cents”contest and video (www.MassCommonCents.com). The financial-education video – which was co-sponsored with Bank of America, Cape Cod Five Cents Savings Bank, Danversbank,Citizens-Union Savings Bank, and Peoples-Bank – is being distributed to hundreds of high schools throughout Massachusetts.

Jodie Gerulaitis, financial-education officer at Country Bank in Ware, said her bank is plan-ning a massive expansion of its fair sponsor-ships, partly because the bank feels it needs to take action as long as financial-education isn’t formally offered in schools.

In the past, Country Bank was involved with a group of other western Massachusetts


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banks in hosting “Credit for Life” fairs for high-school students. But last year, Country Bank decided to sponsor fairs on its own – and this coming spring it plans to hold seven high-school fairs in Ware, Palmer and elsewhere in westernand central Massachusetts.

“We’re going to have a very busy spring,” said Gerulaitis. “The schools are so limited in what they can afford, so they really view this as a great opportunity for their students.”

Joan Reid, head of public rela-tions at Rockland Trust, said her bank has co-sponsored a Credit for Life fair at the South Shore Voca-tional Technical High School for the past two years. Rockland Trust has also been a booth sponsor at a Quincy High School fair.

“It’s fabulous,” she said of the fairs Rockland has been involved in over recent years. “It gives stu-dents that real-life experience. The last couple of years, we’ve heard more and more from schools that want their own [fairs]. It’s really taking off.” n

Jay Fitzgerald is a freelance writer.


BARRE SAVINGS BANK – Hires Sarah Galvin, vice president and senior loan officer.

BAY STATE SAVINGS BANK – Hires Peter Alden, president and chief executive officer.

BERKSHIRE BANK – Hires David Eidle, senior vice president of corporate initia-tives; James Curran, senior vice president and commercial regional manager; John Faber and Karen Dumas, senior vice presi-dents and commercial relationship manag-ers; David Sabourin, vice president and commercial relationship manager; Suzana Trebicka, assistant vice president and senior commercial credit underwriter; and Timothy Hussey, assistant vice president and portfolio manager.

BLUE HILLS BANK – Hires Martha Sloan Felch, senior relationship manager.

BOSTON PRIVATE BANK & TRUST COMPANY – Promotes Francis Crosby, senior vice president and branch manager; Jason O’Connell, director of research;

Christopher O’Connell, sales manager; hires William Hines and Todd Crowley, vice presidents and investment manage-ment and trust sales professionals.

CAMBRIDGE SAVINGS BANK – Hires Amy Corda, senior vice president of busi-ness development.

CAPE ANN SAVINGS BANK – Promotes John Brennan, vice president and senior trust officer.

CAPE COD FIVE CENTS SAVINGS BANK – Hires Vanessa Greene, director of compliance.

CHICOPPE SAVINGS BANK – Promotes Arley Ewald, financial reporting officer; hires Debra Ruetz, cash management officer.

CLINTON SAVINGS BANK – Promotes Maria Heskes-Allard, senior vice presi-dent and commercial lending, Danielle McCarter, assistant vice president and human resources manager; hires Paula DiGregorio, consumer loan officer, and

Robert Rivard, vice president and com-mercial loan officer.

COMMERCE BANK – Promotes Laila Mhirig and Amanda Misilo, office manag-ers; hires James How, Bette O’Reilly and David Rose, office managers.

COMMONWEALTH COOPERATIVE BANK – Promotes Carol McClintock, president and chief executive officer.

COUNTRY BANK FOR SAVINGS – Hires Mary McGovern, chief financial officer.

EASTHAMPTON SAVINGS BANK – Hires Patricia Cramm, assistant vice presi-dent of facilities.

FIRST TRADE UNION BANK – Hires Jo-Anne Corcoran, senior vice president of retail banking; Brett Hill, senior vice presi-dent and senior credit officer; Craig Nardi, vice president and residential portfolio manager; David Nemeth, vice president of operations and Shye Tzadok, credit analyst.


