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GROTON: Chelsea Groton Bank’s Carolyn Welch has been promoted to Senior Vice President, Commercial Lending Manager. Welch will lead the bank’s commercial lending team.
“In Carolyn’s relatively short time with Chelsea Groton Bank, she has performed extremely well, developing new business for the Bank in the greater Hartford and New Haven counties, as well as in New London County,” said Tony Joyce, Executive Vice President, Senior Loan Officer at Chelsea Groton Bank. “She will now be in a position to help others on the Commercial team to aggregate business relationships in a similar way. Her prior experience as a Commercial Lending team leader will serve her well in this new capacity.”
GLASTONBURY: United Bank [United Financial Corp, NASDAQ: UNBK] is making a big deposit in downtown Hartford. William H. W. Crawford, IV, CEO is relocating the bank’s headquarters from Glastonbury to 68,000 square feet at Goodwin Square, 225 Asylum Street, in downtown.
The move will occur in the third quarter of this year and will bring 200 employees to the city. United Bank currently occupies 48,000 square feet of space at 45 Glastonbury Boulevard. Still under lease, the bank is seeking to sublet the space. Bank officials cited a very tight office market in town as one reason for the relocation.
. BRIDGEPORT, People's United Financial, Inc. (NASDAQ: PBCT),) received approval for its purchase of Suffolk County National Bank, of Riverhead, NYThe transaction, was first announced June 27, 2016 and approved by the shareholders of Suffolk in October.
People's United is Connecticut’s largest state based bank with $41 billion in assets, the Suffolk acquisition adds another $2 billion to the till. People’s United has nearly 400 branches in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine.
For more information, visit us at peoples.com.
Hamden: In the Spring of 2014 Bankwell headquartered in New Canaan then led by former First Alliance Bank CEO Peyton Patterson acquired the then two branch Quinnipiac Bank & Trust of Hamden.
Patterson had previously pulled together two community Farifield County banks and brought them together as Bankwell and then taking the company public. The Bankwell plan was a strategy similar to the one she engineered when merging the New Haven Savings Bank and the them [already public] Savings Bank of Manchester into New Alliance.
Patterson had hoped to use her knowledge and contacts in New Haven to expand Bankwell, and the first stop was the Quinnipiac Bank and Trust, co-founded by then CEO Mark Candido.
Beth Mooney 61, has been CEO and Chariman of KeyCorp since 2011. She is the first woman CEO of a top-20 US bank.
Carlton Highsmith at ConnCat a non-profit he helped found and finance that provides arts training for young minority students and medical and culinary training for adults.
Once Local New Haven Savings Bank Merged Into “National” Bank
By Mitchell Young
CLEVELAND: First Niagara Financial Group, Inc., based in Buffalo with operations of the former New Alliance Bank in New Haven, has been acquired by Cleveland-based KeyCorp. KeyCorp, who like First Niagara had its roots in upstate New York, has grown into the 13th largest bank in the United States with $135 billion in assets.
Connecticut’s largest locally operated bank by assets is Peoples United with $39 billion and Bank America, the country’s second largest bank, also operates in Connecticut and has assets of $2.2 trillion.
The $4.1 billion acquisition of First Niagara expands Key’s footprint to include Pittsburg, Philadelphia, Connecticut and Western Massachusetts. Overlaps in Pennsylvania and New York will result in the sale of at least 18 branches in New York. Additionally, there is a reported 30% overlap in some First Niagara’s markets. There were no Key Bank locations in Connecticut.
Accounts are expected to convert from First Niagara to KeyCorp by the fourth quarter of 2016.
Key Bank has an unusual footprint for its more than 1,200 branches. It operates in 16 states including: Maine, Vermont, Massachusetts, Connecticut, and New York Pennsylvania. Ohio, Michigan, Indiana, Colorado, Utah, Idaho, Oregon, Washington, Alaska and Florida.
KeyCorp Chairman and CEO Beth Mooney saw her company’s stock drop in the past year as it finalized the merger. The high for the stock in the past few years has been just over $15 per share, it now trades at about $11.70. The market value of KeyCorp is just under $10 billion.
In an agreement with the National Community Reinvestment Coalition, an association of community groups, Key has agreed to $14.5 billion to spend and invest over the next five years on a “community benefits plan” to include small business lending and philanthropic contributions.
Local businessman and philantropist Carlton Highsmith and Business New Haven Business Person of the Year 2006 was a director of New Alliance Bank and was appointed a director of First Niagara, and now has been appointed a director of KeyCorp. Highsmith is also a director of Quinnipiac University and Yale New Haven Health System.
New Haven Magazine