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a n n u a l r e p o r t
Ledyard is committed to being the financial services institution of choice
by combining innovation with unparalleled personalized client service.
We offer our employees a challenging and rewarding work experience.
As a result of our efforts, Ledyard clients receive exceptional financial
services and our shareholders experience consistent returns.
Photography credits: Al Braden, Jon Gilbert Fox, Dartmouth Athletics, Dartmouth-Hitchcock Medical Center,
Hanover Area Chamber of Commerce
LE T T E R F R O M T H E C E O &
bO A Rd C H A I R
Kathryn G. Underwood, President & CEO,
Ledyard Financial Group/Ledyard National Bank
Dennis E. Logue, Chair,
Ledyard Financial Group/Ledyard National Bank
To our many constituents, including shareholders, valued clients and other community members:
As we look back on 2012, we find a year marked with many successes in our business. Ledyard
continued to seek new ways of delivering the highest level of client service. We focused heavily on
strengthening relationships and providing the type of banking experience that allows clients to plan
well and live well. Financially, our business gained significant momentum in the second half of 2012.
PERFORMANCE HIGHLIGHTS
Ledyard FinanciaL Group
It may have been over two decades since Ledyard Financial Group, Inc., opened its doors, but our
employees are just as committed today to the same core values that launched our institution in 1991.
Through our dedication to those long-standing principles of unparalleled personal service, strong
relationships, value for our shareholders and continued investment in our employees, we strive every
day to be the premier bank in the Upper Valley and Lake Sunapee Region. While 2012 continued to
be a year full of rebuilding efforts for the economy, Ledyard was able to show excellent growth, ending
the year on an optimistic note and positioning us for a strong 2013.
Some of the key shareholder relevant highlights were:
n Grew revenue to over $20.4 million – a new high
n Increased net income to $2.8 million
n Increased earnings per share by $0.24 to $2.80 per share
n Decreased non-performing assets by $3 million
n Our regulatory capital ratios remained well in excess of the amount needed to be considered
well-capitalized, the highest designation possible
n Due to our strong financial position, Ledyard has been able to maintain or increase the
quarterly dividend since first declaring one in 1995; in 2012, our dividend increased by
$0.06 to $1.30 per share
Ledyard Financial Group’s full-year results reflect the strength of our two basic businesses:
personal & business banking and wealth management. Both are discussed on the following pages.
1
perSonaL and BuSineSS BanKinG
Our goal, as the premier retail bank in our region, is delivering on
our vision of client service every day. While we understand that our
clients come to us for checking and savings accounts, mortgages, home
equity loans or commercial loans, we strive to provide them with the
intangibles that define a strong banking partnership – education, advice
and guidance, based on well-defined
relationships and insights.
Shawn Bard, Assistant Vice
President & Banking
Office Manager, Lebanon
As we regularly do, our leadership
team carefully examined the bank’s
short-term and long-term goals. Based
on this review and analysis, we took
actions that put us in a better position to succeed in a variety of
important ways. We identified key product lines that required
increased attention as we set out to grow assets, loans and core
deposits. For example, we made several important adjustments
to our mortgage process, recognizing the strong opportunity for
growth this area represents.
Doreen Holmes, Client
Services Supervisor, Norwich
Focus on mortgages
Every day we strive to provide our clients with the best possible advice
and solutions that meet their mortgage financing needs. The team is
led by Cathy Murray, our Senior Mortgage Banking Officer. Cathy has
worked with Ledyard clients for more than eight years, identifying their
goals and objectives in order to help them finance the perfect home.
She has developed an unmatched level of expertise that, along with
Ledyard’s local decision-making process, translates into an incredibly
easy and fast experience for our clients.
Catherine E. Murray,
Vice President & Senior
Mortgage Banking Officer
The Ledyard mortgage process is well defined and our clients can
expect the following:
n Commitment to finding the best solutions for our clients and a promise to exhaust all efforts to
match each client with the right mortgage solution for his or her needs; in order to do so, we
listen to our clients carefully
n Proactive communication with our clients to ensure the service experience meets or exceeds
their expectations
n Knowledge dissemination to our clients that educates them throughout the loan process
To ensure that we could deliver on the above points, we created multiple initiatives to support
mortgage growth and enhance the client experience. These efforts included the following:
n Spotlight on Realtors: An idea that originated from our “Spotlight on Business” program, we have
partnered with local realtors to help them advertise their properties and their organizations through
our in-branch displays and website.
