Hartford Business Journal

www.HartfordBusiness.com December 22, 2014 • Hartford Business Journal 37 Industry Focus E c o n o m i c F o r E c a s t Connecticut Banking performance Summary The following data has been aggregated from all Connecticut-based banks insured by the Federal Deposit Insurance Corp. Sept. 30, 2014 Sept. 30, 2013 Sept. 30, 2012 Number of banks 45 46 52 Total employees (full-time equivalent) 13,778 13,468 13,988 Aggregate Income Data (in millions) (in millions) (in millions) Net income (year-to-date) $483 $398 $459 Total assets $90,132 $81,226 $80,316 Total loans & leases $64,182 $56,730 $54,733 Total deposits $67,163 $60,438 $61,054 Equity capital $10,787 $9,886 $10,561 Performance Ratios (YTD, %) Yield on earning assets 3.67 3.79 4.2 Net interest margin 3.25 3.3 3.59 Return on assets 0.74 0.67 0.77 Return on equity 6.16 5.38 5.87 Percent of unprofitable institutions 6.67 15.22 11.54 Percent of institutions with earning gains 60 43.48 51.92 s o u r c e : F e d e r a l d e p o s i t i n s u r a n c e c o r p. Reilly be calibrated such that it is appropriate to the size and risk profile of our banks. Q: As more Connecticut and Mas- sachusetts banks expand into each others' turf, how do you see that sce- nario playing out? A: New competition is always good for business and I would expect most of these expansions to be successful. Many of our branches are located in low growth or overbanked market places and there is often the need to stretch geographically to develop business. And crossing state lines is not much different than banks stretching over county lines. Yes, there are different rules that you must abide by, of course, but these are simply strategies to grow business in other markets where banks feel the market is underserved and opportunities exist. Having operated in this economic recovery for several years now, banks are seeking new opportunities to offset these weak economic conditions and crossing state lines is one viable option. n 231 Farmington Avenue, Farmington, CT 06032 860-678-7100 | www.flrcpa.com Tax Professional Opportunity. JOin The crew Unique local accounting and tax firm is looking for a serious tax professional. cPA, JD or MT a plus. Most clients expect a boutique firm like ours in New York and are surprised to find one hidden in the Hartford area. Complex, high level work, good compliance skills but research and writing as well. Remarkable opportunity (everyone says that but we really mean it.) Outstanding client base with significant, complex issues. Ideal candidate is probably in their third year at a larger accounting firm and perhaps currently in a narrow niche or is discouraged with career prospects. We are talent driven and flexible. It is a hands on environment where you work directly with very experienced senior partners. No headhunters please. In complete confidence, send resume and a cover letter about your career aspirations to mjason@flrcpa.com. Subscribe it's in print Subscribe today and get access to the information that Central Connecticut business people and decision makers use every day. To subscribe call 845-267-3008 or go to www.HartfordBusiness.com You'll find it in print • Need to grow your busiNess? • research your competitioN? • FiNd hartFord's latest busiNess News aNd ecoNomic treNds? G r e at e r H a rt f o r d' s B u s i n e s s n e w s D e c e m b e r 22, 2014 w w w. H a rt f o r d B u s i n e s s. c o m V o l u m e 23 n u m B e r 5 $49.95 ECONOMIC F o r e cas t Find out what's ahead for Connecticut's economy in 2015 Gain insights into the industries that will drive or drag next year's economy Take a look back at the events, deals, and newsmakers that made headlines in 2014 « « « G r e at e r H a r t f o r d ' s B u s i n e s s n e w s w w w. H a r t f o rd B u s i n e s s . c o m for more B2B news visit March 31, 2014 Volume 22, number 19 $3.00 subscribe online June 5, 2014 Only 10 weeks until C T B E x p o . c o m Index ■ Reporter's Notebook: PG. 5 ■ Week in Review: PG. 6 ■ The List: PG. 10 ■ Deal Watch: PG. 11 ■ Nonprofit Notebook: PG. 19 ■ Opinion & Commentary: PG. 20 Faces oF Business Main Street Mainstay Manchester's Bray Jewelers has survived for almost 100 years. Read about the family business' secrets to success and what makes customers keep coming back. PG. 3 Focus: economic DeveloPment Social Entrepreneurship Hartford business accelerator aims to nurture socially conscious businesses. PG. 8 Music copyright lawsuits cost restaurants unexpected thousands By Matt Pilon mpilon@HartfordBusiness.com A few years ago, nine songs were played inside Shelton's Vazzy's Cucina restaurant that ended up costing owners John Vazzano and Vincent L. Noce $18,000. That's because an agent of licensing giant Broadcast Music Inc., which represents the artists who owned the tracks, attested to being present when the tunes were played and sued Vazzano and Noce for copyright infringement, claiming the restaurant's music qualified as a public per- formance. Under federal copyright law, that meant the restaurant had to pay for the rights to play the songs, BMI said. Vazzano said he thinks a private party actually played the tunes. Broadcast Music Inc. • Founded in 1939 • Represents more than 600,000 songwriters and publishers with more than 8.5 million songs. • Distributed 85 cents of every dollar in licensing revenue in royalties — that amounted to $814 million in fiscal 2013. By Gregory Seay gseay@HartfordBusiness.com B y late May, the Corporation For Independent Living (CIL) expects to have in its hands title to the derelict Capewell Horse- nails factory in Hartford's South End in a bid to convert the idle eyesore into 72 apartments and an adjacent parcel into 24 affordable townhomes. If it does, it will open another fruit- ful chapter for a South End nonprofit that has leveraged — and exported — its talent as a group-home developer to shelter a diverse swath of central Connecticut's population. It, too, will be one of the final swan songs before the yearend retirement of its first and only chief executive. Since its launch in 1979 to finance, build, lease out — then ultimately give away — supportive shelter for thou- sands of the state's physically and mentally disabled, CIL has invested $458 million to construct or convert 2,205 dwelling units into shelter for 7,200 residents in Connecticut and Massachusetts. For at least a dozen years, CIL has applied that same skill set to its expand- ing for-profit realty development opera- tions that include Capewell, and a neigh- boring nonprofit-office-space cluster. In February, CIL announced it bought and will resume work on the $3.34 mil- lion Depot Crossing mixed-use project John Vazzano, owner of Vazzy's Cucina in Shelton, was upset when his restaurant had to pay $18,000 to settle a music copyright lawsuit. P h o t o | P a b l o R o b l e s Continued on page 16 Continued on page 15 Martin "Marty'' Legault, president and CEO, Corporation For Independent Living (CIL) With Legault, developer CIL soars as landlord Sued for a ong

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