The Bank Slate

INSIGHTS INTO THE BANKING INDUSTRY

Group looks to form bank in Connecticut

Organizers in New Canaan, Conn., have applied to form a bank. 

The application for New Canaan Bank was submitted to the Federal Deposit Insurance Corp. on Dec. 28. A week earlier, organizers filed an application with the Connecticut Department of Banking. 

A notice posted by the state regulator listed six organizers: Frederick Afragola, Louis Garcia, Paul Kuehner, Joseph Rucci Jr., Thomas Ayoub and Anthony Domino Jr. 

Afragola, who would serve as the proposed bank’s executive chairman, is the chairman emeritus of Bank of New Canaan, according to his LinkedIn page. Garcia, the group’s proposed CEO, is a former managing director at CBAM, an alternative investment firm, based on his profile.

Organizers plan to raise up to $40 million in initial capital. Garcia and Kuehner are seeking permission from the state regulator to individually own between 10% and 24.9% of the proposed bank’s stock, the application said.

“We want to get into the traditional hometown banking business,” Garcia said. There’s been a void created by bank consolidation in Connecticut. That’s why we think now is the right time to do this.”

The bank will look to serve “consumers and small- to medium-sized businesses and nonprofit organizations looking for a local community bank that offers financial products and services tailored to fit their specific needs,” the application said.

“Our lending services will include commercial and residential real estate mortgage loans, consumer loans and lines of credit, commercial and business loans and lines of credit, and construction and development loans,” organizers added.

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