Hartford Business Journal

www.HartfordBusiness.com October 17, 2016 • Hartford Business Journal 5 REPORTER'S NOTEBOOK Changes aplenty for CT's high-speed network The state entity that operates a high- speed internet fiber backbone for public schools, libraries and other users is putting an increased focus on attracting business cus- tomers, as it grapples with a sizable budget cut. The Connecticut Education Network (CEN), which has an approximately $5.9 million operating budget, saw its state appropriation cut from $2.9 million to $1.1 million for the fiscal year that began July 1. As such, it was forced to start charg- ing schools and libraries that previously received free services. With future state funding uncertain, CEN is aiming for a self- sustaining business model. Another big change: CEN Director Scott Taylor, who has been with the organization since 2005, departed this month for a job in the private sector. Speaking by phone on his last day at CEN, Taylor said he has faith Connecticut Education Network will persevere. "There's always been a challenge, but this group has lost leaders in the past and been very resilient," Taylor said. CEN offers internet upload and down- load speeds ranging from 10 megabits per second up to 100 gigabits per second — an ultra-fast speed coveted by the likes of UConn and Jackson Laboratory. The fastest connection costs $10,000 a month. CEN has been available to paying cus- tomers, including private businesses, since it accepted part of a $94 million federal stimulus grant in 2010 that helped it further build out its network. But it's done very little marketing to business customers, something that will soon change, according to Brynn Deprey, CEN's communications manager. CEN is planning a targeted approach with a modest goal of adding up to 10 new paying customers. Since its infrastructure is largely centered around schools, poten- tial targets include entities that interact with schools in some way. "We are very much ready to start this process of growth and start approaching businesses more," Deprey said. For example, CEN recently approached the developers of a proposed makerspace in Hartford's Colt Building. Bryan Patton said he hopes to offer one-gigabit service from CEN, should the makerspace get up and running. CEN has approximately 10 full-paying cus- tomers, including Jackson Lab, the Connecti- cut Center for Advanced Technology, Mystic Aquarium and Milford cloud service and IT provider Digital Back Office Data Center. – Matt Pilon PDS has been meeting the needs of the construction industry since 1965. Our dedicated team of design and construction professionals welcomes the challenge of serving its past and future customers on their most demanding projects. Siracusa Moving & Storage | New Britain, CT PDS Engineering & Construction served as Design Builder for the construction of a new moving and storage facility. Construction included sitework, concrete, millwork, rough carpentry, insulation, roofing, steel erection, HVAC and MEP work. Project Features: • 40' eve height for storage purposes • Front offices • Several overhead bays Total Project Size: 60,000 SF 107 Old Windsor Road, Bloomfield, CT 06002 (860) 242-8586 | Fax (860) 242-8587 www.pdsec.com DESIGN BUILDERS • GENERAL CONTRACTORS • CONSTRUCTION MANAGERS SPOTLIGHT ON: Commercial PDS ENGINEERING & CONSTRUCTION, INC. THINK • PLAN • BUILD At the Hartford Foundation for Public Giving, we bring those who need, and those who give, together for good. Find out how you can be a philanthropist too at hfpg.org. We created the Giving Tree Fund because helping others is a family business. We are philanthropists. B of A remains CT's market share leader Bank of Amer- ica's market share lead in Connecticut has narrowed over the past year, despite the Charlotte-based lender increasing its deposit base in the state by nearly 1 percent. Meantime, Water- bury regional lender Webster Bank eked ahead of its rival Br id gepor t - ba s e d People's United Bank to take over the No. 2 market-share spot in the state, accord- ing to recently released data by the Federal Deposit Insurance Corp. Bank of America, which is the second largest U.S. bank behind JPMorgan Chase, recorded $29.9 billion in Connecticut deposits at the end of June, controlling 23.68 percent of the market in the state, FDIC data shows. In comparison, Webster Bank had 13.04 percent of the deposit market share in Con- necticut ($16.5 billion), up from 12.82 per- cent a year earlier. People's United Bank, Wells Fargo and TD Bank rounded out the top five lenders in the state, owning 13.01 percent, 7.10 per- cent and 5.39 percent of the deposit market respectively, FDIC data shows. Overall, larger national and regional banks continue to dominate the Connecticut banking scene. The state's 10 largest banks, which all have a national or regional presence, own 85.3 percent of Connecticut deposits, FDIC data shows. Bank of America has long dominated the Connecticut market, but its position has weakened a bit. At the end of June 2014, for example, the bank owned 25.72 percent of Connecticut deposits, FDIC data shows. The smaller market share comes as the bank shrinks its office footprint in Connect- icut, a trend happening among many banks statewide, as lenders curb their branch net- works and invest more in digital services. Bank of America had 140 branches at the end of June, down from 142 last year. Connecti- cut banks recorded a collective 1,212 branches in June, 23 less than a year earlier. Among the state's 10 largest banks, only Liberty Bank and Wells Fargo added branches over the last year. Overall, deposits for Connecticut's 62 banks totaled $126.6 billion at the end of June, a 5 percent increase from a year earlier. – Greg Bordonaro Connecticut Deposit Market Share Leaders Institution No. of Deposits Market Name Offices (in 000s) Share Bank of America 140 29,974,616 23.68% Webster Bank 118 16,509,443 13.04% People's United Bank 149 16,465,476 13.01% Wells Fargo Bank 75 8,982,455 7.10% TD Bank 71 6,827,746 5.39% CT Total 1,212 126,576,977 S O U R C E : F E D E R A L D E P O S I T I N S U R A N C E C O R P.

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