ABA Banking Journal - September/October 2016 - (Page 35)

FEATURE > SAVINGS BANK BICENTENNIAL Hat Tips As a mutual community bank celebrates its 150th birthday, it offers lessons for the future of banking. BY CINDY MERKLE O nce upon a time, Danbury, Conn., was the epicenter of U.S. hat manufacturing. By 1866, one in six residents were making more than 1.2 million hats annually. In that year, Union Savings Bank was founded-a mutual institution to serve those thousands of hatters and the rest of the town, too. While Danbury is still nicknamed the Hat City, the topper industry had frayed by the 1920s, as had many of the textile businesses in New England's industrial towns. But some of the old hatting factories pivoted to other manufacturing operations, and Union Savings Bank has been part of that revitalization process. To this day, as we celebrate our 150th anniversary and the bicentennial of mutual savings banks, we continue to see our role not only as a community resource that helps businesses capitalize, but also, when necessary, as a catalyst for transformation. It's a philosophy that has yielded numerous success stories, from a local dry cleaner who has added innovative new business offerings to a family-owned farm now functioning as an amazing new event space and agri-tourism destination. It's the answer to the question of how banks can stay relevant and customer-centric in today's hyper-competitive, always-changing financial services industry-one that preoccupies our team at Union Savings Bank every day. Our answer comes from our heritage, founded in 1866 by a group of local businessmen to safeguard the assets of friends and neighbors. It has always been grounded in the belief that regardless of outside influences-from wars to politics to new regulations-community, employees and customers matter most. As a mutual bank, we of course have the advantage of taking a long-term view, and that's especially critical as the speed and pace of change only continue to accelerate. To this day, as we celebrate our 150th anniversary and the bicentennial of mutual savings banks, we continue to see our role not only as a community resource that helps businesses capitalize, but also, when necessary, as a catalyst for transformation. Today, all of us are devoting an incredible amount of human and capital resources to managing compliance and regulatory issues. While this aba.com/BankingJournal | ABA BANKING JOURNAL 35 http://www.aba.com/BankingJournal

Table of Contents for the Digital Edition of ABA Banking Journal - September/October 2016

PRESIDENT'S VIEW
UPFRONT
LEGAL BRIEFS
PICTURE THIS
COVER STORY
CECL FROM THE INSIDE: A CONVERSATION WITH FASB’S RUSSELL GOLDEN
WHERE ‘HABITS OF ECONOMY’ WERE SHAPED
HAT TIPS
CARD-LINKED REWARDS GIVE BANKS A COMPETITIVE EDGE
MARKETING
CYBERSECURITY
BANK-INSURANCE SALES
ABA COMPLIANCE CENTER INBOX
FROM THE STATES
CORPORATE SOCIAL RESPONSIBILITY
INDEX OF ADVERTISERS

ABA Banking Journal - September/October 2016

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