Todd CrowleyWilliam Hines

John BrennanAmy Corda Debra RuetzArley Ewald Maria Heskes-Allard

David EidlePeter Alden Christopher O’ConnellJason O’ConnellSarah Galvin

Robert RivardPaula DiGregorio

OntheMove


Jo-Anne Corcoran

Patricia CrammMary McGovern

Craig NardiBrett Hill Shye TzadokDavid Nemeth


James How Amanda MisiloLaila Mhirig David RoseBette O’Reilly

Kelly QuevillonLise Zapatka

ROBERT S. KARAM, CLU, ChFC, REBC (left) [email protected]

STEPHEN R. KARAM, CLU, ChFC, REBC (right) [email protected]

Karam Financial Group • 456 Rock Street Fall River, MA • [email protected] • www.karamfg.comSecurities offered through LPL Financial Member FINRA/SIPC

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OntheMove

HAVERHILL BANK – Promotes Lise Zapatka, senior vice president, and Kelly Quevillon, vice president of operations; hires Charlette Weeden, vice president of finance.

MIDDLESEX SAVINGS BANK – Promotes Geoffrey Homoliski and Kathleen Maroney, vice presidents; John Dean and Marilyn Sandler, community banking officers; and Maud Dentico, business development officer.

MUTUAL BANK – Promotes Brenda Santarpio, assistant treasurer/branch man-ager, and Jeanna Veneto, branch manager.

NEEDHAM BANK – Hires Robert Orlando, vice president and senior residential loan officer.

PEOPLESBANK – Hires Lynn Brown, first vice president of commercial banking, and Michelle Crosby, branch manager.

RANDOLPH SAVINGS BANK – Hires Michael DeMarco, commercial loan officer.

READING CO-OPERATIVE BANK – Hires Maureen Bernard, assistant vice president and residential loan officer.

ROCKLAND TRUST COMPANY – Hires Tricia Dandrow, vice president and com-mercial loan officer; Susan Porcello, vice president and compliance officer; and Allison Manchester, audit officer.

SCITUATE FEDERAL SAVINGS BANK – Promotes Thomas Quinn, executive vice president.

SOUTH SHORE SAVINGS BANK – Promotes Mark Pitts, vice president and credit manager; hires Jeff Ryan, commer-cial loan officer.

STONEHAM SAVINGS BANK – Hires Martin O’Riordan, vice president and senior credit officer, and Charles Mandrachia and Charles Gaffney, vice presidents and commercial loan officers.

STONEHAMBANK – Hires Gerald Marcus, vice president of commercial lending.

Jeanna Veneto

Brenda SantarpioMaud Dentico

Lynn BrownRobert Orlando Michael DeMarcoMichelle Crosby

Gerald Marcus

Charles GaffneyCharles Mandrachia

Lynne EspositoRandal Webber Marianne HosfordPatricia Ostrout Douglas SchmelingLori Kowal

Allison Manchester

Tricia Dandrow

Mark PittsThomas Quinn Martin O’RiordanJeff Ryan

Maureen Bernard

Charlette Weeden Kathleen MaroneyGeoffrey Homoliski Marilyn SandlerJohn Dean

continued from page 27


SPENCER SAVINGS BANK – Promotes Randal Webber, senior vice president and senior loan officer; Lynne Esposito, vice president of mortgage origination; Patricia Ostrout, vice president of retail adminis-tration; Marianne Hosford, vice president of personnel; Lori Kowal, assistant vice president marketing; Douglas Schmeling, assistant vice president and credit officer; hires Michael Quink, senior vice president of commercial division manager; Kyle Bourque, vice president of commercial lending; and Paul Buonopane, vice presi-dent of mortgage underwriting.

