Farmington Bank

Farmington Bank was a full-service community bank in Connecticut and western Massachusetts headquartered in Farmington, Connecticut.

History

Early days

The history of Farmington Bank dates back to May 1851 when a petition was presented to the Connecticut General Assembly. On August 12, 1851, the charter was issued and an organizational meeting was held on August 14, 1851, at the home of Samuel Cowles. The following officers and trustees were elected at the meeting;

Timothy Cowles - Farmer
William L. Cowles - Merchant
Samuel S. Cowles - Farmer / Printer / Publisher / Writer
Deacon Simeon Hart - Educator
William Gay - Merchant
Ira Hadsell - Farmer
Henry Mygatt - Farmer
Chauncey Rowe - Store Owner
Thomas Cowles - Farmer
E. W. Carrington - Physician

Farmington Savings Bank opened for business August 25, 1851, from Deacon Simeon Hart's home who was responsible for managing the bank. On the first day of business, Farmington Savings Bank opened 12 accounts with a total of $88.70 in deposits from residents and business across the Farmington Valley. The first savings book was issued to Miss Harriet E. Porter.
In 1853, Farmington Savings Bank moved into Samuel Cowles' house on 27 Main Street in Farmington, Connecticut who became treasurer after the death of Deacon Simeon Hart.
On January 12, 1865, Farmington Savings Bank purchased 32 Main Street in Farmington, Connecticut from Erastus Gay who managed a store that stood close to Main Street. The store was initially erected in 1791 by Reuben S. Norton and was used for various purposes throughout the years, including; a general store, a tailor's shop, a post office, a church, and a drinking establishment. Upon taking ownership of the store, Farmington Savings Bank made additional improvements, such as;

One street lamp
Four hitching posts
Fire proof room
Steel lining and time controlled double door

In 1926, Farmington Savings Bank employed W.F. Brooks in to design the new building on the 32 Main Street property. The building construction was completed in April 1928 by Industrial Construction Co. of Hartford, Connecticut. The existing bank was razed after the completion of the newly constructed bank.

Initial public offering

On June 29, 2011, shares of Farmington Bank began trading on NASDAQ under the symbol FBNK. Farmington Bank was invited to ring the NASDAQ closing bell on October 12, 2011 to celebrate becoming a public company.

Expansion outside of Connecticut

In September 2014, Farmington Bank announced plans to enter western Massachusetts with the establishment of a commercial lending office and two de novo hub branches in West Springfield, Massachusetts and East Longmeadow, Massachusetts.

Acquisition

In July 2018, People's United Bank, based in Bridgeport, Connecticut, announced that it had agreed to buy Farmington Bank in an all-stock deal for $544 million. Both its board and that of Farmington Bank's parent, First Connecticut Bankcorp, Inc., had approved the deal, which was expected to result in branch closures.

Post-Acquisition Activity

Following the merger, People's United bank sold a Farmington office it had acquired through the acquisition of Farmington Bank for $340,000 in November 2020.

Company

First Connecticut Bankcorp, Inc., is the holding company for Farmington Bank. Farmington Bank has over $2.5 billion in assets and with a network of over 20 branches located in Connecticut.

Financials

Deposit market share

The following data points are as of June 30 for a given 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%

Awards

2016 - Best Community Bank
2015 - Best Community Bank
2013 - Top Workplace of Greater Hartford
2012 - Top Workplace of Greater Hartford