A bureaucratic maze survived Bancorp to acquire the Bank Hartford
A lot of jealousy : a bureaucratic maze BANCORP survived acquire Bank Hartford
If Maine has welcomed Inter State Banking in 1983, out-of-governmental actors Norstar Bancorp Inc. Albany, NY, and Bank of Boston Corp. lost no time, capital, on the situation of Snap Up Down East banks. In February, the largest bank in Maine, 1.3 billion dollars a Bancorp in Portland, turned the tables by using the state to buy the bank in Hartford, Connecticut, a $ 300 million savings and credit club, for $ 20 million in cash.
The Bank works autonomy gained under the name of The One / Bank of Hartford. “We are not, the bank Portland,” said a Bancorp CEO Robert R. Masterton.
To complete the transaction and the transformation of the Bank of Hartford mutual S & L in a capital Working Capital Savings, One Bancorp also a reserve of $ 11 million. Bank of Hartford’s applicants had the first opportunity to purchase Bancorp reserves in February to $ 20,625 a share. One For Bancorp shareholders, dilution is not a concern, however, the Bank of Hartford’s gains added earnings per share.
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