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Technology Upgrade Alert!

 ATTENTION ONLINE BANKING CUSTOMERS: We will be upgrading our Online Banking technology and the new platform will not support user names that meet this criteria:

  • User name is less than eight (8) characters in length
  • User name is an email address
  • User name includes special characters (e.g. %@_!@#)

 If your user name meets one or more of the above criteria, please have your information updated before May 31, 2018 to meet the new requirements.

 Consumers- You can view and edit your user name by clicking on the “My Setting” tab on the top right of your screen after you log in.

 Business- Business Admins, please contact us at 203-805-5825 to update your user IDs. Admins are responsible for changing the user IDs of their sub users.


 
business-planning

Selling a Business

Create a detailed description of the terms of the sale in order to protect yourself and your assets.

When you decide to sell your business, the most important document is the sales agreement. 

This agreement must be accurate and contain all terms of the purchase; therefore, your attorney should draft or, at the very least, review the agreement prior to the sale of your business. The U.S. Small Business Administration suggests the following checklist of items that should be included in your sales agreement: 

  • Names of seller, buyer and business
  • Background information
  • Assets being sold
  • Purchase price and Allocation of Assets
  • Non-Compete Agreement
  • Any adjustments to be made
  • Terms of the Agreement and payment terms
  • List of inventory included in the sale
  • Any representation and warranties of the seller and buyer
  • Explanation of what access the buyer has to any business information
  • Explanation of how the business will be run prior to closing
  • Contingencies 
  • Fees, including brokers' fees
  • Date of closing

The SBA provides additional information about the process of stepping away from your business.