Hartford Business Journal

www.HartfordBusiness.com • October 5, 2020 • Hartford Business Journal 5 Torrington Savings moving further into Hartford County It's been more than 40 years since Torrington Savings Bank established its first and only branch in Hartford County, but now the mid-sized mutual wants to add a second. Torrington Savings, which holds about $692 million in deposits, recently applied to the state Department of Banking seeking permission to establish a branch at 888 Farmington Ave., (Route 6) in Bristol. It's the latest in a wave of community bank expansions in the area, following People's United Bank's acquisitions of United Bank and Farmington Bank over the past few years. Eastern Connecticut's Dime Bank recently applied to open two branches in Hartford County. Bank of America widens CT deposit market share lead Bank of America continues to have the highest deposits in Connecticut by far, at $40.4 billion as of June 30, up from $32.1 billion a year prior, according to newly released Federal Deposit Insurance Corp. data. That gives the North Carolina-based giant a nearly 25% share of all Connecticut bank deposits, up from just under 23% in 2019. Connecticut bank deposits overall have continued to climb in the past year, growing 16% to nearly $163 billion in June, up from just under $140 billion a year ago. Rounding out the top five were People's United Bank ($27.5 billion in deposits), Webster Bank ($23.3 billion) Wells Fargo Bank ($9.1 billion) and TD Bank ($8 billion), FDIC data shows. State buying former Manchester Sam's Club to store PPE The State Bond Commission has approved $6.8 million in financing to acquire and renovate the former Manchester Sam's Club property for the storage of personal protective equipment and other materials during the coronavirus pandemic. The bond commission in a special meeting Sept. 29, voted 8-2 in favor of the purchase of the 138,000-square-foot building and 500 parking spaces at 69 Pavilions Dr. The state said it is making the purchase for additional warehouse space because its New Britain facility is nearly filled with PPE and emergency response materials and equipment. Sam's Club, a subsidiary of Walmart Inc., began shopping the property, assessed at $8.4 million, earlier this year. Gutierrez to serve as CONNSTEP's new president Manufacturing consulting firm CONNSTEP announced Beatriz Gutierrez will serve as its next president. Gutierrez currently works as executive director of the Office of Business Development within the state Department of Economic and Community Development (DECD). The move comes as current CONNSTEP President Bonnie Del Conte retires from the position she's held for the past 14 years. Del Conte in 2018 oversaw CONNSTEP's affiliation with the Connecticut Business & Industry Association. E. Hartford credit union continues buying spree Harford County's newest credit union is delivering on its CEO's pledge to double in size by 2025. America's First Network Credit Union, which relocated in January to East Hartford from its longtime Trumbull home, LATEST HEADLINES Lesa Vanotti is taking over as Torrington Savings Bank CEO as John Janco Sr. (right) retires. 107 Old Windsor Road, Bloomfi eld, CT 06002 (860) 242-8586 | Fax (860) 242-8587 www.pdsec.com PDS ENGINEERING & CONSTRUCTION, INC. THINK • PLAN • BUILD Another Successful Project by PDS DESIGN BUILDERS • GENERAL CONTRACTORS • CONSTRUCTION MANAGERS Spotlight on: Religious Crossroads Community Church | East Hartford, CT Total Project Size: 35,000 SF PDS served in the role as Construction Manager At Risk which consisted of a 5,000 square foot renovation and a 30,000 square foot addition. This church is a 900 seat theater worship facility. The project included a sanctuary, dining hall, theatrical lighting with catwalks, second story control booths, acoustically designed interior space, mechanical systems, demolition and abatement. Continued on page 6 >> PHOTO | HBJ FILE

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