Dime Bank Taking Shape In Vernon, Marketing Customers Aggressively

VERNON, CT — Vernon's newest bank is taking shape and it's not being shy about marketing itself to those caught in a recent merger or hinting at possibly replicating a legendary financial institution in these parts.

"Dime Bank welcomes former People's United customers," said a sign on several windows.

The Dime Bank branch is to open later this fall at the site of the former Farmington Bank branch at 135 Talcottville Road in Vernon.

On Aug. 15, Norwich-based Dime announced that it has filed an application with the Connecticut Department of Banking and the Federal Deposit Insurance Corporation to open a new branch at the location. When open, it will mark Dime's 13th in Connecticut. Dime also has a bank branch in Westerly, RI.

Currently, there are "no community banks operating in Vernon," officials said. The bank's decision to expand into Vernon comes on the heels of Dime opening new branches in Manchester and Glastonbury in December 2020.

The Talcottville Road building has been vacant since 2018, when Farmington Bank moved out.

"For over 150 years, we've provided inspired community banking to individuals, families and business owners in Connecticut and Rhode Island and we look forward to the opportunity to do the same in the Vernon and Rockville area," Dime Bank President and Chief Executive Officer Nick Caplanson said.

Rockville is a reference to the bank branch across Talcottville Road, whose roots go back to Rockville Bank. It is now occupied by M&T Bank, which took over People's United, which indirectly took over Rockville in a series of mergers.

"It's clear that not everyone wishes to do their banking with larger, out-of-state financial institutions and we're happy to welcome customers who remember how banking used to be and still prefer the services, familiarity, and community-based commitment of a local bank," Caplanson said.

Dime Bank was established in 1869 and is a mutual bank with more than $1 billion in assets.

Considered a full-service financial institution, Dime offers consumer and commercial banking, home mortgages and trust services.

The 135 Talcottville Road building needed a few interior alterations, but the exterior and drive-up areas are similar to what they were.