LETTER FROM OUR PRESIDENT & CEO
At Union Savings
Bank,
we believe the strength of
our
Bank starts
with our people and extends to everyone we serve. By empowering our employees, we are creating a culture of opportunity and innovation that delivers better experiences for our customers, stronger outcomes for our business and community, and a more solid foundation for us all. Our strong performance in 2025 was a direct reflection of that commitment.
This year, our dedicated team helped more neighbors become homeowners, provided financing to more small and midsized businesses, and empowered more customers to achieve their financial goals through saving, borrowing, and investing with us.
As a result, USB improved year-over-year performance across key business lines. The Wealth Group brought in $44.5 million in new assets for a total of $686 million and an all-time revenue high of $4.3 million. Our commercial team achieved a remarkable 9.5% portfolio growth, increasing loans and mortgages to $1.48 billion, while our business bankers lent more than $13.5 million. On the consumer side, we closed $132 million in mortgages – a 110% increase over the prior year – and $67 million in loans, which was 134% of our annual goal and a 110% increase year over year.
We introduced new products to meet evolving financial needs, helping grow total deposits to more than $2.72 billion. Our Boost Money Market account and Flex CD give savers added flexibility in today’s interest-rate environment. At the same time, GoalGetter, our purpose-built youth banking program, helps kids and teens learn smart money habits that last. (You can read more about this exciting innovation on pages 10–11.)
What makes GoalGetter so exciting and personally rewarding to me, beyond its inherent customer benefits, is that, while it originated in our Innovation Center, it quickly became a cross-team collaboration that enabled the Bank to bring this unique offering to market at lightning speed.
Such innovation and collaboration are hallmarks of the culture we’ve built around the promise we share: to put our customers and communities above all else. My teammates approach each day with purpose and a commitment to superior service, increasing
both employee and customer satisfaction scores in 2025. To me, these results are as important as our financial ones. They’re essential to the strength of our business and our long-term success.
Equally essential is investing responsibly in technology. We strategically partner with fintech and digital innovators to leverage best-in-breed tools. This year, we introduced a generative AI platform enterprise-wide, along with AI usage policies and an internal committee, to maximize employee productivity. To deliver a more convenient, secure, and seamless customer experience, we launched a business loan origination platform, an omnichannel call center solution, a digital appointment tool, and simplified online account opening.
We also continued to invest in our communities. In 2025, the Bank and USB Foundation donated over $1 million to local educational and enrichment programs while our employees donated more than 10,000 volunteer hours. We also presented financial literacy programs with local organizations, collaborated with community agencies to finance affordable housing, and hired our first Mortgage Community Development Officer to proactively expand homeownership in underserved communities.
All in all, 2025 was a year when we clearly demonstrated that our commitment to empowering our people enables USB to grow our business, strengthen our communities, and enrich our customers’ lives. Thank you for sharing it with us.
Chelen Reyes President & CEO
By empowering our employees, Union Savings Bank created better experiences for our customers, solid outcomes for our business, and stronger communities for us all.
A CULTURE OF OPPORTUNITY AND INNOVATION
Our Innovation Center led a cross-team collaboration that resulted in our new Boost Money Market account and Flex CD, as well as the GoalGetter youth banking program, which originated in the USB Bright Ideas Innovation Challenge. This year’s Challenge sparked a new, easier online and in-branch switch kit for personal checking customers to make starting a banking relationship here more seamless and convenient.
EDUCATION THAT EMPOWERS
In 2025, eight employees completed our Life Stage Certification Program, growing the USB-certified FutureTrack coaching team to 63. Dedicated to helping customers chart their own personal financial journeys, our coaches also delivered budgeting and savings sessions with local organizations to nearly 700 students, fostering financial confidence and literacy.
CAREER DEVELOPMENT
USB continued offering employees access to leading financial education and leadership programs.
ABA Stonier Graduate School of Banking
ASPIRE Leadership Academy
BVS Learning Management System
BVS Life Stage Certification Program
Connecticut School of Finance & Management
Leadership Danbury Program
Leadership Northwest Program
Professional Development Trainee Program
BEST-IN-BREED TECHNOLOGY
At USB, we’re committed to equipping our employees with modern, reliable tools that help them serve customers efficiently and securely. This year, we continued investing in advanced technology platforms and strengthening our infrastructure to support collaboration, innovation, and responsible use of emerging tools. Upgrades to our network systems and security architecture further enhanced the protection and performance of our technology environment.
