SUSPENDED 2010-02-11 RE: IRON LETTER 2010-01-01
title Quinnipiac Bank and Trust Company
Our Quinnipiac Heritage Profiles
Quinnipiac Bank and Trust Company
ACQTC is proud to announce that The Quinnipiac Bank & Trust Company is now an integral part of our wejammoke and is growing.
During 2007, the organizers successfully raised 11.4 million dollars from stock offerings (see this press release). In March 2008, the QB&T Grand Opening took place at its central headquarters at 2600 Dixwell Avenue, Hamden, Connecticut 06518.
In just the first ten weeks of operation, QB&T took in an additional $8 million in deposits. Now, with $20 million and still growing strong, QB&T is here to stay.
The plan of QB&T is to open a second branch office in New Haven in the late 2008, and a third branch in North Haven by the end of 2009. All three towns (New Haven, North Haven, and Hamden) "have supported community banks in the past," according to Mark A. Candido, QB&T CEO & President.
A community bank is also known as a commercial bank. QB&T is a state-chartered bank and trust company which has successfully completed all the mandatory initial requirements in the approval process. Howard F. Pitkin, Banking Commissioner, confirmed that QB&T has met all requirements and received its Certificate of Authority.
Shown in the photo on the right, Mr. Candido and Richard R. Barrero, Executive Vice President and Chief Loan Officer, are the cofounders of QB&T. Collectively they have over 60 years banking experience in the industry.
Their mission statement and community service plans are unique and are what drew our attention toward opening an account at QB&T and in becoming actively involved in working cooperatively with their outreach programs.
QB&T as a community-oriented commercial bank was created to serve the demands in the under-served markets that the big banks left behind simply because they were too small to deal with. So QB&T provides statement savings accounts, certificates of deposit, money market accounts, personal checking accounts, etc. VP Barrero says that "We'll be able to do the things the big banks just don't have time to do." This bank is ideal for small businesses and nonprofit organizations such as ACQTC Inc.
Everyone today is worried about the national mortgage and financial industry breakdown. QB&T has completely avoided problems associated with this breakdown because it is a Connecticut based bank. The CT Department of Banking stayed well away from making risky investments, particularly sub-prime loans. As a result, Connecticut based banks like QB&T are "achieving a good level of earnings." In short, QB&T is healthy and in great financial shape.
QB&T also plans to provide third-party referrals for investment portfolio management, and to build partnerships with area schools to teach financial literacy to the younger generation. ACQTC already has an active and strong outreach to local grade schools, high schools and colleges, so we plan to work cooperatively with QB&T on this area.
Because ACQTC Inc. is a 501(c)(3) tax exempt tribal Corporation with non-profit goals, the folks at QB&T have assisted us working closely to develop an account uniquely suited to our needs. ACQTC has started 2008 with an aggressive program to apply for numerous local, state and federal grants to enable us to achieve many of our special projects that serve our needs and provides free services to the community.
QB&T also provides small business owners who need a critique of their business plan or who want periodic coaching with comprehensive workshops on accounting, selecting an insurance agent and many other innovative ways of reaching out to the community to achieve "relationship banking" in the Long-Water-Land.
The Plans of QB&T are relevant to the community at large because it serves many of the districts that usually are left out. It is also compatible with ACQTC ancestral systems of bartering, commercial trade as part of community development, and commodity assistance in fostering growth of the Sachemdom.
So, all things considered, we urge, encourage, and recommend that our members, allies, associates and visitors to our website support QB&T … open an account with them … consult them on your needs to invest … or in coaching your own small business. Their staff is an outstanding assortment of people with banking experience, business savvy from many industries, marketing corporations and in the working people's trades.
For more information, visit their website at www.quinnipiacbank.com
Our Quinnipiac Heritage Profiles
