PAWCATUCK — Jewett City Savings Bank, a community bank established in 1873, has extended its footprint to shoreline Connecticut with the opening of its sixth branch at 46 West Broad St. in Pawcatuck.
The new full-service branch occupies 2,800 square feet of renovated space in the long vacant Citizens Bank building downtown. The bank will conclude its opening celebration with a sweepstakes drawing for a grand prize of $1,000. Entry forms are available in the lobby and will be accepted through Saturday, with the drawing held on Monday, Nov. 25.
Shannon Haeseler is the branch manager and Amy Panciera is the branch supervisor. Senior Vice President Ernest Muccio is the chief credit officer.
Haeseler, of Canterbury, joined the bank in 1989 as a head teller, left to raise her family, and returned to banking in 2017. Before her promotion she was the lead customer service specialist in the bank's Plainfield office. Panciera, of Westerly, has 15 years of banking experience.
The bank is headquartered in Jewett City and has other branches in Brooklyn, Dayville, Plainfield and Preston. In its 2018 annual report, President and CEO Kevin Merchant said the bank's net income had risen to $1,816,000, a gain of 25 percent compared with 2017, and assets totaled $283.8 million. Deposits amounted to $215.6 million. Merchant also noted that total loan originations of $60 million last year included $39 in commercial loans — "loans that directly impact the economic vitality of the community."
The bank operates as a mutual bank with management reporting to a board of directors and corporators. Since 2004, the Jewett City Savings Bank Foundation has donated over $830,000 to various local nonprofit groups, health, social, and emergency services, and other recipients.
The annual report also noted that the readers of the The Commercial Record, a trade publication, had named it Best Community Bank in Connecticut for five consecutive years.
Hours of the Pawcatuck branch are Monday-Friday, 8:30 a.m. to 5 p.m., and on Saturday from 8:30 a.m. to noon. There is also a drive-up ATM.