|
|
|
Almanac
|
Business New Haven
10/9/1995
By: BNH
|
A Marriage of Firsts: Shareholders of First Fidelity Bancorp. of Neward and Philadelphia and First Union Corp. of Charlotte, N.C. approved the proposed merger of the two banks on October 3. The combined company, which will operate under the First Union name beginning in mid-1996, will be the nation's sixth-largest banking firm with assets of approximately $126 billion. It will operate what the bank says is the nation's largest network of bank branches - nearly 2,000 - serving 11 million customers in 12 Eastern states from Florida to Connecticut. First announced in June, the merger is expected to be completed on or about January 1, pending approval of the Federal Reserve Board and closing conditions. First Union Chairman and CEO Edward E. Crutchfield will retain those titles in the new firm, while First Fidelity CEO Tony Terracciano will serve as president. Along with vice chairman-designate John R. Georgius, the troika will constitute a new “office of the chairman.”
Shoveling It in Meriden: On September 29, Walbro Automotive Corp. officially broke ground on its $32 million expansion project on Hicks Street in Meriden. The company, which manufactures fuel systems for automobile engines, currently amploys about 425 workers in Meriden and Wallingford. The project, financed through about $16 million in state loan and grant dollars, is projected to retain or create up to 500 new jobs in an inner-city neighborhood. Walbro, which posted U.S. sales of $270 million in 1993, plans to spend $16 million to $21 million of its own resources on the project, while the city of Meriden has committed $2.3 million in addition to administrative assistance through the Meriden Manufacturing Assistance Agency.
Bootstrapping Bit By Bit: Connecticut posted a modest jobs gain - a seasonally adjusted 3,600 - during the month of August, leaving the state's unemployment rate unchanged at 5.4 percent from the previous month (the U.S. rate was 5.6 percent for the same period). The most vigorous job producer during July and August was the service sector, which generated up to 2,900 new jobs, while the mining and manufacturing groups contributed 400 new positions. The largest job decrease was in government, which shrank by 300 jobs, while finance, insurance and real estate shed 100 positions. Average weekly manufacturing wages were $580.03 in August, up $1.10 for the month, a gain attributed mainly to a slightly longer work week, according to the state's Department of Labor.
New Kid in Town: While the breakneck pace of bank mergers and consolidations has left many commercial consumers bewildered, at least one new name has surfaced on the industry horizon. The $6 billion-in-assets Providence, R.I.-based Citizens Bank, which entered Connecticut by purchasing the failed New England Savings Bank from the FDIC in 1993, is opening a business banking center in New Haven. Citizens, which in 1994 purchased Coastal Federal Savings Bank of New London, has 18 banking offices in southeastern Connecticut.
Like, Totally: First, there was TQM. Now there's TQE - Total Quality Education. The Connecticut Business & Industry Association (CBIA) has developed an enhanced version of its TQE Institute training program to help public-education leaders sharpen their skills in a rapidly changing environment. CBIA's original training gave groups of educators from 15 school districts basic skills; the “Level II Enhanced TQE Institute is geared toward total quality leaders in each district, teaching the educators to be TQE facilitators and eliminate the need for outside training sources.
|
Go FirstGo PreviousGo
NextGo LastGo
to Index
|
|
