Union Savings Bank CEO Cynthia C. Merkle plans to retire as of the end of August, and the Danbury-based bank’s current president, Chelen Reyes, has been picked to serve as both president and CEO.
Merkle, a Danbury resident, joined the bank in 2013 as executive vice president and chief operating officer. She rose through the ranks, and in 2015, she became the first woman in the bank’s history to serve as president and CEO.
“The journey has been rewarding, and I’m grateful for the faith that has been placed in me, appreciative of the support from the Board and our team members, and proud of the accomplishments that we’ve achieved together,” Merkle said.
The bank’s board of trustees credited Merkle with several accomplishments, including growing the bank to reach more than $3 billion in assets, with more than $800 million of that growth in the past four years.
Merkle, a 45-year veteran of the banking industry, started her career as a teller. She led Union Savings through the COVID-19 pandemic, with no branch closings and continued contributions to the community through Paycheck Protection Program loans and charitable giving, according to the board.
During her tenure, Merkle focused on investing in technology and cybersecurity. Merkle created the USB Innovation Center and helped transform the retail banking system to improve efficiency, while also enhancing security and the customer experience.
Merkle helped create a program that invests in staff education and creates a talent pipeline for the bank, according to the board. She also boosted the bank’s volunteer efforts while serving as president of the Union Savings Bank Charitable Foundation. Merkle helped establish the bank’s Teacher’s Closet program, which has provided free school supplies to benefit more than 2,100 students to date.
During her career, Merkle served as chair of the Connecticut Bankers Association, becoming the first woman in that role.
In anticipation of Merkle’s retirement, the bank began a succession plan a couple of years ago, according to Merkle.
She said Union Savings Bank will be “in good hands” under Reyes’ leadership.
“Chelen was chosen to transition to this new role as he has strategic business experience, in-depth banking knowledge, and leadership capabilities to take Union Savings Bank into the future,” Merkle said.
Reyes, who has more than two decades of industry experience, joined Union Savings Bank as president in February, and he manages the bank’s day-to-day operations. He previously had leadership roles at Hudson Valley Credit Union.