Early days The history of Farmington Bank dates back to May 1851 when a petition was presented to the
Connecticut General Assembly. On August 12, 1851, the charter was issued and an organizational meeting was held on August 14, 1851, at the home of Samuel Cowles (27 Main Street, Farmington, Connecticut). The following officers and trustees were elected at the meeting; • Timothy Cowles (President) -
Farmer • William L. Cowles (1st Vice President) -
Merchant • Samuel S. Cowles (2nd Vice President) -
Farmer / Printer / Publisher / Writer • Deacon Simeon Hart (Secretary & Treasurer) -
Educator • William Gay (Trustee) -
Merchant • Ira Hadsell (Trustee) -
Farmer • Henry Mygatt (Trustee) -
Farmer • Chauncey Rowe (Trustee) -
Store Owner • Thomas Cowles (Trustee) -
Farmer • E. W. Carrington (Trustee) -
Physician Farmington Savings Bank opened for business August 25, 1851, from Deacon Simeon Hart's home (93 Main Street, Farmington, Connecticut) who was responsible for managing the bank. On the first day of business, Farmington Savings Bank opened 12 accounts with a total of $88.70 in deposits from residents and business across the
Farmington Valley. The first savings book was issued to Miss Harriet E. Porter. In 1853, Farmington Savings Bank moved into Samuel Cowles' house on 27 Main Street in Farmington, Connecticut
Expansion outside of Connecticut In September 2014, Farmington Bank announced plans to enter western Massachusetts with the establishment of a commercial lending office and two de novo hub branches in
West Springfield, Massachusetts and
East Longmeadow, Massachusetts.
Acquisition In July 2018,
People's United Bank, based in Bridgeport, Connecticut, announced that it had agreed to buy Farmington Bank in an all-stock deal for $544 million. Both its board and that of Farmington Bank's parent, First Connecticut Bankcorp, Inc., had approved the deal, which was expected to result in branch closures.
Post-Acquisition Activity Following the merger, People's United bank sold a Farmington office it had acquired through the acquisition of Farmington Bank for $340,000 in November 2020. ==Company==