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n e w h a v e n b i z . c o m | D e c e m b e r 2 0 2 1 | n e w h a v e n B I Z 13 FML offers the depth and breadth of assurance, advisory, and tax services to meet every business need, coupled with the dedication we give our own ventures and supported by the agility only found in a leading-edge firm. Contact us today to see how we can help you rest assured. Does your CPA firm make you feel like this? FMLCPAS.com | 860-657-3651 Glastonbury • New Haven • Enfield• Stamford • Stafford Springs growth strategy," Klaus said. "at has to do with a conversion and a transition into digital banking, which every bank is doing to some extent." However, as the bank grows its customer base in the New Haven and southern Connecticut region, more physical locations may come, Klaus said. Additionally, if a small bank was selling a couple of branches in a market Berkshire wants to be in, it might move toward pursuing them, he said. e digital shi is an answer to customers' choices on how they want to do their banking, he noted. Over the past decade, customers have transitioned to digital banking platforms, and that trend is expected to continue. e bank has responded with tools such as MyBanker, in which customers get their own personal banker who meets with them wherever they'd like, even at their home or work, to discuss credit cards, mortgages, or any financial product or service. Bankers help fill out applications and provide finan- cial counseling and advice. MyBanker involves free, one-on-one financial planning and coaching services, available to customers regardless of wealth or income. Many banks typically reserve this service for high net worth individuals, Klaus said. "What Berkshire is doing is bringing it down to every income level," Klaus said. Currently, Berkshire has about 10 individuals de- voted to MyBanker work, and the bank plans to hire another 10 to 12 in the coming year, Klaus said. With its expansion into Greater New Haven, Berk- shire will be investing in communities, through small business lending, community financing, philanthropy, financial inclusion and access for low and moderate income individuals, according to Klaus. John S. Carusone, president at consultancy Bank Analysis Center Inc. in Hartford, said banks seek out markets of opportunity. "New Haven and Fairfield counties are among the most attractive banking markets in the Northeast, albeit highly competitive," Carusone said. "ey are commercially dynamic with an abundance of businesses of all sizes, and a certain number of their towns are among the most affluent populations in the U.S." Carusone sees a "competitive shakeout" happening among community and regional banks for market share. "Berkshire Bank, Liberty Bank and others have the capital and management resources to enlarge their geographic reach and increase operating leverage," Carusone said. "Management skill, capital resources and a competitive outlook are the secret sauce of an expansionist strategy." When larger banks merge, it can create opportuni- ties for smaller ones to expand and enter new mar- kets, he noted. "Smaller community and super community banks differentiate themselves from their larger competi- tors by promoting personalized, tailored service and flexible, local decision making," Carusone said. "is is how they position themselves when entering new markets and how they differentiate themselves from the increasingly large banks due to the consolidation from mergers and acquisitions." n A Berkshire Bank branch in Farmington. Nitin Mhatre PHOTO | MICHELLE TUCCITTO SULLO

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