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8 Hartford Business Journal • September 24, 2018 • www.HartfordBusiness.com Reporter's Notebook Gregory Seay | gseay@HartfordBusiness.com Real Estate, Economic Development/Construction, Banking & Finance and Manufacturing BANKING & FINANCE United Bank's branch aspirations take root W hile People's United Financial weighs which of its and Farmington Bank's branches will remain after their pending tie-up, Hart- ford community lender United Bank is expanding its regional network of remote banking offices. The flagship of United Financial Bancorp, headquartered in downtown's Goodwin Square skyscraper, earlier this month received unconditional approval from state Banking Commis- sioner Jorge L. Perez to acquire a half- dozen offices from cross-state, super- regional rival Webster Bank, half of them in the Greater Springfield market. All six, including two in Connecticut (Waterford and Groton) and another in Rhode Island, will officially reopen Oct. 9 under the United Bank banner, a bank official said. As part of the transition, however, United Bank also notified Connecticut regulators of plans to shut three of its Massachusetts branches in close proximity to the Webster offices. Overall, the deal will allow United to tap into new markets in the Ocean State and along Connecticut's coastline, and deepen its footprint in Greater Spring- field, a market that was previously home to its former community-bank predeces- sor, United Bank of West Springfield. That United Bank in April 2014 carried out with former Rockville Bank of Vernon a "merger of equals'' that birthed the cur- rent $7.2 billion-asset institution. In May, when his bank announced the Webster- branch deal, United CEO Wil- liam H.W. "Bill" Crawford IV said it would enhance "our already strong presence in Western Mass., where we enjoy significant fran- chise value, builds greater brand recognition and delivers new banking opportunities along the Connecticut shoreline — which will be a strong market for us and grows our branch banking network into new markets in Connecticut and Rhode Island." Separately, Bridgeport super-re- gional lender People's United Bank will likely soon disclose how many branch- es will remain open after its $544 mil- lion acquisition of First Connecticut Bancorp, Farmington Bank's parent. Farmington Bank previously alerted state labor overseers to People's plan to shed some 95 staffers once the deal is consummated. Three branches closing The state banking commissioner ap- proved the United Bank-Webster branch swap Sept. 6. As part of the approval process, the commissioner had to con- sider all competitive opportunities and threats to United Bank and its competi- tors from opening more branches. It's rare, at least in Connecticut, for bank regulators to reject branch expansions or closings. According to United Bank's filing, it paid Waterbury-based Webster Bank an unspecified sum for three full-service branches in the Greater Springfield area: 62 Center St., East Longmeadow, Mass.; 1355 Boston Road, Springfield; and 50 Elm St., West Springfield. In Connecticut, United Bank will run Webster's ex-office at 654 Long Hill Road in Groton, and one at 124-B Boston Post Road in Waterford. Finally, United added a banking office at 50 Franklin St., in the town of Westerly, R.I. Webster declared last May, when the branch sale was an- nounced, that the outposts accounted for about $120 million in deposits. Presently, United operates 54 branches and ATM kiosks in shared retail space in Connecticut and Mas- sachusetts, but that count is slated to shrink slightly. United also notified Connecticut regulators of plans to shut three of its Massachusetts branches — 94 Shaker Road, East Longmeadow; 459 Main St., Springfield; and 95 Elm St., West Springfield — near the Webster offices it acquired. Staff in the closed United offices likely will be reallocated among its remaining offices. DEAL WATCH $405K Manchester sale Pump Properties LLC recently paid $405,000 for an 8,000-square-foot industrial condominium in Manchester. Utopia Realty LLC sold Pump Properties Units 6, 7 and 8 at 130 Utopia Road, according to sole broker Sentry Commercial. A Hand Up's West Hartford relocation West Hartford community support nonprofit A Hand Up Inc. has relocated its leased office space within the town. A Hand Up leased 1,500 square feet at 635 New Park Ave. in the New Park Commerce Center, relocating from nearby 93 Talcott Road, according to sole broker Sentry Commercial. Framingham Commons LLC owns New Park Commerce Center. A Hand Up distributes donated goods to help people transition from homelessness to independent living. Bousquet's Willimantic expansion Plainfield retailer Bousquet Appliance has acquired for $510,000 an 11,000-square-foot building in downtown Willimantic to house its second appliance showroom. Owner Jeffrey Bousquet bought the building at 600 Main St., adjacent to the "Frog Bridge" entrance to Willimantic and near Eastern Connecticut State University, from seller 600 Main St. LLC, according to buyer's broker Lyman Real Estate. Agnelli Real Estate represented the seller. The building formerly housed The Lucky Frog Bar and Grill. MANUFACTURING Four CT manufacturers named producers for the ages Former Manchester silk manufac- turer Cheney Brothers and three other Connecticut producers have been admitted to the American Manufac- turing Hall of Fame (AMHoF). Inducted along with Cheney Bros. are: Ansonia rubber-and-plastics prod- ucts maker Farrel Pomini; Fairfield steel-products manufacturer Handy & Harman Ltd.; and Middlebury watch- maker Timex Group USA. The induction ceremony will be held Oct. 9 at 5 p.m. at the Trumbull Marriott. In addition, the 2018 Leadership Award will be presented to Robert Klancko, a partner in the Woodbridge manufacturing consulting firm of Klancko & Klancko LLC. AMHoF is affiliated with the Housa- tonic Community College Founda- tion, the fiduciary for the Hall of Fame. Launched in 1990, the foundation pro- vides financial aid to Housatonic Com- munity College and its students. William H.W. "Bill" Crawford IV, CEO, United Bank 635 New Park Ave., West Hartford. 600 Main St., Willimantic. United's newest branch debuted earlier this year in downtown Hartford, in CityPlace II. HBJ PHOTO | GREGORY SEAY