NewAlliance Bank says hello to downtown

Today downtown welcomes the opening of NewAlliance Bank, the first new retail tenant to open at Hartford 21 in two years. The bank has opened up a 3,500 square foot branch along Trumbull Street.

The New Haven based bank currently has one other branch in the city at 1700 Park Street. There is also a West Hartford branch and two East Hartford branches. From the street you can definitely see the bank’s modern and sleek look which blends in well with Hartford 21. The bank provides a free wi-fi zone, coffee and a TV with financial news for customers.

NewAlliance Bank already has some of its wealth management business in the city at 100 Pearl Street.

While many are quick to denounce the opening of yet another bank branch downtown I applaud the bank’s decision to invest here. Yes there numerous bank branches downtown - specifically surrounding Hartford 21. There is Citizens Bank, Sovereign Bank, the Hartford Federal Credit Union and 2 Bank of America branches all within a few blocks of each other. There was also a CitiBank until that closed last summer. That space currently sits vacant along Main Street.

Bank branches are occupying space that otherwise would be sitting vacant for quite some time. There is no shortage of vacant retail space downtown so I see no problem with bank branches converging amongst a mix of restaurants, bars and hopefully shops someday. Banks also bring jobs. NewAlliance did not say how many jobs the new branch would bring but they have already brought construction jobs to the city and from the moment they opened their doors they brought more full time high quality jobs to downtown. We can only hope these new downtown employees will fall in love with the city and utilize it to the best of their ability. And maybe even move downtown!