Farmington Bank
| File:Farmington Bank Ct Logo.png | |
| Company type | Subsidiary |
|---|---|
| Nasdaq: FBNK | |
| Industry | Banking, Financial services |
| Founded | 1851 |
| Headquarters | , United States |
Key people | John J. Patrick Jr. (chairman & CEO) |
 US$ 12.5 million (2015) | |
| Total assets | US$ 2.7 billion (2015) |
Number of employees | 343 (2015) |
| Parent | People's United Bank |
| Website | farmingtonbankct.com |
Farmington Bank functioned as a comprehensive community bank serving areas in Connecticut and western Massachusetts, with its headquarters situated in Farmington, Connecticut.
Founding period
The roots of Farmington Bank trace back to May 1851 when the Connecticut General Assembly granted its charter. The initial organizational gathering occurred on August 14, 1851, at the residence of Samuel Cowles in Farmington, Connecticut. Early governance featured Timothy Cowles as President and Deacon Simeon Hart holding the roles of Secretary and Treasurer.
The institution commenced operations on August 25, 1851, from Deacon Hart’s home, managing deposits amounting to $88.70 contributed by local individuals and enterprises. By 1853, the bank relocated to Samuel Cowles’ residence at 27 Main Street, where he took over treasurer duties following Hart’s death.
On January 12, 1865, the bank purchased the property at 32 Main Street, a location with a history of commercial and civic use. Subsequent enhancements included the installation of a street lamp in 1874, hitching posts added in 1883, a fireproof vault constructed in 1890, and by 1895, steel reinforcements combined with a time-locked double door were incorporated.
In 1926, Farmington Bank commissioned architect W.F. Brooks to design a new facility on the same Main Street site. The building was completed in April 1928 by Industrial Construction Co., replacing the prior structure to accommodate the institution’s expanding needs.
Public listing
Farmington Bank’s shares were first offered on the NASDAQ exchange on June 29, 2011, under the ticker FBNK. To celebrate its status as a publicly traded company, the bank participated in ringing the NASDAQ closing bell on October 12, 2011.
Growth beyond Connecticut
In September 2014, Farmington Bank revealed intentions to expand into western Massachusetts by establishing a commercial lending office along with two branch locations in West Springfield, Massachusetts and East Longmeadow, Massachusetts.
Merger
In July 2018, Bridgeport-based People's United Bank agreed to acquire Farmington Bank through an all-stock transaction valued at $544 million. This deal received approval from both People's United Bank’s board and First Connecticut Bankcorp, Inc., Farmington Bank’s parent company. The acquisition anticipated some consolidation resulting in branch closures.
Company overview
First Connecticut Bankcorp, Inc. serves as the parent holding company for Farmington Bank, which managed assets exceeding $2.5 billion (2014) and operated a network of more than twenty branches throughout Connecticut.
Financial Overview
| Year | Deposits | Loans | Total Assets |
|---|---|---|---|
| 1951 | $16,307,000 | $5,880,000 | Not Available |
| 1972 | $47,800,000 | $37,253,000 | Not Available |
| 2008 | Not Available | $840,041,000 | Not Available |
| 2009 | Not Available | $1,054,426,000 | Not Available |
| 2010 | $1,124,883,000 | $1,176,454,000 | $1,417,161,000 |
| 2011 | $1,206,507,000 | $1,310,157,000 | $1,618,129,000 |
| 2012 | $1,239,288,000 | $1,534,021,000 | $1,823,153,000 |
| 2013 | $1,513,501,000 | $1,816,308,000 | $2,110,028,000 |
| 2014 | $1,733,041,000 | $2,135,035,000 | $2,485,360,000 |
Figures represent data as of June 30 for each respective year:
| Year | Hartford County | Connecticut |
|---|---|---|
| 1994 |  1.73%
|
0.58%
|
| 1995 | 1.83%
|
0.61%
|
| 1996 | 2.07%
|
0.67%
|
| 1997 | 2.25%
|
0.71%
|
| 1998 |  2.01%
|
0.69%
|
| 1999 | 2.13%
|
0.71%
|
| 2000 | 2.49%
|
0.77%
|
| 2001 | 2.71%
|
0.81%
|
| 2002 | 2.86%
|
0.84%
|
| 2003 | 2.76%
|
0.81%
|
| 2004 | 2.91%
|
0.85%
|
| 2005 | 2.88%
|
0.90%
|
| 2006 | 3.17%
|
0.94%
|
| 2007 | 3.19%
|
0.97%
|
| 2008 | 2.96%
|
0.98%
|
| 2009 | 3.50%
|
1.09%
|
| 2010 | 3.50%
|
1.13%
|
| 2011 | 3.97%
|
1.35%
|
| 2012 | 3.93%
|
1.26%
|
| 2013 | 4.44%
|
1.40%
|
| 2014 | 4.52%
|
1.47%
|
Recognitions
- Awarded Best Community Bank in both Hartford Magazine for the years of 2015 and 2016
- Named Top Workplace of Greater Hartford by Hartford Courant & Fox CT in the years of 2012 and 2013