Organizers of the proposed New Canaan Bank in Connecticut have given up on an effort to create the de novo.
The group withdrew its application with the Connecticut Department of Banking on Dec. 14. Had it opened, New Canaan would have been the state’s first new bank in a dozen years.
Organizers submitted an application with the Federal Deposit Insurance Corp. a year ago, listing six members: Frederick Afragola, Louis Garcia, Paul Kuehner, Joseph Rucci Jr., Thomas Ayoub and Anthony Domino Jr.
Garcia, who would have been the bank’s proposed CEO, is a former managing director at CBAM, an alternative investment firm. Afragola, who was slated to serve as executive chairman, is chairman emeritus of Bank of New Canaan.
The group planned to raise up to $40 million in initial capital.
New Canaan received a temporary certificate of approval from the state banking commission in July, with expectations of opening in the fourth quarter. The organizers have surrendered the certificate.