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OLR Research Report


January 31, 2013

 

2013-R-0053

SNAPSHOT OF CONNECTICUT'S BANKING INDUSTRY

By: Michelle Kirby, Associate Analyst

You asked for a snapshot of the Connecticut banking industry — the types of banks, where they are located, and who regulates them.

SUMMARY

Banks located in Connecticut can be divided into two main categories: state-chartered and other charters. The state-chartered banks include bank and trust companies, limited purpose trust companies, savings banks, bankers' bank, uninsured bank, and foreign banks with state agencies, branches or representative offices in Connecticut. The other charters include national banks, federal savings banks, federal savings and loan associations, and out-of-state banks operating branches in Connecticut.

In addition to banks, credit unions have a presence in the state. Just as banks they can be categorized by charter type. Credit unions are state-chartered, federally-chartered, or out-of-state credit unions operating branches in Connecticut.

According to the Connecticut Department of Banking (DOB), state-chartered banks make up a little more than half of the banks that operate in the state today (approximately 51%). On the other hand, the majority of credit unions are federally-chartered (approximately 70%).

BANKS BY CHARTER TYPE

Not including credit unions, 10 types of banks are operating presently in Connecticut. Table 1 and the chart below show the number of banks in Connecticut by charter type.

Table 1: Banks by Charter Type

Banks in Connecticut by Charter Type

Total

Percentage

State-Chartered Bank and Trust Companies

12

14%

State-Chartered Limited Purpose Trust Companies

2

2%

State-Chartered Savings Banks

22

26%

State-Chartered Bankers' Bank

1

1%

State-Chartered Uninsured Bank

1

1%

Foreign Banks Establishing State Agencies, Branches or Representative Offices in Connecticut

5

6%

National Banks

21

25%

Federal Savings Banks

13

15%

Federal Savings and Loan Associations

1

1%

Out-of-State Banks Operating Branches in Connecticut

6

7%

Total

84

100%


Banks by Location and Primary Regulator

The Connecticut Department of Banking (DOB) is the primary regulator for the state-chartered banks. The DOB also regulates the Connecticut branch or representative office of foreign banks establishing agencies, branches, or representative offices in the state. The other charters are regulated by the federal reserves, the Office of the Comptroller of the Currency (OCC), or by the out-of-state agency. The banks are located through-out the state, particularly state-charted bank and trust companies, state-chartered savings banks, and national banks. However, 100% of the foreign banks operating in Connecticut have their branches or representative offices located in Stamford. Table 2 shows each bank by location and primary regulator.

Table 2: Banks by Location and Primary Regulator

Institution

Main Office Location

Primary Regulator

State-Chartered Bank and Trust Companies

The Bank of Fairfield

Fairfield, CT

DOB

The Bank of New Canaan

New Canaan, CT

DOB

The Bank of Southern Connecticut

New Haven, CT

DOB

The Community's Bank

Bridgeport, CT

DOB

Darien Rowayton Bank

Darien, CT

DOB

The First Bank of Greenwich

Cos Cob, CT

DOB

Prime Bank

Orange, CT

DOB

Quinnipiac Bank & Trust Company

Hamden, CT

DOB

Salisbury Bank and Trust Company

Lakeville, CT

DOB

Simsbury Bank & Trust Company

Simsbury, CT

DOB

Start Community Bank

New Haven, CT

DOB

The Wilton Bank

Wilton, CT

DOB

State-Chartered Limited Purpose Trust Companies

Institution

Main Office Location

Primary Regulator

ING Investment Trust Co.

