Hartford Business Journal

14 HARTFORDBUSINESS.COM | SEPTEMBER 20, 2021 T orrington Savings Bank's new branch in Bristol is only its eighth location — admirable for an institution that's been around since 1868. Small means nimble, an asset for businesses during a time when bank mergers and acquisitions are commonplace, says Paul Larsen, bank Senior Vice President and Chief Lending Officer. As banks get larger with M&As, things get bulky. Things get bogged down. Personal attention and customized service tends to fall by the wayside. "We are hearing from clients of larger banks," said Larsen. "They are not getting the attention they think they deserve, and we agree." Familiar faces Larsen notes that members of a community bank's team can't credibly serve as trusted advisors to the community if they aren't there. Advisors earn trust and get to know clients gradually, over time. Torrington Savings Bank's low employee turnover means that the advisor with whom you discussed your banking needs will be there in the future if you have questions. Customers also appreciate that decision makers are accessible and available to meet you at your place of business. "In larger banks, when you meet with the relationship officer, you're not likely discussing your needs with a decision maker. At Torrington Savings Bank, "the client has access to Senior Management and a team of seasoned bankers who have the authority to work through a transaction from beginning to end," said Larsen. "Many bankers are challenged with pushing products, but they are not equipped to underwrite. Our commercial bankers are seasoned professionals. We spend time understanding our customers' needs and offer solutions tailored to meet their requirements." "One of the reasons for employees' staying power and love for what they do comes from the top," said Larsen. There is a high degree of communication and collaboration at TSB. An example of this is, team members are regularly invited to join Lesa A. Vanotti, President & CEO, for small group lunch and learn discussions. Lesa always takes the time to listen and follow up on comments and suggestions from team members across all levels of the organization. This culture of respect breeds more respect, translating into strong customer service. Cash flow experts No matter the need or industry, Torrington Savings Bank customizes product recommendations. Here in the community, the bank has been helping businesses pick up where they left off before the pandemic, with advice, loans, and treasury management. "Big concerns for our local businesses include capital and liquidity," he said. "Owners need to know they have recurring access to capital and tools to manage their cash flow." Larsen tells of a childcare and early-learning facility the bank helped with a capital loan to complete a major project, fueling growth. While building a new structure was pivotal for the business, the bank also saw a need for cash management services, such as remote deposit and online wire and ACH initiation, so the company could focus on the children — and not send colleagues to the branch to make deposits. Larsen pointed out that the convenience of bringing the bank to the client through cash management is just one benefit of this service, suggesting that efficiency and safety likewise come into play with the use of treasury management products. "Smart bankers bring the bank to the customer," said Larsen. Another recent transaction is in the medical sector. The industry continues to undergo consolidation and the client needed capital to acquire another business. In doing so, "we provide the partnership necessary to complete the transactions while also offering tools to manage the firm's cash flow," said Larsen. The bank also just provided guidance to a retail pharmacy for their expansion and to improve their payment processing. Torrington Savings Bank develops unique lending solutions for their customers, as well as offering streamlined products that simplify transactions, merchant services, check processing with remote deposit, positive pay, and online balance reporting. This personalized approach helps to improve their customer's day-to-day and future business operations. Future looks bright Growing areas of the economy such as real estate development, housing, medical, and select manufacturing, need money to expand, explained Larsen. With knowledgeable guidance from Torrington Savings Bank, term loans for equipment acquisition, lines of credit to support working capital, and mortgages to acquire and refinance loans on commercial real estate have been a pathway to success for many businesses. The bank continues to help these sectors and others. With 125 employees and a solid reputation based on years of excellent customer service, this mutual bank that "pays" dividends back to communities it serves - in the form of donations and employee involvement — expects continued growth through responsive, personal service. "It is a standard we must uphold, as it's what sets us apart," said Larsen. Businesses benefit from small bank's clout, customization SPONSORED CONTENT By Susan Shalhoub "Our commercial bankers are seasoned professionals. We spend time understanding our customers' needs and offer solutions tailored to meet their requirements." - Paul Larsen Paul Larsen Senior Vice President and Chief Lending Officer - Torrington Savings Bank BRISTOL | BURLINGTON | FALLS VILLAGE | GOSHEN | NEW HARTFORD | TORRINGTON Torrington Savings Bank is here to support your present and encourage future with the business banking products and services you need: Small business & commercial lending options Convenient & competitive Business checking & savings accounts Payroll processing Credit card processing Cash management services & more Your Business is Our Focus. Let's Grow it Together. Connect with a TSB Banker to get started TorringtonSavings.Bank/Business (860) 496-4495 TSB's newest and 8th location in Bristol opened August 2021.

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