Issue link: https://nebusinessmedia.uberflip.com/i/1243056
12 Hartford Business Journal • May 4, 2020 • www.HartfordBusiness.com Largest in-state banks (Ranked by deposits as of June 30, 2019) Rank Bank Total CT deposits (000) (1) Market share Assets (000) (2) Net loans and leases (000) Net Income (000) CT offices Top executive Date established 1 People's United Bank (3) 850 Main St. Bridgeport, CT 06604 203-338-7001; www.peoples.com $21,218,512 15.18% $58,343,490 $43,921,156 $543,468 157 John P. Barnes President & CEO 1988 2 Webster Bank 137 Bank St. Waterbury, CT 06702 203-578-2200; public.websteronline.com $19,733,657 14.11% $30,412,303 $19,866,294 $404,850 112 John R. Ciulla President & CEO 1870 3 Liberty Bank 315 Main St. Middletown, CT 06457 888-570-0773; www.liberty-bank.com $3,977,793 2.84% $5,814,075 $4,204,958 $65,285 55 David W. Glidden President & CEO 1825 4 Union Savings Bank 226 Main St. Danbury, CT 06810 866-872-1866; www.unionsavings.com $1,642,869 1.17% $2,276,560 $1,666,619 $22,230 26 Cynthia C. Merkle President & CEO 1866 5 Bankwell Bank 208 Elm St. New Canaan, CT 06480 203-972-3838; mybankwell.com $1,483,747 1.06% $1,879,209 $1,588,840 $21,687 13 Christopher Gruseke CEO 2002 6 Fairfield County Bank 150 Danbury Road Ridgefield, CT 06877 877-431-7431; www.fairfieldcountybank.com $1,258,670 0.90% $1,563,031 $1,127,181 $10,354 16 David A. Schneider CEO 1871 7 First County Bank 117 Prospect St. Stamford, CT 06901 203-462-4400; www.firstcountybank.com $1,194,128 0.85% $1,755,414 $1,386,594 $8,602 17 Robert J. Granata Chairman & CEO 1851 8 ion Bank 251 Church St. Naugatuck, CT 06770 877-729-4442; ionbank.com $1,096,207 0.78% $1,362,062 $1,141,112 $9,511 18 David J. Rotatori President & CEO 1870 9 Newtown Savings Bank 39 Main St. Newtown, CT 06470 203-426-2563; www.nsbonline.com $1,038,778 0.74% $1,334,086 $1,069,536 $7,360 14 Kenneth L. Weinstein President & CEO 1855 10 Thomaston Savings Bank 203 Main St. Thomaston, CT 06787 855-344-1874; thomastonsavingsbank.com $960,372 0.07% $1,110,732 $761,938 $5,727 13 Stephen L. Lewis President & CEO 1874 11 Chelsea Groton Bank 1 Franklin Square Norwich, CT 06360 860-823-4912; www.chelseagroton.com $903,083 0.65% $1,142,824 $850,872 $18,099 14 B. Michael Rauh Jr. President & CEO 1854 12 Savings Bank of Danbury 220 Main St. Danbury, CT 06810 203-743-3849; sbdanbury.com $872,166 0.62% $1,117,094 $936,559 $11,810 15 Martin G. Morgado President & CEO 1849 13 Patriot Bank 999 Bedford St. Stamford, CT 06905 203-251-7200; bankpatriot.com $718,868 0.51% $981,064 $818,595 ($131) 8 Michael Carrazza Chairman & CEO 1994 14 Torrington Savings Bank 129 Main St. Torrington, CT 06790 860-496-2152; torringtonsavings.com $666,322 0.48% $829,458 $529,257 $8,185 7 John E. Janco President & CEO 1868 15 The Guilford Savings Bank 1 Park St. Guilford, CT 06437 203-453-2721; www.gsb-yourbank.com $638,869 0.46% $838,240 $641,939 $6,275 6 Timothy P. Geelan President & CEO 1875 16 Dime Bank 290 Salem Turnpike Norwich, CT 06360 860-859-4300; dime-bank.com $600,565 0.43% $894,697 $629,794 $5,098 11 Nicholas Caplanson President & CEO 1869 17 Fieldpoint Private Bank & Trust 100 Field Point Road Greenwich, CT 06830 203-413-9300; www.fieldpointprivate.com $599,634 0.43% $919,875 $731,313 $4,902 1 Timothy Tully President & CEO 2008 18 Salisbury Bank & Trust Co. 5 Bissell St. Lakeville, CT 06039 860-435-9801; www.salisburybank.com $465,487 0.33% $1,112,449 $927,745 $11,915 4 Richard J. Cantele Jr. President & CEO 1874 19 Windsor Federal Savings & Loan 250 Broad St. Windsor, CT 06095 860-688-8511; www.windsorfederal.com $433,506 0.31% $543,344 $403,568 $3,741 7 George Hermann President & CEO 1935 20 Connecticut Community Bank 1495 Post Road East Westport, CT 06880 203-319-6260; www.ccbankonline.com $401,134 0.29% $424,907 $344,176 $1,808 9 David W. Tralka President & CEO, InsurBanc 1998 Source: Federal Deposit Insurance Corp. Notes: Number of Conn. offices as of June 2019. Deposit and market share data as of June 30, 2018 were previously published in the 2018/2019 Book of Lists. Savings Inst. Bank and Trust Co. merged into Boston-based Berkshire Bank on May 17, 2019. Percent market shares on this list factor in Savings Inst. Bank and Trust Co. with 948,567,000 Conn. deposits and 0.70% market share as of June 30, 2018. (1) Deposits, market share and CT offices as of 6/31/2019 (2) Assets, net loans and leases & net income as of 12/31/2019 (3) People's United Bank acquired First Connecticut Bancorp, holding company of Farmington Bank, in September 2018. Farmington Bank had $3.2 billion in deposits at the time the deal closed. On Nov. 1, 2019, People's United Bank acquired Hartford's United Financial Bancorp Inc., parent of United Bank, for $759 million. United Bank had $4.3 billion in deposits as of June 30, 2019. —Compiled by Timothy Doyle and Heide Martin. Largest in-state banks Ranked by deposits as of June 30, 2019 Source: Federal Deposit Insurance Corp. Notes: Number of Conn. offices as of June 2019. Deposit and market share data as of June 30, 2018 were previously published in the 2018/2019 Book of Lists. Savings Inst. Bank and Trust Co. merged into Boston-based Berkshire Bank on May 17, 2019. Percent market shares on this list factor in Savings Inst. Bank and Trust Co. with 948,567,000 Conn. deposits and 0.70% market share as of June 30, 2018. (1) Deposits, market share and CT offices as of 6/31/2019 (2) Assets, net loans and leases & net income as of 12/31/2019 (3) People's United Bank acquired First Connecticut Bancorp, holding company of Farmington Bank, in September 2018. Farmington Bank had $3.2 billion in deposits at the time the deal closed. On Nov. 1, 2019, People's United Bank acquired Hartford's United Financial Bancorp Inc., parent of United Bank, for $759 million. United Bank had $4.3 billion in deposits as of June 30, 2019. —Compiled by Timothy Doyle and Heide Martin. FOCUS: BANKING & FINANCE The focus needs to be on short- term and long-term operational prof- its to navigate through the disrup- tion. Should cash required for these items somehow vanish over the next few months, then you have merely kicked the can down the road and the road may be a dead end. There are also changes to various tax provisions including rules for net operating losses and deprecia- tion that can open up opportunities to recover taxes previously paid. Businesses should review these to maximize any benefits available. Q. There have been many moves by the federal and state governments to provide liquidity, low interest rates, grants as well as enhanced unem- ployment benefits. Will these moves provide the necessary resources to keep businesses running into late 2020 and into 2021, when the effects of this crisis may hit hardest? A. The economic growth and prosperity over the last few years has strengthened company balance sheets across the nation. This strength to- gether with the efforts by the federal and state governments, provide the ability for companies, as a whole, to sustain this crisis for several months. However, looking longer term, even if some sort of normalcy occurs by June or July 2020, many industries — leisure and hospitality, restau- rants, as well as private and higher education — face a slow ramp up or uncertainty, making it likely this cri- sis will continue through mid-2021. This time period will be trying for many businesses and without further assistance, many companies will struggle to succeed. Firms must plan now for today and the future. >> Q&A: Sabol continued