Windsor, CT

DOB

The Northern Trust Company of Connecticut

Stamford, CT

DOB

State-Chartered Savings Banks

Institution

Main Office Location

Primary Regulator

Chelsea Groton Bank

Norwich, CT

DOB

Dime Bank

Norwich, CT

DOB

Eastern Savings Bank

Norwich, CT

DOB

Essex Savings Bank

Essex, CT

DOB

First County Bank

Stamford, CT

DOB

The Guilford Savings Bank

Guilford, CT

DOB

Jewett City Savings Bank

Jewett City, CT

DOB

Liberty Bank

Middletown, CT

DOB

The Milford Bank

Milford, CT

DOB

Newtown Savings Bank

Newtown, CT

DOB

The Savings Bank of Danbury

Danbury, CT

DOB

Stafford Savings Bank

Stafford, CT

DOB

Thomaston Savings Bank

Thomaston, CT

DOB

The Torrington Savings Bank

Torrington, CT

DOB

Union Savings Bank

Danbury, CT

DOB

Collinsville Savings Society

Collinsville, CT

DOB

Fairfield County Bank

Ridgefield, CT

DOB

Farmington Bank

Farmington, CT

DOB

Litchfield Bancorp

Litchfield, CT

DOB

Naugatuck Savings Bank

Naugatuck, CT

DOB

Northwest Community Bank

Winsted, CT

DOB

Rockville Bank

Rockville, CT

DOB

State-Chartered Bankers' Bank

Institution

Main Office Location

Primary Regulator

Bankers' Bank Northeast

Glastonbury, CT

DOB

State-Chartered Uninsured Bank

Institution

Main Office Location

Primary Regulator

UPS Capital Business Credit

Windsor, CT

DOB

Foreign Banks Establishing State Agencies, Branches or

Representative Offices in Connecticut

Institution

Branch or Office Location

Primary Regulator

Abbey National Treasury Services plc Branch

Stamford, CT

Federal Reserve

DOB for the CT Branch

Bank of Ireland

Branch

Stamford, CT

Federal Reserve

DOB for the CT Branch

Royal Bank of Scotland plc

Branch

Stamford, CT

Federal Reserve

DOB for the CT Branch

Royal Bank of Scotland N.V

Representative Office

Stamford, CT

DOB for the CT Office

UBS AG

Branch

Stamford, CT

Federal Reserve

DOB for the CT Branch

National Banks

Institution

Local Office Location

Primary Regulator

Bank of America, NA

Hartford, CT

OCC

Bessemer Trust Company, National Association

Greenwich, CT

OCC

Capital One, N.A.

Branford, CT

OCC

Citizens National Bank, The

Putnam, CT

OCC

Citibank, National Association

Brookfield, CT

OCC

Connecticut Community Bank, National Association

Westport, CT

OCC

Deutsche Bank Trust Company, N.A.

Greenwich, CT

Federal Reserves

First Niagara Bank, National Association

New Haven, CT

OCC

First National Bank of Suffield, The

Suffield, CT

OCC

HSBC Bank USA, National Association

McLean, VA

Main Office

OCC

Hudson Valley Bank, N.A.

Stamford, CT

OCC

ING National Trust

Windsor, CT

OCC

JPMorgan Chase Bank, National Association

Columbus, OH

Main Office

OCC

Keybank, National Association

Stamford, CT

OCC

National Iron Bank, The

Salisbury, CT

OCC

Patriot National Bank

Stamford, CT

OCC

RBS Citizens, National Association

Providence RI

Main Office

OCC

TD Bank, National Association

Glastonbury, CT

OCC

United States Trust Company, N.A.

New York, NY

Main Office

OCC

Webster Bank, National Association

Waterbury, CT

OCC

Wells Fargo Bank, National Association

Stamford, CT

OCC

Federal Savings Banks

Institution

Local Office Location

Primary Regulator

Capital Stock Institutions:

   

Fieldpoint Private Bank & Trust

Greenwich, CT

OCC

Hudson City Savings Bank

Paramus, NJ

Main Office

OCC

InsurBanc

Farmington, CT

OCC

MassMutual Trust Company, FSB

Enfield, CT

OCC

Newport Federal Savings Bank

Stonington, CT

OCC

Northern Trust Bank, FSB

Stamford, CT

OCC

People's United Bank

Bridgeport, CT

OCC

Prudential Bank and Trust, FSB

Hartford, CT

OCC

Putnam Bank

Putnam, CT

OCC

Savings Institute Bank and Trust Company

Willimantic, CT

OCC

Sovereign Bank New England, a Division of Sovereign Bank

Wilmington, DE

Main Office

OCC

United Bank

Enfield, CT

OCC

Naugatuck Valley Savings and Loan

Naugatuck, CT

OCC

Federal Savings and Loan Associations

Institution

Main Office Location

Primary Regulator

Windsor Federal Savings and Loan Association

Windsor, CT

OCC

Out-of-State Banks Operating Branches in Connecticut

Institution

Local Office Location

Primary Regulator

Bank of New York Mellon

Greenwich, CT

State of New York

Berkshire Bank

Hartford, CT

Commonwealth of MA

Evolve Bank & Trust

Danbury, CT

Federal Reserve

First Republic Bank

Greenwich, CT

State of California

Manufacturers and Traders Trust Company

Stamford, CT

Federal Reserve

Washington Trust Company of Westerly, The

Westerly, RI

Main Office

State of Rhode Island

CREDIT UNIONS BY CHARTER TYPE

Table 3 shows the number of credit unions operating in Connecticut. Approximately 70% of the credit unions are federally chartered, according to DOB.

Table 3: Credit Unions by Charter Type

Charter

Total

State

30

Federal

95

Out-of-State Credit Unions Operating Branches in Connecticut

11

Total

136

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