Two years into a name- and game-changing restructuring, New Canaan-based Bankwell Financial Group is on a mission to become a top five bank within each of the four Fairfield County towns it serves.
Formerly known as BNC Financial Group, which included The Bank of New Canaan, The Bank of Fairfield and Stamford First Bank, the financial group renamed itself Bankwell in September and has since received a warm response from its customers.
“The rebranding has gone exceptionally well,” said CEO Peyton Patterson, who assumed her position in 2012. “There”™s no better way to feel that way than to get the kind of feedback we’ve gotten.”
Previously BNC Financial had established itself as a hometown bank in each of its markets, but to better strengthen the company brand, collective lending resources and operational efficiency, the group consolidated into one.
“People voice their satisfaction with their feet and this is one of the best feedback years we”™ve ever had,” she added.
Bankwell”™s fourth quarter earnings report isn”™t due out for another month, but all signs point to another quarter of soaring growth, analysts predict.
Within the first nine months of 2013, net income increased 336 percent compared to 2012, reaching $3.8 million. As of September 2013, total assets, outstanding loans and revenue increased 18 percent, 22 percent and 30 percent, respectively, compared to a year prior.
“We view it as a tremendous endorsement for what we”™ve done,” Patterson said.
The growth, Patterson said, stems from the bank”™s five-year strategic plan, which calls for a more diverse loan portfolio, new investment services and an expanded footprint.
In November, Bankwell completed the acquisition of The Wilton Bank and began new wealth management and investment services. Two Fairfield branches have relocated to updated facilities within Fairfield and a branch in Norwalk is expected to open in June.
People voice their satisfaction with their feet and this is one of the best feedback years we”™ve ever had. ”“ Peyton Patterson, CEO, Bankwell Financial Group.
For small businesses, which make up a large portion of the bank”™s customers, Patterson said Bankwell “stepped up” its online and mobile banking platforms and launched a new cash management platform for business owners. The cash management platform includes real-time balance and transaction reporting, transfers, bill payment, wire transfers, automated services and customizable reports, among other features.
“We knew we had to be better at not just being high touch but high tech,” Patterson said. By combining the old bank brands into one, the group was better able to implement a new, more efficient and powerful system to address clients needs.
“It”™s about keeping in touch with clients, providing value-added services and getting them the kind of help they need to thrive,” Patterson said. “Small businesses are the backbone of the economy. We”™ve got to make sure we serve the well.”
