Hartford Business Journal

FOCUS | COMMERCIAL REAL ESTATE LENDING 20 HARTFORDBUSINESS.COM | MAY 18, 2026 Nitin Mhatre, CEO of Stamford-based First County Bank, is leading the community lender's push to strengthen its digital banking capabilities. HBJ Photo | Steve Laschever Competitive Push New First County Bank CEO Mhatre focuses on digital investment, community banking model infrastructure to support long-term growth, all while maintaining a community banking approach. "If you are able to provide good quality digital experience that the large banks provide, but with a personal touch of a small community bank, you win and the clients win," Mhatre said. John Carusone, a banking consul- tant who works with financial institu- tions on strategy and technology, said First County Bank enters the transition from a position of strength, citing its capital levels, loan quality and history of profitability, but that it faces stiff competition in Fairfield County's banking market. He said Mhatre's key challenges include improving profitability, controlling expenses and diversi- fying the bank's revenue streams, particularly by expanding further into commercial lending. Carusone said Mhatre's background in banking technology should help First County keep pace with evolving digital products, customer expecta- tions and cybersecurity demands. "Mhatre is a well-respected and proven manager who doubtlessly will contribute value to (First County Bank's) performance and long-run strategic viability," said Carusone, who is president of the Bank Analysis Center. First County's net income rose to about $4.6 million in 2025 from $3.2 million in 2024, but remained below its roughly $7.4 million average annual profit over the past decade and its recent peak of about $12.2 million in 2021, according to Federal Deposit Insurance Corp. data. Mhatre said improving profitability will be a priority. "The more profitable we become, the higher opportunity we have to reinvest into our clients, our employees and communities," he said. Background and experience Mhatre has experience leading digital efforts. He most recently served as president and CEO of Massachusetts-based Berkshire Bank, where he led a digital transfor- mation that included new platform rollouts and changes to customer service delivery. His tenure also included Berkshire's merger with Brookline Bancorp, which was completed last September, creating Beacon Financial Corp. He left the bank last year as part of the leadership transition tied to the deal. Before Berkshire Bank, Mhatre held senior leadership roles at Webster Bank and earlier worked at Citigroup. Mhatre spoke with the Hartford Business Journal about his new role, the economy and other factors affecting the bank. Here's what else he had to say. The Q&A was edited for clarity and brevity. Q: How does taking the helm of a much smaller bank change your approach as CEO? A: I think in many ways, it makes it easier, because now the deci- By Michael Juliano mjuliano@hartfordbusiness.com S tamford-based First County Bank is preparing to upgrade its digital banking capabilities as it looks to compete with larger lenders, even as it maintains a business model built on in-person relationships. The effort is being led by new CEO Nitin Mhatre, who took the role April 15 after overseeing digital and oper- ational changes at larger regional banks. He succeeds Robert Granata, who retired after serving as CEO since 2019. Mhatre said a key priority is improving how customers interact with the bank's technology, including developing a platform that allows users to view multiple accounts through a single login. "A lot of times, it becomes a frag- mented experience," he said during an interview at the bank's Summer Street office. "We need to consolidate that better." The strategy reflects broader shifts across the banking industry, where institutions are increasing spending on technology to meet customer expectations shaped by mobile apps and digital-first platforms. U.S. banks' investment in digital technology has risen from about $70.6 billion in 2020 to a projected $111.7 billion in 2026, according to research firm eMarketer. Mhatre said First County Bank, which has 14 branches and $2.3 billion in assets, is expanding its use of artificial intelligence, primarily as a tool to support employees and improve customer service, rather than replace staff. The bank plans to use AI to stream- line internal processes, reduce paper- work and improve efficiency, while also applying it in ways that directly affect customers, including simplifying docu- mentation and helping clients make financial decisions. The technology will also be used to analyze customer behavior and inform the bank's broader business strategy, he said. Those capabilities, Mhatre said, are increasingly important as banks compete for younger customers who expect seamless, mobile-first experiences. "They think Venmo is their bank, for example," he said. Additional priorities include growing deposits, deepening customer rela- tionships and modernizing the bank's NITIN MHATRE CEO First County Bank Previous Job: President & CEO, Berkshire Bank Education: Bachelor's degree in engineering, MBA from Bombay University; Harvard Business School's General Management Program Age: 55 FIRST COUNTY BANK REAL ESTATE LOAN PORTFOLIO CONSTRUCTION AND LAND DEVELOPMENT REAL ESTATE LOANS $80.3M COMMERCIAL REAL ESTATE LOANS $592.8M MULTIFAMILY RESIDENTIAL REAL ESTATE LOANS $236.3M 1-4 FAMILY RESIDENTIAL REAL ESTATE LOANS $714.5M TOTAL LOANS AND LEASES $1.7B Source: Federal Deposit Insurance Corp. data as of 4Q 2025

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