*For Immediate Release*
Carlos S. Batista
Chairman of the Board
NAUGATUCK VALLEY FINANCIAL CORPORATION
AND NAUGATUCK VALLEY SAVINGS AND LOAN
APPOINT WILLIAM C. CALDERARA
PRESIDENT AND CHIEF EXECUTIVE OFFICER
Naugatuck, CT; September 26, 2012. Naugatuck
Valley Financial Corporation (the “Company”) (NasdaqGM: NVSL), the holding company for Naugatuck Valley Savings and
Loan (the “Bank” or “Naugatuck Valley”), announced today the appointment of William C. Calderara as President
and Chief Executive Officer of both the Company and the Bank effective September 28, 2012. The Bank has received the non-objection
of the Office of the Comptroller of the Currency (the “OCC”) to the immediate appointment of Mr. Calderara, subject
to the OCC issuing its formal non-objection to the Bank’s formal notice that he serve as the Bank’s President and Chief
Carlos S. Batista, Chairman of the Board
of the Company and the Bank, said, “Bill Calderara is a well-respected and experienced community bank executive and we are
extremely pleased that he has joined Naugatuck Valley. On behalf of the Board of Directors, management and employees of Naugatuck
Valley, I want to express our appreciation to Sharon Blanchette and Mark Graveline for their dedicated service of Co-Interim President
and Chief Executive Officer.”
William C. Calderara, said, "I'm thrilled
to be joining Naugatuck Valley and excited about the opportunities it presents. The Bank operates in great communities, has strong
capital and dedicated employees, and a committed and supportive Board. While some more hard work still lies ahead, I'm confident
that all the necessary ingredients are present for the Bank to advance and flourish over the long-term."
William C. Calderara has over 25 years of
experience in all aspects of banking and bank management and has held senior executive officer positions at several community banks.
He joins Naugatuck Valley from Newtown Savings Bank where he was Chief Lending Officer with direct management responsibility for
commercial lending, small business, loan administration, loan servicing, and risk management. He directed commercial lending at
Ridgefield Bank as its Senior Vice President – Chief Lending Officer, overseeing all lending activities. He had an expanded
role in executive management at Fairfield County Bank, where he was responsible for marketing, sales management, information technology,
retail lending, and loan administration. Earlier in his career, he directed residential lending operations at a multi-billion dollar
bank in White Plains, New York, and was also in charge of a subsidiary company of The Bank of New York where he oversaw all residential
lending activities, including secondary market operations. He and his family live in Newtown, Connecticut.
Naugatuck Valley Financial Corporation is
the holding company for Naugatuck Valley Savings and Loan. In addition to its main office in Naugatuck, the Bank operates nine
other branch offices in Southwestern Connecticut. The Bank is a community-oriented financial institution dedicated to serving the
financial services needs of consumers and businesses within its market area.
This press release contains forward-looking
statements with the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended. These statements are often identified
by forward-looking words such as “expect,” “believe,” anticipate,” or other words with similar meanings.
Forward-looking statements are not statements of fact and a number of factors could cause actual results to differ materially from
expected results. All forward-looking statements included in this press release are based upon information available to the Company
as of the date of this press release. Except as may be required by applicable law, the Company assumes no obligation to update
or revise any such forward-looking statements. For additional discussion of the risks and uncertainties generally applicable to
the Company, see the “Risk Factors” section of the Company’s Form 10-K for the year ended December 31, 2011 and
its subsequent Quarterly Reports on Form 10-Q.