GSB, or Guilford Savings Bank, announced Wednesday that it’s changing its name to Ascend Bank.
The bank said the new name will allow it to “broaden its reach, attract new clients, and remain strong in an increasingly competitive environment.”
The new name comes as GSB is in the middle of multiple significant changes. It’s in the process of merging with Norwich-based Eastern Connecticut Savings Bank to create a $1.4 billion lender that will offer commercial, business, personal and digital banking services to a combined 25,000 clients.
That deal, which was announced late last year and is still awaiting regulatory approvals, is expected to close in the third quarter of this year.
GSB last year also announced a leadership transition. CEO Timothy Geelan relinquished his president’s title in 2024, and is expected to step down as CEO this year. President Kyle J. Eagleson will take over as CEO.
“This is an exciting and transformational moment for our organization,” Geelan said. “The name Ascend symbolizes our continuing dedication to helping our clients and communities rise to meet their financial goals. While our name is evolving, our unwavering commitment to the personalized, professional service we have delivered to our local communities for 150 years will remain the foundation of who we are.”
GSB said the new name and brand were developed over the last year through a partnership with Cheshire-based Rebellion Group, a well-known marketing agency.
The bank said the name “embodies its commitment” to helping customers achieve their “financial heights.”
GSB, founded in 1875, has over $1.1 billion in assets.
GSB is the latest Connecticut bank to change its name. The Savings Bank of Danbury last year rebranded as Ives Bank.
