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West Hartford becomes breeding ground for bank expansions

West Hartford becomes breeding ground for bank expansions
hartfordbusiness.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from hartfordbusiness.com Daily Mail and Mail on Sunday newspapers.

West hartfordUnited statesBrian caninaAndreas kapetanopoulosJim haganPeople united bankBrockville bankDeposit insurance corpPeoplesbank west hartford centerMt bankWestfield bankHartford centerWest hartford centerFederal deposit insuranceLasalle roadUnited bank

NBT banks on slow, but steady de novo branch strategy for CT growth

NBT banks on slow, but steady de novo branch strategy for CT growth
hartfordbusiness.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from hartfordbusiness.com Daily Mail and Mail on Sunday newspapers.

West hartfordUnited statesNew yorkNew hampshireFairfield countyHartford countyJohn watt jrAndreas kapetanopoulosWebster bankFarmington bankPeople united bankMt bankNbt bankSantander bankTd bankChittenden bank

CT homebuilders are busier, but struggle to fully seize on hot housing market

Connecticut single-family home sales have spiked over the past year to levels not seen since 2005, but don’t expect an equivalent surge in new construction, area builders say. While home construction increased notably in 2020, it wasn’t nearly to the same scale as home sales activity. Experts say soaring prices for key materials like lumber and uncertainty about how long the recent demand wave might last have created hesitation in many builders. Some have resisted an admittedly strong urge to take the financial risk to build more speculative homes in order to provide badly needed inventory in a tight housing market.

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Out-of-state banks including M&T, NBT and PeoplesBank deepen Greater Hartford footprints

Out-of-state banks from Massachusetts and New York are making big moves in Connecticut that will reshape the competitive landscape, and they’re using different strategies to grow their local footprints. Upstate New York’s M&T Bank, with $142.2 billion in assets, is making the biggest splash with its $7.6 billion planned acquisition of Bridgeport-based People’s United Bank, a deal that when completed will give it 183 branches and $27.8 billion in deposits in Connecticut alone. (Currently M&T has just nine branches in the state.) On the other hand, M&T’s neighbor in Norwich, N.Y., NBT Bank, is pursuing a de novo strategy in Connecticut, dipping its toe in the waters with new branches in Glastonbury and potentially West Hartford.

West hartfordUnited statesNew yorkNew hampshireHartford countyThomas senecalAndreas kapetanopoulosDarren kingYorkmt bankHartford centerPeople united bankFirst national bankUnited bankBridgeport based peopleMassachusetts based peoplesbankWest hartford center

New York lender picks Glastonbury as CT entry point

Connecticut is about to have a new bank in the market. New York-based NBT Bank, which launched commercial lending in Connecticut in 2019, has applied to the the state Department of Banking to approve its first branch here. The de novo branch would be located at 2670 Main St. Glastonbury, which is a former United Bank location. United was acquired by People’s United Bank in 2019. NBT said it is also eyeing West Hartford for a second office, though it did not disclose the location. The Norwich, N.Y.-based institution has $10.8 billion in assets and 142 offices across its home state, Massachusetts, Vermont, New Hampshire, Maine and Pennsylvania.

Connecticut riverUnited statesWest hartfordNew hampshireAndreas kapetanopoulosPeople united bankDepartment of bankingUnited bankGreater hartfordகனெக்டிகட் நதிஒன்றுபட்டது மாநிலங்களில்மேற்கு ஹார்ட்ஃபோர்ட்புதியது ஹாம்ப்ஷயர்மக்கள் ஒன்றுபட்டது வங்கிதுறை ஆஃப் வங்கிஒன்றுபட்டது வங்கி