Banking commissioner says Conn. banks OK
(AP)- Connecticut's banking commissioner says the state-chartered banks in the state are in very good shape.
The comments from Howard Pitkin come as some depositors storm branches of California-based IndyMac Bank which has been taken over by the Federal Deposit Insurance Corp.
Pitkin says when it comes to Connecticut financial institutions the world is not coming to an end. He says he doesn't expect anything like the IndyMac failure in Connecticut.
The commissioner says the bottom line is that Connecticut banks have enough cash set aside to be able to offset bad debt.
Pitkin's agency regulates state-chartered banks, which operate only in Connecticut. Pitkin says he monitors federally chartered banks because of the relationships they have with state banks.