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n Commitment sheet: This document, targeted to realtors as well as home buyers, defines our promise
relative to how the mortgage process works, including what clients and realtors can expect from us.
Our goal is to set a standard for a superior, streamlined experience.
n Monthly surveys: Recognizing that the best way for us to enhance our service was to fully
understand the things we needed to improve upon, we developed a monthly survey that engaged
our mortgage clients to tell us how we have succeeded and how we have failed. The survey results
are reviewed regularly and help guide the positive adjustments we make to our process.
n Additional staff: Accuracy and speed are crucial elements of a well-executed mortgage process.
We hired an additional loan processor in order to ensure an
outstanding client experience, even as loan volume increased.
While we’ve gone into some depth discussing our plans to jump
further into the mortgage lending space, it’s clear that strengthening
relationship banking, in general, is more important than ever. To
that point, Ledyard has made great progress in establishing strong
connections to clients. In the last year, the Bank has deepened its ties
to many clients through direct deposit, electronic banking and mobile
banking. Further, we just introduced a new mobile banking application
for iPhone and Android devices that provides clients with a greater
level of convenience to manage their banking activities. We are
continuing this effort, seeking constant feedback to ensure that we
excel at personalized high-touch client service.
Jason Achmoody, CCLO,
Vice President & Commercial
Relationship Manager
‘‘
Keene Medical Products first chose to do business with Ledyard Bank in 1999. At that time we
were driven to conduct our business with a local bank which had roots in the Upper Valley.
Ledyard Bank has continually proven that our efforts to bank locally with an Institution that
has the same values as we do was truly a wonderful business decision. Throughout the years
we have relied upon Ledyard for a commercial line of credit, term notes, mortgages as well as
routine commercial banking needs. Jason Achmoody and all the staff at Ledyard have always
been prompt, professional, courteous and very knowledgeable. We at Keene Medical are grateful
for the opportunity to enjoy a commercial banking relationship with the wonderful staff that
makes Ledyard a pleasure to do business with.
Recently Ledyard has provided services that allow for us to expand our base of operation into a
20,000-square-foot facility. This facility will further allow us to change our operational business
model to meet the ever-changing needs of our healthcare industry. Keene Medical Products is
the leader in home medical equipment throughout all of Vermont and New Hampshire. With
a business partner like Ledyard Bank, we will continue to prosper and serve the needs of our
customers well into the future.
Kurt Filiault, President, Keene Medical Products, Inc.
‘‘
3
Ledyard Business Banking had a year full of growth and excitement. As a business banking resource, the
Ledyard team is always looking for new ways to bring our clients added value. One aspect of our model
that we will always pursue is the desire to educate and advise our business clients on all aspects of their
financial well-being and to develop long-term and meaningful relationships that are comprehensive
and consultative.
Our business banking specialists work directly with clients to tailor a plan to meet their specific needs.
We’re also members of the community, which means we have a unique understanding of the needs
of local businesses and we’re accessible when they need us. In addition to our full line of business
products and services, our Business Banking Team is trained to guide clients through the ups and
downs of being a business owner.
Spotlight on Commercial Client Relationships
In keeping with our tireless pursuit of excellence in client service, we are continually pushing ourselves to
go that extra step, offer that extra product, service or insight. With that guiding principle in mind, we rolled
out “Spotlight on Commercial Clients,” a key new initiative that promoted several of our commercial
clients, while at the same time further defining our vision of client service, support and relationship banking.
This new program was an opportunity for Ledyard to work with clients on a collaborative marketing
effort that included local newspaper advertising, company banners on the Ledyard website, in-branch
posters, special offers and more. This collaboration had a few important objectives and impacts. In
addition to supporting clients with marketing assistance, we were able to deepen existing relationships
as well as create new ones. The campaigns demonstrated commitment to helping the community thrive,
reminded our neighbors that we are actively lending money and sent a positive message to other area
businesses that we do more than just lend money.
