The Federal Deposit Insurance Corp. has approved plans by Southern Connecticut Bancorp of New Haven to open a bank in New London.
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The $87.4 million-asset Southern Connecticut owns Bank of Southern Connecticut in New Haven, which opened in October 2001.
Michael M. Ciaburri, the company's president and chief operating officer, said it expects to receive approval from the Federal Reserve Board next month.
"With any luck, we'll be able to open the bank in October," he said in an interview Monday. "This is very positive news for us."
His company expects to name its new unit Bank of Southeastern Connecticut.
