The acquisition will be accomplished through the merger ofFarmington Bankwith and intoPeoples United Bank, N.A., a national bank headquartered in Bridgeport, Connecticut that is a wholly-owned subsidiary ofPeoples United Financial, Inc. pursuant to Section 36a-126(b) of the Connecticut General Statutes. Effective July 3, 2001, On August 20, 2001, the Banking Commissioner granted approval for the merger ofCargill Bank, astate-chartered capital stock savings and loan association in Putnam, with and intoPark West Bank and Trust Company, a Massachusetts chartered trust company, the resulting entity to be known asWestbank, headquartered in West Springfield, Massachusetts. Is Buying a Tiny House an Affordable Alternative to Renting? If you are currently using a non-supported browser your experience may not be optimal, you may experience rendering issues, and you may be exposed to potential security risks. Commonwealth Bankbecame part ofCitizensBankin the Mid-Atlantic region by merging withCitizens Bank of Pennsylvania.

While Experian Consumer Services uses reasonable efforts to present the most accurate information, all offer information is presented without warranty. As mentioned above, community banks are generally defined as those with less than $10 billion in assets, according to the FDIC. On January 2, 2008, People's United Financial, Inc., the holding company forPeople's United Bank, announced today that it has completed its acquisition of Chittenden Corporation, a $7.4 billion multi-bank holding company headquartered in Burlington, Vermont. What Are the Different Credit Scoring Ranges?

Community banks are generally considered relationship bankers who have a close relationship with their customers and special knowledge and expertise of their local communities. The Connecticut Department of Banking was not required to act on the transaction and it will not be included in the summary table at the top of the page. They may have less-structured underwriting for credit decisions than big banks, making it possible for consumers and small businesses to get approved for credit that may not meet the requirements of a larger bank. As of the end of 2019, the U.S. had 4,750 community banks with more than 29,000 branches throughout the country, according to the FDICs 2020 Community Banking Study, the latest study available. The purchase was completed on March 31, 2004. While some of the smallest banks may have fewer mobile or digital banking options, most community banks provide digital and technology services comparable to national banks. This doesnt mean that community banks are disappearing. That means taking in local deposits, making loans to area residents, and doing what it can to help area businesses prosper. Effective June 23, 2000, NewMil Bank/Nutmeg Federal Savings and Loan Association, On November 8, 2000, the Banking Commissioner approved the merger ofNutmeg Federal Savings and Loan Association, a capital stock federal savings and loan association located in Danbury, with and intoNewMil Bank, a state-chartered savings bank located in New Milford. Learn what it takes to achieve a good credit score. A Debt Management Plan: Is It Right for You? The acquisition will take place through the merger ofFirst City Bankwith and intoWebster Bank, N.A. Like community banks, not-for-profit credit unions often have favorable rates on savings, loans and credit cards. Community banks tend to be more likely to be privately owned and locally controlled, unlike larger publicly traded banks owned by stockholders. 2022 All rights reserved. They are able to forge deep and long-standing relationships and bring a keen knowledge of the local economy and culture. They understand their community and the ongoing financial ups and downs of it. See what their clients say about banking with them. Effective June 21, 2004, Citizens Bank of Connecticut/Charter One Bank, National Association, On August 31, 2004, Citizens Financial Group, Inc.(Citizens) of Providence, Rhode Island, a subsidiary ofThe Royal Bank of Scotland Group plc, completed its transaction to acquireCharter One Financial, Inc., of Cleveland, Ohio, holding company forCharter One Bank, National Association, of Cleveland, Ohio and operating branches in Connecticut. On March 20, 2010,Wachovia Bank, NAandWachovia Bank of Delaware, NAcombined under one charter,Wells Fargo Bank, NA. Many also participate in a national shared branch network and the CO-OP ATM Network with 30,000 surcharge-free ATMs nationwide. The acquisition will be accomplished through the merger of Prime Bank with and into Patriot Bank, N.A., a national bank headquartered in Stamford, Connecticut that is a wholly-owned subsidiary of Patriot National Bancorp, Inc. pursuant to Section 36a-126(b) of the Connecticut General Statutes. Advest Bank and Trust Company/The MONY Group Inc. On December 11, 2000, the Banking Commissioner issued a notice of intent not to disapprove the acquisition byThe MONY Group Inc.andMONY Acquisition Corp., of all the outstanding voting securities ofThe Advest Group Inc., and indirectly,Advest Bank and Trust Company, Hartford, a federal savings bank. Effective November 1, 2015, Naugatuck Valley Savings and Loan/Liberty Bank. Liberty Bank/Connecticut River Community Bank Also on December 1, 2010, pursuant to Section 36a-125 of the Connecticut General Statutes, the Commissioner approved the merger ofConnecticut River Community Bankwith and intoLiberty Bank, immediately following the acquisition. On October 2, 2000,New Milford Savings Bankchanged its named toNewMil Bank. If you have had a bad experience with banking, are unbanked or underbanked or have struggled to get credit from bigger banks, consider a community bank. In a 2019 survey conducted by the Federal Reserve, 79 percent of community bank small business customers were reported to be happy with their lending bank. Effective January 21, 2000 The Commissioner also approved the merger ofHometown Bankwith and intoLiberty Bank.

