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18 Hartford Business Journal • November 26, 2012 www.HartfordBusiness.com Celebrating 20 Years of Business News pressure on community banks from collapse- wary federal bank regulators, armed with guidelines of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Martin J. Geitz, CEO of Simsbury Bank & Trust, recently decried in an opinion piece in the Hartford Business Journal (Break up mega-banks, community banker argues, Oct. 22) the mounting level of federal oversight on community banks, many of which are char- tered and regulated by the states where they are headquartered. Because their deposits are federally insured, they fall under the umbrella as of the Federal Deposit Insur- ance Corp. Though they must comply with the same rules as Webster, First Niagara, Bank of America and Wells Fargo, lenders that are regional or national in scope, Connecticut's community banks lack the deep pockets to afford extra staff to comply with federal regu- lations, observers say. Also, new federal requirements for capi- tal standards exceed what most state bank regulators require, another financial burden community lenders must bear, they say. Pitkin and his fellow state bank regulators are "trying our hardest'' to persuade Wash- ington to exclude community bank from those onerous capital requirements, among other potential forms of regulatory relief. "You could see community bankers as an endangered species,'' Pitkin said. g BANKING 20 Years of Name Deposits (000) Market share Shawmut Bank CT 1 $9,291,856 16.87% Fleet Bank 1 5,909714 10.73% People's Bank 4,650,591 6.44% Bank of Boston CT 1 3,022,489 5.49% Union Trust Co. 2 2,318,958 4.21% Name Deposits (000) Market share Bank of America $24,555,614 23.92% Webster Bank 12,136,213 11.82% People's United Bank 3 10,981,060 10.70% Wells Fargo Bank 7,346,402 7.16% TD Bank 5,894,904 5.74% Top five CT banks 1994 (based on CT deposits as of June 30) Top five CT banks 2012 Source: Connecticut Banking Department 1) Now part of Bank of America 2) Now part of Wells Fargo Bank 3) Changed name after 2007 buyout of former Chittenden Bank in Vermont from page 16 M arch 16, 2008 was a shocking day for the world financial markets. Just days earlier, Bear Stearns, one of America's most trusted and venerable investment banks, was sitting on $18 billion in cash reserves. But on this day, Bear Sterns was sold to J.P. Morgan Chase for $10 per share. It marked the first day of the global financial crisis and the Great Recession. It also marked my first day as president and chief executive officer of Farmington Bank. What happened on that March day in 2008 encapsulates both the great challenges and subsequent successes experienced by the banking and financial industries during the past 20 years. In 1992, we were just coming out of a deep recession, one that was particularly tough on Connecticut's economy. But the lessons we learned from that time have served us well in this latest and greatest cycle of eco- nomic challenges. Through both of them I've learned a lot about myself and about what makes our country, our state and our communities great. The past 20 years have been a tremen- dously meaningful and exciting time for my family and me. My wife, Pamela, and I have been blessed with three wonderful and healthy children, something I give thanks for every single day. Professionally, I've been honored to lead two Connecticut banking institutions, TD Banknorth (now TD Bank) and Farmington Bank, founded as Farming- ton Savings Bank more than 160 years ago. Leadership is really about leading a team effort, and I've been very lucky to work with some of the finest people in the banking business. The past 20 years have been particularly stunning in their transformative nature. We've learned life-alter- ing lessons from such once-in-a-lifetime events as Y2K and Sept. 11, 2001. The turning of the century brought great light on our dependence on technology, and it is now our go-to source for innovation and pro- cess improvements in all areas of our lives. From the unfathomable events of 9/11, we now hug our children and loved ones a little tighter. We continue to adapt to the continuous threat of terrorism, both on our streets and in our businesses. The future holds great promise and chal- lenge for our region. We will continue to live and work in a competitive, global and free economy, but will undoubtedly experience the impact of regulatory reforms on our busi- nesses (for example, Dodd-Frank) and our homes (via the Affordable Care Act). Close to Farmington Bank's headquarters, I am excit- ed about Farmington Valley's opportunity in the biotechnology field and our region's par- ticipation in the Hartford-Springfield knowl- edge corridor. Lastly, in celebrating the 20th anniversary of the Hartford Business Journal, I would like to honor all the people and businesses in its circulation area. Personally, you've given me much for which I am thankful, for I know of no other region that works so tirelessly to improve the lives of others by supporting of nonprofit organizations and personally help- ing neighbors in need. We may be living in uncharted times, but our combined years of hard work, philanthropy and volunteerism prove to be rocks for all ages. g John J. Patrick Jr. is chairman, president and chief executive officer of Farmington Bank. Firm eye on banking's future, but keeping deep roots to the past By John J. Patrick Jr. "Remembrance" 'The past 20 years have been particularly stunning in their transformative nature.'