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Dime Bank looking to bring state-based branch into Vernon

·2 min read

Aug. 16—VERNON — Norwich-based Dime Bank is looking to open a new location in Vernon, a move that would bring more state-based localized banking to the town, officials say.

The financial institution has filed an application with the state Department of Banking and Federal Deposit Insurance Corporation to establish a new branch at 135 Talcottville Road, according to a statement from the bank.

If approved by the agency, the bank is expected to open in fall.

The new branch would be the bank's fourteenth location, and the third in north-central Connecticut, after locations in Manchester and Glastonbury.

Bank officials said this expansion would make another localized, Connecticut-based banking option available to Vernon residents.

"It's clear that not everyone wishes to do their banking with larger, out-of-state financial institutions, and we're happy to welcome customers who remember how banking used to be and still prefer the services, familiarity, and community-based commitment of a local bank," Dime Bank President Nick Caplanson said.

If approved, the new branch would compete with larger multi-state banks such as Bank of America, KeyBank, and Bridgeport-based People's United Bank, which was bought by Buffalo-based M&T Bank this year for $8.3 billion.

Additionally, the new branch would also compete with Stamford-based Webster Bank.

Vernon was served by Hartford-based United Bank, which served as another Connecticut-based banking option in the region and was a successor to Vernon's Rockville Bank.

But United Bank was purchased by People's United in 2019 for $759 million. After this, 18 former United Bank locations in the state were closed, including 11 in the north-central portion of the state. A United Bank location remains in Rockville.

In 2020, Dime Bank opened locations in Manchester and Glastonbury to fill the gap left by the acquisition of United Bank.

According to the Dime Bank website, the institution does not issue stock and has no shareholders.

Dime Bank has locations in Norwich, Colchester, East Lyme, Ledyard, Montville, Mystic, New London, Stonington, and Westerly, Rhode Island.

Ben covers Vernon and Stafford for the Journal Inquirer.