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The Rumor Is Not True

I feel compelled to respond to the widespread rumors that are circulating in our community regarding a perceived merger between Guilford Savings Bank and Dime Bank of Norwich. Although Dime Bank is a well-respected mutual savings bank, the rumor is not true. Guilford Savings Bank is a financially solid, well-performing, independent bank committed to the Connecticut shoreline community for the long term.

The likely source of the rumor is the misinterpretation of a legal notice that appeared in the local newspapers over the past three weeks. The legal notice explains Guilford Savings Bank's intentions to assign its trust assets, and only its trust assets, to Dime Bank of Norwich, effective Aug. 1. This decision to exit the trust business will affect a small handful of customers, all of whom have already been personally notified by Guilford Savings Bank. Unfortunately, the legal notice, which is required by Connecticut General Statutes § 36a-210 and § 45a-245a(c) has particular language that must be used. This generated significant confusion and likely led to the misunderstanding.

Readers with any further unanswered questions may contact me directly at 203-458-5419, mlivingston@gsbyourbank.com, or in-person at our main office located at 1 Park Street on the Guilford Green.

Margaret Y. Livingston

President & CEO

Guilford Savings Bank