United Bank Relocates Administrative Offices to Hartford
GLASTONBURY, Conn. — William Crawford IV, CEO of United Bank and United Financial Bancorp Inc., announced that United will be relocating its administrative offices from Glastonbury, Conn. to the Goodwin Square building located at 225 Asylum St. in the central business district of Hartford, Conn.
Starting in the third quarter of 2017, United Bank will vacate approximately 46,000 square feet of leased office space in Glastonbury and move approximately 200 Connecticut-based, non-branch employees into approximately 68,000 square feet of leased office space in the Goodwin Square building. The transaction is subject to regulatory approval. United Bank intends to sublease its current administrative office space at 45 and 95 Glastonbury Blvd. in Glastonbury through the upcoming lease expiration. United Bank’s main branch office will remain at 25 Park St. in Rockville, Conn.
Since January 2011, the Bank has grown organically — and through its merger in 2014 — from $1.7 billion in assets and 220 employees to $6.6 billion in assets and more than 700 employees. Relocating to Hartford’s central business district is a cost-effective means to improve efficiency by consolidating the majority of the bank’s Connecticut-based non-branch employees.
When the relocation of its administrative offices to downtown Hartford is complete in the fourth quarter of 2017, United Bank will become Goodwin Square’s signature tenant with extensive signage and branding visible in downtown Hartford and from I-84 and I-91. United also plans to open a retail banking branch in downtown Hartford, subject to regulatory approval.
“Consolidating our administrative offices into Hartford provides a more cost-effective and operationally efficient real-estate solution. It also positions our commercial banking teams in close proximity to the highest concentration of businesses and commercial and government deposits within the Hartford MSA. We see this as an opportunity to build upon our market share in Greater Hartford, where we have the #4 deposit market share,” Crawford said.