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Merrill Jay Forgotson never had second thoughts or at least he didnt publicly voice any about opening a Stamford arm of the bank he heads. His intention was to establish the new financial institution as a resource for the community.
Two months after opening its doors, Stamford First Bank has recorded $2 million in gross loans and $29 million in deposits, the bank reports. That shows SFB is fulfilling its stated goal, says Forgotson, CEO of the Bank of New Canaan, SFBs parent company, and of the holding company BNC Financial Group, Inc.
Despite the tough economy, our organization has been able to make loans, attract deposit customers and turn these difficult times into a number of opportunities, Forgotson said in a release.
The bank, located on Bedford Street, had a soft opening in July and its grand opening in September.
We feel that this encouraging response to our new bank in the Stamford market strongly reflects the desire for and importance of a hometown bank that can provide outstanding service to its customers and exceptional value to the community, said Bank of New Canaan President Heidi DeWyngaert.
Overall, BNC experienced a favorable financial climate this year. It was listed second out of nine New Canaan banks in the annual Federal Deposit Insurance Corporation report for bank market share, the release said. In addition, of only three banks in New Canaan that recorded revenue increases, BNC showed the strongest growth.
BNC showed more than $1 million in net income for the first nine months of this year. This constitutes a 65 percent increase over last year, according to the company.
As of the end of this years third quarter, BNC Financial Group, Inc.s total assets were $354.6 million, a 20.2 percent increase over last year.
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