New Haven Independent

The idea for the bank — a “community development bank” modeled after City First Bank of Washington, D.C. — was born when New Haven Savings Bank went public and became the more regionally-focused NewAlliance Bank. After protests from community and political leaders, NewAlliance’s chiefs made an unprecedented promise to donate $25 million to a not-for-profit to basically organize a competitor whose mission would remain helping low-income and middle-class New Haveners buy homes and start businesses within city limits.

That not-for-profit, called First City Fund Corp., announced this week that it had hired Chandler J. Howard, currently the head of Connecticut Innovations Inc., to take over the day-to-day work of organizing the new bank and then to serve as its president.

Rolan Young of the First City board said the group still has to complete an application process and perform market and financial feasibility study before opening the bank. “That’s a year or two down the road,” she said. NewAlliance has so far handed over about $13 million of the $25 million committed to help the new bank start.

Organizers don’t have a name yet for the new bank. Any suggestions? Post a comment below.