Simsbury Bank & Trust Co. has opened a mortgage-loan production office in Rhode Island – its first such satellite office outside Connecticut, authorities say.
The Connecticut Department of Banking in mid-December granted SBT’s application to open the first-floor office at 51 Jefferson Blvd. in Warwick, R.I., said SBT Chief Financial Officer Richard Sudol.
The four-person office includes a sales manager, a pair of mortgage originators and a support staffer, Sudol said. The office combs for so-called “conforming loans’’ whose sums and underwriting criteria make them suitable for resale to Fannie Mae and Freddie Mae.
SBT officers have previously affirmed the $410 million-asset community lender’s intent to extend its mortgage-origination operations into southwestern Connecticut and select out-of-state markets.