NewAlliance Bank
| Company type | Public |
|---|---|
| Industry | Banking |
| Predecessor | The Savings Bank of Manchester, New Haven Savings Bank, Tolland Bank |
| Founded | 2003 |
| Defunct | 2011 |
| Fate | Acquired by First Niagara Bank |
| Successor | First Niagara Bank |
| Headquarters | New Haven , United States |
Area served | Connecticut and Western Massachusetts |
| Products | Banking, investment management, trust services, insurance solutions |
| Website | newalliancebank |
NewAlliance Bancshares, operating under the name NewAlliance Bank, ranked as the second largest savings bank headquartered in Connecticut. Established in 2004 through the consolidation of The Savings Bank of Manchester, New Haven Savings Bank, and Tolland Bank, it grew its footprint by pursuing targeted acquisitions.
In August 2010, First Niagara Bank declared its intent to acquire NewAlliance.
History
The origins of NewAlliance Bank date back to 1838 with the founding charter of New Haven Savings Bank. Its significant expansion occurred following the 2004 merger of three regional banks:
- July 2005: completed acquisition of Trust Company of Connecticut
- January 2006: purchased Cornerstone Bank (Cornerstone Bancorp, Inc.)
- January 2007: incorporated Westbank (Park West Bank & Trust Co.) located in West Springfield, Massachusetts
- April 2011: integrated into First Niagara Bank, which itself was subsequently acquired by KeyBank in 2016
Company
- NewAlliance Bancshares, Inc. was created in 2003 and began trading on the NYSE in 2004 with the symbol "NAL"
- The 2005 acquisition of Trust Company of Connecticut brought investment management and trust services with assets exceeding $1.4 billion, expanding the bank’s trust portfolio threefold
- NewAlliance Investments, Inc., a fully owned subsidiary and member of FINRA and SIPC, delivers investment and insurance solutions to both individual clients and corporate customers
Quick facts
As reported on December 31, 2009:
- Deposits totaled $5.0 billion
- Assets reached $8.4 billion
- Operated 87 branches
- Maintained over 100 ATMs
- Service area included Connecticut and Western Massachusetts
- Ranked as the fourth largest bank in New England
- Held third place among banks based in Connecticut
References
- https://www.newalliancebank.com/facts-at-a-glance Facts At A Glance
- http://www.lib.uconn.edu/online/research/speclib/ASC/findaids/SBM/MSS20040048.html Savings Bank of Manchester Records