Acquisitions.

Banknorth Group of Portland, Maine, will acquire Bancorp Connecticut Inc. of Southington, Conn., for $157 million. The transaction is expected to be completed in the third quarter of 2002. Banknorth says it expects to achieve cost savings of 25 percent in the transaction.

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Title Annotation:	Banknorth Group of Portland, Maine, to acquire Bancorp Connecticut Inc.
Publication:	ABA Bank Marketing
Article Type:	Brief Article
Geographic Code:	1USA
Date:	Jul 1, 2002
Words:	43
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Topics:	Banking industry Mergers, acquisitions and divestments Commercial banks Savings and loan associations