A group comprised of 40 investors is working diligently to resurrect a bank with more than 200 years of history, hoping to take banking “back to the future.”

After several years lying dormant, the Connecticut Bank and Trust Co. is about to open again in downtown Hartford.

David Lentini, a former executive at the old Connecticut Bank and Trust, will serve as president, chairman, and chief executive officer in the bank’s latest incarnation.

Founders are planning to open their doors in January of next year, and will be spending the next few months working through the approval process and raising capital. When asked why they chose to open during these uncertain economic times, Lentini said he has a positive outlook.

“We actually see the economy brightening. By this time next year we’ll probably open into a rising rate scenario, and that’s a pretty good time for banks,” he said.

Noting that the market for banks is fairly good right now, Lentini said he believes his bank will have an edge because of its relatively small size.

“Most of the banks in Connecticut are very big, so the market in the middle is wide open. I think this is going to be perfect timing,” he said.

Lentini and his partners chose the name Connecticut Bank and Trust Co. for historical reasons. Originally, the CBT dated back through its predecessor banks to 1792 and was one of Connecticut’s largest banks right up through the early 1990s. In the 1980s it merged with Bank of New England, which quickly ran into trouble and was sold by the Federal Deposit Insurance Corp. to Fleet Bank. Fleet absorbed all the CBT branches but didn’t protect the name.

‘A Better Feel’
One of Lentini’s partners, Peter Shapiro, a CBT executive-turned-lobbyist, held onto the CBT name and has sole rights to it.

“We felt that the Connecticut Bank and Trust was something that the people of Connecticut would embrace,” said Lentini. After retiring from Webster Bank in 2001, he bounced the idea off a few friends and colleagues, hearing nothing but positive responses.

“Not only was there great excitement personally, but a great financial commitment as well,” said Lentini.

While there is nostalgia surrounding the old CBT, when it peaked in size at 160 branches there were complaints that it had become too big and impersonal – something that Lentini hopes to avoid.

Founders are in the process of getting an approval hearing with the Connecticut Department of Banking, and they hope to have a hearing by the end of March. They must wait for approval before they can raise any capital.

So far, Lentini and his partners have gathered 40 interested individuals who have pledged roughly $6 million toward the opening of the bank. They are also providing seed money, about $50,000 each, giving the bank $2 million to start with.

“Once we get through this organizational, money-raising phase we actually have to constuct the bank,” said Lentini, remarking that the bank plans to open in three locations. While no leases have been signed, the group is eyeing sites in Hartford, West Hartford Center and Glastonbury, and has shown interest in existing facilities with drive-ups and vaults.

“The vault is really a critical piece in the bank, and can cost anywhere from $200,000 to $350,000 to construct, so it would be ideal to have one already on-site,” he said.

The new CBT will be designed to appeal to small and medium-sized businesses and the average consumer. When asked why a consumer would choose a small, three-branch bank over a larger regional bank, Lentini had a quick answer: “For starters, we’re going to answer the phone.”

He added, “The big guys don’t [answer], and it takes multiple-button pushing to get to someone. We’re going be more one-on-one with people. The management team, led by me, has been very successful in the last 10 years running banks that really went out and touched people.”

Noting that faces and names at larger banks can frequently change, Lentini said he wants bank tellers to know people and staff members to understand businesses and their personal situations.

“We’ll even have dog biscuits at the drive-up,” he said. “It’s really just a bunch of little things that we want to bring together. It’s a better touch, a better feel.”

Although the bank will start with three branches, founders plan to integrate the latest banking technology to be able to keep up with larger competition.

“We have a marvelous situation of bringing new technology into the field and it’s a lot less expenseive than it used to be. So not only will you have people interacting at a higher level, but you’ll also have systems that are quicker and do more,” said Lentini, citing the possibilities of phone and Internet banking and clearer, better-looking statements.

When asked why they were choosing to start with three branches, Lentini said, “Even though we’re going to be offering great service, we still need distribution points [where] people can drop off their stuff.”

He continued, “There was a trend recently to move away from the brick and mortar, but now it seems that people are going back. People in the United States love their banks. They love to be able to walk in, put their money in, and walk out back to their safe-deposit box.”

With the three branches it will be easier for customers to get personal treatment, and Lentini hopes it will help the bank become successful more quickly than if they only opened one branch.

“We’re going to raise more than the average amount of capital, or about $12.5 [million] to $18.5 million, which is the most raised in quite some time,” he said.

While the marketing strategy isn’t quite nailed down yet, Lentini likes the idea of going back to the future.

“We want to touch on people’s memories and the roots of the old bank, but the future is where we’re going, with better service and better ATMs. I like the idea of having an ad that reads ‘Back to the Future’ and fades into ‘Bank to the Future.'”