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. On April 24, 2023, the Bank established a new retail branch located at 300 Atlantic Street, Stamford, CT. This replaced the branch located at 612 Bedford Street, Stamford, CT, which closed on April 21, 2023.
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 rangin g from 2028 to 2033, 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)
Atlantic Street 300 Atlantic Street Stamford, CT 06901 Lease (expires 2033)
High Ridge 1095 High Ridge Road Stamford, CT 06905 Lease (expires 2028)
Black Rock 2220 Black Rock Turnpike Fairfield, CT 06825 Lease (expires 2029)
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)
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