October 25, 2009

FAIRFIELD COUNTY BANK RECEIVES 2009 EAGLE AWARD FROM THE U.S. SMALL BUSINESS ADMINISTRATION

At the Connecticut area U.S. Small Business Administration Annual Lenders and Partners Meeting, held   October 7, 2009, Fairfield County Bank was awarded the 2009 Eagle Award. This award is in the “Outstanding Contribution” category. SBA administrators give this award to partner organizations, which have recognizable accomplishments, among them volume and SBA ARC loan participation.

In a statement read at the Annual Lenders and Partners event the District Director, Bernard M. Sweeny, said: “We have a lender we’d like to recognize for their overall contribution.  I want to point out that this lender has consistently been a solid SBA partner, and this year landed high on the volume list. Not only did they do 33 (SBA) loans with a great mix of borrowers, they did 5 of our ARC loans, including the first one in Connecticut. For their outstanding contribution, we recognize Fairfield County Bank.”

Bill Starbuck, Executive Vice President and Chief Lending Officer of Fairfield County Bank explained that an ARC  loan is a component  the SBA’s America’s Recovery Capital Loan Program,  which can provide short-term relief for viable small businesses facing immediate financial hardship to help ride out the current uncertain economic times and return to profitability.

Mr. Starbuck added: “We are excited to receive the SBA’s 2009 Eagle Award.  The SBA through their various loan programs offers Fairfield County Bank options for financing that are not traditionally available to borrowers.  We are committed to our commercial borrowers and always look for ways to satisfy their borrowing needs.  In difficult economic times the SBA will continue to be a vital business partner.”

Fairfield County Bank is a $1.6 billion community bank, headquartered in Ridgefield Connecticut with 23 branches throughout Fairfield County. To learn more about the bank and SBA loans visit www.fairfieldcountybank.com or call toll free 877-431-7431.

Fairfield County Bank opens first Stamford branch
By Michael C. Juliano
STAFF WRITER

Despite the shrinking economy, Fairfield County Bank continues to grow. It held a ribbon-cutting ceremony Thursday for its first Stamford branch.

"It's nice to be part of a bank that's growing strategically," said Richard Clemens, the bank's executive vice president, before about 50 people gathered in the new branch's lobby. "We take pride in everything we do, and we are very proud of our new Stamford branch."

The new office, which will have about 10 employees, is on the first floor of Eastside Commons, a 108-unit condominium complex completed in October at 850 E. Main St.

"This bank and the building represent a great step forward for the east side of Stamford," said Seth Weinstein, principal of Hannah Real Estate Investors Inc., which built the edifice with Stillwater Investment Management.

Fairfield County Bank Corp., Fairfield County Bank's parent, was founded in 2004 with the merger of Ridgefield Bank and Fairfield County Savings Bank, both of which were started in the 1870s, and the acquisition of Bank of Westport. The Ridgefield-based company, with 19 Fairfield County Bank branches and four Ridgefield Bank offices, was reorganized in 2006 as a mutual holding company.

The firm, which has $1.5 billion in assets and $100 million in capital, opened five Fairfield County branches in the past two years, including the one in Stamford. The company plans to open its second Westport location in June and a third by early 2010.

When asked how Fairfield County Bank has been able to perform so well in a lagging economy, Clemens said it has not made the same missteps of its larger competitors.

"We'll do very well here in Stamford," he said. "It's a great fit for us."

Stamford Mayor Dannel Malloy said he was excited to see a local bank do so well.

"This is a sure-footed bank and one we are happy to have in Stamford," he said.

The bank's success shows the strength of the financial services industry and the local economy, said Jack Condlin, president and chief executive officer of the Stamford Chamber of Commerce.

"It's so good that during these economic times that a bank is opening," he said.

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