Beacon Bank financing supports multimillion-dollar aerospace manufacturing expansion

MIDDLEFIELD, Connecticut, Aug. 28, 2026 — Beacon Bank joined aerospace manufacturer Ramar-Hall this week in celebrating the groundbreaking of a multimillion-dollar expansion to its facilities that will increase production capacity and create new skilled manufacturing jobs while strengthening Connecticut's aerospace supply chain.

The project, which is supported by financing from Beacon Bank and the state Department of Economic and Community Development, includes a 15,000-square-foot addition to Ramar-Hall's location on Old Indian Trail, increasing its total footprint to approximately 40,000 square feet. Ramar-Hall provides components for leading military and commercial aerospace customers, including Pratt & Whitney and Collins Aerospace.

The project also includes new machinery and equipment, infrastructure improvements, and additional inventory and working capital to meet growing customer demand and support accelerated delivery schedules.

Thursday’s groundbreaking ceremony brought together employees, government officials, project partners and members of the state’s aerospace manufacturing community to celebrate the growth in Connecticut’s Aerospace Alley, an area spreading 50 miles out around Hartford that’s one of the world's densest and most prominent industrial ecosystems for aerospace, defense, and advanced manufacturing.

"This expansion represents a significant investment in Ramar-Hall's future and in Connecticut's aerospace manufacturing sector," said David Ferraguto, president of Ramar-Hall. "The project will allow us to increase capacity, create new jobs and better support our customers' growing demand. We're grateful for the support of the State of Connecticut and Beacon Bank, whose partnership is helping us build on our long-term commitment to manufacturing and economic growth in Connecticut."

Steven Costa, commercial banker at Beacon Bank and its relationship manager for Ramar-Hall, was among those who attended the event. "Businesses like Ramar-Hall are helping drive Connecticut's economy forward," Costa said. “By financing this expansion, we're supporting a company that's creating jobs, investing in the future of Connecticut manufacturing and strengthening an industry that brings long-term economic value to our state."

About Beacon Bank
Beacon Bank is a full-service, regional bank serving the Northeast and a subsidiary of Beacon Financial Corporation (NYSE: BBT). Headquartered in Boston, Massachusetts, the bank has $22.3 billion in assets and more than 145 branches throughout New England and New York. The company, through Beacon Bank, offers a full suite of tailored banking solutions including commercial, cash management, asset-based lending, retail, consumer and residential products and services. It also provides equipment financing through its Eastern Funding subsidiary, SBA lending through its 44 Business Capital division and private wealth services through Clarendon Private. To learn more, visit BeaconBank.com and follow Beacon on Facebook, Instagram, and LinkedIn. 

Media Contact:
Alison Skratt, Corporate Communications
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413.769.6007