New Haven-based NewAlliance Bank plans to open a branch office in the Hartford 21 complex in downtown Hartford.
NewAlliance is the second tenant to recently propose occupying space in the residential-commercial complex anchored by a 36-story apartment tower on Trumbull Street. On Dec. 4, Northland Investment Corp. announced that Saint Joseph College agreed to house its new pharmacy school in 35,000 square feet of the Hartford 21 commercial-residential complex at 229 Trumbull St.
Plans call for the bank to be located near the pharmacy school, at 227 Trumbull St.
NewAlliance has asked the state Department of Banking to approve a 3,500-square-foot office in Hartford 21, which faces Trumbull Street.
If finalized, the branch would be NewAlliance’s second Hartford office. The other bank branch is located on 1700 Park St.
“We are excited about being part of downtown Hartford,” said NewAlliance Chairman and CEO Peyton R. Patterson. “We have a presence in many of Hartford’s suburban areas and our Parkville branch has been serving one of the city’s important neighborhoods. Now is a key time to move into downtown Hartford and become a financial resource for the residents there, and the many people who come in and out every day for work and visits.”
NewAlliance is proposing to open a “full service” branch at 227 Trumbull St., and it would house two ATM’s, five teller stations, five platform/offices, and a conference room, according to the bank’s application.
If approved by regulators, the bank plans to offer retail deposit and loan products, trust services, mortgage loan origination, as well as small business products, the application said.
Mary Coursey, a spokeswoman for Northland, declined to comment.
The proposed branch will be a new competitor in downtown Hartford’s crowded banking scene, which consists of at least 10 other banking outlets, including Bank of America, Sovereign Bank, Webster Bank and People’s Bank, to name a few.
Last month, the Hartford Business Journal reported that NewAlliance Bank was seeking growth opportunities, including making acquisitions along Amtrak’s shoreline corridor, in New England or south down toward Pennsylvania.
NewAlliance has managed itself well through the recession, and its recent third-quarter net income of $12.6 million, a 15 percent increase over the prior year period, beat market expectations.
NewAlliance has 87 branches in Connecticut and Western Massachusetts and $8.5 billion in assets.
