September 10, 2003

REP. DILLON WEIGHS REVISING LAWS GOVERNING MUTUAL SAVINGS BANKS

Representative Patricia Dillon (D-New Haven), troubled by reports of secret meetings surrounding the New Haven Savings bank plan to convert to a capital stock savings bank, is considering changing the laws that govern the conversion of mutual savings banks.

"I am a depositor and I am concerned about the future of my bank," Rep. Dillon said. "New Haven Savings Bank is a unique and important institution in New Haven, providing loans to first-time homebuyers and low income families. I worry that commitment may be forgotten."

New Haven Savings Bank is a state chartered institution governed by state statute.

Representative Dillon was first elected to the General Assembly in 1984. She is Deputy Majority Whip and serves on the Public Health, Appropriations and Judiciary Committees. Rep. Dillon chairs the Health and Hospitals Subcommittee on Appropriations. She is a former longtime member of the Banks Committee who has been deeply involved in consumer banking issues.