What’s in a name? In the banking industry in Connecticut, quite often it is the name one of the state’s towns. Although there are more than two dozen out-of-state banks dotting our landscape, nearly an equal number of locally-based institutions have not only adopted the name of their hometown, they’re keeping that name even as the venture into neighboring communities – and well beyond.
Does Farmington Bank have the same cache in South Windsor? Or Newington? Does Rockville Bank sound as inviting in West Hartford as in Vernon? Essex Savings Bank in Madison? Jewett City Savings Bank (“your hometown bank”) in Brooklyn? Simsbury Bank in Bloomfield? Or Savings Bank of Danbury, in Waterbury?
The recent opening of Rockville Bank’s first west-of-the-river branch in West Hartford (joining 18 east of the Connecticut River), nearly simultaneous with Farmington Bank’s opening in South Windsor and Newington Center, reflects the growing trend of “hometown” banks expanding their footprint beyond the four corners of their town borders – and seeing no need to change the name on the door.
In fact, last year Farmington Bank – now with 20 branches in central Connecticut – was recognized as the #1 small business lender in the state by the Small Business Administration (SBA) of Connecticut. For SBA’s fiscal year 2011-12, Farmington Bank approved 57 loans, totaling $8,628,000.
The town names doing double-duty as bank names: Fairfield, New Canaan, Groton,Darien, Essex, Farmington, Greenwich, Suffield, Guilford, Jewett City, Litchfield, Milford, Naugatuck, Putnam, Rockville, Salisbury, Danbury, Simsbury, Stafford, Thomaston, Torrington, Wilton and Windsor.
There's more to the story at http://ctbythenumbers.info/2013/04/17/hometown-names-go-beyond-hometown-for-connecticut-banks/
