Trisha Shetty (Editor)

NewAlliance Bank

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Former type
  
Public (NYSE: NAL)

Defunct
  
April 15, 2011

Revenue
  
( $46.4M FY 2009)

Founder
  
Peyton R Patterson

Ceased operations
  
April 15, 2011

Industry
  
Finance and Insurance

Products
  
Banking

Successor
  
First Niagara Bank

Founded
  
2003

NewAlliance Bank

Key people
  
Peyton R. Patterson, Chairman, & CEO C. Gene Kirby, President Glenn I. MacInnes, EVP and CFO

Headquarters
  
New Haven, Connecticut, United States

NewAlliance Bancshares, doing business as NewAlliance Bank, was the second largest Connecticut-based savings bank. It was formed in 2004 through the union of The Savings Bank of Manchester, New Haven Savings Bank, and Tolland Bank.

Contents

First Niagara Bank announced its acquisition of NewAlliance in August 2010.

History

NewAlliance Bank has its roots dating back to 1838 when it was chartered with the formation of New Haven Savings Bank. It expanded as NewAlliance Bank in 2004 through the union of The Savings Bank of Manchester (Connecticut Bancshares, Inc.), New Haven Savings Bank and Tolland Bank (Alliance Bancorp of New England). NewAlliance Bank has seen consistent growth since its formation. Following are list of happenings:

  • In July 2005, acquired Trust Company of Connecticut
  • In January 2006, acquired Cornerstone Bank (Cornerstone Bancorp, Inc.)
  • In January 2007, Westbank (Park West Bank & Trust Co.), a bank based in West Springfield, Massachusetts, became part of the company.
  • In April 2011, New Alliance merged into First Niagara Bank. In 2016 Keybank acquired First Niagara [1]

    • Company

  • NewAlliance Bancshares, Inc. formed in 2003, listed on NYSE in 2004 under the symbol "NAL"
  • Trust Company of Connecticut, a division of NewAlliance Bank, acquired by NewAlliance in July 2005, offers investment management, as well as trust and estate planning and has over $1.4 billion in assets under management, tripling the Bank's trust assets under management.
  • NewAlliance Investments, Inc., member of Financial Industry Regulatory Authority (FINRA) and Securities Investor Protection Corporation (SIPC), a wholly owned subsidiary of NewAlliance Bancshares, Inc., offers investment and insurance products to individuals and businesses

    • Quick facts

    Stats as of December 31, 2009:

  • Total Deposits: $5.0 billion
  • Total Assets: $8.4 billion
  • Branches: 87
  • ATMs: over 100
  • Geographic Reach: Connecticut and Western Massachusetts
  • Rank Among New England-based Banks: 4th largest
  • Rank Among Connecticut-based Banks: 3rd largest

    • References

    NewAlliance Bank Wikipedia
    (Text) CC BY-SA