Performance information may have changed since the time of publication. On December 23, 2009, pursuant to Section 36a-185 of the Connecticut General Statutes, the Commissioner issued a notice of intent not to disapprove the acquisition byAlcar LLCof approximately 91 percent of the voting securities ofDarien Rowayton Bank, the indirect acquisition by Gary Lieberman of more than 25 percent of the voting securities of Darien Rowayton Bank and the indirect acquisition by The Robert Hirt and Tracey Najarian Hirt Revocable Living Trust of more than 10 percent of the voting securities of Darien Rowayton Bank. Data/Automation Editor for Forbes Advisor. You might prefer a big bank if these factors are important to you: You might prefer a community bank if you value: Community banks aren't the only alternatives if you're looking for a smaller-bank experience. These banks are publicly traded companies where any individual can buy and sell company stock.

On April 6, 2018, the Commissioner issued a notice of intent not to disapprove the acquisition by Patriot National Bancorp, Inc., a Connecticut corporation and registered bank holding company, of Prime Bank, a Connecticut-chartered bank and trust company pursuant to Section 36a-185 of the Connecticut General Statutes. On June 22, 2009, pursuant to Section 36a-125 of the Connecticut General Statutes, the Commissioner approved the merger ofCastle Bank & Trust Company, a Connecticut bank, with and intoNaugatuck Savings Bank, a Connecticut bank, both wholly-owned subsidiaries ofNutmeg Financial, MHC, the resultant bank to operate under the nameNaugatuck Savings Bank. Community banks are much smaller than megabanks which allows them to focus on building personal relationships with their customers, working to know and serve their needs on a case-by-case basis. Many or all of the products here are from our partners that pay us a commission. They have a stronger relationship with their clients and can provide better insight. They also tend to have lower fees associated with their products and services compared to their larger counterparts. It is recommended that you upgrade to the most recent browser version. This has advantages in how operational decisions and loan decisions are made. (d/b/a "GBT"),Bank of New Hampshire, N.A.,The Howard Bank, N.A.,First Vermont Bank, N.A.,Franklin Lamoille Bank, N.A., andEvergreen Bank, N.A. They focus on lending to and serving their communities. The Average Personal Loan Balance Rose 3.7% in 2021, Total Mortgage Debt Increases to $10.3 Trillion in 2021, Credit Card Debt in 2021: Balances Slightly Decline, Best Credit Cards With No Annual Fee of 2022, Best Credit Cards for Gas Purchases of 2022, Best Credit Cards for a Road Trip in 2022. These cookies will be stored in your browser only with your consent. Other product and company names mentioned herein are the property of their respective owners. The majority of Americans do their banking at commercial banks like these. The resulting bank title isBanknorth, National Association. As you shop for a bank, also think about the "banking" you do outside your bank. The Connecticut Department of Banking was not required to act on the transaction. When contacting the Department, please use electronic communication whenever possible. [2], "Community Bank System, Inc. | Corporate Profile", https://en.wikipedia.org/w/index.php?title=Community_Bank,_N.A.&oldid=1089410449, Companies listed on the New York Stock Exchange, Short description is different from Wikidata, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 23 May 2022, at 16:47. It is mandatory to procure user consent prior to running these cookies on your website. You also have the option to opt-out of these cookies. The Commissioner also approved the merger ofSummit Bankwith and intoFleet National Bank.

By using our site and apps, you agree that we may store and access cookies on your device(s). Effective January 3,2012, Union Savings Bank/The First National Bank of Litchfield. Fortunately, the characteristics of these institutions are a little easier to point out. (Note: This merger is listed for informational purposes. The four biggest banks in the United States include JPMorgan Chase, Bank of America, Wells Fargo, and Citibank. On May 18, 2009, pursuant to Section 36a-185 of the Connecticut General Statutes, the Commissioner issued a notice of intent not to disapprove the acquisition byNew England Bancshares, Inc.of 100% of the voting securities ofThe Apple Valley Bank & Trust Companythrough such merger.