Strengthening the Personal and Business Banking Teams
As we’ve stated many times in the past, our key to success is attracting and developing motivated,
empowered and accountable employees across all departments. 2012 was a critical year in terms of new
hires and promotions, resulting in stronger teams that position us for continued growth and success.
Kevin Kober joined Ledyard as a Senior Vice President and Chief Retail Banking Officer, bringing over
twenty-seven years of banking experience to a team that will benefit from his passion, creativity and
client-centric view of banking. Kevin is responsible for managing Ledyard’s eight banking offices and
for building stronger relationships with our retail clients. Additionally, Kevin will oversee the growth
and development of our mortgage banking team, utilizing his past experience as a mortgage broker
and keen understanding of the expectations for a seamless client experience. Prior to joining Ledyard,
Kevin was a Senior Vice President and Manager of Retail Banking at The Connecticut Bank & Trust.
Commercial Lending was bolstered significantly by the hiring of Reggie Greene as Senior Vice
President and Senior Lending Officer. Another example of our commitment to staffing the best possible
employees, Reggie’s well-timed arrival allowed the business banking team to focus more heavily on
growing the commercial lending portfolio. As a graduate of the ABA Stonier Graduate School of
Banking and a former Regional Manager of Commercial Banking at Merchants Bank, Reggie brings
a breadth of experience and expertise, as well as a vision for the lending team that will help us cultivate
new relationships, improve upon existing ones and establish an unparalleled level of care for our clients.
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Personal and Business Banking 2012 highlights include:
n Grew transaction accounts by $27.6 million, an increase of 23.3%
n Closed 191 mortgages, totaling $43.1 million dollars in loan volume
n Grew commercial loans outstanding by $11.3 million, an increase of 13.2%
WeaLTH ManaGeMenT
As the premier wealth management firm in the Dartmouth and Lake
Sunapee Region, Ledyard Financial Advisors provides investment,
tax and wealth management services to a diverse client base. We have
clients in twenty-eight states and seven foreign countries. Our services
are provided in person by the area’s largest and most experienced
staff of advisors, accountants, analysts and portfolio managers utilizing
a client-centric framework of wealth management issues.
Ledyard Financial Advisors understands that managing a client’s
wealth is about balancing a wide array of concerns, ranging from
financial planning and insurance to retirement planning and
family gifting. Focusing on thirteen
critical wealth issues, we ensure that
our clients have a fully integrated
plan that helps them achieve their
ambitions. We then regularly
D. Rodman Thomas, Senior
Vice President, Director of Client
Relations & Compliance Officer,
Ledyard Financial Advisors
monitor that plan and meet with clients to ensure that goals are
met. In essence, our mission entails helping clients cut through the
marketplace clutter by offering a comprehensive, integrated approach
that represents the highest standard of client advocacy, responsiveness
and expert financial advice.
Joel T. Underwood, Chief Investment
Strategist, Ledyard Financial Advisors
‘‘
My wife, Chrysanthi, and I moved to Kendal in 2002, after living in Hanover for four decades.
After years of working with a financial institution that was not based locally, we decided
to move our trust account and utilize another firm – a local one that we could reach by
walking down the street. So we thought of Ledyard Financial Advisors, and were pleasantly
surprised to find familiar faces, outstanding service and the continuation of several long-
standing relationships. We are delighted to be with trusted individuals who may be queried
on a wide range of financial questions – for example, on the best way to help college-bound
grandchildren: via custodial accounts or, as the Ledyard team informed us, by paying tuition
bills directly to a college itself. All in all, we appreciate this personalized service that we
discovered comfortably down the street.
Professor Emeritus Peter Bien
‘‘
5
Little has changed in terms of our relationships and ability to develop trust in the community,
demonstrated by the fact that approximately 80% of the prospects who meet with us hire us. This
type of belief in our abilities, from clients and prospects, is a prime contributor to our growth as we
continue on the path to reaching a billion dollars in assets under management and custody.
