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As big banks close brick-and-mortar locations, Chase boosts overall CT footprint

As big banks close brick-and-mortar locations, Chase boosts overall CT footprint
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.

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In wake of mega-mergers, no drastic pivots — yet — for CT's community banks


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. ....

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Growing Divide: In wake of mega-mergers, no drastic pivots — yet — for CT's community banks


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. ....

United States , Fairfield County , Jared Shaw , John Ciulla , Cynthia Merkle , David Glidden , David Rotatori , Webster Bank , Union Savings Bank , Farmington Bank , Yorkmt Bank , Sterling National Bank , Middletown Liberty Bank , Zion Bank , Liberty Bank , Union Saving Merkle , Td Bank , Wells Fargo , United Bank , United Financial , New York , Webster Financial , New York Based Sterling National Bank , Naugatuck Based Ion Bank , Wells Fargo Securities , மிடில் டவுன் ,

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 branch were both previously United Bank branches. That’s no surprise, since People’s United closed 18 branches after it bought United Bank, leaving ready-made nests for numerous other lenders who have since stepped in to buy or lease them. ....

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