GSB President Tim Geelan and CEO Kyle Eagleson

2023 Annual Letter from the CEO & President

March 20, 2024

The writing of this annual letter always marks an important moment of reflection. It offers us the time to both celebrate successes and embrace change as GSB continues to grow and evolve.

As we count down with anticipation to our 150-year milestone, we recognize the importance of welcoming transition without losing sight of what brought us here today.

Though this year opened with many stories of financial crises, we successfully navigated a difficult banking landscape. Staying true to who we are at our core, we supported our community by standing firm in the values that define our organization. We remained focused on protecting our clients, knowing that they look to GSB as the trusted steward of their financial futures.

While a highly competitive rate market presented unique challenges to our bottom line, we shifted our focus to new and innovative approaches to better drive the client experience. Investment in exciting new technologies that enabled personal and business account openings in minutes, direct lending through the GSB Lending Center, and development of Client Experience Management all helped us to deliver on our promise of improved growth, service, and engagement.

What remained unchanged was our commitment to supporting the communities we serve. We know that in years of economic difficulty, organizations like ours are needed more than ever.

We are proud to have provided generous financial contributions this past year to many deserving local initiatives, non-profits, and area foundations. We continue to stand firm in the belief that when our communities thrive, we all thrive.

We happily take this opportunity to commend our valued employees for embodying our philosophy on servant leadership by volunteering to meet the needs of our clients and neighbors. Whether they’re engaging with people at local events or building homes for those in need, their contributions continue to make a lasting impact and foster growth in deeply meaningful ways.

The Year Ahead

Previously, we outlined our succession plan, reaffirming GSB’s steadfast dedication and focus for the foreseeable future. As the bank makes this transition in leadership over the coming year, we are both dedicated to the stable growth and responsible stewardship of GSB. With the support of the Board of Directors, Corporators, and our employees, we are focused on creating a thriving future for the organization and our clients as we look to make thoughtful decisions that will ensure the continued strength, growth, and prosperity of both.

Helping to usher in a new era for GSB is the successful purchase of our new Financial Services Operations Center in Wallingford, Connecticut. Welcome to The GSB Commons. This strategic purchase reflects the realization of GSB’s vision of growth while remaining true to our core values. This facility offers an incredible opportunity to innovate and engage with one another, provides plenty of space to support company growth, and allows us the ability to install improved technology to enhance the services and support we offer our clients.

With an outlook of continued product and process innovation, we are taking steps towards a stronger future for GSB. Planned upgrades to our business banking services, a new treasury services platform, and strategic fintech partnerships position us for a stronger future as we evolve to better serve our clients and grow our business.

While the coming year will mark big changes for the organization, we know that change is a necessary part of evolution. We look positively toward a brighter future as we embark on these new beginnings.

As a community-centered institution, we work to keep you informed of our plans and our progress throughout the year. We encourage you to visit our website and mobile app regularly, and subscribe to our digital communications to stay up to date with our offerings, accomplishments, and partnerships. We appreciate having you on this journey with us.