QB&T in the News

March 14, 2008

Banking on Success

By Angela 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 public Monday.

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 Monday.
“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 home.

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 said.

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, Candido said.

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 said.

“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.

The 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 branches.

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 accounts.

Angela Carter can be reached at 789-5752 or acarter@nhregister.com.

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