Item 2. Properties
Item 2. Properties
The Bank’s headquarter building is located at 258 Elm Street in New Canaan, Connecticut. The property is leased by us until 2031. In December 2021, the Bank sold the property located at 220 Elm Street in New Canaan, Connecticut, which was previously used for our executive management offices. During the second quarter of 2022, the Company sold its Wilton branch building that was previously classified as held for sale. On October 7, 2022, the Company closed the Wilton branch.
27
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 2023 to 2031, although certain of the leases contain options to extend beyond these dates. We own the Hamden branch office. 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 clients.
Our branch office locations are as follows:
Branch Address Owned or Leased
Cherry Street 156 Cherry Street New Canaan, CT 06840 Lease (expires 2031)
Bedford 612 Bedford Street Stamford, CT 06901 Lease (expires April 2023) (1)
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 2031)
Norwalk 370 Westport Avenue Norwalk, CT 06851 Lease (expires 2029)
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)
(1) Effective March 1, 2023, the Bank received final regulatory approval to proceed with the opening of a retail branch located at 300 Atlantic Street, Stamford, CT. This branch will replace the 612 Bedford Street, Stamford, CT location, which is scheduled to close in April 2023.
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.