Gary D'Andrea New Deposit Operations Manager
Windsor Chamber Names WFS 2010 Business Of The Year
Community Banks Need Level Regulatory Field
Windsor Federal Savings Partners With GoDirect Campaign
"Free Shred Day" Keeps Identity Theft At Bay

Gary D’Andrea New Deposit Operations Manager at Windsor Federal Savings

WINDSOR, CT - June 2010 - Mark E. Griffin, President of Windsor Federal Savings is pleased to announce that Gary D'Andrea has joined the Association as Vice President, Deposit Operations Manager.

Gary is a seasoned banking professional with over thirty years of diverse experience within the industry.  His most recent position was with People’s United Bank, Bridgeport, where he was Vice President/Manager – Operations Services. He received his B.A. Degree from Southern Connecticut State University and has been an Instructor with the New England College of Finance.  

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Windsor Chamber Names WFS 2010 Business Of The Year

Windsor, CT - June 2010 - Windsor Federal Savings has been selected as a co-recipient of the “Business of the Year” Award by the Windsor Chamber of Commerce. The award is recognition by the Windsor Chamber of an organization’s devotion to Community Service and dedication to the improvement of the Town of Windsor.

The award was presented to Windsor Federal Senior Vice President and Chief Financial Officer Mary-Lynn Kinney at the 61st Annual Windsor Chamber Dinner and Meeting, held at the Hartford/Windsor Marriott on Friday, June 11th.

According to Windsor Federal President Mark Griffin, giving back to the community is a core company value: “we have always believed as an organization that to truly be a part of the community, you have to be ready to help your neighbors, in any capacity. Our monetary donations are only one part of our approach. We also try to donate time and talent to help our communities and their various needy causes. We are honored to help wherever possible, and are grateful for the award”.

Windsor Chamber of Commerce Executive Director Jane Garibay agrees. “Windsor Federal is always there when asked. They are a true pillar of the community, and they give in so many, many ways. We are proud of their commitment, both to the Town of Windsor, and beyond.”

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Windsor Federal's "Free Shred Day" Keeps Identity Theft At Bay

Windsor, CT - April 2010 - Saturday, April 24 was a sad day for identity thieves in the Hartford area.  While none were apprehended, a huge dent was put in their efforts due to Windsor Federal Savings’ “Free Shred Day”, held at the Windsor Federal loan center in Windsor.

By 9:30 that morning, over 9,000 pounds of potentially sensitive documents had been shredded, courtesy of East Windsor-based Infoshred, including old tax returns, medical records, financial statements and other personal documents.   What was good for the community was definitely bad for identity thieves.   “Identity theft comes in many forms and affects people in many different ways” said Mark Griffin, president and CEO of Windsor Federal Savings.  “The Free Shred Day is one way Windsor Federal can provide the community with a quick and easy way to destroy unneeded personal documents to help protect against this growing criminal activity”.

By 1:00 p.m., over 22,000 lbs of documents had been shredded – over 11 tons of paper that were processed by Info Shred and then sent for repulping and baling, saving an estimated 130 trees in the process, and avoiding countless headaches that might have occurred from identity theft.

This is the fifth year in a row that Windsor Federal and Infoshred have teamed up, and according to Infoshred Owner Stacey DiPiazza, its well worth continuing.  “Any documents that have personal information, or that can be traced back to an individual, really should be shredded.  Whether they are personal or business related, human resources, sales, or really anything that personally identifies, they should be destroyed.  Our commercial clients like Windsor Federal rely on us for our security, convenience, environmental responsibility, and to give them peace of mind.  Windsor Federal’s Shred Day is a great idea, and we’re happy to participate.”

According to Windsor Federal’s Robin Stanwick, customers look forward to the event all year long.  “Our customers circle the date on their calendars early on, and plan on it.  The number of people participating has increased every year.  We have done the event at other branch locations as well, and expect to have another one this coming October 23^rd, so watch our website for details”.  For more information go to www.windsorfederal.com and www.infoshred.com.

