About Us
Merger FAQs: What you need to know.
General
My Accounts
Business Customers
Why is The First National Bank of Litchfield (FNBL) merging with Union Savings Bank (USB)?
Both banks have deep-rooted traditions of helping the communities they serve grow and thrive. Both entities view the merger as a natural progression which will ultimately enable us to better serve our customers, employees and
When will the merger be finalized?
We expect the closing to take place on Wednesday, April 7, 2010.
What will be the name of the ‘new bank’ created from this transaction?
Union Savings Bank.
What do I need to do in the meantime?
There is no need to make any changes to your existing FNBL account(s) before or after April 7th.
What role will former FNBL President & CEO, Joe Greco play at Union Savings Bank?
Joe Greco will remain an integral part of the Bank. As regional president for the former FNBL franchise, Joe will provide day-to-day leadership and support focused on customer retention, community outreach and new business development as well as participate as a steering committee member for the conversion.
What will happen to the employees of FNBL after the closing date?
They will remain with the bank and you can expect to see the same friendly and familiar faces at the branch you normally bank in.
Will any FNBL or USB branches be closed?
No.
Will the hours of operation at my branch change?
No.
Will my safe deposit box be affected?
No.
Can I continue to bank at the same branch location?
Yes, you should continue to bank at the same 9 branch locations as before. You’ll find the same friendly staff who can help serve your banking needs. It is important to note that former FNBL customers will not be able to make transactions at any Union Savings Bank locations until after conversion. You should continue to do your banking at former FNBL branch locations.
Can I now bank at any Union Savings Bank location?
No, your current FNBL account cannot be serviced at any USB location until systems are converted later this year. Over the next few months, you should continue to visit the same branches that you have been for banking transactions. However, you are able to make withdrawals from USB ATMs using your FNBL ATM/debit card without incurring a service fee, but no deposits. And you are welcome to stop in, meet the staff and inquire about USB products and services.
Will the signs outside FNBL branches be changing?
Yes. By law we are required to change the bank’s name to Union Savings Bank on April 8th, and all outdoor signage will be changed starting at that time.
No. Union Savings Bank is mutual bank which means that we don’t answer to shareholders and therefore cannot be sold under our current structure. We have a strong reputation of outstanding customer service, ongoing support to our
As a national bank, FNBL was regulated by the OCC. As a state chartered mutual bank, Union Savings is regulated by the Connecticut Department of Banking and the FDIC. What differences can I expect?
You should expect no differences.
Yes. Union Savings Bank is strongly committed to supporting the well-being of our communities. In 2009 alone, Union Savings Bank and the Union Savings Bank Foundation distributed nearly $1 million to enrich our area’s educational, cultural, health and historical landscape. And we strongly encourage our employees to volunteer their time and talents to do the same. We anticipate supporting all the same organizations FNBL did and expect to put additional resources into the communities that we will serve.
Will all of my FNBL accounts be converted to USB accounts?
Not at first. We are taking the time to evaluate all products and services offered by both banks so that we end up with a menu that best serves our customers’ needs. There will be a systems conversion later in the year in order to bring the FNBL
Are my deposits still FDIC insured?
Yes. If you currently have deposit accounts at both FNBL and USB and the
Will my account number(s) change?
There will be no immediate change to your account number. However, a small number of customers may have a change due to the systems conversion later this year. Those affected will be notified before the conversion takes place and new account numbers will be issued as needed.
Who can I call if I have questions about my accounts?
You can always visit your local branch, and we have set up a toll free number specifically for questions pertaining to the merger. Call 866.372.6916 and someone will be available to answer your questions during normal business hours.
Do I need to order new checks?
No. You can continue to use the FNBL checks that you have been using; however when you re-order you will receive checks with the Union Savings Bank logo on them.
Continue to access your accounts online as you have always done at www.fnbl.com.
No.
Yes, you can continue to call toll free at 888.880.3625; or locally 860.567.6410. Watch your mail for updates as this number may change later this year
Will my deposit rate(s) remain the same?
CD customers will see no change to their existing CD terms and rates. Interest rates on all deposit products including variable rate deposit products will continue
We are reviewing all products and services and the fees attached to them. If fees are structured differently in the future, we will inform you by mail well in advance
No, you can continue to use your FNBL debit card as you normally do. Once the systems conversion takes place later in the year, you will be issued a Union Savings Bank debit card.
Will I be able to use my FNBL debit card at Union Savings Bank ATM machines without being charged?
You may withdraw money from any USB ATM without incurring a fee. However, you will not be able to make deposits at USB ATM locations until after systems conversion this fall.
Existing debit card holders will continue to earn points and claim prizes as you have been doing. The program will be evaluated as part of the systems conversion, and may be replaced. We will keep you informed by mail.
No.
I recently applied for a mortgage at FNBL; will I need to re-apply with Union Savings Bank?
No. The documents that you completed for FNBL will be used by Union Savings Bank, and your loan will be processed and closed without any disruption. Once closed, you will have a loan with and payments will be made to Union Savings Bank.
I am an FNBL mortgage customer. Does this merger mean that you are going to sell off my mortgage?
All loans, both consumer loans and mortgage loans, will continue to be serviced by the same staff as they have always been. There are no changes to loan servicing as a result of the merger. FNBL currently sells most of the residential mortgages it originates, while USB does not, so that is something that will be reviewed over the next few months. If loans are sold in the future, all servicing will continue to be done locally.
What will happen to my Investment Management & Trust accounts?
Post merger nothing changes in how your account relationship is managed through the Trust & Investment Department. Your account will continue to be serviced by the same personnel located in Litchfield.
I currently have insurance or investment accounts with Infinex through First Litchfield Financial Services. Will those accounts be affected due to the merger?
No, not at this time. You may speak to your Infinex representative with any questions.
Can I continue to use my FNBL credit card?
Yes
Will your funds availability policy change?
Funds availability policies are different at the two banks. As a result, these policies are under review and we will let you know via mail if anything changes.
Will your privacy policy change?
No.
How will I know if something will change later?
No, we are very similarly priced and use the same indexes for both fixed and variable rate loans.
