Newtown Savings Bank to Become Bridgeport’s Premier Community Bank
Newtown Savings Bank, named Best Small Bank in Connecticut by Newsweek for 2021, has made its entrance into Bridgeport with a new branch location at 112 Boston Avenue. In a market that is served primarily by large out-ofstate regional and national banks, Newtown Savings Bank is the first community bank to open a new branch in the city in over a decade and is committed to making a difference.
Founded in 1855 as a mutual savings bank in Newtown, CT, now with 15 branch locations and over $1.5 billion in assets, Newtown Savings Bank’s management continues to believe in a mutual form of ownership. Consequently, the bank is owned by its depositors rather than outside shareholders, a differentiating factor for Newtown Savings Bank and something that ultimately benefits customers and the community.
“The bank is built on four pillars,” President & CEO Ken Weinstein said. “Being a great place to bank, a great place to work, having a positive impact in the community and being financially strong so we can be around for generations to come.” Weinstein says the bank has a very customer friendly business model and those who are looking for a new place to bank can expect a welcoming and personalized experience. “Our people know our customers, these are people that you go to church with, that you went to school with, that your kids go to school with, you shop at their store, your neighbor is employed at their company,” Weinstein said of the familiarity between bank staff and customers.
Newtown Savings Bank does a significant amount of outreach to work with community organizations and help spread knowledge about what it takes to manage finances, borrow, buy a home and more. The bank offers financial education presentations designed for attendees of all ages with topics ranging from budgeting tips to preventing fraud. “We’re constantly developing new programs,” Weinstein said. “Our mortgage bankers, market managers and small business lenders regularly speak to community groups about business planning and financial resources from an educational perspective.”
In a recent partnership with local nonprofit Building Neighborhoods Together-one of several local non-profit collaborations— seminar presenters from the bank were surprised to learn that many seeking affordable housing already qualified for a mortgage and didn’t even know it. According to Lorraine Gibbons, Executive Director at McGivney Community Center in Bridgeport, “Financial education is essential for the children participating in our afterschool programs. We are grateful to Newtown Savings Bank for providing both volunteers and funding.”
Newtown Savings Bank’s residential mortgage business is an instrumental part of the bank’s mission, proudly referred to as the “crown jewel” by Weinstein. “We’re very focused on helping people attain homeownership. We’re a top mortgage lender statewide, and in most of our markets we’re either the #1 or #2 mortgage lender, offering special loan programs targeted at first time homebuyers,” he said.
For 166 years, Newtown Savings Bank has weathered many a storm including wars, depression and previous pandemics, never wavering from its community-oriented focus and dedication to helping customers succeed. Newtown Savings Bank – The Power of Local. For more information, or to request a Financial Literacy presentation, visit www.nsbonline.com.