Independent Banker - May 2021 - 43

How does Stafford Savings Bank
succeed without these things? One
advantage is that, due to its founding
in 1872, it's grandfathered out of
regulations that limit its ability to
own common stocks, so it earns
enough investment income to
remain traditional.
3 MINUTES WITH ...
F. Winfield Trice Jr.,
president and CEO,
Stafford Savings Bank
F. Winfield Trice Jr. doesn't attribute
Stafford Savings Bank's success to
cutting-edge technology. Rather, he
credits it to a focus on old-fashioned
bank services.
" It's more about what we're not
doing, " says Trice, president and CEO
of the Connecticut community bank.
" Stafford Savings is a very traditional
mutual savings bank in the old-school
model. We only originate residential
mortgages for our own portfolio; we
never sell, and we never buy. And our
branches are only in the town of our
origin, Stafford Springs. We don't do
business lending, we don't do any
indirect auto; no leasing, none of the
fancy things. "
" It gives us license to do exactly
what our customer base wants, " Trice
says. " One of our popular services
is the telephone banker, where you
punch in '8' to get your balance.
This is ancient high technology, but
many of our customers don't have
smartphones or computers. Other
banks would say 'enough is enough'
and get rid of it, but we keep it. "
iEd Avis is a writer in Illinois.
#6
Stafford Savings Bank
Stafford Springs, Conn.
Assets: $340 million
3-year average pre-tax ROA: 6.71%
staffordsavingsbank.com
Rank Bank Name
1
2
3
4
5
6
7
8
9
10
11
" One of our popular
services is the telephone
banker, where you
punch in '8' to get your
balance. This is ancient
high technology, but
many of our customers
don't have smartphones
or computers. "
-F. WINFIELD TRICE JR.,
STAFFORD SAVINGS BANK
12
13
14
15
16
17
18
$300 million to $1 billion
City
One American Bank
Willamette Valley Bank
Bank of England
FinWise Bank
Magnolia Bank, Inc.
Stafford Savings Bank
Apex Bank
University Bank
First Community Bank of Tennessee
FSNB, National Association
Sioux Falls
Salem
England
Murray
Hodgenville
Stafford Springs
Camden
Ann Arbor
Shelbyville
Fort Sill
Pioneer Trust Bank, National Association Salem
The Yellowstone Bank
Laurel
Peoples Bank
BankSouth
HNB National Bank
The Bank of Old Monroe
Citizens Bank of Las Cruces
First Bank
19 West Gate Bank
20
21
22
23
24
25
Presidential Bank, FSB
Citizens Bank
FNB South
Independence Bank
AMG National Trust Bank
The First State Bank
Mendenhall
Greensboro
Hannibal
Old Monroe
Las Cruces
Burkburnett
Lincoln
Bethesda
Carthage
Alma
Havre
Boulder
Louise
State
SD
OR
AR
UT
KY
CT
TN
MI
TN
OK
OR
MT
MS
GA
MO
MO
NM
TX
NE
MD
TN
GA
MT
CO
TX
3-yr average
pre-tax ROA
12.28
8.85
8.04
7.84
7.64
6.71
4.61
4.47
4.41
3.57
3.43
3.35
3.03
3.00
2.98
2.84
2.60
2.57
2.54
2.52
2.51
2.51
2.49
2.40
2.38
independentbanker.org Q 41
http://www.staffordsavingsbank.com http://www.independentbanker.org
Independent Banker - May 2021

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