Maureen Hanley-Bellitto, senior vice president for Glastonbury-based United Bank in Westport, is tasked with commercial banking development as the bank expands southward into Fairfield County. The bank”™s new Westport office complements its mortgage office at 1720 Post Road in Fairfield, which had already opened when the Westport office opened in February at 55 Greens Farms Road. The official ribbon-cutting will be in September. To date, the bank”™s Fairfield County efforts have generated $35 million in in-county commercial loans and “hundreds of millions” in mortgage loans. United Bank has 52 retail banking branches and five loan production offices, including in Westport. Ten people are part of the bank”™s Fairfield private mortgage banking team (not all based in Fairfield, but the bank identifies them as part of that team). Five people work with United Bank”™s commercial banking team based in Westport.
Hanley-Bellitto answered questions for the Business Journal via email:
United Bank expanded into Westport this year during what many consider a fragile recovery. What do you see happening that others may not?
- Maureen Hanley-Bellitto, senior vice president, United Bank.
“We have often been asked about our choice to grow and expand our footprint in Connecticut in Fairfield County and in Boston during this ongoing and deep post-recessionary economic environment, especially at a time when there is an extensive consolidation and contraction occurring within the banking industry. In contradiction to these trends, United Bank sees tremendous growth opportunities ”” clearly evidenced by our most recent expansion into new area.”
You merged with Rockville Bank. What did this mean for your business model?
“Through what we call ”˜the transformational merger of equals”™ between Rockville Bank and United Bank that took place last year, we have established community banking teams comprised of employees in all lines of business who understand the banking needs of our clients and are skilled in providing the solutions our customers need to create a financial balance for themselves, their families and their respective businesses.
“As banks have weathered a combination of losses resulting in embattled balance sheets and expense-control measures, among other challenges, for some companies these challenges have resulted in a discontented customer base and the inability at this time to expand into new markets. We”™re bucking that trend.”
Some background, please, for those unfamiliar with the brand in the Fairfield County market. How big a bank?
“We are a Connecticut state-chartered, $5.5 billion bank headquartered in Glastonbury that serves markets throughout Connecticut and Massachusetts, including our commercial lending and private mortgage banking teams in Fairfield County. We have 52 retail banking branches; five loan production offices, including the one we just opened at 55 Green Farms Road in Westport; four regional offices and deep-rooted community banking teams covering every market we serve.
“According to FDIC market share data, United Bank is the No. 1 community bank in the combined Hartford-Springfield market. Also, the SEC public company data set lists us as among the larger headquartered banks in Connecticut.”
How is business so far in Fairfield County?
“I am proud to say that in just a short time in Fairfield County we have closed $35 million in commercial loans to local businesses and built a robust pipeline for 2015. In addition, our mortgage team in Fairfield has provided hundreds of millions in residential loans to area residents, recently ranking us 11th in the state for mortgage production, according to the FDIC.”
Do you have an overarching commercial model?
“We are large enough and well-positioned to offer all the products our commercial customers demand, but small enough to deliver a banking experience to help businesses grow and succeed in Fairfield County. Our vision is to pursue excellence in all things with respect to our customers, employees, shareholders and communities we serve. It”™s been a pillar of our bank for more than 150 years.”
What do you think sets you apart?Â
“We empower our lenders through local decision making on loans and by giving them the tools they need to swiftly and effectively service our commercial and mortgage lending customers. That”™s why our lenders work around their customers”™ schedules; there”™s no such thing as ”˜bankers”™ hours”™ when it comes to commercial lending.
“And we strongly believe that investing in our community is a corporate responsibility. In 2014, our Connecticut and Massachusetts foundations together donated more than $1.2 million to more than 400 charitable organizations to make our communities an even better place to live, work and do business.
“Lastly, attracting and retaining the best talent is a must because business owners want to work with bankers they trust, respect and can always rely on.”
