Condo Media - September 2013 - 50

vendor SpoTlIghT

Savings Institute Bank & Trust
Banking Where Customer Service is a Top Priority
by Pamela Schweppe

f you think every bank is as impersonal as the ATM machine in the
lobby, then you haven’t experienced the Savings Institute Bank &
Trust. Just ask Lisa Allegro, the bank’s
assistant vice president & commercial
loan officer. “We’re that rare breed in
banking at this time, in that we still
focus our attention 100 percent on
customer service,” she says.
Since its founding in 1842, Savings
Institute has remained true to its New
England roots, with headquarters in
Willimantic, Conn., and 26 offices in
Connecticut and Rhode Island.

Multifaceted Financing for
Multi-Family Residences

That doesn’t mean the bank isn’t forward-looking, however. When the condominium boom surged in the 1970s,
Savings Institute quickly responded to
the emerging need, offering finance
packages while navigating what was then
sometimes undefined territory.
Even today, many banks aren’t willing to offer loans to condominium associations, because of the complexities
and regulations involved. Yet the need
is greater than ever. “Condominiums
are getting older,” points out David
Lynch of David R. Lynch & Associates,
LLC. An attorney, Lynch handles the
legalities of many of the condominium
loans negotiated by Savings Institute.
“If you have a home that’s 20 years
old, you have a roof that’s 20 years old.
A new roof may be required, parking
lots degenerate, decks rot, and just a
lot of things happen.” At the other end
of the spectrum, demand for new condominium complexes is rising as more
and more empty nesters downsize from
their big homes.
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Serving both personal and business
customers, Savings Institute offers a
wide array of savings and checking
accounts, CDs, commercial services,
residential and consumer lending, and
financial planning and investment services, including life insurance. A 401(k)
product has also recently been added.
The bank’s condominium clients are
just as varied as its products, ranging
from standard residential complexes
to industrial associations. The bank
even makes loans to unusual associations, such as campsites, dockominiums
(water-based condominiums, such as
boat slips), and even timeshares, with
their added regulatory complexities.
Each loan is tailored to the individual
needs of the association, which must
meet four of five very specific criteria
in order to be considered for the loan.
Still, a loan is often the best way for
an association to finance the capital
improvements it needs. As Lynch puts
it, “There are three ways to pay for
repairs. You can levy a special assessment, which many unit owners don’t
like; you can take money out of the
capital reserve, which usually isn’t what
it should be because reserves take the
hit for everything else that happens; or
you can take out a loan.”
Lynch praises Allegro for taking an
active role in finding ways to help association boards obtain the financing they
need. “She looks at budgets and advises
them on what they can afford to pay,”
he says. “She’s very, very responsive.
She does a wonderful job.”

A Rare Focus on
Customer Service

That commitment to customer service is rooted in the DNA of Savings

Institute. Four core values have been
the guiding principles for how the bank
does business from the beginning: service, integrity, boldness, and teamwork.
“These principles are based upon the
belief that customer service is number
one, and that’s the same philosophy
we’ve had since 1842,” says Allegro.
“We believe that servicing our customer goes from beginning to end, so
if you open an account today, we’ll be
with you through the end of the account. We’re not just going to walk out
of the attorney’s office after the closing
and be done with it. We’re going to be
there for your every need.”
One way that Allegro maintains
that level of service even after the loan
is closed is by staying in touch. For
example, she has a policy of reaching
out to her clients 30 days after the loan
has closed to make sure everything
is OK. If the client hasn’t set up an
automatic payment on the loan, she
is happy to facilitate that, to eliminate
uncertainty over whether the loan payment has been made. Additionally, the
bank is willing to look at modifications
throughout the life of the loan, should
rates drop significantly. And if unit
owners want to sell the unit and pass
on their share of the loan, the bank can
reamortize the loan to accommodate
that. “We believe in the value-added
that we give by treating our customers with respect — and of course the
follow-up, to make sure they’re getting
the best products for their need at that
point,” Allegro says.
One case where she went above and
beyond the typical banker to help an
association with an urgent need was
Victoria Beach Condominiums of East
Haven, Conn. Three of the association’s

Condo Media - September 2013

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