Hartford Business Journal

www.HartfordBusiness.com October 12, 2015 • Hartford Business Journal 5 Banker Brouillard is 'Main Street's Mr. Fix-It' By John Stearns jstearns@HartfordBusiness.com R heo Brouillard, president and CEO of Willimantic-based Savings Insti- tute Bank and Trust Co., travels to Washington, D.C., about every other month to advocate on behalf of commu- nity banks and reasonable regulations. He's done that since at least 2008, when the financial crisis ushered in a new era of banking regulations. "I would never have considered myself an activist in any way," said Brouillard, also president and CEO of the bank's hold- ing company, SI Financial Group Inc. "But the problems the economy went through in 2008, they were not caused by community banks. All the bank bashing that went on really offended me, to be honest with you." Lawmakers had been warned of emerg- ing problems in the housing-finance indus- try, Brouillard said, adding that some mort- gage products shouldn't have been sold. "[Washington lawmakers] get lacka- daisical and the pendulum goes too far one way, and then all of a sudden things happen and they're going to be the white knights; they're going to fix it," Brouil- lard said. "They could have fixed it a long time ago if they had paid attention to what was going on. So the pendulum goes all the way the other way, and that's where we are now with things like Dodd- Frank and the Consumer Finance Pro- tection Bureau — they're overreactions to a problem." Regulation is necessary, but Dodd- Frank is so massive that not every detail was thought out, leading to unintended consequences, he said, citing some new mortgage rules as an example. "Banks like ours have been operating since 1842 making good residential mort- gage loans," he said. Now, loans now must fit in a box. "We've made loans that fit out- side that box for a hundred years because we knew our customer and we knew our market and so now when the people that are outside the box come in, they're being told, 'no,' and that's not right." He advocates for reasonableness in banking rules, which is why an Ameri- can Bankers Association Banking Journal cover story on Brouillard last year was titled, "Main Street's Mr. Fix-It," adding, he "knows how to roll up his sleeves, whether to rehab a troubled bank or send a message to Washington." Brouillard, 61, who marked 20 years as Saving Institute's leader in August, had his hands full when he arrived on the heels of management turmoil. "There was just a lot of bad press and bad things going on that needed to be cleaned up," he said. Under Brouillard's leadership, the bank began a several-year turnaround, grow- ing from about $250 million in assets and eight branches in 1995 to $1.4 billion and 26 branches at June 30 — 21 branches in Con- necticut and five in Rhode Island after the bank acquired Newport Bancorp Inc. in 2013. Fixing Savings Institute wasn't Brouil- lard's first challenge. In 1989, he became CEO of the failing Danielson Federal Sav- ings and Loan Association, arriving from BayBank in Springfield, Mass. "I was 35 years old and when you're young and naïve, those kind of challenges look interesting — and they were," he said of what proved a great learning experience. He kept the S&L from failing and it was later sold. Brouillard is genuine, approachable and innovative, said Laurie Gervais, SI's chief administrative officer and 32-year employee. "He's always looked to the future to grow the bank to make sure that it's about customer service, to make sure that we are top level in what we do," she said. Brouillard grew up in Chicopee, Mass., and married his high school sweetheart, Faith, after his junior year at Western New England University in Springfield, where he also played football. The couple has three grown children and six grandchil- dren, one of whom, now 19, they've raised since she was 3. The Brouillards live on a 30-acre farm in Hampton and have four horses. They've hosted Ride for the Cure at the ranch for several years, raising up to $65,000 annu- ally for breast cancer research. n H B J P H O T O | J O H N S T E A R N S Rheo Brouillard spends time in Washington every few months urging Congress not to overregulate community banks. PDS has been meeting the needs of the construction industry since 1965. Our dedicated team of design and construction professionals welcomes the challenge of serving its past and future customers on their most demanding projects. US Cosmetics | Danielson, CT PDS Engineering & Construction served as General Contractor for an addition to the existing US Cosmetics facility in northeastern Connecticut. Particular attention was given to ensuring that the floor system was constructed to be completely level in order to balance all the material and products being stored on the racks. This project was completed on time and within budget. Project Features: - 50' storage racks throughout the entire addition Total Project Size: 18,000 SF 107 Old Windsor Road, Bloomfield, CT 06002 (860) 242-8586 | Fax (860) 242-8587 www.pdsec.com DESIGN BUILDERS • GENERAL CONTRACTORS • CONSTRUCTION MANAGERS SPOTLIGHT ON: Manufacturing PDS ENGINEERING & CONSTRUCTION, INC. THINK • PLAN • BUILD P.O. Box 2468, New Britain, CT 06050 800.969.3837 nteriors.com Summer, Fall, Winter, Spring Keep your exterior colorful and festive year round with our exterior seasonal program! indoor / outdoor plantscapes • holiday decor From Central Connecticut's trusted business news source. It's the up-to-date information you need to do better business! Get local breaking business news daily! Sign up today at HartfordBusiness.com: Click on the 'subscribe' button HBJToday and Rheo Brouillard President and CEO of Savings Institute Bank and Trust Co. Highest education: MBA, American International College, Springfield, Mass. Executive insights: I was raised to treat people with respect. You didn't ask them to do anything you wouldn't be willing to do yourself. … From a management point of view, I think [those attributes are] very important. People will work really hard if they feel an affinity towards the organization and the management of that organization because they see that those people respect them and they're treated well. EXECUTIVE PROFILE

• Cover