The Board of Selectmen last week approved a proposal to use Webster Bank as New Canaan's main banking institution.

The request came from Finance Director Dawn Norton.

"Our goal was to consolidate all of the accounts that we have out there," Norton said, adding that the town will continue using its accounts at other banks.

Webster will serve as the main operating account for all the town's accounts.

Norton said the town chose Webster after submitting a request for proposal.

"In other words, we went out and did a competitive bid for banking institutions to put their best foot forward and tell us why they deserve the service of the town," she said. "Seven banks responded."

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The banks were then evaluated under various criteria, such as firm experience, financial strength and a banking transition plan.

Norton said Webster produced the best results, and noted that Webster's experience serving municipalities made it an appealing option for the town.

Webster Bank does not have a New Canaan branch.

Although Norton doesn't know if the bank plans to open a branch in town, she said all the town's banking is done online.

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