Strengthening the Wealth Management Group
We were thrilled to name Dennis Mitchell as our new leader of Ledyard Financial Advisors. Dennis
was promoted to President of the Wealth Management division after having served as our Financial
Advisors Business Development Officer for four years. His twenty-eight years of wealth management
experience will steer the group in a direction marked by the highest level of client service, integrity
and daily commitment to excellence.
Ledyard Financial Advisors 2012 highlights include:
n Generated $6.99 million in revenue, a record high
n Grew assets under management and custody to $902 million
n Added 39 clients, representing $73 million in additional assets
CLIENT SERVICE
a ViSion oF cLienT SerVice
As we look back on another successful year, we see a period defined by great strides in terms of
reaching client-focused goals. We turned our attention to creating resources and programs that support
a true vision of client service, with each step being part of a larger plan. As we’ve been discussing,
many of our 2012 achievements resulted, in part, from making these types of changes and improving
our ability to serve clients.
As we look to the future of banking and client service, we must recognize that the community banking
model continues to change, adjusting to many factors, including technology. Given this observation, it
is more critical than ever to develop a workforce that understands the needs of an ever-evolving client
base. While our employees are always here to engage with clients face-to-face, we see more and more
interaction becoming digital. Our employees will need to keep pace and excel at service through these
types of channels, while still being equally capable of providing the high-touch interactions at our core.
With this challenge before us, we hired Barbara Graf, our new Human Resources Director. With
more than twenty years of experience creating, implementing and managing comprehensive human
resources and organizational systems, we are confident that Barbara will help Ledyard attract and keep
the most talented bankers and wealth managers in the area. Barbara has continued to foster the notion
of promoting from within the organization whenever feasible. This approach provides recognition and
incentive for strong performers, and creates opportunities for “Ledyard careers,” not just “Ledyard jobs.”
Building upon this thought, Ledyard began a new program to recognize top-performing employees.
Our annual Employee Recognition Awards are presented at an evening reception, recognize multiple
categories and create a fun, positive environment in which to celebrate success, raise the bar for the
coming year and establish models of achievement that can be emulated by other employees.
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neW proFeSSionaL SerViceS Group
As we evaluated, tweaked and re-imagined our client service mantra in 2012, we looked to 2013 as the
year to take our commitment to the next level by introducing a new division dedicated to Professional
Services. Many years in the making, and as a natural extension of the client service model we have in
place, this new service offering will allow us to build and strengthen ties to our clients while adding
to our competitive advantage in the field.
The business need for this group came out of a realization that we wanted a more comprehensive
way to service some of our largest, most complex professional clients, many of whom have financial
requirements that go well beyond the typical banking relationship and pertain to the specific needs
of their profession, such as doctor, dentist, attorney, professor or entrepreneur.
The new team will be led by Dan Emanuele, a member of our Business Banking team since 2008.
Dan has been a banking professional for twenty-five years, holding various responsibilities as a Portfolio
Manager, Risk Manager, Private Banker and Commercial Lender. Under his leadership, the Professional
Services group will establish a holistic approach to matching each client with the right products and
services. Delivering an entirely seamless banking experience will begin with the Relationship Manager,
who will become the client’s single point of contact to address virtually all of the client’s financial needs.
Through a concierge approach, our Professional Services managers will be able to anticipate clients’
needs and match products and services appropriately and efficiently.
The group will allow us to cater to the niche market of highly educated, highly motivated professionals
who could work and live anywhere else in the world, but make the Upper Valley their home. They
will deliver products and services with this fact in mind, making banking with us easier than ever and
reinforcing their lifestyle choices.
COMMuNITy SuPPORT
We believe our relationship with clients and shareholders goes much further than our day-to-day
interactions at the bank. As part of the community, we are committed to supporting and growing
businesses and organizations that help the Upper Valley and the Lake Sunapee Region stay vibrant and
successful. Through in-kind and cash donations, we help nonprofit organizations in the region succeed.
Last year, we built on many of the successful programs we had in place from years past and were proud
to add a few new ones to the list.