TD BANK – Promotes Michael O’Hare, vice president and foreign exchange team lead; Karen McNulty, vice president and foreign exchange team; Brandon McCabe,

portfolio loan officer; Derek Davoli, port-folio manager; Shawn Moeller, commercial team leader; Gregg Desmarais and Brenda Woods, store managers; hires Elisabeth Johnson, vice president and portfolio man-ager; Karen Nash, assistant vice president and account administration manager; and Jamie Adams, Daniel Barnard, Jennifer Armandi, Adam Trivilino and Matthew Wisdom, store managers.

THE COOPERATIVE BANK OF CAPE COD – Hires Sheryl Walsh, vice president of retail banking and sales manager.

THE VILLAGE BANK – Hires Robert Howard, vice president of commercial lending.

UNITED BANK – Promotes Barbara-Jean DeLoria, senior vice president; hires Donna George-Ebbeling, senior vice president and chief credit officer; and Milly Parzychowski, assistant vice president and residential lending sales manager.

WALPOLE CO-OPERATIVE BANK – Hires Sheila Gonzalez, vice president and commercial loan officer.

WEBSTER FIVE CENTS SAVINGS BANK – Promotes Patrick Royce, small business lending officer, and Robert Totaro, branch manager.

WINCHESTER SAVINGS BANK – Hires Betsy Sands, commercial loan officer, and Sean Dunn, retail lending officer. n

Michael Quink Paul BuonopaneKyle Bourque Gregg DesmaraisKaren McNulty

Karen Nash

Elisabeth JohnsonBrenda Woods

Daniel BarnardJamie Adams Adam TrivilinoJennifer Armandi

Robert Howard

Sheryl Walsh

Donna George-EbbelingBarbara-Jean DeLoria Sheila GonzalezMilly Parzychowski

Matthew Wisdom

Betsy Sands

Robert TotaroPatrick Royce

Sean Dunn

PHOTO SUBMISSIONS:Submit photos and text for consideration for inclusion in Massachusetts Banker to Barbarajean Adams at [email protected].

FRAMINGHAM CO-OPERATIVE BANK donates $5,000 to John Andrew Mazie Memorial Foundation.

MIDDLESEX SAVINGS BANK donates $10,000 to Employment Options, Inc.; $5,000 to Framingham Adult ESL Plus; $15,000 to Hockomock YMCA; $15,000 to Jewish Family Services of Metrowest; $9,800 to Medway Community Farm, Inc.; $15,000 to Metrowest YMCA; $15,000 to Minuteman Senior Services; and $9,500 to Open Table.

MUTUAL BANK donates $500 to Veterans Services Organization.

ROCKLAND TRUST COMPANY donates $25,000 to United Way of Greater Plymouth; $5,000 to Middlesex Human Services Agency.

SPENCER SAVINGS BANK donates $1,000 to West Warren Senior Center.

WEBSTER FIVE CENTS SAVINGS BANK donates $5,000 to Tri-Valley, Inc.; $2,000 to the Jewish Family Service of Worcester; $2,000 to Life-Skills, Inc.; $7,500 to Nichols College Collaborative Program.


GoodNeighbors

FRAMINGHAM CO-OPERATIVE BANK donates $10,000 to Framingham Downtown Renaissance (FDR) to support its imple-mentation of the revitalization of the downtown Framingham area. Pictured, from left: Ted Welte, director, FDR; Marlene Aron, senior associate broker, MetroWest Commercial Real Estate; Mark Haranas, president and CEO, Framingham Cooperative Bank; Michael Semizoglou, vice president, Framingham Co-operative Bank and treasurer, FDR; Rachel Stewart, administrative direc-tor, Framingham Co-operative Bank Charitable Foundation and promotion committee member, FDR; and Dr. Dale Hamel, vice president, Framingham State University and president, FDR.

WEBSTER FIVE CENTS SAVINGS BANK donates $2,000 to the Rainbow Child Development Center to support its preschool pro-gram. Pictured, from left: Karen Kempskie-Aquino, vice president, Webster Five Cents Savings Bank; Joyce Rowell, executive director, Rainbow Child Development Center; Richard Leahy, president and CEO; and Debbie Almstrom, vice president, Webster Five Cents Savings Bank.

