Hartford Business Journal Special Editions

CT Insurance Industry by the Numbers Source: Connecticut Economic Resource Council (CERC) 2014 | Doing Business in Connecticut 55 Banks for the community In the past couple of years, Connecticut has also offered an excellent environment for community banks to thrive, and for mortgage lenders to stage a comeback from the ravages of the Great Recession, Fernandez said. Six or seven years ago, she noted, the state's banking scene was dominated by the big players, like Bank of America, Chase, Citibank and J.P. Morgan. "As those banks have gotten smaller or shied strategy, we've had a lot of smaller community banks grow- ing because they have found that they can compete with the big guys." According to Fernandez, Farmington Bank, which has undergone rapid expansion in its branch numbers, "is a great success story. So is Fairfield Bank, and [Middletown-based] Liberty Bank is really expanding and flexing its muscles. ere's People's Bank in Bridgeport and Webster Bank. ey've all been doing well. We have a very diverse banking industry here, and it has also attracted new banks to come in. It's always a good sign when an outside bank sees opportunities here. All of these things contrib- ute to a healthy banking environment." People's Bank, founded in 1842, was originally called Bridgeport Savings Bank, and positioned itself as a "bank for the middle class" at a time when most banks focused on com- mercial businesses. At the end of its first week of business, deposits totaled $97. By 2009, the bank's assets were $20.64 bil- lion, an amount that has grown steadily over the last five years and now stands at $33 billion. Its net profits rose from $112 million at the end of 2009 to $246 million four years later. Its growth trajectory has been on the fast track since it became a federally chartered savings bank in 2006 and became fully owned by shareholders the following year. anks to a combination of organic growth and acquisitions, People's now has more than 5,000 employees. Webster Bank's assets jumped from $17.7 billion at the end of 2009 to $20.83 billion at the close of 2013. Aer a net loss of about $62 million in 2009, according to figures from the Connecticut De- partment of Banking, it rebounded to a net profit of $98 million in 2010, a figure that stood at $246 million by the end of 2013. Farmington Bank has also experienced tremendous growth, with its assets rising from $1.26 billion in 2009 to $2.11 billion in 2013. Its net profit increased from $1.28 mil- lion to $4.69 million in that same period. e bank, which has been expanding throughout Greater Hartford, has been open- ing several new branches each year. e latest opening, in Rocky Hill, brought the total number of branches to 22. Fernandez said the state's mortgage lending companies are also doing very well, having rebounded in the wake of the housing market crash. "ey are smarter now. ey are not growing like a wildfire; they're cautious about balancing expenses and growth," she said. "And they're investing heavily in soware, technology, and financial controls. ey are hiring people and are now looking to acquire other companies in other states and bringing those jobs to Connecticut." ❑ Contact us today at (860) 645-9090, email sales@tedesk.com or visit our showroom in Manchester, CT It's worth the drive from anywhere! $ $ BuyBack ServiceS Your excess office furniture may even result in a credit toward the purchase of new, pre-owned or refurbished office furniture. Quality Office furniture 140 Progress Drive • Manchester, CT (860) 645-9090 • www.TEDESK.com A Veteran-owned company Offering superior products, value and service for all your office furniture needs SAVE 60%-80% ON OFFICE FURNITURE Pre-Owned • Refurbished • New Leaders in small to large scale office furniture installations & removals across CT! Furniture Brokerage Furniture Selection & Planning Delivery & Installation Project Management Furniture Buyback & Upgrade Programs Inventory Changing Daily! Visit our Showroom or Website today! Visit our 40,000 sq. ft. Showroom! 48,913 Insurance carrier full- me employment 60,429 Insurance carrier and related full- me employment 3%, #1 Nationally Employment as a percent of CT workforce 5.9%, #1 Nationally Payroll as a percent of CT payroll 8.8%, #1 Nationally Gross state product as a percent of CT GSP

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