Naugatuck Valley Financial Corp., parent of Naugatuck Valley Savings and Loan, raised its first-quarter profit 26 percent.
The holding company earned $396,000, or 6 cents a share, in the three months ended March 31, up from $314,000, or a nickel a share, earned the same quarter a year ago.
CEO John C. Roman said the lender has above-minimum capital levels, yet it is proceeding with its plan to boost capital through a conversion to a fully public company by selling its some 60 percent mutual holding company stake to depositors and other later this year.
Â
