Hartford Business Journal

14 HARTFORDBUSINESS.COM | MARCH 9, 2026 From Holyoke to Hartford PeoplesBank plants its flag across a growing stretch of CT Canina said those relationships developed over many years, reflecting longstanding economic and business ties between western Massachusetts and the Hartford-Springfield corridor. The Hartford branch — along with the bank's West Hartford office — is intended to formalize and deepen those existing commercial relationships while also attracting new business, Canina said. PeoplesBank's Connecticut loan port- folio initially skewed toward commer- cial real estate, reflecting its historical client base, but the bank is now working to broaden both its commercial and retail business. Today, about $1.5 billion of the bank's assets originate in Connecticut. David Ference, senior vice pres- ident of commercial lending, said the bank's growth strategy continues to emphasize relationship-based lending. Its commercial and industrial portfolio spans manufacturers, fami- ly-owned businesses, distribution and transportation firms, nonprofits and municipal borrowers. The bank has experienced consid- erable growth in multifamily lending in recent years, with executives esti- mating that roughly 30% to 40% of recent commercial real estate activity has been tied to multifamily projects. By Michael Puffer mpuffer@hartfordbusiness.com P eoplesBank is making a long- term bet on Connecticut, under- scored by its expanding branch network and a high-profile investment in downtown Hartford. The Holyoke, Massachusetts-based mutual bank made a splash last June when it agreed to pay about $20 million over 10 years for naming rights to Hart- ford's roughly 16,000-seat sports and entertainment arena, signaling broader growth ambitions in the state. With roughly $4.5 billion in assets, PeoplesBank has long been rooted in western Massachusetts, where it oper- ates 13 branches. Its physical presence in Connecticut began in 2018 with the $60 million acquisition of First National Bank of Suffield, which added $280 million in assets and four branches in north-central Connecticut. One of those locations later closed, but the bank now operates six branches in the state, with offices in West Hart- ford, Glastonbury, Avon, South Windsor, East Granby and Suffield. A new branch on the ground floor of the CityPlace II office tower in downtown Hartford will bring the Connecticut total to seven. PeoplesBank also plans to open locations in New Britain and Bloomfield in the first half of 2027. President Brian Canina said Connecticut has become the focal point of the bank's growth strategy, with expansion concentrated along the Interstate 84 and 91 corridors. "As we continue to evaluate the market and really identified it as a strong growth opportunity for us, we felt that putting a presence in downtown Hartford would make a statement," Canina said during a recent interview in the bank's new center-city location. "You don't see many commu- nity banks in the downtown area. We think it sets us apart from other community banks." The Hartford branch includes a modern, 1,900-square-foot ground-floor space targeted to open this month, or in early April. PeoplesBank has also leased a 6,600-square-foot office suite on the building's eighth floor. That space, scheduled to open later this year, will be renovated to accommodate up to 20 employees. Commercial portfolio Although PeoplesBank didn't estab- lish a physical presence in the state until 2018, it had previously built a sizable Connecticut commercial loan portfolio. PeoplesBank President Brian Canina stands outside the bank's new Hartford branch on the ground floor of CityPlace II, part of the Massachusetts-based lender's continued expansion in Connecticut. HBJ Photo | Michael Puffer $400M $300M $200M $100M $0 $500M 2020 2021 2019 2022 2023 2024 2025 DEPOSITS Note: Each year is as of June 30. | Source: Federal Deposit Insurance Corp. PeoplesBank deposit growth in CT

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