Robert J. “Bob” Palermo is the senior commercial loan officer for Torrington Savings Bank, and he’s had a significant impact on the community lender since joining it in late 2023.
In fact, 2024 was a record year for TSB’s commercial lending group, which closed just over $90 million in new commercial loans — 95% of which were commercial real estate deals.
Of the $87 million in commercial real estate loans, approximately 35% were construction loans for multifamily apartment projects — one of the hottest asset classes in Connecticut being propelled by the demand for new housing.
Palermo said TSB’s strong capital position allowed it to execute on a strategic decision to grow the bank’s commercial portfolio as a means to diversify its historically significant residential loan portfolio.
Through at least the first three quarters of 2024, TSB had the fastest-growing commercial loan portfolio of any bank headquartered in Connecticut, according to a Hartford Business Journal analysis of federal bank lending data.
“As a result of that success in 2024, we expect to see strong demand for 2025 originations, but it will be more modest in terms of the percentage of commercial loan growth,” Palermo said. “We will convert many of the construction loans that were originated in 2023 and early 2024, and watch as they begin to season.”
Palermo has nearly 40 years of commercial real estate lending experience, including stints at Stamford-based Bankwell, GE Capital, Summit Bank and the former People’s United Bank.
In his current role, he’s responsible for leading a team of commercial lenders, loan administrators and treasury management professionals who have a statewide lending footprint.