New US Wealth Manager Set for East Coast Launch

Stephen Harris

14 November 2006

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.