Naugatuck Savings Bank announced Thursday that Mark C. Yanarella has been named Chairman of the Board of Directors and Chief Executive Officer and that Charles J. Boulier, III has been named President and Chief Financial Officer.
The announcement comes as part of an 18 month transition that will see Yanarella retire from daily operations at Naugatuck Savings Bank and gradually transfer leadership over to Boulier.
“Chuck brings a great deal of experience into his added role as President,” Yanarella stated. “He has served the past several years as the Bank’s Executive Vice President & CFO and this is the next logical step in a carefully planned succession plan. There will be no noticeable change to our operations for our customers or our staff.”
Boulier joined Naugatuck Savings Bank in 2004 as Executive Vice President and Chief Financial Officer, in 2009 he was elected President and Director of Castle Bank & Trust which was merged into Naugatuck Savings Bank. He is also the Vice President and Treasurer of Nutmeg Financial, MHC, the parent company of Naugatuck Savings Bank and the Sutherland Insurance Group. In addition he has served as a Director of the Bank and the MHC since 2010.
Prior to that, Boulier was Senior Executive Vice President, Treasurer & CFO for American Financial Holdings, parent company of American Savings Bank where he worked from 1993 to 2004. He was Senior Vice President of Finance and Investments at Centerbank from 1981 to 1993.
Boulier, a Chartered Financial Analyst received his MBA in Finance from the University of New Haven and is a graduate of Bryant College with a degree in Accounting. Chuck is Vice Chair and Director for the American Savings Foundation, Director and Treasurer for the Connecticut Community Foundation and serves as a Finance Committee Member for St. Margaret Church. In 2010, he was named the United Way Naugatuck & Beacon Falls Campaign Coordinator of the Year. He resides in Wolcott with his wife, Beth. They have two children, Charles IV and Caitlin.
Mark C. Yanarella, a native of Naugatuck, began his banking career as a management trainee with Naugatuck Savings Bank in 1970, working his way up as a Branch Manager, Mortgage Officer and as the Bank’s Senior Lender. He was named Corporate Secretary in 1980, Vice President and Secretary in 1983, and Executive Vice President and Secretary in 1990. In 1997, Mark was named President and Chief Executive Officer. In addition, he has served on the Bank’s Board of Directors since 1985 and been a Corporator since that time.
Mark graduated from St. Anselm College with a Degree in Economics, as well as the Connecticut School of Savings Banking in 1973 and the Graduate School of Savings Banking, at Brown University, in 1976. He completed the Executive Development Program at the Center for Financial Studies at Fairfield University in 1990.
In 1998, Yanarella was instrumental in the bank establishing the Naugatuck Savings Bank Foundation, Inc. of which he is President. Since its inception this charitable foundation has awarded grants totaling over $3.4 million in Naugatuck and the surrounding towns, for such eclectic purposes as health care, education, safe homes, and the arts.
In 2005, the Bank formed Nutmeg Financial Mutual Holding Company, where Mark serves as Chairman, President and CEO. Nutmeg Financial, MHC is the parent company of Naugatuck Savings Bank and the Sutherland Insurance Group.
Currently, Mark is a Vice-Chairman of the St. Mary’s Hospital Foundation, serving on the Finance Committees for both the Foundation and the St. Mary’s Health System the hospital’s parent company. He is also a member of the hospital’s audit committee. Mark is also a member of the Board of Directors of the Palace Theater in Waterbury and serves on the Palace Finance Committee.
Mark has been active with the Salvation Army for nearly forty years, where he is presently Co-Chair of the Central Naugatuck Valley Service Unit which covers Naugatuck, Beacon Falls, and Bethany. He also serves on the Naugatuck YMCA Endowment Investment Committee and is a member of the Greater Waterbury Health Network. Professionally, Mark serves on the Board of Directors of Infinex Financial Group.
In 2000, Mark was recipient of the Lewis A. Dibble, Sr. Award given by the Naugatuck Chamber of Commerce. In 2003 he received the Family Service of Greater Waterbury “Good Neighbor Award”.
Mark and his wife Nichol reside in Naugatuck. They have two sons, Christian and Matthew.
Editor's Note: The above posting is a press release submitted by Naugatuck Savings Bank.