White Plains Road bank to leave town
A White Plains Road bank will close its doors later this year, leaving town close to a decade after arriving in Trumbull.
Fairfield County Bank announced last week that it shutting down operations at its Trumbull office, which was reportedly one of three lowest performing banks in town.
The Ridgefield-based company took over the business space that was previously occupied by JP Morgan Chase in May 2007.
Last June, the Trumbull branch saw a peak in deposits with $38.2 million — 3.5% of the town’s banking market.
According to the Federal Deposit Insurance Corp., Fairfield County Bank’s net income was up slightly in 2015 to about $9.2 million, with the bank employing nearly 300 people on a full-time equivalent basis as of Dec. 31.
With Fairfield County Bank’s departure, a dozen bank branches remain in Trumbull.