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From the Stamford Advocate - Saturday, April 4, 2009
Fairfield County Bank opens first Stamford branch
By Michael C. Juliano
STAFF WRITER
Despite the shrinking economy, Fairfield County Bank continues to grow. It held a ribbon-cutting ceremony Thursday for its first Stamford branch.
"It's nice to be part of a bank that's growing strategically," said Richard Clemens, the bank's executive vice president, before about 50 people gathered in the new branch's lobby. "We take pride in everything we do, and we are very proud of our new Stamford branch."
The new office, which will have about 10 employees, is on the first floor of Eastside Commons, a 108-unit condominium complex completed in October at 850 E. Main St.
"This bank and the building represent a great step forward for the east side of Stamford," said Seth Weinstein, principal of Hannah Real Estate Investors Inc., which built the edifice with Stillwater Investment Management.
Fairfield County Bank Corp., Fairfield County Bank's parent, was founded in 2004 with the merger of Ridgefield Bank and Fairfield County Savings Bank, both of which were started in the 1870s, and the acquisition of Bank of Westport. The Ridgefield-based company, with 19 Fairfield County Bank branches and four Ridgefield Bank offices, was reorganized in 2006 as a mutual holding company.
The firm, which has $1.5 billion in assets and $100 million in capital, opened five Fairfield County branches in the past two years, including the one in Stamford. The company plans to open its second Westport location in June and a third by early 2010.
When asked how Fairfield County Bank has been able to perform so well in a lagging economy, Clemens said it has not made the same missteps of its larger competitors.
"We'll do very well here in Stamford," he said. "It's a great fit for us."
Stamford Mayor Dannel Malloy said he was excited to see a local bank do so well.
"This is a sure-footed bank and one we are happy to have in Stamford," he said.
The bank's success shows the strength of the financial services industry and the local economy, said Jack Condlin, president and chief executive officer of the Stamford Chamber of Commerce.
"It's so good that during these economic times that a bank is opening," he said.
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