COMMUNITY CHAMPIONS
At USB, we celebrate our employees who give back by donating $25 in their honor to their chosen organization for every 10 hours they volunteer. In 2025, these 123 Community Champions collectively allowed the USB Foundation to donate an additional $13,250.
QUARTER CENTURY CLUB
Our Quarter Century Club of employees who have completed 25 or more years of service now includes 26 members who, together, represent 804 years of service, excellence, and commitment.
THROUGH OUR LEARNING MANAGEMENT SYSTEM, USB EMPLOYEES COMPLETED
12,000 hours of education
900+ courses and exams
This year, our dedicated teams empowered more customers to achieve their financial goals, whether they were buying a home, starting a business, or looking ahead to a well-earned retirement.
BORROWING FOR TODAY, SAVING FOR TOMORROW
To give savers added flexibility in today’s interest-rate environment, we introduced the Boost Money Market account, which pays higher rates on higher balances, and the 7-month Flex CD, a liquid alternative to the traditional CD. Both were welcome additions to our deposit product line, generating $8.3 million and $47 million in deposits, respectively.
We also welcomed more neighbors into new homes, closing on 250 mortgages totaling $132 million, a 110% year-over-year increase and 110% of our annual goal. Current homeowners took advantage of our flexible Home Equity Line of Credit (HELOC), closing on 370 lines totaling $62.6 million. This was a significant part of the year’s $67 million in consumer loan volume, a 110% year-over-year increase and 134% of our annual goal.
Additionally, Angel Santos became USB’s first Mortgage Community Development Officer in 2025. Responsible for advanced outreach to our underserved communities.
THE WEALTH GROUP
The Wealth Group at Union Savings Bank* achieved significant growth in the past year, with assets under management increasing by $44.5 million to $686 million. The division also generated an unprecedented $4.3 million in revenue, reflecting continued customer trust and demand for financial guidance.
RAYMOND JAMES
Through the delivery of 39 comprehensive financial plans and a series of educational events centered on Medicare and retirement planning strategies, the department continued to expand its reach in 2025, attracting $45 million in new assets and generating $1.3 million in revenue.
OPENING THE DOOR TO HOMEOWNERSHIP
This year, USB strengthened our collaboration with community agencies and nonprofit organizations working to make homeownership accessible to more low- and moderate-income families.
Our Commercial team provided several community development loans and participated in the Build 4 CT Program, a workforce housing funding collaborative sponsored by the Connecticut Department of Housing and Connecticut Housing Finance Authority (CHFA), including an 83-unit multifamily project in Western Connecticut.
Our Residential Mortgage team hosted five First-time Homebuyer Workshops and webinars with new partners NEST, LEADS, and Norwalk Housing Agency, and existing partners Building Neighborhoods Together (BNT) in Bridgeport, and the Hispanic Chamber of Commerce of Greater Bridgeport (HCCGB).
COMMERCE BRANCH REMODEL
We completed the remodel of the USB Commerce Branch. Modern and welcoming, the new environment sets the stage for a superior, personalized customer experience.
BUILDING BUSINESSES
In 2025, we worked with more local businesses, big and small, to finance their growth and to secure their assets. Commercial businesses borrowed an additional $197 million in loans and mortgages, growing our commercial loan portfolio 9.5% to $1.48 billion.
More small businesses also borrowed here, resulting in 183 loans totaling more than $13.5 million. Over $4.5 million of that came from our Rapid Business Loans, which offers 24-hour decisions and is a simple, hassle-free way for businesses looking to borrow up to $50,000. Businesses looking to stop fraud increasingly turned to Positive Pay, which helped prevent over $580,000 in losses this year.
GREATER CONVENIENCE AND PEACE OF MIND
All USB customers benefit from the new omnichannel service platform with enhanced multifactor authentication (MFA), enabling them to securely engage with us however, whenever, and wherever they want via voice, chat, SMS, or email for a seamless, trusted experience.
In 2025, we also implemented a new business loan origination platform, along with several digital enhancements, including simplified online account opening and a digital appointment tool, to deliver a more consistent, streamlined, and secure customer experience across the Bank.
