Thomaston Bank reports strong year, growth

Published on Tuesday, 27 June 2017 21:21
Written by BRIAN M. JOHNSON

STAFF WRITER

BRISTOL - Thomaston Savings Bank is having another strong year, says President Stephen Lewis, and the bank has added new products to aid senior homeowners and first time homebuyers.

“We have added a lot of new products for first-time homebuyers to help get them into a home mortgage that they can afford,” said Lewis. “We are able to offer a mortgage with as little as 3 percent down, depending on credit history and income, with no PMI (private mortgage insurance) through the Federal Housing Authority. We also offer different programs for the construction side. We have no inspection fees and only one closing necessary. We’re also pretty flexible on construction; we allow the borrower to be the general contractor.”

Lewis added that the turnaround with Thomaston Saving’s Bank’s mortgage program is around 30 days. He claimed that the average is 45 to 60 days.

“We’re very excited to help get people into new homes,” he said. “People appreciate that our staff tries to make this process as painless, uncomplicated and understandable as possible with a mortgage transaction.”

Lewis said that Thomaston Savings Bank has also just begun a reverse mortgage program geared toward seniors.

“They are able to take money out of their house loan, and when they pass away, the government works with the reverse mortgage and settles the estate,” he said. “This is an option for if they need additional income. It is much better than our past products and is more flexible and favorable to the consumer.”

Locally, Lewis said that the new bank branch at 120 Farmington Ave., which opened last June, has performed “better than expected.” The Farmington Avenue location is the second branch to open in Bristol, with the other located at 40 Middle St.

“We’re happy with the new customer activity and growth,” he said. “We’re up to $13 million in deposits.”

Lewis also urged local nonprofits to apply to grants from the Thomaston Savings Bank Foundation while they still can. The grant application window closes June 30.

“This is the foundation’s 20th year,” said Lewis. “We definitely hope to get a lot of applications and have another big year of grants. In 2016, we awarded $500,000 in grants. The foundation was formed in May 2017 with an original contribution of $2 million, and since then, the bank has contributed $6.4 million to the foundation and has distributed $5 million in grants while still maintaining a balance of $6.8 million. The foundation has really been able to grow along with nonprofits throughout our service area.”

The Thomaston Savings Bank Foundation recently sponsored a trip for eighth graders to come to the Memorial Military Museum to learn about World War I. The foundation also helped the Bristol Historical Society open their General Store.

Lewis said that the advantage of banking with Thomaston Savings Bank is that “we’re your neighbors.”

“We live in our towns, and we know our customers,” he said. “We want to build long-term relationships, not just one-time transactions. We want to be here for you today and tomorrow for all of your needs.”

For more information, or to apply for a grant through the Thomaston Savings Bank Foundation, visit thomastonsavingsbank.com.

Brian M. Johnson can be reached at 860-973-1806 or bjohnson@bristolpress.com.



Posted in The Bristol Press, Central CT Chamber of Commerce, on Tuesday, 27 June 2017 21:21. Updated: Tuesday, 27 June 2017 21:23.