Left: (l-r) Mary White, Vice President & Banking Office Manager, Hanover and Kevin Kober, Senior Vice President & Chief Retail
Banking Officer, with Upper Valley Haven’s Jennifer Fontaine, Director of Community Services, and the “Mitten Tree” collections.
Right: Reggie Greene, Senior Vice President & Senior Lending Officer, presents the Ledyard Classic runner-up trophy to
Dartmouth Hockey Captain Mike Keenan and Assistant Captains Dustin Walsh, Matthew Lindblad and Eric Robinson.
7
Upper Valley Haven
Ledyard spent part of 2012 putting in place a new community outreach project with the Upper Valley
Haven. We are extremely excited to launch the program in 2013, noting that we are establishing a new
way to support our most important local non-profit organizations. By “adopting” the Upper Valley
Haven in 2013, we will accomplish the following:
n Food Drives: Food drives will be held throughout the year, or perhaps even drives for special need
items such as warm clothing for winter.
n Volunteer Time: Each Ledyard employee is being given a block of time during the year to volunteer
at the Haven, from cooking and serving a meal to organizing events, on- the -ground efforts in the
Food Shelf & Clothing Room and more.
n Matching Donations: Ledyard will match financial donations made by our employees to the Haven.
n Loan Program: Continuing our program from past years, Ledyard will make small loans, at no
interest, to those at the Haven needing support to move forward in life. Many people come to
the Haven and are struggling to choose between paying their utility bill or car payment.
n Individual Deposit Account (IDA) program: This new program will allow Haven visitors and guests
to open a savings and checking account at Ledyard with no minimum balance and no fees. Once
Haven visitors and guests have reached a specified dollar amount in their savings, Ledyard will
make a one -time contribution to their account.
n Financial Seminars: As education is important to our “Plan well. Live well.” mission, Ledyard will
also offer financial literacy seminars, such as FDIC programs like “Savings Makes Sense,” for those
who are financially constrained.
Leading Women Seminars
In 2012, Ledyard continued support of women in business with our regularly scheduled seminar
program. Based on the “Plan well. Live well.” concept, the program offers a unique forum for women
in the community to learn from and interact with speakers, panelists and each other. Some 2012 topics
included:
n 2012 and Beyond: Propelling Your Business Forward – State Directors of Vermont and New
Hampshire Small Business Development Centers discuss programs available to small business owners
n Demystifying Online Marketing: Identifying and Capitalizing on Opportunities to Grow Your
Business Using the Web – How the Web can work for small business owners to find new prospects
and clients
n Addressing Conflict in the Workplace: When to Listen, How to Explain, What to Yield, and Why
to Stand Firm – How women handle workplace conflict, including tools that can turn conflicts
into opportunities to create value
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Ledyard Financial Advisors Seminars
In addition to our focus on internal education, we also work to make our clients more informed
partners in our journey together, as we can provide the greatest value to and maintain the strongest
relationships with those who are most financially informed. Therefore, Ledyard develops and conducts a
number of public seminars each year focused on the critical financial issues of the day. The majority of
the seminars are crafted and presented by our own employees, drawing upon their significant expertise.
Occasionally, we offer seminars in partnership with external colleagues that are experts in their fields
and that complement material covered in earlier presentations. In 2012, we conducted thirteen financial
seminars, reaching nearly 600 community members on topics ranging from “Talking to Your Adult
Children about Money” and “Appraisals & Investing in Art” to “Global Investing” and “Protecting
Your Loved Ones.”
LOOKING AHEAd TO 2013
As we look to 2013, we are optimistic that Ledyard is well positioned for continued success. With
“Plan well. Live well.” as our compass, we move into the new year with a clear mission and a plan in
place for continued growth.
Going forward, our strategic plan will address the following objectives:
n Further establish a strong reputation in the Upper Valley and Lake Sunapee Region, offering a
wide range of products and services to our clients
n Continue to provide the premier wealth management services in the region
n Continue to grow market share relative to our key banking products, ranging from checking
accounts and home equity lines of credit to mortgages and IRAs
n Continue to improve metrics for growth, profitability and a strong risk profile
n Further enhance the skills of our employees to meet and exceed the ever-changing needs of
our clients
n Continue to build a culture that makes Ledyard a preferred local employer
n Manage compliance by adding resources where applicable to meet the rising demands
of regulators
We thank our shareholders, clients, employees and board members for their trust and support,
and we look forward to strengthening those partnerships in 2013.
