Newly-formed Harbor Bank & Trust, catering to individuals with between $1 million and $15 million in assets, is to open in Southport, Connec...

Newly-formed Harbor Bank & Trust, catering to individuals with between $1 million and $15 million in assets, is to open in Southport, Connecticut next April.

The founders have already raised $3 million of seed capital from 60 individuals, and plan to raise a total of $30 million from at least 400 individuals and businesses.

Heading the bank are Brian Riley, former chief executive of PriVest Bank in Santa Ana, California; Stephen Carta, former chief executive of Sachem Trust, which was acquired by Webster Bank; and Thomas DiMaio, former senior vice president at Hana Financial.