United Bank to Relocate State Street Branch to Monarch Place
William H.W. Crawford, IV, Chief Executive Officer of United Bank and United Financial Bancorp, Inc. (NASDAQ Global Select: “UBNK”) today announced that the Bank will be relocating its retail banking branch currently located at 115 State Street in downtown Springfield to One Monarch Place in the city’s financial district.
The relocation of the State Street branch to Monarch Place is subject to regulatory approval.
United Bank will move from its leased office space at the State Street branch in the fall 2017 into 2,400 square feet of leased space on the first floor of One Monarch Place, the signature office tower in Springfield which also includes the Sheraton Hotel. Monarch Place, the tallest building in the city, is within walking distance from United’s current location and all employees who work at the State Street branch will transfer to the new location when it’s complete. United Bank expects to have an ATM onsite at Monarch Place starting next month.
United Bank outlined several reasons why relocating the State Street branch to the very nearby Monarch Place is a prudent and timely real estate and business decision that keeps customers, employees and the city top-of-mind.
The space will provide for a more modern, ergonomically-designed floor plan and optimized space that will significantly enhance their customers’ banking experience who currently bank at the State Street branch. There will be two entrances for customers to enter and exit the building – either from outside the building along Boland Way or within the office tower. There will also be covered garage parking for customers.
United will have four private offices in the Monarch Place branch for bankers who need to meet privately with customers, including offices for the Bank’s branch manager, financial advisor, mortgage banker and business banker who cover the Springfield market. The Bank only has one private office in its State Street location.
United will have two conveniently-located walkup ATMs, inside and outside the branch. Tellers will be using utilizing cash recyclers that allow them to process transactions more rapidly for customers who choose to bank inside the branch. There will be a night deposit box for customers who cannot make it to the branch during regular office hours but need their transaction to be processed the next business day.
Lastly, having a branch on the first floor of Monarch Place provides enhanced corporate branding opportunities due to everyday pedestrian traffic on the street level, guests who utilize all the amenities inside the building and exposure among the other businesses that occupy the office tower.
“Relocating our branch to the Monarch Place office tower not only underscores our commitment to providing an exceptional banking experience when customers visit the branch but the move also reaffirms our long history and strong loyalty to the people and businesses of Springfield,” said Crawford. “Although the new location is only steps away from our current branch, we will be in an optimal position to better serve all of our customers’ banking needs, develop new personal and business banking opportunities and expand our brand awareness in the city’s financial district,” said Crawford. “Thanks to Paul Picknelly and Monarch Enterprises and their devotion to Springfield, United Bank will be a downtown partner for years to come.”