SI Financial Group, Inc. operates as the holding company for Savings Institute Bank and Trust Company, a community-oriented financial institution offering a range of financial services to consumers and businesses in its market area, including insurance, trust, and investment services. The company is headquartered in Willimantic, Connecticut. It operates 26 full-service offices throughout Windham, New London, Tolland, Hartford and Middlesex counties in Connecticut and Newport and Washington counties in Rhode Island. The company also has one wealth management and trust services office in Windham county in Connecticut. Lending Activities The company's loan portfolio consists primarily of one- to four-family residential mortgage loans, multi-family and commercial real estate loans, and commercial business loans. Its loan portfolio also includes construction and consumer loans. One- to Four-Family Residential Loans: The company's primary lending activity is the origination of mortgage loans to enable borrowers to purchase or refinance existing homes or to construct new residential dwellings in its market area. The company offers fixed-rate loans with terms of 10, 15, 20, or 30 years. Multi-Family and Commercial Real Estate Loans: The company originates multi-family and commercial real estate (CRE) loans throughout its market area for the purpose of acquiring, developing, improving or refinancing multi-family and commercial real estate. The company offers fixed-rate and adjustable-rate multi-family and commercial real estate loans. Its multi-family and commercial real estate loans are secured by owner-occupied properties, including churches and retail facilities. Construction and Land Loans: The company originates loans to individuals and builders to finance the construction of residential dwellings. It also originates construction loans for commercial development projects, including condominiums, apartment buildings, and single-family subdivisions, as well as owner-occupied properties used for businesses. The company also originates land loans to individuals, local contractors and developers only for making improvements on approved building lots, subdivisions and condominium projects within two years of the date of the loan. Commercial Business Loans: The company originates commercial business loans to professionals, sole proprietorships and small businesses primarily in its market area. The company has initiated a specialized lending program supporting the time share industry. It provides financing for investors and is not involved with the development of time share resorts. The loan is secured by diverse consumer receivables. Consumer Loans: The company offers various consumer loans, primarily home equity lines of credit, and loans secured by marketable securities, passbook or certificate accounts, motorcycles, automobiles and recreational vehicles, as well as unsecured loans. Investment Portfolio As of December 31, 2013, the company’s investment portfolio consisted primarily of ‘agency’ mortgage-backed securities issued by Fannie Mae, Freddie Mac and Ginnie Mae with stated final maturities of 30 years or less; U.S. government and agency obligations; government-sponsored enterprise securities with maturities of 20 years or less; corporate debt securities; and ‘private-label’ mortgage-backed securities with maturities of 30 years or less. Deposits The company offers a selection of deposit instruments, including noninterest-bearing demand accounts (such as checking accounts) and interest-bearing accounts (such as NOW and money market accounts, regular savings accounts, and certificates of deposit). Cash Management Services The company offers various deposit accounts designed for the businesses operating in its market area. Its business banking deposit products include a commercial checking account and checking accounts specifically designed for small businesses and non-profit organizations. The company also offers remote capture products, sweep accounts and money market accounts for its business customers. Trust Services The company's trust department provides fiduciary services, investment management and retirement services, to individuals, partnerships, corporations, and institutions. It also acts as guardian, conservator, executor or trustee under various trusts, wills and other agreements. Regulations As a savings and loan holding company, the company is subject to Federal Reserve Board (FRB) regulations, examinations, supervision, reporting requirements and regulations concerning its activities. In addition, the FRB has enforcement authority over the company and its non-savings institution subsidiaries. The company is also subject to the rules and regulations of the Securities and Exchange Commission (SEC) under the federal securities laws. The bank is subject to extensive regulation, examination and supervision by the Office of the Comptroller of the Currency (OCC), as its primary federal regulator, and the Federal Deposit Insurance Corporation (FDIC), as the insurer of its deposits. The bank is a member of the Federal Home Loan Bank System and its deposit accounts are insured up to applicable limits by the Deposit Insurance Fund managed by the FDIC. The bank’s operations are also subject to federal laws applicable to credit transactions, such as the Truth-In-Lending Act; the Home Mortgage Disclosure Act of 1975; the Equal Credit Opportunity Act; the Fair Credit Reporting Act of 1978; and the Fair Debt Collection Act. The operations of the bank are also subject to the Right to Financial Privacy Act; Electronic Funds Transfer Act and Regulation E promulgated thereunder; and Check Clearing for the 21st Century Act. History SI Financial Group, Inc. was founded in 1842.
si financial group inc (SIFI:NASDAQ GM)
803 Main Street
Willimantic, CT 06226
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