After 21 years, Olde Windsor, Bancorp is changing its birth certificate.
The $195-million-asset holding company, based in Windsor, Conn., is adopting the name New England Community Bancorp because it is gearing up for growth.
"We're obviously very pleased with the progress we've made, so much so that we actually decided that it was time to grow the bank and be a little more aggressive." said president and chief executive David A. Lentini.
Stockholders have already given their approval for the name change.
To fund the growth, Olde Windsor plans to raise as much as $7 million in a stock offering.
Mr. Lentini said the bank would use the capital to open new branches. increase its-loan base, or expand through acquisition, but he stressed that Olde Windsor is not currently involved in any merger discUssions.
The banFs current market area wraps around Hartford and Mr. Lentini said that area and other parts of the state would be the focus of any initial expansion.
"They're looking to grow the bank and this additional capital will give them the ability to do so," said Tracey Stangle, an analyst with First Albany Corp. in Hartford. "I think David sees the greatest potential to grow through acquisition of like-minded community banks."
"Community banks need to form strategic alliances," Mr. Lentini said, citing the high overhead costs faced by smaller banks.
But he cautioned that "one does not want to become a multilocation community bank, so big that it's perceived as a big bank. If we were to do it, we'd like to see the franchises run separately."
The offering, involving 870,000 shares, is still awaiting approval from the Securities and Exchange Commission, but Mr. Lentini said he expected it to open within two weeks and close at the end of November.
The company is the parent of New England Bank and Trust Co., which has seven .branches in six communities near Hartford.