First Connecticut Bancorp Announces Plans to Enter Massachusetts
FARMINGTON, Conn. — First Connecticut Bancorp Inc., the publicly owned holding company of Farmington Bank, announced plans to enter Massachusetts with the establishment of a commercial-lending office and two de novo hub branches, subject to regulatory approval, located in West Springfield and East Longmeadow.
“Farmington Bank’s expansion into Massachusetts reinforces our ongoing strategy to grow the franchise organically in contiguous markets,” said John Patrick Jr., chairman, president, and CEO of First Connecticut Bancorp and Farmington Bank. “This move complements Farmington Bank’s commercial loan growth in Connecticut and provides us the opportunity to expand our role as a vital and active participant in New England’s Knowledge Corridor running from Springfield through Hartford to New Haven — an economic region that constitutes the 20th-largest metro market in the country. We look forward to bringing our 163-year history as a community bank to our neighbors in Massachusetts.”
Farmington Bank’s commercial-lending office will initially be staffed with four experienced Western Mass. commercial lenders, led by Michael Moriarty, who will assume the position of senior vice president and regional executive for the market. Moriarty, a West Springfield resident, has an extensive commercial-banking background and was most recently an executive vice president with United Bank. In addition to Moriarty, the commercial-lending team will include three other seasoned lenders: Joseph Kulig, vice president; Joseph Young, vice president; and Candace Pereira, assistant vice president, all formerly with United Bank.
With this expansion, Farmington Bank services will now be available from Hampden County to New Haven, Conn., spanning New England’s Knowledge Corridor, an interstate partnership of regional economic-development, planning, business, tourism, and educational institutions that work together to advance the region’s economic progress.
Farmington Bank is a full-service community bank with 22 branch locations throughout Central Conn., offering commercial and residential lending as well as wealth-management services in Connecticut and Western Mass. Established in 1851, Farmington Bank is a diversified consumer and commercial bank with with assets of more than $2.3 billion.