The press release is posted to the Web site.  Additional information on limited purpose trust companies (trust banks) activities within Connecticut is also posted at this site.

CTC is headquartered in Darien, CT at One Thorndal Circle, Darien, CT and maintains a branch in Rutland, VT.

Darien, Connecticut is the company’s main office of operations.  The Vermont office is primarily for trust processing services for other bank clients.

Private trust services, retirement services (third party administration), stable value fund and bank trust services.

It is expected that the company’s operations will continue through the receivership period.  It is anticipated that accounts will transition smoothly and as soon as possible to a selected party or parties upon the sale of the company. 

Circle Trust Company, as a state chartered trust bank, was subject to regulatory oversight by the Connecticut Banking Department.  The Banking Department has been closely monitoring the company and its attempts to find a new owner and inject needed capital.

The Banking Commissioner determined that CTC did not satisfy the statutory capital requirements under Connecticut Banking Law and the Banking Commissioner sought a court supervised receivership.

The Banking Commissioner is appointed by the Connecticut Superior Court as receiver of Circle Trust Company.  The Banking Commissioner has engaged Howard Siegel of Brown Rudnick as counsel and advisor for the receivership.  It is expected the company’s operations will continue through the receivership process.  The Banking Commissioner in his capacity as the court appointed receiver is charged with marshalling the assets and has engaged a selling agent for the assets of the institution.

As soon as possible.  The Banking Commissioner as Receiver has engaged a selling agent and the sale process has already begun.  A new owner will be announced once a buyer has been identified.