BANK OF CANTON donates $2,500 to St. Boniface Haiti Foundation to support its education and health care programs in Haiti. Pictured, from left: Jim Andersen, St. Boniface Haiti Foundation supporter; Kathie Ludecker, assistant branch manager, and Jeanne Roche, assistant vice president and branch manager; Nannette Canniff, Bank of Canton and former St. Boniface Haiti Foundation president and CEO; and her husband Fred Canniff.

BANK OF CANTON donates $5,000 to Quincy Community Action Programs, Inc. (QCAP) to sponsor its casino night fundraiser and silent auction. Pictured, from left: Bob Coneys, director of administration and finance, and Beth Ann Strollo, executive director, QCAP; Judy Farmer, regional lending manager, and Stephen Costello, president and CEO, Bank of Canton.

SPENCER SAVINGS BANK donates $5,000 as the second installment on the $10,000 donation pledged to NeighborWorks HomeOwnership Center to support its homebuyer counseling and education services. Pictured, from left: Esmerelda Thornton, director, NeighborWorks HomeOwnership Center; Ruth M. Cavanagh, vice president of commercial lending, Spencer Savings Bank; Mullen Sawyer, executive director, Oak Hill Community Development Corporation.


WEBSTER FIVE CENTS SAVINGS BANK donates $1,000 to the Worcester Educational Development Foundation to fund its Books for Babies Program, an early-literacy program for new moth-ers. Pictured, from left: Karen Kempskie-Aquino, vice presi-dent, Webster Five Cents Savings Bank; Barbara Drapos, lit-eracy program coordinator, RSVP Worcester Area Volunteers; Sandra Mayrand, president, Worcester Educational Development Foundation; Paula Harrity, coordinator of volunteer services, Worcester Public Schools; and Richard Leahy, president and CEO, Webster Five Cents Savings Bank.

STONEHAM SAVINGS BANK donates $1,549 to The Jimmy Fund to support its cancer care and research for children and adults. Pictured, from left: Kelsey Duggan, senior assistant, special events, The Jimmy Fund; Maria Guardia, assistant vice president and branch manager, Stoneham Savings Bank; and Joe Durkin, director of special events, The Jimmy Fund.

FRAMINGHAM CO-OPERATIVE BANK donates $2,000 to Framingham Cultural Council (FCC) to promote programs in the arts, humanities and interpretive sciences to the cultural vitality of the Framingham community. Pictured, from left: Joel Winett, clerk, FCC; Rachel Stewart, administrative director, Framingham Co-operative Bank Charitable Foundation; Mary-Ann Stadtler-Chester; P. Nandi Varris, chair, FCC; and Cindy Camuso, vice chair, FCC.

BAY STATE SAVINGS BANK donates $5,000 to the American Red Cross of Central Massachusetts to benefit the youngest tornado victims in western Massachusetts. Pictured, from left: Paul Gilbody, executive vice president, Bay State Savings Bank; Lisa Piehler, executive director, American Red Cross of Central MA; Diane Giampa, senior vice president human resources and marketing, Bay State Savings Bank; and Steve Malley, integrated marketing specialist, Cumulus Broadcasting.

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GoodNeighborscontinued from page 33

NEEDHAM BANK donates $75,000 to Needham Community Council Capital Campaign to cover the costs of renovations at the organization’s new location. Pictured, from left: Jack McGeorge, president and CEO, Needham Bank; Mark Whalen, executive vice president and COO, Needham Bank; Sandra Robinson, executive director; and Frank Bond, co-chair, capital campaign committee and board member, Needham Community Council.

COMMERCE BANK donates $500 to Dismas House to support its mission of reconciling former prisoners to society through the devel-opment of a supportive community. Right, Michael Roy, senior vice president of Commerce Bank, presents a check to Dave McMahon, co-executive director of Dismas House.

