New Haven Bank

What New Haven Bank does

New Haven Bank is a privately held, FDIC-insured community bank and the only Community Development Financial Institution (CDFI) certified federally insured bank in New Haven and the state of Connecticut, founded in 2010 (parent holding company First City Fund Corporation founded 2004). The bank serves individuals, small and mid-sized businesses, nonprofits, and underserved communities in New Haven County through two physical branches — a New Haven headquarters at 299 Whalley Ave. and a West Haven branch opened in 2024 at 636 Campbell Ave. — supplemented by online, mobile, and telephone banking channels, 55,000+ surcharge-free AllPoint ATMs, Zelle P2P payments, and Visa debit cards.

The product set spans business banking (checking variants including IOLTAs and nonprofit checking, savings, CDs, CDARS, SBA loans, commercial real estate and construction loans, lines of credit, cash management with Remote Deposit Capture, ACH origination, and QuickBooks integration), personal banking (NHB Checking, Second Chance Checking, BankOn-certified checking, NHB Savings, money market, CDs, IRAs, personal credit cards via Elan Financial Services, and a Safe Haven Savings high-yield account at 2.70% APY), and business credit cards also issued through Elan. Core technology is a conventional digital banking stack — online banking via a secure.myvirtualbranch.com portal, native iOS/Android mobile apps with mobile check deposit, eStatements, bill pay, and standard SSL-encrypted communications; no proprietary AI/ML capabilities, developer APIs, or custom models are disclosed. Underlying infrastructure relies on third-party processors and network partners (Visa, Zelle/Early Warning Services, AllPoint, CheckFree for bill pay, Elan for cards).

The revenue model is a traditional community-bank mix: net interest income from the loan portfolio (commercial, real estate, SBA, construction, lines of credit, personal — nearly 600 loans totaling over $224M originated since 2010), transaction and account fees on deposits and ancillary services, and revenue share from the Elan credit-card program. The bank monetizes its CDFI status through annual CDFI Fund grants and supplements interest and fee income with community contributions and event sponsorships that function as customer-acquisition marketing. Customer acquisition is community-led: direct relationships with local businesses and nonprofits, in-house commercial lenders with local decision authority, and 70+ nonprofit partnerships that drive word-of-mouth referrals rather than paid performance marketing.

Name

New Haven Bank

Legal name

New Haven Bank

Website

https://newhavenbank.com

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

11–50 employees

Short description

New Haven Bank is a privately held CDFI-certified community bank serving individuals, small businesses, and nonprofits in New Haven County, Connecticut through deposits, SBA and commercial lending, digital banking, and the only local CDFI branch network in the state.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Commercial Banking (52211), Depository Credit Intermediation (5221)

SIC

State Commercial Banks (6022)

akta.pro primary industry

SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC)

akta.pro secondary industries

Small Business Banking (Microbusiness/Sole Proprietor) (FSABAAAI), Branch & In-Person Banking (Teller/ATM Networks) (FSABAAAE)

Keywords

• Community banking
• SBA loans
• Commercial lending
• CDFI banking
• Deposit accounts

Headquarters

HQ city

New Haven

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Interest Income from Lending: Revenue from commercial loans, real estate loans, SBA loans, construction loans, lines of credit, and personal loans. Interest earned on loan portfolio.
2. Deposit Account Fees: Various deposit account services including checking accounts, savings accounts, CDs, IRAs, and money market accounts generate fee income.
3. Service Charges and Fees: Online banking, mobile banking, wire transfers, and other banking services generate fee income.
4. Credit Card Revenue Share: Credit card services provided through Elan Financial Services third-party partnership generate revenue share.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels7 records

Core offering

New Haven Bank is a CDFI-certified community bank providing personal and business banking products including checking accounts, savings, CDs, IRAs, commercial real estate and SBA loans, cash management, and credit cards. It serves individuals, small/medium businesses, nonprofits, and underserved communities across New Haven County through two physical branches (New Haven and West Haven), digital banking platforms, and a 55,000+ ATM network. The bank emphasizes local in-house decision-making, community reinvestment, financial literacy, and financial inclusion.

Product overview

New Haven Bank operates as a community development financial institution (CDFI) offering a unified banking platform organized into three core segments: Business Banking (checking, savings, CDs, commercial lending, SBA loans, cash management, and business credit cards), Personal Banking (NHB Checking variants including Second Chance Checking and BankOn Checking, savings, CDs, IRAs, money market accounts, credit cards, and telephone banking), and Technology-Enabled Banking Channels (Online Banking, Mobile Banking, Mobile Check Deposit, eStatements, Bill Payment, Zelle, Visa Account Updater, and AllPoint ATM access). The portfolio also includes the Safe Haven Savings high-yield account, SBA lending, and commercial real estate and construction loans. All products are delivered through physical branch locations (New Haven and West Haven) and digital channels, with credit cards and certain payment services provided through third-party partners (Elan Financial Services for credit cards, Visa for debit network, AllPoint for ATM network, and Zelle via the Early Warning Services network).

