Since the early 19th century, banks were positioned in prime locations -- the centers of commerce along some of heaviest-traveled thoroughfares in nearly every community.
As banking industry and demographics changed, those halcyon days of many financial centers have passed.
Impressive structures have been razed, making room for modern glass-and-steel office buildings. Others have survived -- some still as banks, though in most instances their names bear no resemblance to their original identities.
Though currency still may be exchanged inside the four walls, the days when staff handled customers' deposits or decided on loan applications have been replaced by the sound of waitstaff taking food orders, patients consulting with their doctors or customers making a purchase.
Waterbury-based Webster Bank is offering two banking centers for sale in New Milford at 19-23 Main St., and 291 Danbury Road. Represented by Jones Lang LaSalle, the bank put them on the market Feb. 1.
"This is part of our long-term optimization plan," said spokeswoman Sarah Barr. "Customer banking habits are changing, so we need less space. Customers are banking more online, on their mobile devices and using ATMs. However, we do want to be in highly visible places to never lose that human interaction and to work with customers to do everything from open accounts to more complex transactions."
Iconic building
Webster opened a 3,400-square-foot banking center in February at 169 Danbury Road and is renovating its New Milford banking center at 53 Main St.
Built in 1903 and listed at $1.3 million, the two-story masonry building with its arched entrance at 19-23 Main St., was acquired in 2006 when Webster took over NewMil Bank. It closed in January.
The building is an iconic structure in a prime location at Main and Bank streets in the village center, said New Milford Mayor Pat Murphy, who said she has reminded the bank of its architectural importance and the need to maintain the property.
The property at 291 Danbury Road also is well situated and prime for a buyer, Murphy said.
"It's at the corner of Still River Drive and Route 7," she said. "It's a great location with a (stop) light. It's a good spot for a drive-by business."
Modern bank branch locations along busy thoroughfares often attract restaurateurs, retailers or medical offices, said Garett Palmer, a broker with Danbury-based Goodfellow Ashmore.
`Best parcel'
"Usually, bank pads are on a corner lot at a signalized intersection and have good visibility. It's most likely the best parcel on that corridor," he said.
Michael Gold, president of the Greater New Milford Chamber of Commerce, said he hopes the bank finds a buyer soon for both locations, concerned that long-term vacancies can lead to blighted buildings and affect nearby properties.
"When you see an empty building, you wonder what's going in next. We want a vibrant downtown around the green. It's going to take someone with deep pockets to improve the building (19-23 Main)," he said. "Parking is at a premium there."
Because of the changing needs of the banking industry, it seems unlikely the downtown building will house another bank, as branches have decreased across the region.
`Not just transactional'
"The bottom line is that while the number of banks have held steady at around 30 institutions, the number of branches rose from around 328 in 2004, peaked at 416 in 2010 and has recently declined to 399 as of 2013," said John Carusone, president of the Bank Analysis Center in East Hartford. "Some of the bank M&A (mergers and acquisitions) activity has also been a factor in the reduction in branch numbers as banks seek to eliminate duplicative facilities post-merger."
Banks are paying strict attention to redundancies when they conduct audits, he said, adding earnings are of utmost importance to investors.
"The frequency of branch use is decreasing because of popularity of electronic banking. Banks are much more judicious about the size and scale and placement of brick-and-mortar facilities," he said. "Remaining branches are designed to be enhanced facilities offering insurance and investment advice -- not just transactional facilities."