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Community Banks Need Level Regulatory Field
By Mark Griffin

Windsor, CT - April 2010 - In the aftermath of one of the biggest financial meltdowns in U.S. history, Sen. Christopher Dodd and the Senate Banking Committee have been working diligently to craft a response to many of the causes of the meltdown with a bill entitled: “Restoring American Financial Stability,” proposing, among other things, to create a new Consumer Financial Protection Bureau.  

On the other side of the Capitol, the House has already passed its own version of financial reform, and both sides are continuing to push their versions forward.  As of this writing, the full Senate is negotiating and debating this financial regulatory reform legislation.

Clearly, a response to the financial crisis was warranted, and prevention of many of the corporate “bad behaviors” that contributed to this unprecedented situation was necessary.

However, many, if not most, of those bad behaviors did not involve community banks.  At Windsor Federal and at thousands of other community banks around the country, we have always believed that adherence to sound business practices – a common sense approach, if you will – is the best way to avoid trouble and excessive risk.  For example, when many mortgage originators around the country were accepting loan applications that had no verified details – “stated only” in industry parlance – most community banks were still requiring verification to ensure the quality of our loans were as strong as possible.  In other words, we avoided the sub-prime’s because it didn’t make business sense to take that type of risk.

Community banks are highly regulated entities that “play by the rules” and are important sources of credit to businesses and consumers alike.  In fact, there are more than 8,000 community banks in the United States.  Because we are deeply rooted in our cities and towns, we know our customers, we know our local businesses, and we can make sound financial decisions that contribute positively to the growth of the communities we are involved in.  Community banks are in business for the long-term, and we run our businesses with a broad horizon in mind.

One thing that we can’t do, however, is compete with organizations – “non-bank entities” as they are called – that get to play by a different set of rules. Just as both teams in a sports contest have the same rules to follow – and the same penalties if they don’t – we need all players to have the same rules, and the same resulting responses from regulators if they are not.

According to Comptroller of the Currency John Dugan, poor credit underwriting was a key factor in the recent financial crisis, and “nearly 60 percent of non-prime mortgage loans and foreclosures in the ‘Worst 10’ markets were from originators not supervised by any federal banking agency.”  There is a prime example of who the culprits were, and why they need oversight.

 Simply stated, the referee needs to be able to apply the rules to all teams equally, which the current version of the proposed Senate bill does not address.  If it does not, community banks will be at a competitive disadvantage, adding to our already substantial regulatory overhead, and could even lead to multiple sets of examiners reaching separate conclusions without being coordinated.

Mark Griffin is president and CEO of Windsor Federal Savings, a community bank based in Windsor.

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Windsor Federal Savings Partners With GoDirect Campaign

Windsor, CT – April 2010 - Windsor Federal Savings is proud to partner with GoDirect – a campaign sponsored by the U.S. Department of the Treasury and the Federal Reserve Bank to inform people who receive federal benefits about the advantages of direct deposit and help them sign up for it.

Direct deposit provides the safest method of receiving Social Security and Supplemental Security Income (SSI) checks. It eliminates the risk of lost or stolen checks, and helps protect against fraud and identity theft. Furthermore, direct deposit provides people with immediate access to their money from virtually everywhere, which can be vitally important in the case of a natural disaster or a major life change.

Direct deposit also saves taxpayers millions of dollars. If every current federal benefit check recipient switched to direct deposit, it would save taxpayers about $130 million a year. Almost all the money saved remains in the Social Security Trust Fund – a benefit to all Americans for years to come.

Switching to direct deposit is a small but important way that people who get Social Security and SSI checks can improve their lives. GoDirect makes it quick and easy to sign up – just call the toll-free helpline (800) 333-1795 or sign up online at www.GoDirect.org or stop by any office of Windsor Federal Savings.

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