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Connecticut is a step closer to getting its first startup commercial bank in over a decade. The state Department of Banking on Thursday granted a temporary certificate of authority to the founders of New Canaan Bank, who are working to launch a new commercial bank in Fairfield County.
Organizers are trying to launch a new commercial bank in Fairfield County, a move being driven by the significant consolidation wave in the banking industry, officials said. If successful, the New Canaan Bank would be the first startup commercial bank in Connecticut in over a decade, when Start Community Bank launched in New Haven in 2010. (Start changed its name to New Haven Bank in 2019.) Organizers of New Canaan Bank include former bank and investment executives, a real estate developer and doctor, among others.