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.
Buffalo, New York based First Niagara Bank with branches ranging from Buffalo to downtown New Haven is being sold to Ohio based Keybank for $4 Billion. First Niagara had previously bought New Haven based. New Alliance had been created to take over the New Haven Savings Bank and merge it with the Manchester Savings Bank in 2004. Taking New Haven Savings public was hugely controversial at the time. Several weeks ago First Niagara's landmark building in New Haven was sold for $18 million to local developer Paul Denz, who said he will be renovating the structure.
Several business outlets report a deal for $45 billion is imminent. CNBC Confirms
MILFORD — The Milford Bank has partnered with the Milford 375th committee to design a limited edition coin commemorating Milford’s anniversary. The coins feature the Milford 375th logo.
The coins will be sold in all Milford offices of the Milford Bank for $5. Proceeds from the coin sales will be divided among five local charities: the Milford Arts Council, Milford’s Promise, the Milford Historical Society, Boys & Girls Club of Milford and the Beth El Center. The commemorative coins are a special edition limited to 5,000 pieces.
Said Milford Bank President Bob Macklin: “As Milford’s hometown bank, we’re proud of our 142-year legacy of service to the Milford community. Funds raised through the sale of this coin will enable local organizations to better serve our friends and neighbors.”
MASHANTUCKET — Foxwoods Resort Casino revenues continue to slide. The casino reported slot revenue of $43.7 million for the month of May. This figure is down 9.3 percent compared to $48.2 million in May of 2013. Handle for the month was $541.8 million, down 2.9 percent from the $557.9 million wagered in the same month in 2013.
Foxwoods’ contribution to the Connecticut Special Revenue Fund for the month of May was $11.7 million, bringing the cumulative contribution to the state since Foxwoods opened in 1992 to nearly $3.6 billion.