Savings Bank of Danbury is looking to expand in the City. The bank has proposed construction of a new, 35,000 square foot office building at the corner of Main and White Streets, buying the Regional YMCA of Western Connecticut Escape to the Arts facility and the former Tuxedo Junction building from the City.
The new building will house the bank’s non-branch, back office operations. Savings Bank of Danbury will continue to use its location at 220 Main Street as its headquarters. CEO Martin Morgado says they've been looking for the right location for this proposed expansion for some time. He added that the new location will enable them to consolidate operations and provide dynamic meeting space and operations facilities.
The Y and Tuxedo buildings would be demolished and replaced with a new four-story structure.
Morgado hopes to gain all necessary approvals and have the new building opened by the end of 2023.
Savings Bank of Danbury is the oldest continuously operating business in the City, dating back to 1849. The last significant building project in Danbury for the bank was in 1999 with the construction of their location at 35 West Street. At that time, the Bank had 65 employees and $362 million in assets. Today, Savings Bank of Danbury has over 200 employees and $1.4 billion in assets.
The Tuxedo Junction building, which has been vacant since 2015, was purchased by the City in 2017 for about $395,000. The proposal will be on the City Council's agenda for their meeting on Thursday. An ad hoc committee will be formed to examine the idea.
The Bank plans to open a location in Norwalk later this fall.