Issue link: https://nebusinessmedia.uberflip.com/i/1489696
2 HARTFORDBUSINESS.COM | ECONOMIC OUTLOOK SURVEY NBT Bank is proud to once again sponsor the Hartford Business Journal/ New Haven Biz Economic Forecast Survey. This important survey helps gauge how business leaders in our community are feeling about the economy in the coming year. It also gives us critical insights that will help us collaborate and overcome anticipated challenges. Given the current uncertainty in the economy, many businesses appear to be taking more of a "wait and see" approach on strategic initiatives such as capital investments with overall sentiment leaning slightly towards a more pessimistic outlook for 2023. According to survey results, many believe that inflation has peaked, but it will persist and continue to be a challenge in the foreseeable future. Therefore, everyone is adapting to this new norm and adjusting their growth strategies. Here at NBT, we are dedicated to finding solutions to overcome these challenges. Having served New England for more than a decade and celebrating our one- year anniversary of NBT's Connecticut Regional Headquarters in West Hartford and our full-service branch in Glastonbury in June, our experienced team are more than just bankers— we're your neighbors and friends. As a community bank, we're committed to giving back and supporting the organizations that make our communities better places to live. This community spirit is among our core values. In addition to volunteering our time, during our tenure in Connecticut, NBT Bank has supported over 50 local nonprofits, and we will continue to support these and more local nonprofits going forward. Our work in this state is the result of many years of investment in the belief that NBT Bank is the right fit for businesses and communities throughout New England. We began to serve the New England region in 2009 with the opening of our Vermont Regional Headquarters in Burlington. Since then, the bank has expanded our presence primarily through organic growth. Today, NBT has more than 180 employees and over $2 billion in loans throughout Vermont, Massachusetts, New Hampshire, Maine and Connecticut. NBT also has locations in northeastern Pennsylvania and upstate New York, and is headquartered in Norwich, NY, which dates back to 1856 with nearly $12 billion in total assets. We are committed to continue growing throughout New England and in Connecticut, and in December, NBT Bancorp announced an agreement to bring Connecticut-based Salisbury Bancorp, Inc. into the NBT family with a second-quarter 2023 closing expected, pending approval by Salisbury shareholders and regulators. With 140 locations throughout the Northeast in seven core states, NBT has the scale and investment capability Andreas Kapetanopoulos Regional President, NBT Bank Member FDIC Partnering with Connecticut's future. One business at a time. necessary to compete successfully in today's financial services arena, specifically commercial lending, wealth management, including a national 401K record keeping platform through EPIC Retirement Plan Services, and insurance. It is our local decision-making capabilities coupled with our experienced team with strong, local knowledge which allows for quick decision making. Through experience and our performance driven, consultative approach, NBT Bank can offer your company a solid partnership that provides unique and personalized banking solutions that meet your specific needs and goals. I'd like to take a moment to extend my sincere thanks to the community and our customers for the support we have received, and we look forward to expanding our presence in CT. We are excited to serve as the sponsor for this year's Hartford Business Journal's Economic Outlook Survey and are honored to contribute the expertise of our Chief Economist Kenneth J. Entenmann, CFA® to the conversation. Respectfully,