Hartford Business Journal

www.HartfordBusiness.com • April 6, 2020 • Hartford Business Journal 33 WOMEN IN BUSINESS AWARDS 2020 From teller to CEO, Merkle leads CT's banking industry By Matt Broderick Special to the Hartford Business Journal C ynthia Merkle never planned for a career in banking, let alone to lead one. In fact, after graduat- ing from art school, it was her father — who ran a successful account- ing firm — who encouraged her to pursue a career in business. Nearly four decades later, Merkle has grown from bank teller to president and CEO of Union Sav- ings Bank (USB), the Danbury-head- quartered community bank with 26 branches in Connecticut, including several in Greater Hartford. Last September, she also became the first woman to chair the Farm- ington-based Connecticut Bankers Association. Merkle credits her career trajecto- ry with being patient and not being afraid to get out of her comfort zone, two traits she says are essential to professional growth and leadership development. "Over my career I have served in nearly every area of a bank," Merkle said. "I was always willing to try some- thing new and [people] develop better skills if [they're] willing to do that." One benefit of that breadth of ex- perience for Merkle was learning to work with and develop diverse teams. "A good leader is someone who surrounds themselves with people who know things [he or she] doesn't know," she said. It's an approach and empowerment philosophy that Merkle brought to USB, since joining the bank in 2013. She points to the collaborative decision-making process to deter- mine USB's project and product priorities as an example. "Representatives from critical areas [including IT, customer ex- perience and business line leaders] serve on a USB steering committee to review the business case and cost analysis for initiatives," Merkle said, noting projects must align with the bank's forward-looking roadmap. One recent initiative incorporated the use of biometric technology — voice recognition — for customer-ser- vice calls. The technology eliminated the need for customer-identification screening questions, making for a better, faster customer experience and increasing efficiency and cost reduc- tions for the bank. More than 8,000 customers, Merkle says, have opted into the service to date. And it's not just business priori- ties that Merkle's put more disci- pline around. Under her leadership, the strategic focus on USB's chari- table support in the communities it serves has also been sharpened. "Cindy has led the development of a long-term growth plan with the goal of increasing the size of our Foundation [currently with $8 million in assets] and its charitable impact," said Michele Bonvicini, USB's director of community rela- tions. "With Cindy as our role model, our employees donated more than 10,000 hours in the community last year alone." That commitment to community — with USB's emphasis on edu- cational initiatives — is a priority to Merkle, who is the past board chair of the United Way of Western Connecticut and currently serves as board chair at Endicott College and vice chair of the Danbury Chamber of Commerce. "We want our communities to be healthy because that helps our suc- cess," Merkle said. Merkle is equally committed to advancing leadership roles for women — a trend she's seen evolv- ing over her career. "The banking industry employs more than 50 percent women, and Connecticut has come a long way," she says, noting that five banks in the state have female CEOs. "That is unique and it takes having more women in leadership roles to make sure that those doors open." Cynthia C. Merkle President and CEO Union Savings Bank What's been your biggest profes- sional accomplishment so far? It is leading Union Savings Bank, as I look at it as the culmina- tion of my 40-plus years in bank- ing. Most importantly, the oppor- tunity was the result of the many lessons I learned and the people I met along the way. I came to Con- necticut for the opportunity and have fallen in love with the people and communities in the state. What's your next big goal? Continue to lead the bank while serving the banking industry as the chairman of the Connecticut Bankers Association. What legacy do you want to leave after your career is over? My hope is that I made a differ- ence in elevating the importance of education in our communities and in our workplaces. Whether through the USB charitable foundation, which continues to grow and is focused on educational programs, or through our USB Teachers Closet, which supports our teachers and students in their classrooms. The development of employees has always been a focus for me and I firmly believe a wise invest- ment not only for their futures but for the health of an organization. Finally, my work as the chair- man of the board of trustees at Endicott College has been very rewarding and it has provided me additional insight to the impact of education in society. What are your keys to maintain- ing business success? I have always concentrated on developing a strong team to work with while also providing them the opportunity to develop new skills. It serves an organization well and prepares each member of the team for their next chapter. What are your keys to maintain- ing work/life balance My husband and I love to travel and hike so when one vacation is done we start to plan one for the following year. However, this may change in the very near future as our first grandchild was just born and since he will be in San Francisco we may be taking many red eyes! PHOTO | J. FIERECK PHOTOGRPHY

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