Banks in and outside Connecticut that apply to the state’s bank regulator for permission to open de novo in-state branches pay the state for the privilege.
The state banking department bills branch-applicants $2,000 per location, to cover the expense of assigning department staff to process and review the application for compliance and other issues, Commissioner Howard K. Pitkin says.
Not cheap, but Pitkin admits state taxpayers aren’t getting rich from the branch fees.
“It’s good for the economy,” Pitkin said of out-of-state banks opening branches here. “So, there’s no reason for us to charge a fee that prohibitive.”
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— Gregory Seay
