Business Leaders See Growing University's Economic Impact

Pictured Above: (Left to right): Fred Staudmyer, EVP & Chief Administrative Officer at Patriot Bank; Armando Goncalves, Board Chairman at BRBC; Paul Timpanelli, President & CEO at BRBC; & Dr. John Petillo, President at Sacred Heart University.

Sacred Heart University President Dr. John Petillo recently offered an inside look at the Fairfield-based Catholic university’s rich background, history and positive economic impact on the region, as the featured speaker at the Bridgeport Regional Business Council (BRBC)’s “Inside the CEO’s Office” series.

More than 40 local business leaders gathered at Sacred Heart’s Martire Center on June 2 to learn from Dr. Petillo how the university has evolved from a commuter school to a full university and regional institution with over 8,000 students and 900 faculty members in just a number of years.

Dr. Petillo explained the enormous direct economic impact that Sacred Heart has, employing more than 5,000 full-time workers (1,426 direct jobs and 3,676 indirect jobs) and paying over $69 million in wages, salaries and benefits, as of Fiscal Year 2013. The university also spends over $55 million on goods and services, $143 million for capital improvements of buildings and structures (5-year average), and generates nearly $40 million additionally from visitors and students, all making a significant impact on the regional economy.

The event was sponsored by Patriot Bank and Energize Connecticut, and is part of an ongoing series providing an exclusive, up-close and personal look at the challenges and opportunities that top CEOs in the region confront. The BRBC’s mission is to pursue economic development in the region that will lead to more jobs and an increased tax base.

“Bridgeport Regional Business Council’s ‘Inside the CEO’s Office’ series is an excellent way for local business leaders to connect with and learn from the experiences of some of Connecticut’s top leaders,” said Kenneth Neilson, Patriot Bank President & CEO. “Patriot Bank recognizes the importance of spotlighitng how Sacred Heart University is constantly evolving to meet the changing needs of its growing campus, population and staff, and is a significant and growing economic force for Connecticut.”

“It was an honor to be asked to participate in the Inside the CEO’s Office program,” said Sacred Heart University President John J. Petillo. “We enjoyed the opportunity to welcome the area’s business leaders to our new Martire Center for Business & Communications and to share the exciting things that are happening here at Sacred Heart.”

Sacred Heart recently opened the 120,000-square-foot Frank and Marisa Martire Business & Communications Center on campus and is currently building the 117,000-square-foot Center for Healthcare Education, spending nearly $100 million combined on these two projects. This fall, it will open the Jorge Bergoglio Hall to house over 200 students.

The BRBC comprises the Bridgeport, Stratford and Trumbull Chambers of Commerce, Bridgeport Economic Development Corporation, Leadership Greater Bridgeport and the Women’s Leadership Council and has approximately 1,000 members.

About Patriot Bank, N.A.

Patriot Bank, N.A. is headquartered in Stamford, Connecticut and provides consumer and commercial banking services to individuals, government and nonprofit entities, small- and medium-sized businesses and professionals. Patriot Bank currently operates 10 full service branches, 8 in Connecticut and 2 in New York. Patriot Bank was founded in 1994.