As Windsor Federal moves into its 86th year as a community-focused, mutual institution, I would like to take some time to reflect on and celebrate our history while looking ahead to the future.
A common sentiment surrounding the pandemic is that it helped to put things into perspective for people and organizations alike, and Windsor Federal is no exception. The challenges of the past two years have reaffirmed who we are, where we have been, where we are going, and what is most important: our people and our communities.
Windsor Federal’s success, since its inception, has been the result of the dedication of people working together to help their neighbors. Over the years, we have been able to hire and retain top-notch talent, which is especially remarkable given the recent pandemic job environment. Our employees have helped to build long-term relationships with our communities over the past 86 years through kindness, loyalty, and dependable customer service. Nancy Tollefson, Assistant Vice President, embodies the spirit and characteristics of the Windsor Federal Banker. Nancy recently semi-retired after over 40 years with the Bank, having worked in every one of our branch offices, getting to know her customers and fellow community members and serving their needs as banking evolved. She has been a mentor, setting the standard for the new generation of Bankers to follow.
As a mutual institution, Windsor Federal is owned by its customers and instead of having shareholders to satisfy, our Directors provide the guiding light of our organization. Board members live and work in our communities and are experts in their fields, providing a breadth and depth of knowledge that aid in charting the direction of the Bank. They are representative of our customer base and make decisions with the good of our neighbors in mind. In 2021, two long-time Directors, Michael R. Rabbett and Beverly Paganelli, handed their torches to newly elected members, Kristen Barbarotta and Stan Gryskiewicz. We have immense gratitude for Mr. Rabbett’s and Ms. Paganelli’s service and will continue to work in the mission and vision that they helped to create.
This past year was one of quiet celebration and achievement. Windsor Federal saw record earnings despite a challenging interest rate environment and originated over $171 million in commercial loans. We remain well-capitalized from a regulatory perspective. Additionally, we continued to help our Paycheck Protection Program (PPP) customers, successfully assisting 500 local businesses with forgiveness: 99% of all requests having been submitted to the government and 96% of loans having been forgiven.
A recent Community Reinvestment Act (CRA) exam rated our community development efforts as outstanding. During the pandemic, we provided additional financial support to local organizations that share a similar mission of helping our neighbors. We look forward to returning to more in-person events where we can provide human capital.
In October, Windsor Federal held an intimate grand opening ceremony at its new state-of-the-art South Windsor office and we are delighted with how we have been embraced by the South Windsor community. While growth does not come without change, we remain committed to our mutuality and our partnerships. When we grew out of our administrative space on Broad Street, it was important for us to remain in our hometown. Windsor Federal’s new administrative office building opened on Day Hill Road and our employees returned to work in a space that allows for improved collaboration and technological advancement.
Even after 10 years as President & CEO, I continue to be inspired by the dedication and hard work of Windsor Federal’s employees, Board of Directors and Advisory Board, the shared commitment of our partners to strengthening our communities, and the outpouring of support from our community members. As North Central Connecticut’s premier business lender, Windsor Federal will continue to bring economic strength and stability to our communities, and I am excited to see what the next year will bring.
All the best,
George Hermann, President & CEO