ROLLSTONE BANK & TRUST donates $5,000 to the Fitchburg Fire and EMS departments for the purchase of four self-contained breathing apparatus cylinders. Pictured, from left: Lt. Jack Gilmartin and Captain Gregg Normandin, Fitchburg Fire Department; Jim Adams, vice president, Rollstone Bank & Trust; Fitchburg Fire Chief Kevin Roy; and Linda Racine, executive vice president, Rollstone Bank & Trust.


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WEBSTER FIVE CENTS SAVINGS BANK donates $5,000 to Seven Hills Family Services to assist in providing the Day Habitation and Health programs with new technological equipment. Pictured, from left: Richard T. Leahy, president and CEO, Webster Five Cents Savings Bank; Kathleen A. Myshrall, vice president of advancement, Seven Hills Foundation; Dr. Katherine Cleary, vice president, Seven Hills Family Services; and Karen Kempskie-Aquino, vice president, Webster Five Cents Savings Bank.

CLINTON SAVINGS BANK donates $1,500 to Coffeelands World Gifts Espresso Café that was established by the Polus Center for Social and Economic Development, Inc. to provide job opportunities to those with disabilities and a market for artwork made by local disabled artists or victims of landmine accidents abroad. Pictured, from left: Clinton Savings Bank President and CEO Robert J. Paulhus Jr.; Polus Center COO Theresa E. Kane; and Clinton Savings Bank Vice President and Commercial Loan Officer Mary T. Dean.

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FRAMINGHAM CO-OPERATIVE BANK donates $10,000 to the Framingham Police Department for the addition of a new K-9 force. Pictured, from left: Trustees of the Framingham Co-operative Bank Charitable Foundation Susan Acton and Paul Galvani; Framingham Police Chief Steven Carl; Framingham Co-operative Bank Charitable Foundation Chairman Robert Lamprey; Framingham Co-operative Bank President and CEO and Foundation Trustee Mark Haranas; and Foundation Administrative Director Rachel Stewart.

SOUTH SHORE SAVINGS BANK donates $10,000 to Caritas Communities to serve the housing needs of low-income individuals through the development and long-term management of afford-able rooming houses. Pictured, from left: South Shore Savings Bank President and Chief Executive Officer John C. Boucher, Caritas Communities’ President and Chairman of the Board Frank Capezzera, and South Shore Savings Bank Senior Vice President Peter McGowan. n

BRISTOL COUNTY SAVINGS BANK donates $5,000 to Buttonwood Park Zoo to sponsor its “Boo at the Zoo” event which raises funds for its educational and family programs. Pictured, from left: Dr. William Langbauer, director, Buttonwood Park Zoo; Sonia Schonning, executive director, Buttonwood Park Zoological Society; Len Sullivan, executive vice president; Michele Roberts, senior vice president and clerk of the Bristol County Saving Charitable Foundation; and Pete Selley, senior vice president, Bristol County Savings Bank and board member, Buttonwood Park Zoological Society.

BRISTOL COUNTY SAVINGS BANK donates $25,000 to Community Care Services to support more than 30 programs for children, adults, the elderly and families in southeastern Massachusetts, Rhode Island and Connecticut. Pictured, from left: Mark Cuddy, president, Richardson-Cuddy Insurance of Attleboro and board member of Community Care Services; Patrick Murray, executive vice president, treasurer and COO, Bristol County Savings Bank and president, Bristol County Savings Charitable Foundation; Thomas Fisher, president and CEO, Community Care Services; and Michele Roberts, senior vice president, Bristol County Savings Bank and clerk, Bristol County Savings Charitable Foundation.

NEEDHAM BANK donates $3,500 to sponsor the Spinal Muscular Atrophy Golf Tournament to support its research to find a cure. Pictured, from left: Michael Browne, vice president of operations, Needham Bank; William Johnson; and Tim Day, residential loan officer, Needham Bank.

