NewHavenBIZ

12 n e w h a v e n B I Z | D e c e m b e r 2 0 2 1 | n e w h a v e n b i z . c o m By Michelle Tuccitto Sullo N oting the potential for business in the region, Massachusetts-based Berkshire Bank has moved into the southern Connecticut market. e bank recently established its first loca- tion in the area, a loan production office at District New Haven, at 470 James St. e $12.3 billion bank's Connecticut pres- ence has previously been clustered in the central and northern portions of the state, with 25 local branches/ ATMs in towns such as Farmington, Simsbury, West Hartford, Rocky Hill, Hartford, Glastonbury, South Windsor, East Hampton, Enfield, Hebron and Col- chester. Overall, it has 108 locations in New England and New York. To shepherd its expansion efforts, the bank in August hired longtime area banker Jeffrey Klaus as its new senior vice president, regional president and middle market team leader for southern Connecticut. Klaus, who has three decades of experience in the banking industry, most recently as regional president at Webster Bank, is now based in Berkshire's new office at District. "Southern Connecticut probably has the highest potential for bank expansion, both from a consumer standpoint and a business standpoint, in the state," Klaus said. Berkshire Bank CEO Nitin Mhatre, who has been at the bank since January, said Klaus will "play a critical role" in expanding the Berkshire brand and client port- folio in southern Connecticut. "We have existing business relationships in southern Connecticut and are looking to expand our offerings in this growing market," Mhatre said. Klaus' marching orders are to secure new business, manage commercial banking relationships, and build community connections in the market. During his career, he has worked as a regional presi- dent for various banks, including Bank of America and Fleet Bank, specifically in charge of their presence in Greater New Haven. Klaus said his arrival at Berkshire is just one way the bank plans to expand in the region, due to his familiar- ity with the people and businesses here. "I am somebody who knows a lot of the fabric of Greater New Haven. One of my large roles is really to network and to put people together. I am going to make a lot of introductions. at is the way we are going to get the bank invested, through my knowledge of the market," said Klaus, who just finished a stint as chair of the Greater New Haven Chamber of Com- merce and plans to focus on small business clients. Hub of activity Berkshire will be the only bank at District New Hav- en. Its new neighbors include AdvanceCT, a nonprofit focused on boosting the state's businesses and econo- my, and dozens of small businesses incubating there. As of late November, Berkshire had signed the lease at District and was putting finishing touches on its office space, which will host about a dozen bankers. "It is a vibrant place with all sorts of great business activity," Klaus said of District New Haven. "I think it is the hub of New Haven. And New Haven I consider to be the hub of business activity. So we can't think of a better place to be." Berkshire's office area features four desks, where professionals across the bank's lines of business, from commercial to small business, wealth management, private and retail banking, will meet with clients. ere are several conference rooms for meetings too. "It is a way to jump off into the market and into New Haven," Klaus said. "We are expanding. We want to grow. We have been very public about that." He has hired one person on the commercial team to assist him with middle market banking. Several bankers on the small business side have already start- ed to schedule time to be in New Haven. Berkshire is calling and meeting businesses in the region and starting to make loans, Klaus said. e bank helped finance tenant improvements at District for Advan- ceCT, he said. Berkshire Bank has seen an opportunity also because some large banks already in the market are merging, Klaus noted. New York's M&T Bank Corp. is buying Bridge- port-based People's United Bank in a $7.6 billion deal. Waterbury-based Webster Bank is merging with New York's Sterling Bancorp, a deal valued at $10.3 billion. "I have been through about five or six mergers in my career, and they can be very disruptive for clients," Klaus said. "What we are going to do is focus on peo- ple who feel their bank is getting a little too big, or they are being ignored because of consolidations." Brick and mortar vs. digital Klaus said he's unsure how many branches Berk- shire Bank will open in southern Connecticut, but the lender's overall strategy is to trim its brick-and-mortar footprint. In Dec. 2020, the bank announced it would close 18 percent of its branches due to customers' digi- tal banking habits. "We are not going to have a traditional branch Berkshire Bank begins southern Connecticut expansion Market Jump A t A G l a n c e Company: Berkshire Bank Industry: Financial Services Top Executive: Nitin Mhatre, CEO HQ: Boston, Massachusetts Total Assets: $12.3 billion Company Website: https://www. berkshirebank.com/ Phone Number: 1-800-773-5601 Jeffrey Klaus, Berkshire Bank's new senior vice president, regional president and middle market team leader in southern Connecticut, poses outside the bank's newest location in District New Haven, at 470 James St. PHOTO | GARY LEWIS

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