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.”
Hartford: According to the a survey from the Connecticut Business and industry Association, Connecticut businesses continue to maintain a cautious outlook in the first quarter of 2017, according to the survey released in early June
Connecticut businesses continue to maintain a cautious outlook in the first quarter of 2017, according to a new survey released today.
The 2017 CBIA/Farmington Bank 1st Quarter Economic and Credit Availability Survey found 37% of business leaders expect improved conditions for their firms over the next three months, down from 40% the previous quarter.