The 175-year-old Savings Bank of Danbury is rebranding while planning “future growth.”

The mutual bank announced Wednesday morning it will change its name to “Ives Bank,” inspired by the name of the bank’s founding family, which went on to produce famed modernist composer Charles Ives. The bank was started in the Ives’ home in 1849 and the bank has been a primary sponsor of the Danbury Museum and Historical Society’s work to rehabilitate the structure.

“We have always valued the connection between our Bank and the Ives name,” President and CEO Martin G. Morgado said in a statement. “The Ives name has long been a part of Savings Bank of Danbury’s history. The Bank’s first location was in the Ives home in Danbury. Our new name will acknowledge our Bank’s and region’s rich history, while also positioning us for future growth,” he said. Our internal and external discussions with our Directors, Corporators, team members and the greater community have been very positive about the new name, and we are excited to move forward in this direction.”

The branding changes don’t reflect any changes in ownership, structure or staffing changes, the bank said.

Ives Bank’s new logo. Image courtesy of the Savings Bank of Danbury