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Almanac
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Business New Haven
11/2/1998
By: BNH
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Invasion of the Ocean Staters
The Providence, R.I.-based Citizens Financial Group Inc., parent company of Citizens Bank, has completed its acquisition of four of the five offices of Long Island-based North Fork Bancorp's Connecticut subsidiary, Branford Savings Bank. The purchase creates a $1.9 billion institution with 43 branch offices stretching from Rhode Island along Long Island Sound to Milford and north to Rocky Hill. Citizens also operated business banking centers in New Haven, Madison, Middletown, Hartford and New London. The Branford Savings branches transferred to Citizens are in North Branford, Branford and two in East Haven. The fifth branch will be retained by North Fork Bancorp. Citizens entered the Connecticut market with its 1993 acquisition of New England Savings Bank and in August 1997 completed its purchase of the Bank of New Haven.
The Waiting Is the Hardest Part
Former employees of the Westbrook firm Emergi-Lite were told Monday that they won't see any of the money that was embezzled from their 401(k) plan for at least several months. About 50 former workers at the firm met with officials from the IRS and the U.S. Department of Labor to discuss the future of their case against the company. Emergi-Lite announced earlier this month that it would restore $2 million taken from the retirement plan back into the company 401(k). However, IRS officials told the workers that their money cannot be returned to them until the company's plan is approved by the IRS, a process that typically takes at least two months.
Data Domination
The New Haven Free Public Library will unveil its new Patent & Trademark Depository Library on November 2. The U.S. Department of Commerce has designated the Elm City library as one of two new depositories for patent and trademark information in the state. The new facility includes CASSIS databases for patents and trademarks, official gazettes dating back to the mid-19th century, full-text utility patents from 1973 to the present, foreign patents and general books on trademarks, patent process, marketing process and investor resources as well as other information. City Librarian Howard McGinn says, “This designation will offer excellent opportunities for the library to serve the business community, forge partnerships with New Haven schools, local universities, the chamber of commerce and other city and local agencies.” Bets of all, it's all free and open to the public, of course. Information is available by calling 203-946-8125.
Show Me the Money
The town of Hamden is expected to receive $2.4 million from state coffers to fund four projects. Gov. John G. Rowland and the state's Office of Policy & Management recommended that the state Bond Commission approve the projects at its October 30 meeting, after BNH went to press. The projects include improvements to the town ice rink ($1.45 million), Brooksvale Park renovations and open-space acquisition ($300,000), the State Street corridor revitalization project ($500,000) and a study of potential improvements to Hamden's police/fire/town buildings. The ice rink and State Street projects are expected to receive a second round of funding at the same levels during the next fiscal year, bringing the state's commitment during the next two years to just under $4.4 million.
Agreeing To Agree
The Meriden-based Yankee Gas Services Co. has entered into a three-year agreement with TransCanada Gas Services Inc. for gas supply, pipeline capacity and storage optimization. The agreement is expected to generate substantial savings for Yankee, the state's largest provider of natural gas, serving more than 183,000 customers. Yankee Gas has purchased natural gas from TransCanada on the Iroquois pipeline for several years; this agreement marks the first time the two have agreed to consolidate gas supply, pipeline capacity and storage optimization into one agreement.
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