Ascend Bank will close its downtown Norwich full-service branch at the end of this year but plans to establish a commercial lending office nearby in early 2027, pending regulatory approval. The Guilford-based bank, with assets totaling $1.5 billion, will lease approximately 1,700 square feet at 187 Main St., the former site of the Greater Norwich Area Chamber of Commerce.
Read More
Currently, Ascend operates three full-service branches in Norwich. As more customers shift to digital banking, the bank intends to reduce this number to two. However, Ascend aims to maintain a strong presence downtown as redevelopment interest grows in Norwich, according to Paul Pirrotta, senior vice president and director of marketing.
Pirrotta expressed confidence in the area, stating, "We see a lot of opportunity there. We see a lot of growth there. This is in no way stepping back. It’s leaning into our ability to grow there."
The new office will accommodate commercial lenders, business banking staff, and administrative personnel. Ascend will retain its other two Norwich branches located at 666 West Main St. and 220 West Town St., both within four miles of downtown.
The transition will not lead to layoffs, as branch employees will be reassigned to different locations. The staffing levels for the new office will be determined later, with plans for a combination of permanent staff and visiting lenders for client meetings.
The new space will feature offices, conference rooms, and versatile work areas designed for interactions with businesses, potential borrowers, and community leaders. Ascend Bank is actively seeking to expand its commercial lending operations and is in the process of recruiting additional lending personnel. Pirrotta stated that there are no plans for further branch closures in Norwich in the near future.
Founded in 1875, Ascend Bank currently operates 12 banking offices across Connecticut.