Several new arrivals, name changes and acquisitions in the region marked the first half of 2007 in banking.
People”™s United Bank of Bridgeport, Conn., announced it would expand its presence over the Fairfield County border and open 15 branches in Westchester by 2009.
The first branch opened in June in Scarsdale and another in Mount Kisco is planned for the fall, along with a branch at 14 Mamaroneck Ave. in downtown White Plains.
People”™s is optimistic about its venture into Westchester, said Brent DiGiorgio, a bank spokesman.
“So far, we”™re quite pleased with the progress of the Scarsdale branch,” he said.
The former People”™s Bank also added the word “United” to its name in June, which DiGiorgio said was done to avoid confusion in the marketplace.
“There are many banks with the People”™s moniker,” he said.
People”™s had been owned by investors and a private mutual holding company, which owned 52 percent of the company. But in April People”™s issued an IPO for the shares of the holding company and raised $3.44 billion in cash, according to DiGiorgio.
According to Morgan Stanley, it was the second-largest equity offering by a bank since 1997 and the seventh largest for any financial services institution during that time.
People”™s made more news in June when it announced it was buying Burlington, Vt.-based Chittenden Corp. By the end of the first quarter of 2008, People”™s expects to have 300 branches in New England and Westchester.
Citizens on the move
Citizens Bank is another bank that expanded its presence in Westchester in 2007.Â
In April, it opened an in-store branch in White Plains, its seventh such branch in Westchester, as part of its partnership agreement with Stop & Shop Supermarkets.
The bank signed an exclusive deal with the Stop & Shop grocery chain last year to create 74 locations in the Hudson Valley and Long Island.
With the Stop & Shop agreement, another 20 locations will be created in the Hudson Valley over the next 24 to 36 months, Citizens Bank has said.
Citizens Bank also operates three in-store branches in Rockland County, 10 in Dutchess County, eight in Orange County, five in Ulster County and one in Putnam County.
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Viva Las Vegas, BONY
Other notable banking moves that occurred during the first half of the year include:
The Bank of Las Vegas, N.M., no relation to its Nevada namesake, opened an office suite at 100 South Bedford Road in Mount Kisco. The bank specializes in loans to smaller businesses seeking between $1 million and $5 million, but can offer loans of up to $100 million. Loans can finance various needs, from working capital to expansion, construction, owner-occupied and investment commercial real estate purchases.
The Bank of New York plans to sell nearly all of its 62 Westchester branches, the county”™s largest branch network, among 338 branches by October to JPMorgan Chase. The deal is part of an asset swap announced April 8: The Bank of New York will sell its retail banking and regional middle-market businesses to Chase for $3.1 million, in return for The Bank of New York receiving Chase”™s corporate trust business for $2.8 billion, plus $150 million cash and a $50 million “contingent” payment tied to customer retention. Following the sale Chase would have nearly 100 Westchester branches.
Meanwhile, The Bank of New York is gearing up to expand its private banking activity in Westchester with two new offices set to open in October.
The Bank of New York has applied to the state Banking Department for approval to open a Westchester headquarters for its private bank in White Plains, at 701 Westchester Ave. The site ”“ to open Oct. 1 if regulators approve the plan ”“ would replace the existing Westchester headquarters for The Private Bank in downtown White Plains, at 123 Main St.
The new office would be one of two private bank offices The Bank of New York would operate in Westchester. The other will be at 111 Kraft Ave. in Bronxville, which currently is one of the bank”™s 62 retail branches in the county.
