First Connecticut Bancorp Inc is a company that owns the Farmington Bank. The First Connecticut Bancorp Inc. was recently taken over by People’s United Financial Inc. Prior to this, the company operated as the holding company for Farmington Bank.
The Farmington bank provides various consumer and commercial banking services to businesses and People in the United States of America. The First Connecticut Bancorp, Inc. was founded in 1851.
First Connecticut Bancorp Inc Review 2019
Types of deposits – The company offers various types of deposits, including but not limited to checking, savings, and money market savings. Negotiable order of withdrawal accounts, and well as fixed-rate time deposits are also offered. The Bank also offers custom-tailored deposit accounts for select clients.
Loans – The bank provides one-to-four family residential real estate loans, commercial real estate loans, and construction loans. Construction loans include commercial construction loans and real estate subdivision development loans to developers. Developers, licensed contractors, and builders are primary clients of the company.
Other services – Other services provided by the bank include revolving lines of credit, working capital management, mortgage loans for the purchase of equipment, and letters of credit. The company also engages in investment and insurance advisory services at the request of its clients
A network of operations – The bank provides wealth management and ATM services. As of February 2018, the company was operational through 24 branch locations in central Connecticut and western Massachusetts.
Are of operations – The bank has grown due to its contribution to the construction and development of commercial real estate projects and residential properties. The loans to individuals and contractors for the construction and acquisition of personal residences, and commercial properties.
After merger – The First Connecticut Bancorp Inc. is now known as the People’s United Bank. This company is operational in over 400 retail locations through the eastern coast of the USA. This bank is over 175 years old and the merger and acquisition of Farmington bank have expanded its horizons.
Growth – The First Connecticut Bancorp Inc. has grown through the years via the acquisition of financial institutions and had held a steady pace to her growth. The recent merger with People’s United has strengthened it further and will allow for better growth. It has a stable financial record and a clean legal slate. The company can be expected to grow at a decent pace.
Expansion plans – The First Connecticut Corp. and the People’s United Financial Inc. are planning to expand their business beyond the east coast and spread throughout the United States. They are also planning to start an international venture and provide banking services through Asia-Pacific.
The First Connecticut Corp. is a stable organization that has a stable asset base. This was recently merged with another financial giant of the east coast. They have grown slowly and are now planning to expand into the rest of the United States.
The services provided by the bank have been praised and are very convenient for clients. It is now allied with a company mentioned in Forbes magazine’s most trustable companies.