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As the COVID-19 pandemic recedes, Connecticut’s largest mutual bank is pursuing a commercial loan incursion into Hartford and the surrounding region.
While it’s the third largest Connecticut-based lender by deposits, Middletown’s Liberty Bank has not historically been a big player in the Hartford market.
In fact, it currently doesn’t have a branch in the Capital City, but it’s starting to plant its flag. The bank just opened two new loan offices in Hartford, including one in the heart of downtown, at 100 Pearl St.
Indeed, Liberty has written a greater portion of loans outside of Connecticut than is typical for banks of its size, thanks in part to a strong niche in timeshare vacation property financing.
Following two of the largest mergers and acquisitions Connecticut’s banking industry has ever seen, the chasm between larger lenders and community banks has widened even further.
The pending acquisition of People’s United Financial by New York’s M&T Bank announced in February will create a regional behemoth with $200 billion in total assets. People’s United’s home-state rival Webster Financial wasted no time responding, announcing last month a merger with New York-based Sterling National Bank, which will have $63 billion in combined assets.
Once the deals are finalized, those banks will be able to make larger loans and invest more in technology and talent, increasing their ability to compete with national players such as fellow Connecticut deposit leaders Bank of America, Wells Fargo and TD Bank.