Another Bank Brings Town Name, This Time From Out-of-State

Just two months ago, Connecticut by the Numbers reported on the increasing number of banks with a Connecticut town in their name that have opened branches – and many of them - in other towns.  Now, there’s a new entry in the field, with a twist.  Massachusetts-based Westfield Bank has opened a branch in Granby, CT.  The bank reports that there are no active plans to open additional branches in the Constitution State.

Already, the list of town names doing double-duty as bank names is lengthy, with the institutions numbering two dozen:  Fairfield, New Canaan, Groton, Davaultrien, Essex, Farmington, Greenwich, Suffield, Guilford, Jewett City, Litchfield, Milford, Naugatuck, Putnam, Rockville, Salisbury, Danbury, Simsbury, Stafford, Thomaston, Torrington, Wilton and Windsor.  And those are only the Connecticut towns, of course.

Although there are 25 out-of-state banks with a presence in Connecticut, only Rhode Island-based Newport Federal Savings Bank, with an office in Stonington, included the name of a town – until the arrival of Westfield Bank.  Other well-known names, evoking out-of-state regions, include Bank of New York, Berkshire Bank, First Niagra Bank, and Hudson Valley Bank.  And then there’s Bank of America, rather all-encompassing geographically.

To look back at the hometown bank story, click here:

To review the list of banking institutions in Connecticut, see the state Department of Banking list: