QB&T In the News

February 9, 2007

New bank has enough funds to open

by Cara Baruzzi , New Haven Register Staff

Quinnipiac Bank & Trust Co. principals said that, through the bank’s stock offering, they have exceeded the minimum amount of funding needed to proceed with their plan to open the Hamden-based community bank.

Quinnipiac Bank & Trust Co. principals said that, through the bank’s stock offering, they have exceeded the minimum amount of funding needed to proceed with their plan to open the Hamden-based community bank.
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"It’s a major step," said bank President Mark Candido. "We’re excited."

At a price of $10 a share, the stock offering was intended to raise between a minimum of $10.5 million and a maximum of $13 million. The offering, which organizers have extended twice, will remain open for another four to six weeks, said Executive Vice President Richard Barredo.

More than 90 percent of the bank’s shareholders thus far are from the New Haven area, he said.

"We want to get as many local (investors) as possible," he said. "People want to see a hometown bank. That’s been the appeal."

Organizers have extended the bank’s stock offering twice since initially offering it in April. Between April and the original offering deadline in July, they privately raised $4.2 million, including $2.3 million from the 17 founders. They raised another $1.5 million after extending the offering to October.

In September, organizers hired Dallas-based Samco Capital Markets Inc., a consulting firm that helps start-up banks raise capital. Together, they continue to seek investors and have scheduled their next investor seminar for 6 p.m. Tuesday at the Holiday Inn in North Haven.

Having already raised enough money to proceed, organizers plan to open the bank’s home office in Hamden as early as the end of this year. A branch in New Haven would open about nine months later, with a North Haven branch following about nine months after that, Barredo said.

The bank, which will serve small and midsized businesses, as well as consumers, will provide an alternative to larger, national bank chains, said Candido, a former executive at the Bank of New Haven.

Dennis Miller, a senior vice president of Samco who is working with the bank’s organizers on site in Hamden, said in a written statement that the support of local investors proves area residents want a community bank.

"We like seeing that kind of support from the community," he said.