Hartford Business Journal

HARTFORDBUSINESS.COM | JANUARY 26, 2026 15 its three Hartford area branches, up from $64.9 million two years earlier, according to Federal Deposit Insurance Corp. data. Overall, Dime operates 14 branches, including in Colchester, East Lyme, Glastonbury, Ledyard, Manchester, Montville, New London, Stonington, Vernon, four branches in Norwich and one in Westerly, Rhode Island. While there are no firm plans for additional branch openings, the bank remains open to opportunities, particu- larly in Greater Hartford. "We look at Greater Hartford as the future of our organization," Statoulas said. He added that the bank remains committed to its long-established southeastern Connecticut and West- erly, Rhode Island market, where it has operated for 155 years, but sees Greater Hartford as its main growth opportunity. Statoulas said that growth poten- tial is driven in part by the continued departure of smaller community banks known for "white glove" service, along with the availability of former branch locations that can be repurposed at significant savings. Constructing a new branch can cost up to $2 million, compared with $300,000 to $500,000 to retrofit an existing outpost, he said. "We're going to be very nimble about opportunities," Statoulas said. "Because of all the consolidation that we see in our market, I think there's an excep- tional opportunity to look at potential sites that have value to us." Dime is willing to invest where needed to project the right image. In December, the bank launched a $3 million renovation of its branch on the first floor of its roughly 40,000-square- foot headquarters on Salem Turnpike in Norwich. The project is expected to wrap in late February or March. "When people come into our corpo- rate location, we want a progressive, nice-quality space," Statoulas said. Steady growth Meanwhile, roughly 40% of the bank's asset growth has occurred over the past five years, Statoulas said, even as staffing levels have remained relatively flat at around 170 full-time-equivalent employees amid increased adoption of digital banking. Loan demand has also grown in southeastern Connecticut, with both volume and size increasing. Where commercial loans once averaged about $2 million, Statoulas said requests of $7.5 million to $10 million are now common. At the end of the third quarter of 2025, Dime Bank reported $884.1 million in total loans and leases, up 12.3% from a year earlier and 33.4% from five years ago, FDIC data shows. "You hear some things in the market about things slowing down," Statoulas said. "We certainly aren't seeing that here. There is an incredible, robust pipe- line for us on the commercial lending side of the house, and we anticipate that is something that will continue into 2026." Lower interest rates have encouraged some investors to move forward with real estate purchases and business expansions, he said, while Dime has also attracted customers whose former community banks were absorbed by larger institutions. In southeastern Connecticut, economic growth tied to Electric Boat has been a significant driver, alongside the region's casinos. "As those two industries continue to drive forward, that provides opportuni- ties for us," Statoulas said. "But it was also equally important for us to take a look at some diversification. That's one of the reasons that we looked at Greater Hartford. Because if there is any sort of interruption of those two major industries in southeastern Connecticut, you want to have a diverse portfolio that allows you to weather some of those downturns." Statoulas said he sees no need for major strategic shifts. As a mutual savings bank, Dime does not face shareholder pressure to pursue higher-risk growth. "There's not a need for us to do any drastic changes because what we're doing resonates with our customer base and resonates with our pros- pects," he said. "So, it's my job to make sure that we can continue that momentum and do so in a way that we can meet the needs of our customers. But we're not doing that through any type of aggressive moves that poten- tially puts the bank at risk." CEO Nicholas J. Statoulas joined Dime Bank in 2018 after a long career at Rockville/United Bank. HBJ Photo | Steve Laschever From common injuries to complex therapies. We've got you covered. Outpatient Therapy Services • Physical Therapy • Occupational Therapy • Speech Therapy gaylord.org Cheshire • Cromwell • Fairfield • Guilford • Madison • North Haven • Wallingford

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