Welcome Letter to Putnam Bank Customers

Dear Valued Customer,

We look forward to welcoming you and Putnam Bank  to the Centreville Bank family.  
 
As a fellow local financial institution with a rich history of investment in our communities, we are excited about the additional benefits and services we’ll be able to provide you thanks to our organizations’ shared ideals, knowledge and resources.

Founded in 1828, Centreville Bank has been building relationships with our customers and communities in nearby Rhode Island for close to 200 years. Our conservative approach has made us one of the most financially stable community banks in the country while our dedication to first-rate service has enabled us to consistently provide the best banking experience possible for our customers. 

We are also proud to be a mutual institution which means we are owned by our depositors, not by shareholders, so we remain independent and insulated from fluctuations in the stock market. 

A Commitment to Our Customers & Our Communities 
 
Centreville Bank has always been an integral part of the communities we serve and we’re looking forward to expanding our impact through the support of Putnam Bank’s local initiatives. Through a combination of sponsorships, donations, volunteering, and grants from the Centreville Bank Charitable Foundation, Centreville Bank was able to give over $874,000 and help over 125 local organizations in 2019. It’s an accomplishment that we’re extremely proud of and reflects the importance we place on being more than just a bank, but also an active partner and leader within the community.  

We’re eager to learn all we can about the great work being done in Eastern Connecticut so that we can build upon existing relationships and discover new opportunities to show our support in the future.  

You can continue to contact Putnam Bank directly at 800.377.4424 with any questions and we’ll be happy to assist you.

What’s Next?
 
In the coming weeks Putnam Bank will begin operating as a division of Centreville Bank and we will communicate this change through an updated logo at branches, on the Putnam Bank website and on various forms and collateral. We will then take the opportunity to officially assess the combined institutions’ products and services to determine where and how we can best integrate our offerings to provide all customers with an optimal banking experience. 

Please note any changes to accounts, products, systems, etc. will be communicated with appropriate notice and direction and we will continue to approach all that we do with the aim of keeping customer satisfaction our top priority. 
 
In closing, I would like to personally extend my thanks to the customers of Putnam Bank for your business and for the opportunity to continue to serve you for years to come. I hope that I will have the chance to meet many of you in the months ahead and look forward to bringing you the absolute best that community banking has to offer.

Sincerely,
 Signature-Hal.png
Harold M. Horvat President and Chief Executive Officer Centreville Bank

Acquisition FAQs for Putnam Bank Customers

What is taking place?
On October 22, 2019, Centreville Bank and Putnam Bank reached an agreement for Putnam Bank to be acquired by Centreville Bank.

When will this happen?
The acquisition is still awaiting state regulatory approvals, which are anticipated. Once the approvals are received, a date will be set for the transaction to be completed.

Who is Centreville Bank?
Centreville Bank is a Rhode Island community bank that has been in operation since 1828. It is one of the most well-capitalized and stable banks in the country and as a mutual institution it is owned by its depositors, not by shareholders.

Is Putnam Bank’s name changing?
The Bank will continue to be known as Putnam Bank, a division of Centreville Bank. Also, Putnam Bank’s logo will be updated. You will begin to see the updated logo throughout branches and online once the acquisition is finalized.

How will this affect my accounts?
You will continue to have the same Putnam Bank accounts and account numbers once the acquisition is finalized. We are planning for “business as usual” for Putnam Bank customers with no interruption in service or access during the completion of the acquisition. 

Do I have to make any changes to the way I do my banking?
No, there should be no immediate impact to existing Putnam Bank customers. You will continue to bank as you normally would at your local branch, via your existing Online Banking and Mobile App profiles and with your current Putnam Bank checks and  Debit Card.

What about new accounts opened after the acquisition?
As of the acquisition Putnam Bank will continue to open their existing deposit accounts; however, all new loans will be opened as Centreville Bank loan products. Any Putnam Bank loan accounts that exist prior to the acquisition will remain unchanged.
 
I already have accounts at both Putnam Bank and Centreville Bank. Will I be able to make transactions on a Putnam Bank account at a Centreville Bank branch or vice versa?
Yes, you can make transactions to your existing accounts at all Putnam Bank and Centreville Bank locations following the acquisition. Please note this applies to in person, transactions inside a branch or at an Interactive Teller Machine (ITM) only. If you wish to conduct any online or mobile transactions, you must continue to use each Bank’s existing platform for now. 

What if I have questions? Who should I contact?
If you have any additional questions or need assistance, you can continue to call Putnam Bank at 800.377.4424 during regular business hours and an employee will be happy to provide assistance. You can also reach out via the Contact Us form at putnambank.com/ contact-us.

What about any changes in the future? What else should I expect?
Once the acquisition is complete, we will begin the process of assessing the combined institutions’ products and services to determine where and how we can best integrate our offerings to provide all customers with an optimal banking experience. Please note that any future changes to accounts, products, systems, etc. will be communicated with appropriate notice and direction and we will continue to approach all that we do with the aim of keeping customer satisfaction our top priority.