Banking and finance in brief

The Connecticut Department of Banking approved First Niagara Financial Group Inc.”™s acquisition of NewAlliance Bancshares Inc., whose NewAlliance Bank has eight branches in Fairfield County.

Buffalo-based First Niagara named David Ring president of its New England operations, with Ring previously an executive with Wells Fargo and its local predecessor Wachovia, and before that, with People”™s United Bank.

In early March, the department held hearings in New Haven where NewAlliance is based and in Manchester, receiving more than a dozen complaints that the bank would no longer focus its attention on the New Haven market.

First Niagara agreed to provide periodic reports to the banking commissioner on its credit, employment, diversity and community investment profile for three years.

The Federal Reserve Board of Governors and the Office of the Comptroller of the Currency have also approved the transaction.

 

New CEO for GE Asset Management

General Electric Co. promoted Dmitri Stockton to CEO of GE Asset Management in Stamford, a global investment manager with $119 billion in assets under management at the close of 2010.

Stockton previously led the global banking unit of Norwalk-based GE Capital. At GE Asset Management, he replaces Jay Ireland who is assuming a newly-created position within GE as CEO for GE Africa.

RVI locks in Stamford lease extension

R.V.I. America Insurance Co. renewed its lease at 177 Broad St. in Stamford, where it is leasing nearly 18,000 square feet of space.

The company provides residual value insurance ”“ policies that guarantee the value of an asset at a future date if properly maintained, providing a hedge against inflation.

Stamford-based Choyce Peterson represented RVI, which also considered sites in Norwalk. New York City-based RFR Realty owns the office building at 177 Broad St.

 

Fairfield County Bank closing branch

Fairfield County Bank is closing a branch at 180 Post Road East in Westport.

The Post Road East branch had $100 million in deposits as of last June, making it the largest of Fairfield County Bank”™s three locations in Westport; and its fourth largest branch of 23 in Fairfield County, after two branches in Ridgefield where it is based and one in Norwalk.

 

Baird renews at First Stamford Place

Robert W. Baird & Co. Inc. extended its lease at First Stamford Place in Stamford through 2018, where it is using 4,000 square feet of space in the building.

Baird provides financial services. The company has been a tenant at First Stamford Place since 2008.

Owned by New York City-based Malkin Properties, First Stamford Place totals more than 800,000 square feet of space.