BRIDGEPORT, Conn. (AP) — Regulators have closed The Community's Bank in Bridgeport, the state's only minority-owned bank.
The Federal Deposit Insurance Corp. said Friday the bank had about $26.3 million in assets and $25.7 million in deposits as of June 30.
The FDIC said it was unable to find another institution to take over The Community's Bank's banking operations. The FDIC insures deposits up to $250,000 per depositor.
State Banking Commissioner Howard Pitkin said the state Banking Department had tried to save the bank, but in the end had to protect depositors.
Bridgeport Mayor Bill Finch said he was "shocked and saddened" by the announcement, and will work with legislators to find ways to improve access to capital in minority communities.
TicketNetwork CEO Donald Vaccaro said he is deeply disappointed his efforts to help save the bank were rejected.