BNC Financial Group had record earnings last year, and the holding company’s subsidiaries reported a collective profit of more than half a million dollars, the company’s chief executive officer announced.
Stamford First Bank is among BNC Financial Group’s institutions, along with Bank of Fairfield and the Bank of New Canaan, Stamford First Bank’s parent company.
“The Bank of New Canaan’s new division, Stamford First Bank, far exceeded our expectations, ending the year with strong commercial loan closings, a significant pipeline of loans and a thriving deposit base,” said CEO Jay Forgotson in a statement.
The three banks earned a consolidated profit of $507,000 for 2010, a 161 percent increase over the previous year. Stamford First Bank, which opened at 612 Bedford St. in late July, capped the year with $14 million in gross loans and $51 million in deposits.
In an effort to emphasize community banking, a number of outreach seminars and workshops have been held at Stamford First Bank, and BNC has instituted customer-friendly initiatives. Among them is no-fee ATM banking, established in December. The bank rebates all ATM fees for customers, including those incurred at other banks.
Addressing customer needs in such ways, along with providing loan service to individuals and businesses, drives BNC Financial Group’s success, said Forgotson.
“We believe that our overall steady growth reflects our continued ability to balance the financing that we provide to the communities we serve with an expertise in delivering consistently high quality loans on a timely basis,” he said, adding, “While loan growth is an important component of our success, we are also proud of the relationships that we continue to develop and grateful to the communities for their support.”
Have you attended a Stamford First Bank community seminar or workshop? What was the topic? How did it serve your needs?