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HARTFORD – State Representative Bill Buckbee (R-67) co-sponsored legislation that will update eligibility requirements for community banks and credit unions that are competing to earn the investment of state dollars. The bill was considered during the Tuesday, May 9th House Session.
“Connecticut’s community banks and credit unions have been thriving. This measure merely recognizes that fact and expands the eligibility requirements for them to compete for state business. It’s good news that many of these entities are approaching, or are even exceeding, the limit of $500 million in assets,” Rep. Buckbee explained.
It was established in 2003 that the State Treasurer can create a fund of up to $100 million for investing in community banks or credit unions with less than $500 million in assets. The bill increases that threshold to one billion dollars.
Rep. Buckbee stated, “This is a positive growth trend within our state’s business community. This is a small way in which we can help foster their advancements and I commend my legislative colleagues on both sides of the aisle for supporting it.”
The bill was unanimously passed by the House of Representatives. It now awaits further legislative action in the Senate.
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