Guilford Savings Bank started construction this week on a new branch office in North Haven.
It will mean a westward expansion and seventh location for the bank, which currently has six full-service banking centers in Old Saybrook, Madison, North Madison, Guilford, and Branford.
The new 2,000-square-foot bank in North Haven will be at the intersection of Washington and Blakeslee avenues. Bank officials expect the bank will be ready to open in January 2021.
Bank President and CEO Timothy Geelan said the location was chosen due to its proximity to the Interstate-91 corridor, the metro New Haven region, and the Wallingford and Hamden communities.
“We see the possibilities of this region and seek to be partners with the residents and businesses of all sizes,” Geelan said in an announcement. “While we have been meeting the needs of customers statewide for some time, this newest branch location moves our physical footprint further into Connecticut.”
Bank Chief Financial Officer and 1st Executive Vice President Kyle Eagleson said an audit of banking resources showed North Haven had limited access to community banking, both for commercial and non-commercial customers.
“Community banking is vital for all aspects of a local economy — from first-time mortgages to small business development — and it is a locally-managed financial institution that has the greatest impact on residents and entrepreneurs, alike,” Eagleson said.
Guilford Savings Bank, also known as GSB, dates back to 1875, and started with one branch on the Guilford green. Today, it is a $920 million bank.
Bank officials said they are committed to community involvement, and GSB recently donated $100,000 to four regional community foundations to help people navigate the coronavirus pandemic.
Contact Michelle Tuccitto Sullo at msullo@newhavenbiz.com.
