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April 22, 2022

Massachusetts lender plans new South Windsor banking center 

PeoplesBank President and CEO Tom Senecal.
By Greg Bordonaro

PeoplesBank, the Massachusetts-based mutual savings institution that first established a Connecticut presence in 2018 with its purchase of The First National Bank of Suffield, has announced plans to establish a new branch in South Windsor. 

The bank, with $3.6 billion in assets, said it will build a 2,000-square-foot banking center at 50 Cedar Avenue. The branch is expected to be the anchor for other adjacent development, which may include a restaurant, coffee and retail shops, and a medical office building, the bank said. 

Last year PeoplesBank debuted a new branch in the posh West Hartford Center. It also recently renovated its Suffield Bank Center. Once the South Windsor location opens, PeoplesBank will have five branches in Connecticut. 

“With all the recent merger activity, it’s clear that there is a need for more community banking,” said Tom Senecal, PeoplesBank’s president and CEO. “As a mutual bank, we cannot be bought or sold. Our profits are not diverted to stockholders but, instead, are reinvested into services to our customers and support for the communities where they live.”

The South Windsor branch is being designed by Hartford-based Tecton Architects and will feature video interactive teller machines and electric vehicle charging stations. 

It is expected to be open in early December, the bank said. 
 

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