Hartford Financial (HIG) Acquires Bank from FDIC, Applies To Treasury Capital Purchase Program

November 14, 2008 3:23 PM EST
The Hartford Financial Services Group, Inc. (NYSE: HIG) today announced that it has applied to the Office of Thrift Supervision to become a savings and loan holding company and has applied to participate in the U.S. Treasury Department’s Capital Purchase Program.

In conjunction with these applications, The Hartford has signed a merger agreement to acquire the parent company of Federal Trust Bank for approximately $10 million and will also provide an additional amount to recapitalize the bank. Federal Trust Bank, a federally chartered, FDIC-insured savings bank is owned by Federal Trust Corporation, a unitary thrift holding company headquartered in Sanford, Fla. The completion of this acquisition will satisfy a key eligibility requirement for participation in CPP.

You May Also Be Interested In





Related Categories

Hot List, Mergers and Acquisitions

Related Entities

Treasury Capital Purchase Program