No matter where you turn in southern Connecticut, you’ll likely find a business, a project, a home, a dream that began with the support of Guilford Savings Bank. This locally owned bank has been shaping the area’s landscape for 144 years.
“GSB was founded in 1875 on the Guilford Green, where the historic building still stands,” says GSB CEO Timothy Geelan. “But we are not rooted in the past. We fostera forward-thinking culture that makes us relevant now and for generations to come.”
The bank’s mission was, as it is today, to help build strong communities by making vital financial services easily accessible. From day one, GSB has been a mutual institution, that is, its priority is the success of its customers, not profits for shareholders. Customers are at the center of the Bank’s Mission and Vision statements, and GSB is an agent of economic and social improvement in the areas it serves. All of this is driven by talented and passionate employees.
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Mutuality wears another hat, and that is to proactively reinvest deposit dollars back into the community. “When our communities thrive, we thrive,” is an often-heard Geelan mantra. In 2020, GSB will continue to support hundreds of local nonprofit organizations, as well as earmark funds for a program aptly named “Community Care.” These dollars will be used to make larger Impact Grants in the areas of Food, Housing and Education, and will target under-served and less-advantaged populations. “Our business model always has balanced profits with our social impact,” says Geelan. “Our goal is to operate in a manner to ensure our long-term viability and act as good stewards for future generations.”
GSB’s strength is a catalyst for growth. Its overall assets of more than $800 million includes a portfolio of about $250 million in commercial loans, making it one of the second fastest growing banks in Connecticut.
The bank’s revamped deposit products offer lower fees and higher interest rates on business checking accounts. As a result, GSB’s business deposits grew by 15.4%. High-net-worth clients benefit from a wholly owned subsidiary of the Bank, GSB Wealth Management, LLC, a 20 year old Registered Investment Advisor. Like all aspects of GSB’s services, everything is local. Portfolio construction and research is done on site. Investors have the luxury of having a personal relationship with portfolio managers – a rarity in the wealth management field.
Always Moving Forward
GSB has been an early adapter of the technologies that have made banking much more convenient, such as online and mobile platforms. “While other banks see these conveniences as a good reason to close brick and mortar branches, we are strong proponents of relationship-based banking, so we use high-tech while maintaining high-touch. We are keeping our doors open in locations throughout southern Connecticut,” says Geelan.
Like GSB itself, the company’s employees are actively engaged and future driven. GSB’s corporate culture inspires the staff to pursue their best – no one sits on their laurels. Recently, one of the bank’s most tenured employees decided to stretch herself beyond the continuing education GSB offers. She recently completed a three-year certificate programat Stonier, the leading graduate banking school in the country.
GSB also inspires employees to make an even bigger impact in the communities.
“We are particularly proud of a team of employees who, on their own, cleaned up a neglected house so the elderly homeowner could qualify for a reverse mortgage and continue living independently,” says Geelan. “No one is more committed to the vitality of southern Connecticut.”
This content was provided by Financial Service Directory. Kiplinger is not affiliated with and does not endorse the company or products mentioned above.
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