Banknorth Connecticut Poised to Become One of State's Top Five Banks.Business Editors GLASTONBURY, Conn.--(BUSINESS WIRE)--Feb. 11, 2003 When Banknorth Connecticut, a division of Banknorth, N.A., completes its anticipated February 14 acquisition of American Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. , the bank will vault from the 14th to the fifth market share position in the state. In Hartford County, Banknorth's market share will improve from seventh to third. Banknorth also will move its headquarters from Glastonbury to New Britain New Britain, city, United States New Britain, industrial city (1990 pop. 75,491), Hartford co., central Conn.; settled c.1686, inc. 1871. The tin shops and brassworks in the city were established in the 18th cent. into the 102 West Main Street building that has served as the corporate office for American Savings Bank. Once the acquisition is final, Banknorth Connecticut will have a total of 48 branches and $2.6 billion in deposits. "We want to be the best bank in Connecticut, and I believe that Banknorth's strong network and our new acquisitions put us in a good position to reach that goal," says John J. Patrick, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Banknorth Connecticut. "We're thrilled to have the opportunity to bring our products and services to so many new customers and communities in Connecticut. We started 2002 with six Banknorth branches in Connecticut, so our growth has been nothing short of phenomenal." Banknorth's new customers will have a wide choice of personal, small business and commercial banking products and services with the convenience of over 350 Banknorth branches and more than 470 Banknorth ATMs across New England New England, name applied to the region comprising six states of the NE United States—Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut. The region is thought to have been so named by Capt. and upstate New York Upstate New York is the region of New York State north of the core of the New York metropolitan area. It has a population of 7,121,911 out of New York State's total 18,976,457. Were it an independent state, it would be ranked 13th by population. . Banknorth Connecticut is also part of the SUM Network of more than 2,800 ATMs. Banknorth Connecticut has taken great care to alleviate any customer inconvenience as a result of the acquisition and name change. Most American Savings Bank customers may continue to use existing checks since most deposit account numbers will not change. For most customers, auto payments, transfers and withdrawals will continue uninterrupted after the acquisition. Customers will begin to see the Banknorth Connecticut name in branches and on their statements beginning February 14. "The bank recently appointed two new Regional Vice Presidents who will work closely with the Waterbury and New Britain regions in addition to our current Glastonbury region," Patrick said. "Banknorth's community-based banking philosophy means our new bank branches will continue to have local leadership and decision-making capabilities. And relocating our corporate headquarters to New Britain puts us in the center of our newly expanded service area." Currently, Banknorth Connecticut, a division of Banknorth, N.A., has $721 million in deposits and 12 branches, and has served local customers and communities for more than 100 years. Following the anticipated February 14 acquisition of American Savings Bank, Banknorth Connecticut will have 48 branches and $2.6 billion in deposits. Banknorth Group, Inc., the third-largest retail and commercial banking company headquartered in New England, will have close to $26 billion in assets following the American Savings Bank acquisition. Other banking divisions operated by Banknorth, N.A. include Banknorth Vermont, Banknorth Massachusetts, Peoples Heritage Bank in Maine, Bank of New Hampshire New Hampshire, one of the New England states of the NE United States. It is bordered by Massachusetts (S), Vermont, with the Connecticut R. forming the boundary (W), the Canadian province of Quebec (NW), and Maine and a short strip of the Atlantic Ocean (E). and Evergreen Bank serving upstate New York. Banknorth's network of subsidiaries and divisions provides products and services throughout New England in areas such as insurance, investment planning, investment management, private banking, mortgage lending, leasing, merchant services Merchant services is the name given in the United States to a broad category of financial services intended for use by businesses. In its most specific use, it usually refers to the service that enables a business to accept a transaction payment by use of the customer's credit or and more. Investment and insurance products are not bank deposits, are not insured by the FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). or any federal government agency, are not obligations of nor guaranteed by any bank or bank affiliate, and may involve risk, including the possible loss of value or principal amount invested. Securities and investment products are offered through Banknorth Investment Management Group, a division of Banknorth, N.A., or through Banknorth, N.A., in association with its affiliate, Bancnorth Investment Planning Group, Inc. Insurance products are offered through Bancnorth Investment Planning Group, Inc. or the agencies of Banknorth Insurance Group. Securities and some insurance products offered through Banknorth, N.A., or Bancnorth Investment Planning Group, Inc., are provided by PrimeVest Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , Inc., an independent registered broker/dealer. Member SIPC (Simply Interactive PC) An earlier umbrella term from Microsoft and Intel for a PC that works like a home appliance. For example, it has a sealed case, uses external connectors for expansion and boots in just a couple of seconds. . Bank deposits FDIC insured. Equal Housing Lender The terms Equal Housing Lender and Equal Opportunity Lender are synonymous and refer to all FDIC insured banks in the United States. Such banks are prohibited from discriminating on the basis of race, color, religion, national origin, sex, handicap, or familial status. . |
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