Differentiator

Problem solved

Functional benefit

Brands

• BankOn Account: A certified low-cost, low-fee bank account offering $25 opening deposit, checkless checking, no overdraft fees, no monthly service charges, and free online banking, bill pay and debit card.
• Safe Haven Savings Account

Products and services

• Business Checking
• Business Savings & CDs
• Commercial Lending
• Cash Management
• Business Credit Cards
• SBA Loans
• NHB Checking
• Second Chance Checking
• BankOn Checking
• NHB Savings
• NHB Money Market
• Certificates of Deposit (CDs)
• Individual Retirement Accounts (IRAs)
• Safe Haven Savings Account
• Personal Credit Cards
• Online Banking
• Mobile Banking
• Telephone Banking

Quantifiable outcome

• Nearly 600 loans originated totaling over $224 million from 2010-2025 YTD
• +5 more outcomes

Named customers10 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature4 records

Partnerships

Five partnerships are on record, tiered core.

• BankOn CT CoalitioncoreStrategic or Co-development Partner · 1 November 2020New Haven Bank became a certified BankOn account provider in November 2020. The BankOn CT coalition began as a pilot in New Haven as a partnership between local and federal government agencies, financial institutions, and community organizations. These organizations work together to provide and promote financial literacy and stability for all CT families.
• Elan Financial ServicescoreOEM/ Whitelabel/ Licensing PartnerCredit card services are provided by Elan Financial Services, a third-party provider selected by New Haven Bank to offer credit card products. All credit decisions, payment processing, and other transaction-related matters are handled and processed through Elan Financial Services.
• AllPoint ATMscoreTechnology or IntegrationSurcharge-free ATM withdrawals available at more than 55,000 conveniently located AllPoint ATMs for New Haven Bank customers.
• Early Warning Services (Zelle)coreTechnology or IntegrationDigital payment services through Zelle allow customers to send money to friends and family with transfers using email address or U.S. mobile number linked to bank account.
• VisacoreOEM/ Whitelabel/ Licensing PartnerNew Haven Bank offers Visa debit and credit cards. Visa Account Updater provides automatic updates of payment information when debit card is reissued. Cards are accepted at millions of locations worldwide.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Liberty Bank: Connecticut-headquartered community bank providing consumer and business banking products across the state. Comparable to NHB as a CT-based community bank serving similar SME, nonprofit, and consumer segments with a focus on local relationship banking.
• Chelsea Groton Bank: Connecticut community savings bank offering personal, business banking, and lending products throughout southeastern CT. Closely comparable as a mutual/community-oriented CT bank with similar product breadth and community-development orientation.
• Savings Institute Bank & Trust: Connecticut-based community bank (a division of Berkshire Bank) serving eastern CT with consumer and business banking. Similar in scale and footprint, serving SME and consumer customers in adjacent Connecticut markets.
• Essex Savings Bank: Small Connecticut community bank focused on lower Connecticut River Valley with consumer and business banking products. Comparable as a small CT community bank with local decision-making and community focus.
• Dime Bank: Connecticut-based community bank (now part of Northeast Bank) serving consumers and small businesses in northeastern CT. Comparable as a small CT-focused community bank offering similar deposit and commercial lending products.
• Hope Credit Union (Hope Enterprise Corporation): Deep South-focused CDFI credit union serving underserved communities in Mississippi, Alabama, Arkansas, Louisiana, and Tennessee. Directly comparable CDFI mission and member/financial literacy programs, though structured as a credit union rather than a bank.
• Beneficial State Bank: Federally chartered CDFI community bank operating in California, Oregon, and Washington with a mission-driven focus on economic justice and community development. Comparable CDFI certification status, similar community development lending focus, and overlapping SME and consumer banking products.
• City First Bank: Washington DC-based CDFI-certified community development bank serving underinvested communities. Comparable as a mission-driven CDFI bank with similar commercial real estate, small business lending, and community development focus.
• Southern Bancorp: One of the largest rural CDFI banks in the US, serving underbanked communities in Arkansas and Mississippi with consumer and commercial banking. Comparable CDFI certification, community-development mission, and similar branch-based, relationship-driven banking model.

Broad incumbents

• Amalgamated Bank: Public B-Corp certified bank with strong social mission serving progressive organizations, labor unions, and nonprofits nationally. Comparable mission-driven, values-aligned banking approach and community/ESG orientation, though significantly larger in scale than NHB.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCvAzJHo9bu3NbUQRJ48Awmg
• Facebookfacebook.com/people/New-Haven-Bank/61577661779387
• LinkedInlinkedin.com/company/new-haven-bank
• Instagraminstagram.com/newhavenbank

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about New Haven Bank