Northeast banking is a small world
Consolidation has been a trend in Connecticut’s banking industry for years, but deals made by Bridgeport-based People’s United Bank since 2018 are playing a major role in reshaping Greater Hartford’s competitive landscape, especially as it prepares to be taken over by New York-based M&T Bank. For one, People’s United’s deals — which have included the acquisitions of Farmington Bank and United Bank — have paved the way for out-of-state lenders to increasingly eye and grow in the market. For example, NBT’s pending Glastonbury branch and PeoplesBank’s proposed West Hartford bra...