Issue link: https://nebusinessmedia.uberflip.com/i/1491440
BIZ BRIEFS 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 Peter Stanton | CEO, pstanton@nebusinessmedia.com Tom Curtin | President, ext. 124, tcurtin@hartfordbusiness.com Subscriptions Annual subscriptions are $132.00. To subscribe, visit HartfordBusiness.com, email circulation@ hartfordbusiness.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-Hart- ford-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. Editorial Greg Bordonaro | Editor, ext. 139 gbordonaro@hartfordbusiness.com Drew Larson | Web Editor, ext. 121 alarson@hartfordbusiness.com Michael Puffer | Staff Writer, ext. 145 mpuffer@hartfordbusiness.com Beats: Real Estate, Economic Development, Banking & Finance Hanna Snyder Gambini | Staff Writer hgambini@hartfordbusiness.com Beat: Economic Development Robert Storace | Staff Writer, ext. 127 rstorace@hartfordbusiness.com Beats: Health Care, Higher Education, Arts & Culture Skyler Frazer | Staff Writer, ext. 145 sfrazer@hartfordbusiness.com Beats: Manufacturing, Cannabis, Technology, Transportation Stephanie R. Meagher | Lead Researcher Heide Martin | Research Assistant Steve Laschever | Photographer Business Tom Curtin | Publisher, ext. 124, tcurtin@hartfordbusiness.com David Hartley | Senior Accounts Manager, ext. 130, dhartley@HartfordBusiness.com Daniel Schilke | Senior Accounts Manager, ext. 135, dschilke@HartfordBusiness.com Emily Paskind | Senior Accounts Manager, ext. 133, epaskind@hartfordbusiness.com Tracy Rodwill | Human Resources Manager trodwill@nebusinessmedia.com Production Bartosz Zinowko | Production Director, ext. 147 bzinowko@hartfordbusiness.com HARTFORDBUSINESS.COM | FEBRUARY 6, 2022 3 Hartford's Boat Building at 1 American Row. PHOTO | COSTAR Windsor insurer announces plans to relocate to downtown Hartford F wwor the second time this year, an insurer has announced plans to expand in downtown Hartford. Windsor-based Talcott Finan- cial Group, an international life insurance company, announced it will move approximately 300 employees in its Windsor location to Hartford later this year. The company said it will occupy 52,000 square feet within the iconic Boat Building at One American Row. The location was chosen after an extensive search for office space, officials said. Talcott, which said it has $122 billion in assets under management, also has offices in New York City and Hamilton, Bermuda. In January, Global Atlantic Financial Group announced plans to expand its presence in the Gold Building to support 100 new down- town employees. Also, last year, financial services company Sun Life Financial relo- cated from Windsor to downtown Hartford and debuted its new Gold Building office. Legislators propose to more than double arts, culture and tourism funding to $58.5M A bipartisan group of legislators has proposed a bill that would increase funding for tourism, arts and culture initiatives in Connecticut to $58.5 million, up from its current level of $21.4 million for 2022-23. The bill is co-sponsored by state Sen. Christine Cohen (D-Guilford) who said that tourism, arts and culture have proven to have a significant return on investment. "It's a more significant state investment than we've seen in the past, but if it pans out, as we would anticipate, a $58 million investment could bring a $175 million return on invest- ment," Cohen told the Hartford Business Journal. Cohen said the increased funding is feasible and could be obtained by increasing the percentage of revenue from various taxes — including the hotel occupancy and car rental taxes — that is allocated for arts, culture and tourism. For example, one possibility would be to increase from 10% to 25% the portion of the hotel lodging tax that is set aside for arts, culture and tourism. CT Innovations launches $50M fund to invest in diverse companies Connecticut Innovations, the state's quasi-public venture capital arm, has launched a $50-million fund to support diverse companies with growth potential. The Future Fund is "committed to investing in early-stage companies, with an emphasis on underrepresented founders," Connecticut Innovations said in an announcement. The Future Fund will provide investments ranging from $250,000 to $1.5 million, and introduce early-stage companies to a network of investors. The fund will give priority to "disruptive startups in the largest and growing markets." Northwest Community Bank names new CEO The Northwest Community Bank Board of Directors has elected Maura O'Sullivan Malo president and CEO of the regional bank. Malo is currently the executive vice president and chief operating officer of Winsted-based Northwest Community Bank, which has $1.1 billion in assets and 14 branches, including a significant Greater Hartford presence. She will succeed retiring President and CEO Stephen P. Reilly, effective Sept. 1. Reilly and Malo will work together during the transition. Malo has worked in the banking industry for 30 years and was previously a senior vice president, chief risk officer and internal auditor. Santander Bank to close downtown Hartford, Manchester locations Santander Bank, which has been gradually shrinking its Connecticut brick-and-mortar footprint over the years, is closing branches in downtown Hartford and Manchester, the Boston- based lender confirmed. The Santander branch at 115 Asylum St., in Hartford will close on April 27, and the Manchester branch at 525 West Middle Turnpike will close on April 20. The branches will be consolidated into existing loca- tions in South Windsor and in Hart- ford's South End, the bank said. "Like many industries, our customers' preferences have changed, with more customers choosing to bank with us online," the company said in a statement. "Therefore, we are re-imagining the customer and employee experience by simplifying our processes, refining our branch footprint, and increasing our invest- ment in digital capabilities to align with the evolving needs of our customers." The two branch closures repre- sent about 12% of Santander's 17 remaining branches in Connecticut. They're among 13 branch closures in Connecticut, New York and New Jersey that Santander recently submitted to the Office of the Comp- troller of the Currency. Santander's current branch count in the state is down from 32 loca- tions a decade ago. As of June 30, 2022, the bank held $1.89 billion in Connecticut deposits. Northwest Community Bank President and CEO-elect Maura Malo with current CEO Stephen Reilly. PHOTO | CONTRIBUTED Santander Bank's branch at 115 Asylum St., in Hartford will close on April 27. PHOTO | COSTAR