Senator Frantz, Greenwich Delegation Announce Business to Remain in Greenwich

February 2, 2009

Hartford, CT – State Senator L. Scott Frantz (R-36) joined with State Rep. Livvy Floren (R-149), Rep. Lile Gibbons (R-150) and Rep. Fred Camillo (R-151) in announcing Greenwich-based financial firm Weeden & Co., LP will continue to do business in town. The move is in part thanks to a $2.5 million dollar low-interest loan authorized by the State Bond Commission. It will be distributed through the state Department of Economic and Community Development (DECD).

“This is a cause close to my heart and I am very pleased that the State Bond Commission and the Connecticut Development Authority, whose sole focus is to preserve and create valuable, high paying jobs, were able to help retain a significant number of financial service jobs in Greenwich and help position Weeden & Co. for future growth,” said Senator Frantz.

Prior to being elected to the General Assembly, Senator Frantz served as chair of the Connecticut Development Authority. He stepped down from his five-year post upon being elected in order to eliminate any potential conflicts of interest that may arise.

Weeden & Co., LP is a financial services firm established in 1976. The company will lease office space in Greenwich to accommodate expansion rather than relocate to New York. The loan and subsequent expansion will help to retain 148 jobs and create 15 more by 2011. The loan will be provided at an interest rate of 2% for ten years with payments deferred for two years.

“The company’s decision to remain in Connecticut demonstrates the vitally important partnership between state government, quasi-public agencies and the private sector,” said Senator Frantz. “I am incredibly encouraged by this decision and going forward, I am confident it will pay dividends for Greenwich and the state of Connecticut.”