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Banknorth Becomes State's 5th Largest Bank
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Business New Haven
9/3/2002
By: BNH
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NEW BRITAIN - Banknorth Group Inc. (NASDAQ: BKNG) announced August 22 that it had agreed to buy American Financial Holdings Inc. (NASDAQ: AMFH), parent of American Savings Bank, for about $709 million, further expanding the bank's presence in Connecticut.
The Portland, Me.-based Banknorth, which also has branches in Maine, Massachusetts, New Hampshire, Vermont and New York, will acquire 34 central Connecticut branches with total deposits of $1.9 billion.
Banknorth will pay either $32 in cash per share or 1.22 shares of Banknorth common stock per each American share. The deal is expected to close in next year's first quarter.
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