After losing close to $300,000 last year, Southern Connecticut Bancorp Inc. in New Haven expects to post a profit for the first quarter, said Michael M. Ciaburri, its president and chief operating officer.
The $84 million-asset company has only had one profitable quarter since it was founded four years ago.
It lost $278,450 in 2005, largely due to the costs of its unsuccessful bid to charter a second subsidiary in New London. The company withdrew its application in December, after failing to win approval from the Federal Reserve.
"That slowed us up, no question, but now we're starting to gain some momentum," Mr. Ciaburri said.
Southern Connecticut opened a branch in New London on March 6. It plans to open one in North Haven in space recently vacated by Peoples Bank of Bridgeport.
Mr. Ciaburri said it can cost as much as $1 million to open a new branch, but because Southern Connecticut is moving into a site already configured as a branch, the cost will be about $100,000.
