Farmington Bank plans to open at least two more area branches in 2010, in addition to their previously announced expansion into Glastonbury.
John J. Patrick, Jr., chairman, president and CEO, said the community lender will also open branches in Plainville and Berlin next year, deepening its footprint in central Connecticut.
In September, the bank announced a branch at 669 Hebron Ave. in Glastonbury, expected to open in the first quarter of 2010.
The Berlin and Plainville branches will open later in the year, Patrick said.
Patrick said his bank will likely open even more branches down the road, but has no immediate plans to enter Hartford.
“In order to be relevant for the future we need to invest in the bank today,” Patrick told HBJ Today. “Part of what we are trying to do is increase our awareness in the marketplace.”
The new branches are part of an overall growth strategy the bank announced earlier this year. It includes a new 53,000-square-foot corporate headquarters on Farm Glen Boulevard in Farmington, an expanded senior management team, and the addition of government-banking and cash-management services to its business portfolio.
Farmington Bank, which currently has more than $1.2 billion in assets and 12 branches throughout central Connecticut, also shortened its name this year, removing “Savings,” to better reflect that it will focus more of its business on commercial lending.
