A New Haven bank didn’t have to look far when searching for its next executive vice president, choosing board member and outgoing New Haven mayor John DeStefano to fill the position.
DeStefano has served as an active board member at START since the bank opened in 2010.
The bank was born after DeStefano led a battle against New Haven Savings Bank when it was bought by NewAlliance Bank — now First Niagara. The bank contributed about $25 million for the creation of a new nonprofit that would lend money to businesses and families in the city. First City Fund Corporation, the nonprofit holding company that resulted, formed the for-profit entity, START Community Bank.
Community development banks like START operate in low-income communities.
In addition to serving on the START board, DeStefano served as the first board president at the New Haven-based FCFC in 2004 and has held a position on the board for several years. The New Haven Register reported that the mayor will remain on the board after his employment at START begins.
For the quarter ended on March 31, START held $41,656,000 in assets and $35,140,000 in liabilities. Since 2011, the bank’s assets and liabilities have hovered around $40 million and $30 million, respectively.
In 2012, START received $287,834 from the federal Community Development Financial Institutions Fund for its “support of affordable housing development.”
START president and chief executive officer, William Placke, could not be reached for comment by deadline. DeStefano did not respond to requests for comment.
Jordan Otero is a summer 2013 Yankee Institute journalism intern. She is a senior studying journalism at Franciscan University of Steubenville. She lives in Southington.