WASHINGTON -- State and federal regulators on Wednesday shuttered a $399 million-asset bank in Connecticut, making it the seventh failure this year.
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The Federal Deposit Insurance Corp. announced late Wednesday that it had taken Stamford-based Connecticut Bank of Commerce into receivorship after state regulators closed it. The FDIC said it was trying to arrange for a healthy bank to acquire the failed bank’s insured deposits over the weekend, but said it would refund depositors up to the $100,000 limit per account if the effort proved unsuccessful.
The bank was founded in 1964 and, as of March 31, had $323.7 million of deposits. The reason for the failure was not immediately disclosed.
