Hartford Business Journal

June 14, 2021

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2 HARTFORDBUSINESS.COM | JUNE 14, 2021 Biz Briefs HartfordBusiness.com | (860) 236-9998 Editorial Greg Bordonaro | Editor, ext. 139, gbordonaro@hartfordbusiness.com Matt Pilon | News Editor, ext. 143, mpilon@hartfordbusiness.com Beats: Real Estate/Economic Development, Banking & Finance and Government Liese Klein | Staff Writer, ext. 127, lklein@hartfordbusiness.com Beats: Health Care, Bioscience and Government Sean Teehan | Staff Writer, ext. 145, steehan@hartfordbusiness.com Beats: Manufacturing, Startups & Entrepreneurs, Technology, Higher Education and Transportation Zachary Vasile | Web Editor, ext. 128 zvasile@hartfordbusiness.com Beat: Energy Tim Doyle | Lead Researcher Heide Martin | Research Assistant Steve Laschever | Photographer Business Tom Curtin | Publisher, ext. 124, tcurtin@hartfordbusiness.com Christina Zuraw | Events Coordinator, ext. 134, czuraw@hartfordbusiness.com David Hartley | Senior Accounts Manager, ext. 130, dhartley@HartfordBusiness.com Daniel Schilke | Senior Accounts Manager, ext. 135, dschilke@HartfordBusiness.com Valerie Clark | Director of Audience Development, ext. 332 Jill Coran | Human Resources Manager Megan Mason | Operations Assistant, mmason@hartfordbusiness.com Production Christie Novotny | Production Director, ext. 147 cnovotny@hartfordbusiness.com Peter Stanton | CEO, pstanton@nebusinessmedia.com Tom Curtin | President, ext. 124, tcurtin@hartfordbusiness.com Mary Rogers | COO/CFO, mrogers@nebusinessmedia.com Joe Zwiebel | Founding Publisher Subscriptions Annual subscriptions are $96.00. To subscribe, visit HartfordBusiness.com, email hartfordbusiness@ cambeywest.com, or call (845) 267-3008. Advertising For advertising information, please call (860) 236-9998. Please address all correspondence to: Hartford Business Journal, 100 Allyn Street, Suite 3, Hartford, CT 06103 Stay Connected For breaking and daily Greater Hartford business news go to: www.HartfordBusiness.com HBJ on Twitter: @HartfordBiz HBJ on Facebook: www.facebook.com/HartfordBiz HBJ on Linkedln:www.linkedin.com/company/the-Hartford- Business-Journal Daily e-newsletters: HBJ Today, CT Morning Blend: www. hartfordbusiness.com/enewsletters Hartford Business Journal (ISSN 1083-5245) is published bi-weekly, 27x per year — including two special issues in November and December — by New England Business Media, LLC, 100 Allyn Street, Suite 3, Hartford, CT 06103. Periodicals postage paid at Hartford, CT and at additional entry points. Tel: (860) 236-9998 | Fax: (860) 570-2493 Copyright 2020. All rights reserved. Postmaster: Please send address changes to: Hartford Business Journal P.O Box 330 Congers, NY 10920-9894 C onnecticut-based banks are off to a much better start this year than they were in 2020, when the COVID-19 pandemic hit late in the first quarter. Combined profits of all 32 banks headquartered in the state shot up nearly 122% in the first quarter of 2021, while nationally, the industry boosted earnings by more than 315%, thanks mainly to an improving economic outlook that has allowed banks to release loss reserves built up during the pandemic, the Federal Deposit Insurance Corp. said. Connecticut's 32 banks reported a total of $357 million in profits in the recent quarter ended March 31, up from $161 million during the same quarter a year ago, when a pandemic-related plunge in the stock market took a deep divot out of earnings. While the stock market recovered quickly, banks had to set aside larger amounts of money in the ensuing quarters to prepare for expected future losses on loans. Banks are now releasing those reserves, which was the main driver of higher profits in the recent quarter, the FDIC said. CT banks more than double 1Q earnings People's United Bank at 1 Financial Plaza in downtown Hartford. The bank is in the process of being acquired by M&T Bank of New York. PHOTO | HBJ FILE PHOTO | HBJ FILE PHOTO | COSTAR INDUS to sell 670-acre Granby nursery property for $10.3M NDUS Realty Trust said it has agreed to sell its Connecticut Nursery Farm property, which straddles the East Granby-Granby border, for $10.3 million. INDUS did not name the buyer. However, California-based Monrovia Nursery Co. acquired INDUS' former nursery unit in 2014 and has a long-term lease for the Granby land. That lease is in effect until the end of 2023, and contains a purchase option. Monrovia did not respond to a request for comment. The sale of the 670 acres, expected to close later this year, marks a nearly complete separation for New York-based INDUS from its legacy business model. Newly passed wage disclosure law creates more transparency around employee pay Connecticut employers will now have to disclose the expected salary range for open positions upon an applicant's request. Gov. Ned Lamont has signed into law legislation aimed at increasing transparency around pay not only for applicants but also current employees. The law prevents businesses from prohibiting the voluntary disclosure of salaries among workers and bans the practice of having staff members sign documents or waivers denying them the right to speak about their pay levels. Most notably, the law will mandate the disclosure of an open position's expected compensation range to applicants either upon the applicant's request or at the time an offer of employment is made. Day Pitney enters 'strategic alliance' with Virginia law firm Hartford-based law firm Day Pitney is partnering with a Virginia law group to provide expanded services and capabilities to clients. Day Pitney and FH+H, of Tysons, Virginia, announced the formation of a "strategic alliance" in which the firms will collaborate and offer their combined services to clients. A spokesperson for Day Pitney emphasized the partnership is not a merger. Accounting giant RSM opens downtown Hartford office Global accounting firm RSM US LLP says it has officially opened its new office in downtown Hartford's Goodwin Square. RSM, the fifth largest accounting firm in the U.S. by revenue, signed a lease last September for 11,000 square feet on the 23rd floor of the 225 Asylum St. tower. RSM's space, which has been renovated, is opening on schedule. It was one of the largest new office leases signed in the city during 2020, a year in which office vacancy rates rose and many leasing decisions were delayed due to the COVID-19 pandemic. RSM, which has about 300 Connecticut employees, said upwards of 85 will be based out of its new Hartford space, most of them from the firm's New Haven office. Sue Martinelli, leader of the New Haven office, will now lead the Hartford office. The Goodwin Square office tower. Liberty Bank plans to close six of its branches later this year, including this Bristol branch it built in 2013. Liberty Bank to shed 10% of its CT branches Middletown-based Liberty Bank has notified state regulators that it intends to close six of its 59 Connecticut branches, including two in Greater Hartford. The closings, planned for October, touch most corners of the state. They include Liberty's West Hartford branch at 1232 Farmington Ave. and its 774 Farmington Ave. branch in Bristol, according to the Department of Banking. Liberty, which is the third largest Connecticut-based bank by deposits, also plans to shed branches in Essex, Beacon Falls, New London and Southbury. The bank said it makes branch network decisions after weighing branch profitability, household and deposit growth, transaction volume and other factors like changing consumer habits and local

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