Farmington Bank has formed an agreement with Essex Financial Services to expand its wealth management offerings.

The agreement with Essex, which has more than $2.8 billion in assests under management and administration, will allow Farmington Bank to further meet the needs of customers, including high net worth individuals and businesses, according to a statement. The agreement will be effective in the first quarter 2011.

"Farmington Bank’s alliance with Essex Financial Services creates a significant wealth management capability for us," said John J. Patrick Jr., chairman, president and CEO of Farmington Bank. "This new agreement continues the bank’s strategic direction of expanding our selection of products and services to meet the investment needs of businesses and individuals in central Connecticut."

Current investment customers will be transitioned from the Farmington Bank’s current investment provider to Essex Financial Services, according to a statement. Current investment professionals will retain their roles and additional representatives will be added.

"Essex Financial Services is a premier independent investment firm working with a premier Connecticut bank," said John W. Rafal, founder, president and CEO of Essex Financial Services. "This new business alliance brings high-quality financial planning services, investment management, trust services, 401(k) planning and pension capabilities to Farmington Bank customers."