Market Conditions Drove Demise of Proposed CT De Novo
Deteriorating market conditions led the team looking to open Connecticut’s first new bank in more than a decade to voluntarily abandon those plans.
Deteriorating market conditions led the team looking to open Connecticut’s first new bank in more than a decade to voluntarily abandon those plans.
Connecticut will not have a de novo bank in the near future after organizers of a planned bank in New Canaan withdrew their application.
As the banking landscape continues to change amid factors ranging from mergers and branch closings to fintech competition and consumer behaviors, a group in Fairfield County sees an opportunity to open a new traditional brick-and-mortar community bank.