TICKETNETWORK, INC. CEO DONALD VACCARO TRIES TO SAVE THE COMMUNITY’S BANK, THE ONLY MINORITY-OWNED BANK IN THE STATE OF CONNECTICUT

Donald Vaccaro, CEO of TicketNetwork, Inc. is deeply disappointed that his offer to save the only minority-owned bank in the State of Connecticut was rejected today. The Community’s Bank (TCB) was seeking to re-capitalize and salvage itself from closing, but today Superior Court Judge Antonio C. Robaina, ruled in favor of the request of the Commissioner Howard Pitkin from the Connecticut Department of Banking to close the community institution. Among those who lent their support to Mr Vaccaro’s rescue efforts included Connecticut Congressman Jim Himes and Congressman John Larson, both of whom sent letters of support to the President of the Federal Reserve Bank of New York and the Chairman of the FDIC (Federal Deposit Insurance Corporation). Copies of the letters were also sent to Commissioner Pitkin.

 

Mr. Vaccaro had hoped to recapitalize TCB and revitalize its mission as a community development institution. Mr Vaccaro’s plan would have given The Community’s Bank a cash infusion, making it the best capitalized bank in Connecticut and maintaining minority control of the bank. “The Community’s Bank was a great Connecticut minority-owned institution. The cash infusion that I would have provided meant more loans for inner city development, fewer blighted properties, and more jobs for inner city folks.   It was a win-win for everyone involved. Instead of a rescue by me, closing the bank will cost both the state and federal government millions of dollars and cause a loss of many jobs in the City of Bridgeport.”  Vaccaro continued…. “I will continue to serve these underserved communities through RCNCapital.com, although sadly, without the combination of the The Community’s Bank, my efforts will fall short of the community’s need.” Dr. Boise Kimber, the President of the Connecticut State Missionary Baptist Convention added: “Peter Hurst, the Chairman, President, and Chief Executive Officer of TCB has been a great business philanthropist in the city of Bridgeport. He has brought honor to our community in the banking arena. The Community’s Bank was the only African-American owned bank in the state of Connecticut and the community will be subject to a huge loss.” Scot X. Esdaile, President of the Connecticut NAACP State Conference said: “The closing of The Community’s Bank is shocking and a disheartening blow to the community. We will continue to support and push for community-owned institutions in the wake of this loss.”