NEW HAVEN: at BizBuySell.com, a small business for sale website, released a summary of its business for sales. Median asking price of businesses for sale in New Haven in Q2 of 2017 was increased substantially, $290,000 compared to 200,000 Q2 of 2016.
Businesses listed in New Haven in Q2 of 2017 had a large median revenue increase as well growing to $519,826 up from $460,000 at this same time last year in Q2 of 2016.
Median cash flow however did not improve meaningfully for New Haven businesses at $105,780 vs the median cash flow of $105,000 in Q2 2016.
ORANGE, STAMFORD: Patriot Bank [ Nasdaq PNBK] headquarted in Stamford is acquiring Prime Bank of Orange.
Patriot has current assets of $775 million, and Prime has $73 million in total assets, $55.8 million in deposits and $27.8 million in total loans.
Prime shareholders will receive aggregate cash consideration equal to 115% of Prime’s tangible book value as of the closing date. The transaction is anticipated to close in the fourth quarter 2017.
The Orange location will be Patriot’s second location in New Haven County, it has an existing branch at 771 Boston Post Road in Milford.
Patriot’s acquisition release said it expects to maintain the branch staff at Prime saying, “branch staff will join Patriot to assist in a seamless transition and continue to help drive growth efforts and customer satisfaction.”
HARTORD: Connecticut’s “angel” investment tax credit was expanded as of July 1 to more business types beyond technology, effectively allowing any industry to participate if the other qualifications are met.
While Governor Dannel Malloy did sign the bill, before it can be implemented Connecticut’s budget must be passed, according to officials at Connecticut Innovations.
“This new law promotes investments that provide Connecticut startups with the capital necessary to create jobs, grow, and thrive right here at home,” said Brett Broesder, co-founder and vice president of the Campaign for Tomorrow’s Jobs. “Expanding eligibility under the state’s angel investor tax credit program not only helps startups attract additional investments, but it also increases a young company’s chances of survival and growth. That’s a win-win.”