The Savings Bank of Danbury Building Second New Milford Branch

The Savings Bank of Danbury, the oldest surviving business in Danbury, is expanding for a second time in New Milford, this time building a new branch where McNally's Pub used to be. The existing branch is across from the bridge on the Kent Road.

"We've been planning this site for well over a year," said Bank President and CEO Kathleen Romagnano. Hawley Construction of Danbury will be in charge of the construction. "It's a growing community and they want a community bank."

The Savings Bank of Danbury operates 13 branches in Bethel, Brookfield, New Milford, New Fairfield, Danbury, Waterbury, Newtown and Southbury. The bank also bought Stamford Mortgage, a deal announced in 2010. The bank was founded in 1849.

Romagnano said the Savings Bank is building the new branch in New Milford not only because the town is growing, but also because the residential housing market is starting to grow faster than it has for a number of years. She said the bank opened four loan origination offices in July in Simsbury, Farmington, Wallingford and West Hartford, in part to respond to the growing residential market.

"We also think there will be commercial opportunities in those areas," Romagnano said, which is similar to her expectations for New Milford, plus similar to the bank's experience with two branches in Waterbury. "It was a community looking for a local bank. Waterbury has been a very good commercial market for us."