United Bank to Open a Bank Branch in Downtown Hartford
William H. W. Crawford, IV, CEO of United Bank and United Financial Bancorp, Inc. (NASDAQ Global Select Stock Market: “UBNK”), announced today that United Bank will be opening a bank branch at 151 Asylum Street in downtown Hartford, one block away from the Goodwin Square building, the future home of the Bank’s Administrative Offices.
The branch will be situated on the street level in a portion of the former McDonald’s space at the City Place II building, which will offer business and personal banking customers a full-service option in downtown Hartford.
In addition to banking products and services offered through four teller stations and an ATM, this 1,800 square foot branch will provide customers onsite access to a business banker, mortgage loan officer and financial advisor. The branch will include a night drop box for added convenience after normal branch hours for business banking customers. And with the location of the branch in Hartford’s Central Business District, it will enable United to grow deposit market share in Greater Hartford.
United anticipates opening the branch in the fourth quarter of 2017, making it their 53rd bank branch location within its Connecticut and Massachusetts footprint.
On February 14, United Bank also made the announcement that they would be moving its Administrative Offices from Glastonbury to the Goodwin Square office tower at 225 Asylum Street. Approximately 200 Connecticut-based, non-branch employees will occupy four floors and approximately 72,000 square feet of leased office space in Goodwin Square. United, which will be the signature tenant of that office tower, will begin moving non-branch employees to downtown Hartford starting in the third quarter of 2017 and expects that relocation to be completed before the end of 2017.
Crawford pointed to a number of reasons why moving its Administrative Offices to downtown Hartford and opening a full-service bank branch one block away from Goodwin Square are strategic real estate and business decisions.
It positions their bankers in close proximity to the highest concentration of business and government deposits within the Hartford Metropolitan Statistical Area (MSA). It’s an opportunity for the United Bank team to build on their deposit market share in Greater Hartford, which currently stands fourth in this MSA. Both locations provide significant branding opportunities on street level and on top of the Goodwin Square office tower.
In addition, there is significant revitalization happening in Hartford, including hundreds of new multi-family units; the relocation of the University of Connecticut's West Hartford campus; and new restaurants, businesses and a minor league baseball stadium. Lastly, downtown Hartford is an attractive location for businesses because it offers close proximity to major highways such as I-84 and I-91, public transportation and Bradley International Airport.
“Opening a bank branch downtown will position us to secure greater deposit market share in Greater Hartford, complement the work of our commercial banking team who will be based in Hartford and offer other customers who live, work and visit the downtown area access to a conveniently-located, full-service bank branch,” said Crawford. “This is an exciting and historic time for the United Bank team and having a significant presence downtown in terms of jobs and branding reaffirms our partnership with the City in creating a strong and vibrant future for Hartford.”
Opening the bank branch at 151 Asylum Street is still subject to regulatory approval.