PeoplesBank, the Massachusetts-based mutual savings institution that established its presence in Connecticut in 2018 with its purchase of First National Bank of Suffield, has announced plans to establish a new branch in South Windsor.
The bank, with $3.6 billion in assets, announced it would build a 2,000 square foot banking center at 50 Cedar Avenue. The branch is expected to be the anchor for other adjacent developments, which could include a restaurant, cafes and retail stores, as well as a medical office building, the bank said.
Last year, PeoplesBank opened a new branch in the posh West Hartford Center. It has also recently refurbished its Suffield Bank Centre. Once the South Windsor site opens, PeoplesBank will have five branches in Connecticut.
“With all the recent merger activity, it’s clear there’s a need for more community banking,” said Tom Senecal, President and CEO of PeoplesBank. “As a mutual bank, we cannot be bought or sold. Our profits are not diverted to shareholders but rather are reinvested in serving our customers and supporting the communities where they live.
The South Windsor branch is designed by Tecton Architects of Hartford and will feature interactive video ATMs and electric vehicle charging stations.
It should be open in early December, the bank said.