Effective April 1, 2004, Webster Trust Company, N.A./Phoenix National Trust Company, Webster Financial Corporation,Waterbury, announced a definitive agreement to acquirePhoenix National Trust Company, a wholly-owned subsidiary of thePhoenix Companies, Inc.on December 18, 2003. In connection with the acquisition, United Bank, a Connecticut-chartered bank and wholly-owned subsidiary of United Financial Bancorp., Inc., will be merged with and into People's United Bank, N.A., a national bank headquartered in Bridgeport, Connecticut that is a wholly-owned subsidiary of People's United Financial, Inc., pursuant to Section 36a-126(b) of the Connecticut General Statutes. In 1983, CBSI was incorporated in Delaware and became a registered bank holding company. Thank you for your patience during this time. Effective December 5, 2014, Liberty Bank/The Bank of Southern Connecticut, On June 19, 2013, pursuant to Section 36a-185 of the Connecticut General Statutes, the Commissioner issued a notice of intent not to disapprove the acquisition byLiberty Bank, a Connecticut-chartered, mutual savings bank headquartered in Middletown, Connecticut, of 100 percent on the voting securities ofSouthern Connecticut Bancorp, Inc., a Connecticut corporation, and indirectlyThe Bank of Southern Connecticut, a Connecticut-chartered stock bank. They don't operate nationwide branch networks. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Banknorth Group, Inc., headquartered in Portland, Maine, operates a division ofBanknorth, N.A. The Apple Valley Bank & Trust Company/New England Bank. ), Webster Bank/The North American Bank and Trust Company, On October 7, 2003, the Banking Commissioner issued a notice of intent not to disapprove the acquisition byWebsterFinancial Corporation, Waterbury, holding company forWebster Bank, of all the outstanding voting securities ofThe North American Bank & Trust Company, a state chartered commercial bank headquartered in Waterbury and the subsequent merger ofThe North American Bank andTrust Companywith and intoWebster Bank. If you do not have a current personal report, Experian will provide a free copy when you submit the information requested.

