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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.
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