March 14, 2008
Banking on Success
Carter, New Haven Register Staff
They’re traditional, old-fashioned
bankers who say they want to bring a hometown feel to consumers and small and
mid-sized businesses. After nearly three-and-a-half years of planning, clearing
regulatory hurdles and raising more than $11 million, Mark A. Candido and
Richard R. Barredo will open the doors of Quinnipiac Bank & Trust Co. to the
After nearly three-and-a-half years of planning, clearing regulatory hurdles
and raising more than $11 million, Mark A. Candido and Richard R. Barredo will
open the doors of Quinnipiac Bank & Trust Co. to the public
“We’re going after the under-served market the big banks have left
behind because of their size,” Barredo, Quinnipiac's executive vice president,
said recently as contractors put the finishing touches of paint in the flagship
branch at 2704 Dixwell Ave. that will serve as the bank’s temporary
Candido, who is president and CEO, said a search continues for a
permanent location in town.
The plan is to open a branch in New Haven within
six to nine months and another in North Haven nine to 10 months after that. “All
three towns have supported community banks in the past,” Candido
Organizers hope Quinnipiac’s business customers will also take
advantage of products that are available broadly to consumers, such as a
statement savings accounts, certificate of deposits, money market accounts or
personal checking accounts.
“We’ll be able to do the things the big banks
just don’t have time to do,” Barredo said.
For example, small business owners
may need a critique of their business plan or periodic coaching through
workshops on topics such as accounting or selecting an insurance agent. “We’re
looking for relationship banking,” Barredo said.
In the future, Quinnipiac
wants to provide third-party referrals for investment portfolio management and
build partnerships with area schools to teach financial literacy to youths,
Quinnipiac is a state-chartered bank and trust company,
commonly called a commercial bank. To gain state Department of Banking approval,
companies must pay a $15,000 application filing fee and present an independent
feasibility study and three-year financial forecast.
As the approval
process continues, the banking commissioner, state treasurer and state
comptroller hold a public hearing to scrutinize the principals’ character,
experience and capacity to meet their obligations. The three-member panel also
considers the population in the area that would be served by the bank, as well
as convenience and necessity to the public.
Banking Commissioner Howard F.
Pitkin said Quinnipiac has successfully completed the regulatory process and
received its certificate of authority on Thursday. The organizers also secured
deposit insurance through the Federal Deposit Insurance Corp., an FDIC spokesman
“We’re excited. It’s really going to benefit the community to have this
bank,” Pitkin said, adding that Candido and Barredo are seasoned bankers.
two co-founders combined have more than 60 years of experience in the industry.
They met while working together as senior managers at Bank of New Haven until it
was bought by Citizens Bank in 1997.
Candido also has worked for First Bank
and Connecticut National Bank and currently is president of The Connecticut
Community Investment Corp., a nonprofit lending group. Barredo has worked for
State National Bank, Connecticut National Bank, the Connecticut Development
Authority and Connecticut Innovations Inc.
Despite the turmoil in the
national mortgage and financial industries, Pitkin said the banking industry in
Connecticut is “quite healthy,” as state-based banks did not invest in risky
loans. “Connecticut banks are well capitalized and achieving a good level of
earnings,” he said.
Quinnipiac is the third community commercial bank to open
in Greater New Haven since the turn of the decade. The Bank of Southern
Connecticut opened in New Haven in 2001 and has three branches statewide. The
Apple Valley Bank & Trust Co. opened in Cheshire in 2001 and has three
Candido said he feels good about the current local market and hopes
to capture up to 2 to 3 percent of the local deposit market share. He estimated
that Quinnipiac will have 20 percent of its deposits as checking accounts, 40 to
50 percent in money market accounts and the balance in CDs and savings
Angela Carter can be reached at 789-5752 or
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