Just months after raising $171 million in a public stock offering, Vernon bank holding company Rockville Financial is preparing to expand in a new market, with plans to open a commercial banking office in New Haven County.
And the company has added three former NewAlliance Bank senior commercial loan executives to lead their growth in the region.
The parent company of Rockville Bank announced Thursday that it has received regulatory approval from the state Department of Banking to open a commercial banking office in Hamden in an office park at 2319 Whitney Ave.
William H. W. Crawford IV, president and CEO of Rockville Bank, said the expansion is part of the company’s overall strategy to boost its commercial lending business and grow the bank’s footprint organically.
Since raising $171 million in a stock offering in March, Crawford has said his goal is to grow the $1.7 billion bank, which has 21 branches in Tolland, Hartford, and New London counties, to $3 billion to $5 billion in assets over the next three to five years.
Expanding into New Haven County, where the bank has done some commercial business but has no physical presence, is clearly part of that strategy.
“It’s the first time we will put an office here,” Crawford said. “We think it’s a very exciting opportunity.”
Rockville Bank has also raided talent from a chief competitor.
The company’s new office will be managed by three senior commercial banking execs who all formerly worked at NewAlliance Bank, which was recently bought out by New York-based First Niagara Financial.
The management team includes:
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Stephen Villecco who will be senior vice president and regional commercial banking officer. Villecco most recently headed up NewAlliance Bank’s commercial and industrial department since 1998.
- Raymond S. Kostka Jr. will be the vice president and commercial banking officer. Kostka worked with Villecco at NewAlliance Bank for the past four years as a vice president in the commercial loan department.
- Matt Proto will be the vice president and senior commercial banking officer. Proto spent the past five years as senior vice president of commercial lending at Bank of Southern Connecticut and he formerly worked as a vice president in the commercial loan department of NewAlliance Bank.
Crawford said Villecco and Kostka were working at First Niagara Financial before they decided to join Rockville Bank. He also said the bank will continue to look for other expansion opportunities across the state including Greater Hartford and Tolland County.
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