SI Financial Group, Inc. operates as the holding company for Savings Institute Bank and Trust Company that provides various financial services to consumers and businesses. The bank operates as 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 attracts deposits from the general public and uses those funds to originate one- to four-family residential, multi-family and commercial real estate, commercial business (including time share lending and loans to condominium associations) and consumer loans. The company also purchases commercial business loans, including loans fully guaranteed by the Small Business Administration and the United States Department of Agriculture (USDA). The company sells certain fixed-rate one- to four-family residential conforming loans that it originates in the secondary market with the servicing retained. Market Area The company is headquartered in Willimantic, Connecticut, which is located in eastern Connecticut approximately 30 miles east of Hartford. The company operates 26 full-service offices throughout Windham, New London, Tolland, Hartford, and Middlesex counties in Connecticut; and Newport and Washington counties in Rhode Island, as well as 1 wealth management and trust services office in Windham County, Connecticut. The company’s primary lending area is eastern Connecticut and Rhode Island and majority of the company’s deposit customers reside in the areas surrounding its branch offices. 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. To a much lesser extent, the loan portfolio 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 and adjustable-rate mortgage loans with terms up to 30 years. The company offers fixed-rate loans with terms of 10, 15, 20, or 30 years. The company’s adjustable-rate mortgage loans are based primarily on 30-year amortization schedules. In an effort to provide financing for moderate income and first-time buyers, the company offers loans insured by the Federal Housing Administration and the Veterans Administration, and participates in the Connecticut Housing Finance Authority Program. The company also offers guaranteed rural housing loans through the USDA. The company offers fixed-rate residential mortgage loans through these programs to qualified individuals and originates the loans using modified underwriting guidelines. Multi-Family and Commercial Real Estate Loans: The company originates multi-family and commercial real estate loans throughout its market area for the purpose of acquiring, developing, improving or refinancing multi-family and commercial real estate where the property is the primary collateral securing the loan, and the income generated from the property is the primary repayment source. The company offers fixed-rate and adjustable-rate multi-family and commercial real estate loans. The company’s multi-family and commercial real estate loans are generally secured by owner-occupied properties, including churches and retail facilities. The company originates adjustable-rate multi-family and commercial real estate loans for amortization periods up to 25 years. Construction and Land Loans: The company originates loans to individuals, and to a lesser extent, builders, to finance the construction of residential dwellings. The company also originates construction loans for commercial development projects, including condominiums, apartment buildings, single-family subdivisions, and 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 a
si financial group inc (SIFI:NASDAQ GM)
803 Main Street
Willimantic, CT 06226
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