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Looking ahead, bank President Jeff Tengel reiterated that technology remains a key challenge, both for People’s and the banking industry in general.
Farmington's owners also approved an advisory measure regarding a $14.8 million package of severance and other cash payments payable to its top executives.
The acquisition, expected to close within the next few weeks, would result in 95 job losses at Farmington Bank's corporate headquarters.
Established in 1851, Farmington Bank is a community bank with 28 branches throughout Central Connecticut and Western Massachusetts. With $3.1 billion in assets, the bank has focused on commercial and retail banking.
On the subject of credit availability, 76 percent of Connecticut business owners characterized credit conditions as excellent, good or average.
According to the Connecticut Business & Industry Association/Farmington Bank survey, 40 percent of business leaders expected improved conditions for their firms, up from 26 percent the previous quarter.
Lending through the federal Small Business Administration this past fiscal year was up — way up, according to data from the SBA.