Page 17 - BusinessWest May 27, 2024

Doubling Down
Community Bank to Expand Its Presence in Springfield
BY JOSEPH BEDNAR
[email protected]
“We’re just one branch and have
a good team, but we’re somewhat limited by the fact that it’s only one branch downtown. So we decided to kind of invest in the team and the opportunities that we have in the market, and we’re going to double our presence.”
When Community Bank expanded in 2017 with the acquisition of Merchants Bank, it gained a large network of branches in Vermont ... and one in Massachusetts.
That office is located in Tower Square in downtown Springfield and had been NUVO Bank before hanging the Merchants banner. Located far from any other Community location — the organization has a strong presence in Penn- sylvania and New York as well as its newer footprint in Ver- mont — it wouldn’t have been surprising had Community shed it altogether. But the bank saw value in a Springfield presence.
And now, seven years later, it’s doubling down, plan- ning to open a second Springfield location on Boston Road later this year.
“It’s a market that’s not too far from Albany, but far enough where it’s a very distinct market by itself. And because it’s one branch, it’s been a little bit under the radar,” President and CEO Dimitar Karaivanov said. “But it’s a good market with good opportunities, and we have a really good team in the market, and the level of energy and activity in Springfield has been very hot.
“So almost a year ago, we decided we hadn’t given
Springfield its rightful chance to succeed,” he went on. “We’re just one branch and have a good team, but we’re somewhat limited by the fact that it’s only one branch downtown. So we decided to kind of invest in the team and the opportunities that we have in the mar- ket, and we’re going to double our presence.”
Community Bank’s branch inside Tower Square will be complemented later this year by a second Springfield location on Boston Road.
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