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The People Make the Place
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Business New Haven
9/8/1997
By:
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For more than three centuries, progress in the New Haven Colony has been marked by the contributions of an ever-evolving core of community leaders. With that in mind, two recent announcements bring us significant optimism on the future of greater New Haven.
At the time of the announcement this spring of the impending sale of the Bank of New Haven (BONH) to the Rhode Island-based Citizens Bank, we expressed concern about the future efforts of Citizens to fulfill what at one time were called community “obligations.” Our editorial reflected the concerns of the region's business community which has viewed with some alarm the erosion of personal as well as financial capital in Connecticut's banking community stemming from industry consolidations. Indeed, in almost every recent local bank acquisition, that consolidation has resulted in reduced support for the greater New Haven community, and the loss of important business leadership.
The acquisition of BONH and the potential loss of its president, F. Patrick McFadden Jr., posed a real threat to many of the region's economic development efforts. The most recent example was McFadden's quarterbacking of financing among a team of five banks for the relocation of the Yale Co-op to the Chapel Square Mall. The Co-op was not deemed particularly bankable by the region's banks. In the end, the persuasion of chamber of commerce officials and the efforts of McFadden maintained an important business resource.
On August 28, Citizens announced that the merger was finalized. McFadden, rather than being shunted off to another less important spot in the hive, will remain in the thick of things as vice chairman of Citizens Bank Connecticut and president of the New Haven region. It's a position which we hope demonstrates Citizens' commitment and from which he can continue to help strengthen the city and the region for years to come.
Strained relations between the city of New Haven and Yale University have been a centuries-old tradition in the Elm City. City residents were not alone in feeling this pain, and as recently as the early 1990s it appeared as though Yale itself was in danger of being dragged down by the flagging fortunes of the city. The appointment of Richard Levin as university president and his recruitment of Linda Lorimer as secretary began a new era in town-gown relations. The duo started by rebuilding relations with the city and reaching out to a wider group of community and business leaders.
Many skeptics have been concerned about Yale's long-term commitment, but the late August naming of Bruce Alexander as vice president and director of New Haven and state affairs and the seventh officer of the university should go far toward laying those fears to rest. Alexander retired as senior vice president and director of new business for the Rouse Corp., where he was responsible for all of Rouse's retail and mixed-use properties throughout the U.S., including Manhattan's South Street Seaport, Harborplace in Baltimore and Portland's (Ore.) Pioneer Place, among others.
Perhaps as importantly, Alexander, founding chair of the university's Urban Advisory Committee, and his two sons (including one who currently resides in New Haven) are Yale graduates. This combination of experience, local commitment and strong support from Yale should provide Alexander with the tools to make an important difference for the city and the region. We welcome Yale's growing efforts to help revitalize New Haven and look forward to Bruce Alexander's efforts to lead it.
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