Bank Director In Naugatuck Retires After 50-Year Career

Press release from Ion Bank:

May 7, 2021

Mark C. Yanarella, a native of Naugatuck, retired from Ion Bank’s Board of Directors completing a fifty-year career. Mark began his banking career in 1970 as a management trainee with Naugatuck Savings Bank, (renamed “Ion Bank”).

In 1980, after holding numerous positions, he became Corporate Secretary and a member of the bank’s Executive Management Team, overseeing the bank’s lending function, a role he continued to play for the next 17 years. Mark was promoted to Vice President in 1983 and elected to the Boards of Directors and Corporators in 1985. He was promoted to Executive Vice President in 1990. In 1997, Mark was named President and Chief Executive Officer. He was ultimately named Chairman and CEO of the bank and its’ holding company.

During Mark’s tenure as CEO the bank enjoyed significant growth, tripling its’ branch network and dramatically expanded the bank’s commercial lending function. He was most proud however when in 1998 under his leadership the bank created a charitable foundation that is now known as the Ion Bank Foundation. Since its inception, this charitable foundation has awarded grants totaling over $8.8 million to benefit residents and non-profit organizations in our local communities for a variety of causes such as health care, education, economic development, human and social services, and the arts.

"Mark’s passion and dedication made a lasting impact on Ion Bank. His wisdom and knowledge of the industry will truly be missed," said Ion Bank President and CEO, David Rotatori.

Mark was very active in the community throughout his career serving on numerous boards and committees. Among the most notable were the St. Mary's Hospital Foundation Board where he also served on the Finance and Audit Committees for the St. Mary's Health System. He was a member of the Board of Directors of the Palace Theater and was a Board member of the Naugatuck Economic Development Corporation. For several years, Mark was a Trustee of the Connecticut Community Foundation. He was also a board member of the Infinex Financial Group, from which he retired in 2020.

Mark was an active volunteer with the Salvation Army for nearly forty years, serving as both the Chairman and Treasurer of the local service unit. He was also very instrumental in creating the Naugatuck Social Service Network.

Mark was a 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 were also honored by the United Way when they were jointly given the Mary Connolly Community Caring Award.

This press release was produced by Ion Bank. The views expressed here are the author's own.