Naugatuck Savings Bank completes CEO transition

Charles Boulier III

NAUGATUCK — After an 18 month-long transition, Charles Boulier, III has been named chief executive officer and president of Naugatuck Savings Bank Jan. 1.

The transition saw former CEO Mark Yanarella retire from daily operations at Naugatuck Savings Bank and transfer leadership over to Boulier. Yanarella will continue to help guide the bank as Chairman of the Board.

“On behalf of everyone at Naugatuck Savings Bank, I want to thank Mark for his dedicated service since joining the bank in 1970. Without his outstanding leadership and valuable experience, Naugatuck Savings Bank would not be the outstanding financial institution it is today,” said Boulier in a prepared statement. “We all look forward to the future growth of our bank, for which Mark has so well positioned us. We wish him well.” To recognize Yanarella’s dedication to the bank and the community, Naugatuck Savings Bank also announced a $5,000 contribution to the Mark and Nichol Yanarella Fund at the Connecticut Community Foundation.

Last year Boulier, a Wolcott resident, was named president and chief financial officer. He joined Naugatuck Savings Bank in 2004 as executive vice president and chief financial officer, in 2009 he was elected president and director of Castle Bank & Trust which was merged into Naugatuck Savings Bank. He is also the vice president and treasurer of Nutmeg Financial, MHC, the parent company of Naugatuck Savings Bank and the Sutherland Insurance Group. In addition he has served as a director of the bank and the MHC since 2010.

Before joining Naugatuck Savings, Boulier was a senior executive vice president, treasurer and CFO of New Britain-based American Financial Holdings, the parent of American Savings Bank, where he worked from 1993 to 2004. He was a senior vice president of finance and investments at Waterbury-based Centerbank from 1981 to 1993.

A chartered financial analyst, Boulier received his MBA in finance from the University of New Haven and is a graduate of Bryant College with a degree in accounting. He is a 1973 graduate of Holy Cross High School in Waterbury, the school’s second graduating class.

He is vice chairman and director of the American Savings Foundation, a director and treasurer of the Connecticut Community Foundation, and a member of the finance committee for St. Margaret Church in Waterbury.

Naugatuck Savings is a state-chartered bank that operates 17 full-service banking offices and two limited-service offices — in Nonnewaug High School in Woodbury and Naugatuck High School — that are open only to students and faculty.