Hartford Concludes Bank Acquisition

June 25, 2009 at 08:00 PM
Share & Print

The Hartford Financial Services Group Inc. says it has completed its acquisition of Federal Trust Corporation for $10 million in cash.

The transaction closed on June 24, 2009, Hartford says.

Federal Trust Corporation, a unitary thrift holding company, is parent of Federal Trust Bank, Sanford, Fla., a federally-chartered, FDIC-insured savings bank.

The acquisition represents "the last significant step towards the closing of our investment agreement with Treasury," said Ramani Ayer, chairman and chief executive officer of Hartford Financial.

Hartford has received $3.4 billion from the federal government's Troubled Asset Relief Program, and it originally undertook the purchase of the bank to help facilitate that.

The company also announced plans to raise $750 million through a through a stock offering.

Following those announcements, Standard & Poor's, New York, announced it was raising its outlook on Hartford Financial to stable, from negative.

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Related Stories

Resource Center