Naugatuck Valley bank names new CEO
NAUGATUCK-Naugatuck Valley Financial Corp., the parent of Naugatuck Valley Savings and Loan, said Wednesday it has appointed a veteran bank executive from Newtown as the new president and chief executive officer of both the bank and its holding company.
William Calderara, the chief lending officer of Newtown Savings Bank, will become the Naugatuck-based bank’s new chief executive effective Friday, pending a formal notice of non-objection from the federal Office of the Comptroller of the Currency, the bank’s primary regulator, said Carlos Batista, the chairman of the bank’s board of directors.
The bank has already received a preliminary non-objection to Calderara’s immediate appointment, Batista said.
Calderara replaces John Roman, the president and chief executive officer of the holding company since 2004 and the president and CEO of the bank since 1999. Roman announced his resignation in early June and left the company in early August.
Calderara has more than 25 years of experience in all aspects of banking and bank management and has held senior executive officer positions at several community banks, Batista said in announcing the appointment.
As Newtown Savings Bank’s chief lending officer, he had direct management responsibility for commercial and small business lending, loan administration, loan servicing and risk management.
Before joining the Newtown bank, he directed commercial lending at Ridgefield Bank as its senior vice president and chief lending officer, overseeing all lending activities. Before that, he was responsible for marketing, sales management, information technology, retail lending, and loan administration at Fairfield County Bank.
Earlier in his career, Calderara directed residential lending operations at a multibillion dollar bank in White Plains, N.Y., and was also in charge of a subsidiary company of The Bank of New York, where he oversaw all residential lending activities, including secondary market operations.
“I’m thrilled to be joining Naugatuck Valley, and excited about the opportunities it presents,” Calderara said in a statement. “The bank operates in great communities, has strong capital and dedicated employees, and a committed and supportive board.”
Naugatuck Valley Savings and Loan, which operates 10 retail banking offices in Southwestern Connecticut, has had a difficult first three-quarters in 2012.
In March, the bank announced it would record a pre-tax charge of $800,000 during the first quarter because it had underpaid interest on certain certificate of deposit accounts. An internal review had discovered that some CD accounts were being renewed at a lower interest rate than had been promised customers when they first established the account, the bank said.
Two months later, in May, the OCC told the bank it needed to upgrade and improve its policies and practices in certain areas, including its risk assessment practices and the administration of its loan portfolio.
Roman resigned one month later.
“While some more hard work still lies ahead, I’m confident that all the necessary ingredients are present for the bank to advance and flourish over the long-term,” Calderara said.
Naugatuck Valley Financial Corp. shares, which are traded on the Nasdaq Global Market under the symbol NVSL, lost 21 cents, or 2.8 percent, Wednesday to close at $7.11 per share.