KATHRyn G. UndeRWood
PRESIDENT & CEO
LEDYARD FINANCIAL GROUP/
LEDYARD NATIONAL BANK
denniS e. LoGUe
CHAIR
LEDYARD FINANCIAL GROUP/
LEDYARD NATIONAL BANK
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F I N A N C I A L H I G H L I G H T S
(dollars in thousands, except per share data)
2012
2011
2010
2009
2008
$ 401,800 $ 390,442 $ 394,785 $ 393,615 $ 363,188
94,015
231,331
(4,926)
226,405
295,586
21,868
16,451
31,283
143,966
231,705
(5,656)
226,049
337,294
9,551
16,928
38,028
140,755
216,496
(5,707)
210,789
312,526
19,859
21,088
36,970
152,473
203,939
(6,346)
197,593
320,129
24,718
15,685
33,082
144,577
209,603
(6,306)
203,297
308,059
26,915
26,279
33,533
YEARS-ENDED DECEMBER 31,
FINANCIAL CONDITION DATA
Assets
Investments
Gross loans, including loans held-for-sale
Allowance for loan loss
Net loans, including loans held-for-sale
Deposits
Federal Home Loan Bank advances
Other borrowings and liabilities
Shareholders’ equity
OPERATING DATA
Net interest income
Ledyard Financial Advisors income
Other non-interest income
Total revenue
Provision for loan loss
Non-interest expense
Pre-tax income
Income taxes
Net income
$
11,155 $
6,990
2,292
20,437
0
16,794
3,643
803
2,840
11,442 $
6,856
1,991
20,289
675
16,260
3,354
745
2,609
12,066 $
6,052
1,941
20,059
450
16,143
3,466
937
2,529
12,515 $
5,125
2,086
19,726
2,250
15,130
2,346
565
1,780
12,892
4,895
1,674
19,461
3,123
13,270
3,068
1,040
2,028
$
2.56 $
1.24
49%
36.20 $
2.80 $
1.30
46%
37.72 $
2.49 $
1.24
50%
32.96 $
1.75 $
1.24
71%
32.55 $
1,021,227
0.66%
7.40%
80.14%
1,017,415
0.64%
7.59%
80.48%
$
1,008,271
0.72%
7.57%
82.05%
OTHER DATA
Earnings per share, basic
Dividends per share
Dividend payout ratio
Tangible book value per share
Shares outstanding, net of treasury
Return on average assets
Return on average equity
Efficiency ratio
Stock price - high
- low
- average
Assets under management
612
and custody (millions)
8.61%
Equity-to-asset ratio
2.13%
Allowance for loan losses to total loans
$
Net charge-offs
$ 1,557,000
Non-performing assets
$ 2,298,030 $ 5,267,024 $ 4,804,756 $ 5,535,866 $ 3,702,128
Allowance for loan losses to
non-performing assets
Texas Ratio
801
8.74%
8.40%
3.11%
2.44%
50,900 $ 1,275,000 $ 490,000 $ 830,000
1.99
1.24
62%
30.79
1,016,010
0.59%
6.56%
68.19%
52.00
35.00
44.61
1,016,431
0.47%
5.53%
76.70%
40.99
30.05
32.51
35.00 $
30.00 $
32.02 $
34.95 $
27.25 $
31.82 $
36.00 $
29.00 $
31.78 $
115%
15.26%
108%
13.08%
131%
12.20%
133%
10.69%
8.56%
3.01%
9.48%
2.64%
246%
5.56%
884 $
902 $
895 $
$
$
$
$
$
$
$
$
Complete Ledyard Financial Group 2012 audited financial statements can be found under “Investor Relations” at
ledyardbank.com.
