The New Canaan Bank files for deposit insurance

Organizers for the proposed New Canaan, Conn.-based The New Canaan Bank filed an application for deposit insurance with the Federal Deposit Insurance Corp. on Dec. 28, 2021.

The de novo bank's services will include commercial and residential real estate mortgage loans, consumer loans and lines of credit, commercial and business loans and lines of credit, and construction and development loans. Its deposit products will include checking accounts, savings accounts, money market accounts, certificates of deposit and local municipal deposits.

The company is looking to raise at least $30 million.

Among the organizers, Frederick Afragola is the proposed executive chairman, and Louis Garcia is the proposed president and CEO of the institution. In 2002, Afragola founded Bank of New Canaan, which ultimately rebranded as Bankwell Financial Group Inc.