Savings Bank of Danbury today announced plans for constructing a new, 35,000-square-foot office building at the corner of Main and White Streets in Danbury.
The new edifice will house the bank”™s non-branch back-office operations team. Savings Bank of Danbury will continue to use its location at 220 Main St. in Danbury as its headquarters.
Savings Bank of Danbury CEO Martin G. Morgado has been working Danbury and its mayor, Joe Cavo, for some time to advance the construction initiative. The proposed location would be situated on two adjacent properties owned by the YMCA and the city of Danbury, respectively.
Morgado said the new location “will enable us to consolidate our non-branch back-office operations and provide dynamic meeting space and operations facilities. As the oldest continuously operating business in the city of Danbury, with a history dating back to 1849, we are so pleased that we found the right location.”
The last significant building project in Danbury for the bank was in 1999 with the construction of its 35 West St. location. At that time, the bank had 65 employees and $362 million in assets. Today, Savings Bank of Danbury has over 200 employees and $1.4 billion in assets.
The bank is also expanding its presence further in Fairfield County with plans to open a location in Norwalk later this fall.
Cavo predicted the plan will “lead to additional employment opportunities and daily foot traffic, fueling the ongoing economic revitalization of downtown. The building would be located on the corner of Main Street and White Street with excellent visibility, creating an impressive gateway to downtown Danbury.”
The YMCA had previously used the site for its Escape to the Arts operation. The adjacent lot, once known as the Tuxedo Junction building and which has been vacant since 2015, was purchased by the city in 2017.
