Hartford Business Journal

8 HARTFORDBUSINESS.COM | SEPTEMBER 4, 2023 Corner Office Chelen Reyes is the new president and CEO of Union Savings Bank. HBJ PHOTO | STEVE LASCHEVER New head of Union Savings Bank Reyes focused on growth, community investment to grow the bank's assets and profit margin, even as the industry faces challenges, including a high interest rate environment. Deposit costs have been rising, Reyes said, forcing the bank to manage expenses closely, while it continues to maximize revenue opportunities and develop new products and services for business and retail customers. Borrower credit is "fine at the moment," according to the bank, which reports seeing few credit issues within its loan portfolios. At the end of the first quarter of 2023, the bank, like many U.S. lenders, did set aside more money for potential credit losses ($200,000) compared to the fourth quarter of 2022 and the year-ago period, according to Federal Deposit Insur- ance Corp. data. "I do expect us to continue to grow in a profitable manner, and at the same time, build capital for our bank," Reyes said. Union Savings is focused on both individual consumer and business lending. It serves companies of all sizes, and would like to grow its port- folio of small business customers, which have unique needs in terms of cash management, treasury and credit. Most of the bank's recent commer- cial loan production has been in commercial real estate, Reyes said. The bank's commercial growth By Michelle Tuccitto Sullo msullo@hartfordbusiness.com C helen Reyes, who took over as president and CEO of Union Savings Bank in August, said he's committed to the Danbury-based lender's future growth amid a challenging industry environment. Reyes became the bank's pres- ident in February. When CEO Cynthia C. Merkle retired in August, Reyes also assumed the CEO role. "I'm excited and grateful about this opportunity," Reyes said. "I feel very fortu- nate to have landed here at Union Savings Bank." The president and CEO roles will remain combined going forward, with Reyes managing day-to-day oper- ations and executing on the bank's strategic plan. Merkle previously held both roles before Reyes' arrival. "We think it can be done in an effective and efficient manner by one individual," Reyes said. "Cindy has really created a very strong foundation and a clear direction and vision for the bank. My main goal, first and foremost, is to continue her legacy and that trajectory of the bank." Merkle said Reyes has the stra- tegic business experience, in-depth banking knowledge and leadership capabilities for the job. Continued growth Reyes' background includes more than two decades of experience in retail banking, lending, wealth management and marketing. Before joining Union Savings about seven months ago, he had several leadership roles with Hudson Valley Credit Union, most recently as a senior vice president respon- sible for retail delivery, marketing and lending. During his career, he has led initia- tives for new product rollouts, and worked to improve customer rela- tions and employee training, he said. Under Merkle's leadership, Union Savings has grown to more than $3 billion in assets, including $800 million in growth over the last four years. The bank, first established in 1866, reported $20.4 million in net income for 2022, up from $18.4 million in 2021, and $17.8 million in 2020. Reyes said he wants to continue CHELEN REYES President and CEO Union Savings Bank Education: Master's degree, business management, Asian Institute of Management Age: 51 Cynthia C. Merkle

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