You can use the FDICs Community Bank Search tool to see if your bank meets the FDICs definition of community bank.. Banknorth, National Association/American Savings Bank, On January 10, 2003, the Banking Commissioner approved the application ofBanknorth Group, Inc., a holding company with its principal place of business in Portland, ME, and its wholly-owned subsidiary,Banknorth, National Association, to acquireAmerican Financial Holdings, Inc., New Britain, and its wholly-owned subsidiary,American Savings Bank, a state-chartered savings bank headquartered in New Britain, and the subsequent merger ofAmerican Savings Bankwith and intoBanknorth, National Association. All information, including rates and fees, are accurate as of the date of publication and are updated as provided by our partners. It makes sense to compare the benefits of a community bank to those of a large bank before deciding where your money should go. On December 15, 2010, pursuant to Section 36a-185 of the Connecticut General Statutes, the Commissioner issued a notice of intent not to disapprove the acquisition byGeorge F. DAngeloandJohn J. Fareri, both individually and collectively, of more than 25% of the outstanding voting securities ofThe First Bank of Greenwich. Effective November 16, 2012, Naugatuck Valley Savings and Loan/Naugatuck Valley Mutual Holding Company. The use of any other trade name, copyright, or trademark is for identification and reference purposes only and does not imply any association with the copyright or trademark holder of their product or brand. Also on July 26, 2019, the Commissioner approved the merger ofSimsbury Bank & Trust Company, a Connecticut stock bank headquartered in Simsbury, Connecticut and wholly-owned subsidiary ofSBT Bancorp, Inc., with and intoLiberty Bank, pursuant to Section 36a-125 of the Connecticut General Statutes. Manufacturers and Traders Trust Company/People's United Bank. In a recent acquisition, Community Bank NA gained Vermont and Massachusetts branches. As the name suggests, a community bank is tied to a particular community. According to the FDIC, a community bank is a financial institution with less than $10 billion in assets. She considers herself lucky to love her job and appreciates the opportunity to learn something new every day. OnOctober 24, 2007, pursuant to Section 36a-185 of the Connecticut General Statutes, the Commissioner issued a notice of intent not to disapprove the acquisition byLauren E. Ruttkampof more than 10 percent but less than 25 percent of the voting securities of The Wilton Bank. Effective April 1, 2004, NewAlliance Bank/Tolland Bank/The Savings Bank of Manchester, On March 30, 2004, the Banking Commissioner issued a notice of intent not to disapprove the acquisition byNewAlliance Bancshares, Inc., a corporation to be formed as the holding company ofNewAlliance Bank, of 100 percent of the voting securities ofConnecticut Bancshares, Inc., and indirectlyThe Savings Bank of Manchester, and 100 percent of the voting securities ofAlliance Bancorp of New England, Inc., and indirectlyTolland Bank. Webster Bank, National Associationdivested ofHSA Bank'sretail branches but retained the bank's health savings accounts and health savings deposits. , pursuant to Section 36a-125 of the Connecticut General Statutes. However, in less densely populated areas and smaller cities, local banks are more common to see and service the community. Effective November 7, 2003, Westport National Bank/The Greenwich Bank & Trust Company, On November 24, 2003, the Banking Commissioner granted approval for the merger ofThe Greenwich Bank & Trust Company,with and intoWestport National Bank. Banks vs. Credit Unions: Which Is Better? They offer their customers a nationwide network of banking locations, which prior to digital banking tools, helped people managing their money if they worked across the country or when traveling. We have not reviewed all available products or offers. Get in touch with them and learn how they can help you pursue your passions through moments that matter. If so, which services do you really need from a bank? Effective January 31, 2006 Their success is tied directly to the success of their communities. 2022 Forbes Media LLC. Because they are publicly traded companies, their interests are hinged on what is best for investors and prominent stakeholders in the short term, not necessarily what best serves a community or customers over the long run. And for every dollar deposited, Carver reinvests $0.73 back into the community, placing this community bank 92% above the industry average. (Note: This merger is listed for informational purposes. Finding the right community bank can take some legwork because every community bank won't be the right fit for you. ), On April 1, 2004, Bank of America Corporation, Charlotte, N.C., the holding company forBank ofAmerica, andFleetBoston Financial Corporation, Boston, MA., holding company forFleet National Bank, Providence, R.I., completed their merger. You may find that a community bank is more customer-facing, offering more personal service than a big bank. was merged intoWebster Bank, National Association. If youre trying to decide where to do your banking, there are a few key benefits and perks that a community bank may offer. ), United States Trust Company, National Association/U.S. Effective March 1, 2005, HSA Bank/Webster Bank, National Association, Webster Financial Corporation, Waterbury, Connecticut, the holding company forWebster Bank, National Association, announced the completion of its acquisition ofEastern Wisconsin Bancshares, Inc., the holding company forState Bank of Howards Grove, which operated under the trade nameHSA Bank, Howards Grove, Wisconsin. On May 31, 2001, the Banking Commissioner issued a notice of intent not to disapprove the acquisition byUnited Parcel Service, Inc. (UPS), Atlanta, Ga., of 100 percent of the voting securities ofFirst International Bancorp, Inc., and indirectly, ofFirst International Bank, a Connecticut state-chartered bank and trust company in Hartford. You also have a shared checking account with your spouse. Connecticut's Extreme Hot Weather Protocol will be activated from 8AM on Tuesday, July 19, through 8PM on Sunday, July 24, 2022. That account has $400,000. The notice was issued pursuant to Section 36a-185 of the Connecticut General Statutes. Your financial situation is unique and the products and services we review may not be right for your circumstances. Immediately following the acquisition, pursuant to Section 36a-126(b) of the Connecticut General Statutes,NewMil Bankwill merge with and intoWebster Bank, N.A., a national banking association that is a wholly-owned subsidiary ofWebster Financial Corporation. Effective August 31, 2001, On June 19, 2001, the Banking Commissioner issued a notice of intent not to disapprove the acquisition byLiberty Bank, a Connecticut state-chartered mutual savings bank headquartered in Middletown, of 100 percent of the voting securities ofHometown Bank, a Connecticut state-chartered mutual savings bank headquartered in Moodus. The major difference between a community bank and a large bank is the mission. Effective May 11, 2018. Effective September 10, 2004, First Federal Savings Bank of America/Webster Bank, Webster Financial Corporation,Waterbury, holding company forWebster Bank, completed its acquisition ofFIRSTFED AMERICABANCORP, INC., Swansea, MA, holding company forFirst Federal Savings Bank of America. You have options beyond the big fourJPMorgan Chase, Bank of America, Wells Fargo and Citibank. Effective May 1, 2014, Voya Institutional Trust Company/Lion Connecticut Holding. All Rights Reserved. Within those ranks, there's plenty of variation. EffectiveFebruary 14, 2003, Citizens Financial Group, Inc., Providence, RI, a wholly-owned subsidiary of TheRoyal Bank of Scotland plc, and holding company forCitizens Bank of Connecticutbased in New London, acquiredCommonwealth Bancorp, Inc., Norristown, PA, holding company forCommonwealthBank, a Pennsylvania chartered savings bank. 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