Madison-based Sachem Bank eyes capital campaign
MADISON - Organizers of a new Shoreline bank have received a temporary certificate of authority from state banking regulators. According to local entrepreneurs and businessmen Ryan Duques and James Warner, Sachem Bank will bring a personal, service-oriented banking culture to individual, corporate and professional clients in Madison and Branford. The bank will be headquartered in Madison with a branch office in Branford. Duques and Warner, who conceptualized the bank and have spearheaded the project, say from personal service and still others having closed their doors entirely, there is increased opportunity and decreased competition throughout many markets in the Northeast, including Connecticut. Additionally, the organizers hope that new bank with local decision-making authority and a clean balance sheet may have a significant impact on the revival of the local economy."The 22 organizers of Sachem Bank are extremely pleased that our efforts over the past three years have paid off," said Duques. "I couldn't be more proud to move forward on this project with such a distinguished and accomplished group of individuals, all with a similar vision for a commercially oriented community bank".
That group includes New Haven attorney and onetime Democratic power-broker Anthony Avallone, entrepreneur Christopher J. Zane of Branford-based Zane's Cycles and Keith B. Bishop, whose family owns and operates Bishop's Orchards in Guilford.
The bank is presently preparing a community capital campaign with the planning and direction of the NuBank Group, which assisted in opening four banks earlier this year. With local markets showing strength in the support of community banks, which do not rely on the capital markets of Wall Street, the NuBank Group expects this project to be its fifth successful launch in 2009, the Sachem Bank organizers says.
Other members of the organizing group are Clyde A. Burkhardt, financial planner Craig A. Bernard, Elizabeth L. Chapman, John D. Kelly, James A. Warner, Jeffery T. Beatty, John F. Brady, John A. Matthews, Kevin S. O'Neill, Marietta S. Lee, Michael J. Maloney, Mike McKinnon, Henry (Ric) Duques, Richard L. Chorney, J. Richard Lee, Ryan A. Duques, Stephen M. Davis, Tom Pinchbeck and William C. Brierly.
