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No Seal of Approval for NHSB-Yet
Historical society postpones awarding controversial bank
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Business New Haven
10/13/2003
By: M.C.B.
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No Seal of Approval for NHSB — Yet
Historical society postpones awarding controversial bank
The New Haven Colony Historical Society has decided to postpone awarding its 2003 "Seal of the City" award to a later date.
The honor was to have been conferred at a New Haven Lawn Club dinner October 27 upon New Haven Savings Bank, which since late July has been embroiled in a furious controversy over its announced decision to convert from mutual ownership to a public stock company.
The Seal of the City was established 11 years ago to honor a "person or institution whose activities or ideas have significantly added to the quality of life, prosperity or general improvement of greater New Haven."
Not long ago that designation would have suited NHSB, the one-time "very nice bank," to a T.
But in view of the ensuing controversy, which has ignited criticism from local political leaders and attracted accusations that the bank’s officers and directors intended to enrich themselves at the expense of depositor, the historical society board decided to postpone the Seal of the City event — and conferring the actual award — until some time in the spring.
NHCHS Director Peter Lamothe told BNH that his board had concluded that "it’s not the right climate" to honor New Haven Savings. He explained that the original decision to award the designation to NHSB pre-dated the July announcement that the 165-year-old bank would change its stripes.
Lamothe said the board hasn’t decided whether it will seek to choose a new award-winner, or merely defer giving it to NHSB until after the furor has subsided a bit. The NHCHS is schedule to meet October 16 to consider the matter.
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