🔒PeoplesBank plants its flag across a growing stretch of CT

PeoplesBank is making a long-term bet on Connecticut, underscored by its expanding branch network and a high-profile investment in downtown Hartford. The Holyoke, Massachusetts-based mutual bank made a splash last June when it agreed to pay about $20 million over 10 years for naming rights to Hartford’s roughly 16,000-seat sports and entertainment arena, signaling broader growth ambitions in the state. With roughly $4.5 billion in assets, PeoplesBank has long been rooted in western Massachusetts, where it operates 13 branches. Its physical presence in Connecticut began in 2018 with the $60 million acquisition of First National Bank of Suffield, which added $280 million in assets and four branches in north-central Connecticut. One of those locations later closed, but the bank now operates six branches in the state, with offices in West Hartford, Glastonbury, Avon, South Windsor, East Granby and Suffield. A new branch on the ground floor of the CityPlace II office tower in downtown Hartford will bring the Connecticut total to seven. PeoplesBank also plans to open locations in New Britain and Bloomfield in the first half of 2027. President Brian Canina said Connecticut has become the focal point of the bank’s growth strategy, with expansion concentrated along the Interstate 84 and 91 corridors. “As we continue to evaluate the market and really identified it as a strong growth opportunity for us, we felt that putting a presence in downtown Hartford would make a statement,” Canina said during a recent interview in the bank’s new center-city location. “You don’t see many community banks in the downtown area. We think it sets us apart from other community banks.” The Hartford branch includes a modern, 1,900-square-foot ground-floor space targeted to open this month, or in early April. PeoplesBank has also leased a 6,600-square-foot office suite on the building’s eighth floor. That space, scheduled to open later this year, will be renovated to accommodate up to 20 employees.

Commercial portfolio

Although PeoplesBank didn’t establish a physical presence in the state until 2018, it had previously built a sizable Connecticut commercial loan portfolio. Canina said those relationships developed over many years, reflecting longstanding economic and business ties between western Massachusetts and the Hartford-Springfield corridor. The Hartford branch — along with the bank’s West Hartford office — is intended to formalize and deepen those existing commercial relationships while also attracting new business, Canina said. PeoplesBank’s Connecticut loan portfolio initially skewed toward commercial real estate, reflecting its historical client base, but the bank is now working to broaden both its commercial and retail business. Today, about $1.5 billion of the bank’s assets originate in Connecticut. David Ference, senior vice president of commercial lending, said the bank’s growth strategy continues to emphasize relationship-based lending. Its commercial and industrial portfolio spans manufacturers, family-owned businesses, distribution and transportation firms, nonprofits and municipal borrowers. The bank has experienced considerable growth in multifamily lending in recent years, with executives estimating that roughly 30% to 40% of recent commercial real estate activity has been tied to multifamily projects.

M&A impact

Those gains come amid continued consolidation in Connecticut’s banking sector, a shift PeoplesBank executives say is creating openings for smaller institutions. Among the most significant pending deals is Banco Santander’s planned $12.3 billion acquisition of Webster Bank, while earlier combinations — including M&T Bank’s purchase of People’s United Bank — reshaped the competitive landscape. “We see a tremendous opportunity with what’s happening with Webster, with what happened to People’s United Bank, to really penetrate that market,” said Frank A. Crinella, PeoplesBank’s chief banking and chief credit officer.

That environment also informs PeoplesBank’s longer-term growth strategy, which could include acquisitions in Connecticut if suitable opportunities emerge. The bank has already pursued that approach in Massachusetts. In early 2025, PeoplesBank completed a merger of holding companies with Worcester-based Cornerstone Bank. While the parent companies consolidated back-office functions, creating significant savings, the banks continue to operate independently under their respective brands. Cornerstone separately merged with north-central Massachusetts-based Athol Savings Bank late last year, with both institutions also maintaining their own branding. Those deals, Crinella said, were driven both by cultural alignment and the benefits of scale. “Culture is such a critical component to any merger talks that we have,” Crinella said. PeoplesBank MHC — the holding company that includes PeoplesBank, Cornerstone and Athol Savings — has approximately $6.7 billion in assets.

Marketing bet

Alongside physical expansion in Connecticut, PeoplesBank has also made an unusually visible marketing investment in Hartford through its arena naming-rights deal. Executives described the roughly $20 million commitment as a long-term brand-building strategy rather than a short-term customer play. “We knew what we were going to get from it,” Canina said, adding that the expense has been offset in part by reductions elsewhere in the bank’s advertising budget. Increased brand awareness, he said, is expected to translate into deposit and loan growth over time. Early returns include greater name recognition and anecdotal evidence of customers referencing the arena when opening accounts. The bank is also tracking business generated through client engagement tied to arena events. The naming rights deal includes three reserved seating areas: a floor-level bunker suite, a semi-exclusive loge box and an upper-level executive suite. The bank’s policy guidelines call for the seats to be used for business development 50% of the time, donated to nonprofits 20%, allocated for associate recognition and team-building 15%, and reserved for personal associate use 15%. “We’re four months into the arena, so we don’t really have a benchmark to base it on yet,” said Matthew Bannister, senior vice president of marketing and corporate responsibility. “But, over time, we’re going to have pretty detailed statistics on who uses the tickets and what happens to their business as a result.”