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SE N I O R MA N A G E M E N T TE A M
As of Februar y 18, 2013
Top row (l-r)
Kevin d. Kober
Senior Vice President and Chief Retail Banking Officer
dennis B. Mitchell, CFP®
President and Managing Director
Ledyard Financial Advisors
Barbara S. Graf
Senior Vice President and Human Resources Director
darcy d. Rogers
Senior Vice President and Chief Operations Officer
Jeffrey H. Marks
Senior Vice President and Chief Marketing Officer
Bottom row (l-r)
Gregory d. Steverson
Executive Vice President and Chief Financial Officer
Kathryn G. Underwood
President and Chief Executive Officer
Reginald e. Greene Jr.
Senior Vice President and Senior Lending Officer
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b O A Rd O F d I R E C T O R S
As of Februar y 18, 2013
Bottom row (l-r):
dennis e. Logue
Steven Roth Professor of Management Emeritus,
Tuck School of Business, Dartmouth College
Chair, Ledyard Financial Group
Kathryn G. Underwood
President and Chief Executive Officer,
Ledyard Financial Group
Bayne Stevenson
President, Bayson Company
Top row (l-r):
Margaret M. Rightmire
Consultant and Community Volunteer
Board Chair, Montshire Museum of Science
Board President, Crossroads Academy
Andrew A. Samwick
Professor of Economics and Director,
Nelson A. Rockefeller Center at Dartmouth College
Richard W. Couch Jr.
Chairman, President and Chief Executive Officer,
Hypertherm, Inc.
Adam M. Keller
Director of Education,
The Dartmouth Institute for Health Policy and Clinical Practice
James W. Varnum
Retired President, Dartmouth-Hitchcock Alliance
Mary Hitchcock Memorial Hospital
Co-Vice Chair, Ledyard Financial Group
deirdre Sheerr-Gross, AiA
Principal, Sheerr and White Residential Architecture
douglas G. Britton
President, Britton Lumber Company, Inc.
Secretary, Ledyard Financial Group
Cotton M. Cleveland
President, Mather Associates
Frederick A. Roesch
Retired, Senior Vice President, Citigroup/Citibank
Co-Vice Chair, Ledyard Financial Group
12
Bottom row (l-r):
dennis e. Logue
Steven Roth Professor of Management Emeritus,
Tuck School of Business, Dartmouth College
Chair, Ledyard Financial Group
Kathryn G. Underwood
President and Chief Executive Officer,
Ledyard Financial Group
Bayne Stevenson
President, Bayson Company
Le dyard N at ioNaL BaNk
HaNove r
3 8 M a i n S treet 603.643.2244 lobby, Walk-up & at M
leb a no n S tre et at p a rk Str e et 603.643.7457 lobby, D ri ve -up & at M
Da rtMou th C olle g e ColliS Ce nte r atM
rou te 120 at olD etn a ro aD 603.448.2220 lobby, Dri ve -up &
at M
LeBaNoN
on th e gre en 603.795.2 28 8 lob by & at M
LyMe
178 Cou nty roaD 6 0 3 .526.7725 lobby, Dri v e-up & at M
NeW LoNdoN
320 M a i n Stre et 802 .649.2050 lobby, Dri v e-up & at M
NorWiCH, v erMoNt
6 7 M a i n S treet 603.298.9444 lobby, Dri v e-up & at M
WeSt LeBaNoN
iNterNe t B aNkiNg
ledyardbank.com
kWikteL PHoNe B aNkiNg
1 .8 8 8 .kWi kte l ( 1.888.594.5835)
EQuAL HOuSING LENdER
MEMbER FdIC
Le dyard F iNaN CiaL ad viSo rS
HaNove r
2 M a p le S tr eet 603.643.0 04 4
NeW LoNdoN
178 Cou nty roaD 60 3.526.9251
Personal and business banking relationships within the retail bank are subject to FDIC insurance
coverage limits. Investment, tax and wealth management services offered by Ledyard Financial Advisors
are not insured by the FDIC, are not deposits or other obligations of, or guaranteed by the Bank or any
affiliate, and are subject to investment risk including the possible loss of principal amount invested.