| Business Summary | | Connecticut
Bancshares,
Inc.
is
the
holding
company
for
Savings
Bank
of
Manchester
(the
Bank).
The
Bank
is
a
traditional
savings
association
that
accepts
retail
deposits
from
the
general
public
in
the
areas
surrounding
its
23
full-service
banking
offices.
It
uses
those
funds,
together
with
funds
generated
from
operations
and
borrowings,
to
originate
residential
mortgage
loans,
commercial
loans
and
consumer
loans,
primarily
home
equity
loans
and
lines
of
credit.
The
Bank
primarily
holds
the
loans
that
it
originates
for
investment.
However,
the
Bank
also
sells
loans,
primarily
fixed-rate
mortgage
loans,
in
the
secondary
market,
while
generally
retaining
the
servicing
rights.
The
Bank
invests
in
mortgage-backed
securities,
debt
and
equity
securities
and
other
permissible
investments.
Its
revenues
are
derived
principally
from
the
generation
of
interest
and
fees
on
loans
originated
and,
to
a
lesser
extent,
interest
and
dividends
on
investment
and
mortgage-backed
securities. | More
from
Market Guide: Expanded
Business Description |
| Financial Summary | | Connecticut
Bancshares
is
the
holding
company
for
the
Savings
Bank
of
Manchester,
which
operates
23
branches
in
CT.
For
the
six
months
ended
6/01,
total
interest
income
rose
10%
to
$50.1
million.
Net
interest
income
after
loan
loss
provision
rose
16%
to
$27.5
million.
Net
income
totaled
$7.7
million
vs.
a
loss
of
$1.1
million.
Results
reflects
higher
interest
earning
assets
and
interest
yields
on
loans
and
investments
and
the
absence
of
an
$8.3
million
charge
to
establish
SBM
Charitable
Foundation. | More
from
Market Guide: Significant
Developments |
| | | | FY2000 Pay | |
| Laurence Rubinow, 56 Chairman | -- | Richard Meduski, 55 Pres,
CEO, Director of the Company & Director, Pres & Treasurer of the | $534K | Douglas Anderson, 50 Exec.
VP | 247K | Charles Pike, 57 First
Exec. VP | 296K | Michael Hartl, 56 Sr.
VP, Commercial Lending | -- | Dollar amounts are as of 31-Dec-2000 and compensation values are for the fiscal year ending on that date; "Pay" is salary, bonuses, etc.. |
| More
from
Market Guide on Officers & Directors: Expanded
List, Bios,
Compensation,
Options
|
|