|
|
|
NHSB To Go Public
Acquires Manchester Savings, Tolland Bank as part of deal
|
Business New Haven
7/16/2003
By: Michael C. Bingham
|
NEW HAVEN, July 16 -- New Haven Savings Bank has signed agreements to acquire outstanding shares of Connecticut Bancshares Inc. (NASDAQ: SBMC) and Alliance Bancorp of New England (AMEX: AME). The firms are the holding companies for the Savings Bank of Manchester and Tolland Bank, respectively.
At the same time New Haven Savings will convert from mutual ownership to public stock ownership. NHSB will form a new bank holding company whose common stock will be publicly traded.
When combined, New Haven Savings Bank will become the second-largest savings bank and the fifth-largest bank in Connecticut with 73 branches, $5.3 billion in assets, $3.8 billion in deposits and equity of approximately $460 million before calculating the financial impact of the stock offering.
|
Go FirstGo PreviousGo
NextGo LastGo
to Index
|
|