New England Financial Marketing Associ

NEFMA.It’s where you

belong.

www.nefma.org

I have been very impressed with the quality of speakers and relevancy of the topics at NEFMA conferences. I believe weaving in their positive energy with your passion to implement creative ideas and see them through will be critical to your bank’s success and career. I greatly value what they offer marketing professionals.”

Gregory R. Shook President & CEO Essex Savings Bank

Join us at the Spring Conference, May 10-11, at Stowe Mountain Resort, Stowe, VT.To learn more about NEFMA, become a member and register for the conference, please visit us at www.nefma.org or call 617.926.1370

“

25NEF022_SB_Tstmnl_8_125x10_625_jh5.indd 1 1/23/12 10:16 AM

February15 Accounting 101 Marriott Courtyard, Marlborough17 CFO Forums Middlesex Training Center, Westborough

March12 Fundamentals of Credit Analysis: Part 1 Marriott Courtyard, Marlborough13 Fundamentals of Credit Analysis: Part 2 Marriott Courtyard, Marlborough15 Branch Managers’ School Marriott Courtyard, Marlborough16 Risk Forum Marriott Courtyard, Marlborough19 Fundamentals of Credit Analysis: Part 3 Marriott Courtyard, Marlborough20 Call Report Seminar Marriott Courtyard, Marlborough20 Fundamentals of Credit Analysis: Part 4 Marriott Courtyard, Marlborough22 Asset Liability Doubletree Hotel, Westborough22 IT Workshop Marriott Courtyard, Marlborough26 Fundamentals of Credit Analysis: Part 5 Marriott Courtyard, Marlborough27 Fundamentals of Credit Analysis: Part 6 Marriott Courtyard, Marlborough

April5 Business Development Marriott Courtyard, Marlborough 9 Fundamentals of Credit Analysis: Part 7 Marriott Courtyard, Marlborough10 Director/Trustees College New England Workshop Sturbridge Host Hotel11 Annual Spring Security Seminar TBD11 Director/Trustees College New England Workshop Hilton Hotel, Dedham12 Director/Trustees College New England Workshop Sheraton Wakefield23 Fundamentals of Credit Analysis: Part 8 Marriott Courtyard, Marlborough24 Fundamentals of Credit Analysis: Part 9 Marriott Courtyard, Marlborough26 Branch Managers’ School Marriott Courtyard, Marlborough

2012 MBA CalendarDates are subject to change. Announcements are mailed approximately six weeks prior to event. For additional information, contact the education department at 617-523-7595. Visit our website at: www.massbankers.org


May11 CFO Forums Middlesex Training Center Westborough14 Fundamentals of Credit Analysis: Part 10 Marriott Courtyard, Marlborough17 Branch Managers’ School Marriott Courtyard, Marlborough18 CFO Forums Middlesex Training Center, Westborough20-25 The New England School for Financial Studies-Freshman Class Babson College Executive Conference Center, Wellesley

June4 Charitable Foundation Golf Tournament Worcester Country Club, Worcester7 Annual Bank Technology/Retail Banking Conference Holiday Inn Boxborough Woods, Boxborough8 2012 HR Forums Middlesex Training Center, Westborough10-15 The New England School for Financial Studies – Senior Class Babson College Executive Conference Center, Wellesley15 Risk Forum Marriott Courtyard, Marlborough20-22 Executive Officers Conference Wequassett Resort, Chatham

September6 Writing an Effective Credit Memo Marriott Courtyard, Marlborough7 Risk Forum Marriott Courtyard, Marlborough10-14 Annual Bank Compliance Academy Marriott Courtyard, Marlborough19-21 New England Conference Equinox Resort, Manchester Village, VT

October16 IT Workshop Marriott Courtyard, Marlborough18-19 Advanced School of Commercial Lending TBD22-26 School of Commercial Lending TBD

November9 CFO Forums Middlesex Training Center, Westborough15 Bank Secrecy Act Conference Doubletree Hotel, Westborough16 CFO Forums Middlesex Training Center, Westborough28 2012 HR Forums Middlesex Training Center, Westborough

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