May 21st, 2013 | City

DeStefano reveals post-mayoral plans

Mayor John DeStefano, Jr. announced earlier this year that he will not seek reelection for an 11th term.
Mayor John DeStefano, Jr. announced earlier this year that he will not seek reelection for an 11th term. Photo by Grace Patuwo.

While the future of Mayor John DeStefano Jr. has been a mystery since he announced in January that he will not seek reelection, the long-term Elm City politician has finally revealed his post-mayoral plans.

DeStefano will assume the vice-presidency of START Community Bank on Jan. 1 — the end date for his last term as mayor of New Haven, according to The New Haven Independent. DeStefano brought START into existence and brought the bank’s president, William Placke, to New Haven to run the bank. Like community banks in other cities, START helps underdeveloped neighborhoods by lending to home-purchasers and small-business owners. In addition, the bank has worked on “financial literacy” for youth and alternatives to payday lenders.

“I wanted to stay local. I wanted to do something [in which] my participation would be meaningful. I wanted to do something I was connected to in the past,“ DeStefano said about his decision to work with START. “START for me was a good fit to do all these things. It came out of my experiences. It’s hyperlocal. They’re going to be a successful bank no matter what.”