New Haven Bank soon will be opening a new branch and expanding its footprint beyond the Elm City, into West Haven.
The new branch, at 636 Campbell Ave., West Haven, is slated to open for customers in late October or early November, according to Maureen A. Frank, president and chief executive officer.
“It is a logical extension for us to expand our footprint into West Haven, an area that is not adequately represented by community-centric financial institutions,” Frank said.
Currently, New Haven Bank has one branch, at 299 Whalley Ave., New Haven.
The new branch property at 636 Campbell Ave. is owned by Pads Properties LLC, West Haven city records show. The building was constructed in 1920 and was previously a TD Bank branch.
The West Haven property has been undergoing renovations in recent months, and the new full-service branch will also feature drive-thru banking and off-street parking.
Since 2012, New Haven Bank has been certified as a Community Development Financial Institution (CDFI), which supports economically underserved communities. According to Frank, the demographics of West Haven complements the bank’s CDFI designation.
New Haven Bank does more than 60% of its business in low-to-moderate income neighborhoods, Frank said. This ranges from loans for small businesses to savings products for individuals.
New Haven Bank is looking to add additional locations in the future, but planning for that won’t happen until late next year, according to Frank.
