CBT Organizers Raise $13 Million In IPO

Organizers of the new Connecticut Bank and Trust Co. said Friday they raised nearly $13 million in an initial public offering, topping the minimum needed to open the bank.

They needed to raise at least $12.5 million. The money raised so far represents investments by 450 subscribers, the organizers said.

Organizers had said they wanted to raise between $12.5 million and $18.5 million. They said Friday they are still trying to reach the maximum amount. The stock offering is slated to close Sept. 9.

The organizers still need backing of the Federal Deposit Insurance Corp. and final approval of the state banking department.

The new CBT is expected to open in January with three branches, in downtown Hartford, West Hartford and Glastonbury.