Issue link: https://nebusinessmedia.uberflip.com/i/1403552
25 HARTFORDBUSINESS.COM | AUGUST 23, 2021 fortuitous. M&T Bank's pending purchase of People's United will not only knock out a highly-recognizable competitor in Connecticut but also eliminate branding confusion for PeoplesBank, which is not affiliated with People's United, Senecal said. Further, the merger — which will create a $200 billion financial institution — comes less than three years after People's United bought out another local competitor, Farmington Bank, and absorbed its customers. "I think that disruption creates opportunities, and it creates opportunities for people to start looking for banking relationships that are going to be consistent, and are going to be around for a while," Senecal said. Mergers have reduced retail customers' options to bank with smaller community and regional banks, said Aleda De Maria, PeoplesBank's executive vice president of consumer banking and operations. That puts PeoplesBank in a good position to fill the void and absorb customers looking for a smaller bank. De Maria said it's likely that other bank mergers will squeeze out smaller financial institutions in the region over the next few years, and PeoplesBank will focus its expansion on areas where big banking is the only option. "Connecticut is primed for merger and acquisition territory," De Maria said. "We're really looking at 'where are the markets that are being served less by community or regional banks, and really need us?' " New branch offerings With the layout and services PeoplesBank will offer at its new West Hartford branch, the bank wants to be seen as part of the community, and responsive to customers, Senecal said. The building sits in a trendy part of town, between Max Burger and Restaurant Bricco. Once up and running, the lobby will contain counter-height tables as well as cafe tables and chairs, where customers and non-customers can gather over coffee from an upscale hot- beverages machine, De Maria said. The ITMs — one inside the branch's doors, the other at a drive- up window — will offer live access to a banker until 7 p.m. on weekdays and 2 p.m. on weekends, De Maria said. "What's really exciting about this location is it's really going to be an extension of our corporate headquarters," De Maria said. "It's going to be a one-stop shop for all of our customers in the area." A drive-up interactive teller machine (ITM) outside PeoplesBank's new branch in West Hartford. HBJ PHOTO | SEAN TEEHAN FOCUS: BANKING & FINANCE