NewHavenBIZ

20 n e w h a v e n B I Z | A p r i l 2 0 2 2 | n e w h a v e n b i z . c o m O N T H E R E C O R D | Q & A By Michelle Tuccitto Sullo W hile the bulk of Bankwell Financial Group's brick-and-mortar branches are in Fairfield County, its president and CEO Christopher R. Gruseke sees growth opportunities in Greater New Haven. Bankwell, headquartered in New Canaan, already serves all of Fairfield and New Haven counties. It currently has 10 branches, including two in both Stamford and Fairfield, and one in Darien, Hamden, New Canaan, Norwalk, Westport and Wilton. It has had several real estate changes in recent years. In 2020, Bankwell signed a 10-year lease for a 30,000-square-foot, three-story office building at 258 Elm St., in New Canaan, to serve as its headquarters. Bankwell plans to vacate its Wilton property at 47 Old Ridgefield Road, as it doesn't need that much space. It is currently weighing its future plans in Wilton. e bank has been streamlining in recent years, including consolidating space, and offering a voluntary early retirement incentive plan to employees. Meanwhile, it upgraded its digital banking platform with an eye toward expanding deposits and new and existing commercial customers. According to Gruseke, he anticipates the changes will improve the company's operating results. Bankwell was first established in 2002, and as of December 2021, it had $2.1 billion in deposits and $2.46 billion in assets. It reported $26.6 million in profits in 2021, up from $5.9 million in 2020, a year impacted by the pandemic and one-time charges related to cost-saving and streamlining efforts. Gruseke was involved as an investor when the bank, first called the Bank of New Canaan, launched in 2002. Bankwell physically expanded into New Haven County when it purchased Hamden-based Quinnipiac Bank & Trust Co. in 2014. His prior background was in investment banking. At Bankwell, he has served as a board member and took over in his current role in 2015. New Haven Biz recently spoke with Gruseke about the bank's recent changes, growth plans and future outlook. Here is what he had to say. Most of your branches are in Fairfield County, with one in Hamden. Do you forsee more expansion into the New Haven County area? Yes, but that doesn't necessarily mean with branches. I think there is business to do. ere is a vibrant community of businesses in New Haven and a whole bunch of incubators, technology and health sciences. So there is the potential to bank there more. We look forward to doing that. at doesn't necessarily require us to open a branch in downtown New Haven to do it. We will visit someone personally, we will meet in your business. Small or midsize businesses, they aren't going to branches anyway. ey need us to set them up with their bank payments technology and their online banking so they can send wires and payrolls. ey do that from their offices. It really is about the relationship, not if you can see the branch down the street. We do think there are significant commercial opportunities in New Haven, for sure. The bank plans to sell its current Wilton location. What are the bank's plans for a presence in that community? We will have a Wilton presence regardless. ese are small towns — in New Canaan, you practically cross the street and you are in Wilton. We will have a Wilton presence, whether it is at that particular address or not, I can't really say because there is a real estate transaction that is being negotiated, and it is unclear what the future owners want. It's unclear if they want the whole building or a carve out. But we are selling that space. Maybe we will have another space in Wilton, we just don't know yet. Can you elaborate on the bank's expense reduction efforts in the past couple of years? at expense reduction was closing some spaces, consolidating some spaces. It was about rationalizing space and becoming more efficient. We brought people [who had been spread out at multiple locations] into our new headquarters, at 258 Elm Street in New Canaan. It was far more efficient for people to work together. (Bank officials announced in 2020 that more than 50 employees were relocating to the New Canaan corporate headquarters.) We also had a very small early retirement program. How have your staffing levels evolved? Now, we have approximately 140 employees. One tries to manage expenses. We have to justify positions Bank Of e Future Fairfield County-based Bankwell Financial sees room to grow in New Haven market Christopher R. Gruseke President and CEO Bankwell Financial Group Education: Master's degree in accounting, NYU Stern School of Business Age: 61 A Bankwell branch on Dixwell Avenue in Hamden. PHOTO | MICHELLE TUCCITTO SULLO PHOTO | CONTRIBUTED

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