Hartford Business Journal

HartfordBusiness.com | March 8, 2021 | Hartford Business Journal 23 FOCUS: BANKING & FINANCE Expanding out-of-state banks These three banks are expanding their presence in Greater Hartford. PeoplesBank HQ: Holyoke, MA Assets: $3.3B Employees: 311 Top executive: Thomas Senecal, President & CEO Phone: 413-538-9500 NBT Bank HQ: Norwich, NY Assets: $10.8B Employees: 1,502 Top executive: John Watt Jr., CEO Phone: 1-800-628-2265 M&T Bank HQ: Buffalo, NY Assets: $142.2B Employees: 16,416 Top executive: Rene Jones, CEO Phone: 1-800-724-2440 Connecticut before pursuing a brick- and-mortar footprint here, initially opted to acquire branches rather than build up its own. "There are obviously different strategies you can take," said Senecal. "To buy something, it gives you an immediate impact and presence that you can't get from an organic method." However, as PeoplesBank seeks to grow further south of the Massachusetts border, it's pivoting to the de novo strategy. One reason is that market conditions have changed. It's tougher today to find the right acquisition target at the right price than it was a few years back. "The competition for acquisition is intense, and it's expensive, so a deal has to work both economically and geographically," Senecal said. NBT has built a nine-person Connecticut team so far, and Kapetanopoulos said the bank will keep a heavy focus on commercial lending, even as it prepares to offer its first retail accounts here. Retail deposits aren't exactly as in demand as they were a few years ago. Interest rates are sitting at record lows, and many banks are flush with inflated deposits due to federal COVID-19 stimulus and pandemic-related changes in consumer spending habits. Even in that environment, Senecal said banks must chase after new deposits and plan for the long term. "Unfortunately we have all this cash and we have no good place to put it," Senecal said. "We still have to go after other deposits. The [stimulus balances] are going to get spent some day when the economy picks up, and as a bank we are always going to need deposits and loans." Andreas Kapetanopoulos PeoplesBank is opening a branch at this West Hartford Center location on LaSalle Road. NBT Bank is opening a branch in this former United Bank branch in Glastonbury. PHOTO | CONTRIBUTED PHOTO | COSTAR Wittmann Battenfeld, Torrington, CT Napoli Retail, Southington, CT Nufern, East Granby, CT Windsor Marketing Group (WMG), Suffield, CT The Belknap White Group, Hartford, CT Since 1942, The Single Source Construction Firm Since 1942, our goal has been simple: To provide our clients with complete design, planning and construction services for commercial, industrial and retail buildings. Based on years of experience, we're price competitive and offer high quality. When the strictest attention to detail is critical to your success, you can always count on Borghesi to deliver. From concept to occupancy, Borghesi is your single source. AKDO, Bridgeport, CT Stevens Manufacturing, Milford, CT Building Ideas That Work … www.borghesibuilding.com Wittmann Battenfeld, Torrington, CT Napoli Retail, Southington, CT Nufern, East Granby, CT Windsor Marketing Group (WMG), Suffield, CT The Belknap White Group, Hartford, CT Since 1942, The Single Source Construction Firm Since 1942, our goal has been simple: To provide our clients with complete design, planning and construction services for commercial, industrial and retail buildings. Based on years of experience, we're price competitive and offer high quality. When the strictest attention to detail is critical to your success, you can always count on Borghesi to deliver. From concept to occupancy, Borghesi is your single source. AKDO, Bridgeport, CT Stevens Manufacturing, Milford, CT Building Ideas That Work … www.borghesibuilding.com Nufern, East Granby, CT Windsor Marketing Group (WMG), Suffield, CT The Belknap White Group, Hartford, CT 1942, The Single Source Construction Firm Since 1942, our goal has been simple: To provide our clients with complete design, planning and construction services for commercial, industrial and retail buildings. Based on years of experience, we're price competitive and offer high quality. When the strictest attention to detail is critical to your success, you can always count on Borghesi to deliver. From concept to occupancy, Borghesi is your single source. Stevens Manufacturing, Milford, CT Building Ideas That Work … www.borghesibuilding.com © 2011 BlueScope Buildings North America, Inc. All rights reserved. Butler Manufacturing™ is a division of BlueScope Buildings North America, Inc. 2155 East Main Street • Torrington, Connecticut 06790 Wittmann Battenfeld, Torrington, CT Napoli Retail, Southington, CT Nufern, East Granby, CT Windsor Marketing Group (WMG), Suffield, CT The Belknap White Group, Hartford, CT Since 1942, The Single Source Construction Firm Since 1942, our goal has been simple: To provide our clients with complete design, planning and construction services for commercial, industrial and retail buildings. Based on years of experience, we're price competitive and offer high quality. When the strictest attention to detail is critical to your success, you can always count on Borghesi to deliver. From concept to occupancy, Borghesi is your single source. Contact us at 860-482-7613 or visit us on the web. AKDO, Bridgeport, CT Stevens Manufacturing, Milford, CT Building Ideas That Work … www.borghesibuilding.com © 2011 BlueScope Buildings North America, Inc. All rights reserved. Butler Manufacturing™ is a division of BlueScope Buildings North America, Inc. 2155 East Main Street • Torrington, Connecticut 06790 Wittmann Battenfeld, Torrington, CT Napoli Retail, Southington, CT Nufern, East Granby, CT Windsor Marketing Group (WMG), Suffield, CT The Belknap White Group, Hartford, CT Since 1942, The Single Source Construction Firm Since 1942, our goal has been simple: To provide our clients with complete design, planning and construction services for commercial, industrial and retail buildings. Based on years of experience, we're price competitive and offer high quality. When the strictest attention to detail is critical to your success, you can always count on Borghesi to deliver. From concept to occupancy, Borghesi is your single source. Contact us at 860-482-7613 or visit us on the web. AKDO, Bridgeport, CT Stevens Manufacturing, Milford, CT Building Ideas That Work … Wittmann Battenfeld, Torrington, CT Napoli Retail, Southington, CT Nufern, East Granby, CT Windsor Marketing Group (WMG), Suffield, CT The Belknap White Group, Hartford, CT Since 1942, our goal simple: To provide our complete design, planning construction services industrial and retail on years of experience, competitive and offer When the strictest attention is critical to your success, always count on Borghesi From concept to occupancy, is your single source. AKDO, Bridgeport, CT Stevens Manufacturing, Milford, CT Building Ideas That Work … Wittmann Battenfeld, Torrington, CT Napoli Retail, Southington, CT Nufern, East Granby, CT Windsor Marketing Group (WMG), Suffield, CT The Belknap White Group, Hartford, CT Since 1942, The Single Source Construction Firm Since 1942, our goal has been simple: To provide our clients with complete design, planning and construction services for commercial, industrial and retail buildings. Based on years of experience, we're price competitive and offer high quality. When the strictest attention to detail is critical to your success, you can always count on Borghesi to deliver. From concept to occupancy, Borghesi is your single source. AKDO, Bridgeport, CT Stevens Manufacturing, Milford, CT Building Ideas That Work … Wittmann Battenfeld, Torrington, CT Napoli Retail, Southington, CT Nufern, East Granby, CT Windsor Marketing Group (WMG), Suffield, CT The Belknap White Group, Hartford, CT Since 1942, our goal has been simple: To provide our clients with complete design, planning and construction services for commercial, industrial and retail buildings. Based on years of experience, we're price competitive and offer high quality. When the strictest attention to detail is critical to your success, you can always count on Borghesi to deliver. From concept to occupancy, Borghesi is your single source. AKDO, Bridgeport, CT Stevens Manufacturing, Milford, CT Building Ideas That Work …

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