Our Bank in the News

August 9, 2012

Quinnipiac Bank building new home in Hamden

by Ann DeMatteo, New Haven Register Staff  (New Haven, CT)

A 4-year-old local bank with assets of $88 million is moving to permanent headquarters on Dixwell Avenue.

HAMDEN - Quinnipiac Bank & Trust Company, on Wednesday morning, hosted a ceremonial groundbreaking at its new location, 2704 Dixwell Ave., between Thompson and Westminster Streets.

The community bank has been located in an office building at 2704 Dixwell Avenue on the corner of Sanford Street, since it opened on March 6, 2008.

“The economy has been very tough. We made it just under the bubble, before things started to burst,” said President and CEO Mark A. Candido. “It turned out to be a benefit because, in terms of the quality of loans we’ve given, we have zero delinquencies.” According to Candido, Quinnipiac Bank has lent $75 million to close to 350 businesses and over 800 consumers so far.

The Bank has 20 employees and will consider hiring a few more, if warranted, when the new building opens in June 2013, he said. Other branches in New Haven, North Haven and Wallingford are being considered, but nothing is definite, he said. “We’d love to have 10 branches and $300 to $400 million in assets,” he said of the bank’s vision.

Earth started to move on the one-acre site last week and already, a large rectangular hole for the 10,000-square-foot building has been dug. There will be 28 parking spaces. Motorists will enter the bank or the drive-through from Dixwell Avenue and exit on either Thompson Street or Dixwell Avenue.
The PAC Group of Harwinton and North Haven is the contractor.

“We looked at 25 different sites and buildings and kept zoning in on this,” said Candido of the vacant lot where Frenette’s, a lawn mower operation, once stood. Quinnipiac Bank purchased the lot from a local investor for $820,000 and is using $2.4 million of its capital reserves for construction, he said.

The bank was started after Candido and Executive Vice President Richard Barredo kept talking about how there were no more community banks in the region to serve small- to mid-size companies. “From there, we decided to put a business plan together for the Banking Department,” which was quickly approved, he said.

Approximately 50 people attended the groundbreaking under a tent at the site. Among them were the bank’s Chairman of the Board, Brian McArdle; retired banker William Knight, who said he helped with development of the bank; Hamden Chamber of Commerce President Nancy Dudchik; and Quinnipiac Chamber of Commerce President Robin Wilson.

“It’s great to see pieces of yellow equipment here,” said Mayor Scott D. Jackson. “A lot of politicians say they’re going to go and fight Wall Street. I would rather support Dixwell Avenue. Quinnipiac Bank understands us. If you are a business in Hamden, you should get to know Quinnipiac Bank & Trust,” he said.

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