Item 2. Properties
Item 2. Properties
The Bank’s main office is located at 208 Elm Street in New Canaan, Connecticut. The property is leased by us until the end of 2021. In July 2012, we initially leased additional space adjacent to 208 Elm Street at 220 Elm Street primarily for our executive management offices. The property located at 220 Elm Street was purchased by the Bank in December of 2016. Recently, the Bank entered into a 10-year lease for its future headquarters building located at 258 Elm Street in New Canaan, Connecticut. The Bank plans to relocate many of its non-branch employees to 258 Elm Street and, as a result, the Bank will sub-lease or sell some of its facilities that previously housed these employees.
We also lease office space for each of our branch offices in New Canaan, Stamford, Norwalk, Fairfield, Darien, and Westport, Connecticut. The leases for our facilities have terms expiring at dates ranging from 2021 to 2030, although certain of the leases contain options to extend beyond these dates. We own the Wilton and Hamden branch offices. We believe that our current facilities are adequate for our current level of operations. Each lease is at market rate based on similar properties in the applicable market area. Management continually evaluates its branch and other office locations for opportunities to maximize cost savings while meeting our growth needs and the needs of our customers.
Our branch office locations are as follows:
Branch Address Owned or Leased
Elm Street 208 Elm Street New Canaan, CT 06840 Lease (expires 2021)
Cherry Street 156 Cherry Street New Canaan, CT 06840 Lease (expires 2021)
Bedford 612 Bedford Street Stamford, CT 06901 Lease (expired 2020 - currently month-to-month)
High Ridge 1095 High Ridge Road Stamford, CT 06905 Lease (expires 2028)
Black Rock 2220 Black Rock Turnpike Fairfield, CT 06825 Lease (expires 2024)
Sasco Hill One Sasco Hill Road Fairfield, CT 06824 Lease (expires 2024)
Wilton 47 Old Ridgefield Road Wilton, CT 06897 Own
Norwalk 370 Westport Avenue Norwalk, CT 06851 Lease (expires 2030)
Hamden 2704 Dixwell Avenue Hamden, CT 06518 Own
Westport 100 Post Road East Westport, CT 06880 Lease (expires 2028)
Darien 1065 Post Road Darien, CT 06820 Lease (expires 2028)
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