Banknorth to Close on Bancorp Connecticut August 31.Business Editors PORTLAND, Maine--(BUSINESS WIRE)--Aug. 15, 2002 Banknorth Group, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : BKNG), announced today that it will finalize its acquisition of Bancorp Connecticut, Inc. (NASDAQ: BKCT) on August 31, 2002. The shareholders of Bancorp Connecticut, parent company of Southington 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. (SSB SSB Statistisk Sentralbyrå (Statistics Norway) SSB Super Smash Bros (video game) SSB Space Studies Board SSB Single Side Band SSB Single Stranded DNA-Binding Protein SSB Salomon Smith Barney ), approved the transaction at its annual meeting held today. All necessary regulatory approvals were received prior to today's shareholder vote. Bancorp Connecticut shareholders will receive $28 in cash for each share of Bancorp Connecticut common stock they own just before the acquisition. The transaction is valued at $157 million, taking into account outstanding stock options of Bancorp Connecticut. With $671 million in total assets at June 30, 2002, the Bancorp Connecticut acquisition will more than double Banknorth's asset size in the state to over $1 billion. SSB has seven banking offices: four in Southington and one each in Kensington, Wallingford and Cheshire. Banknorth, N.A., the banking subsidiary of Banknorth Group, currently does business in Connecticut as Banknorth Connecticut with six full service banking offices and two drive-up facilities in six Connecticut communities. SSB will become part of Bancorp Connecticut and operate under that name. "As I said when we announced our intentions to acquire SSB, this is a natural extension of our Connecticut presence and adds some great communities to our community banking network," said William J. Ryan, Banknorth Chairman, President and Chief Executive Officer. "We are also well positioned for further growth in Connecticut." The transaction is valued at 255% of Bancorp Connecticut book value per share at December 31, 2001 and 16.1 times analysts' consensus estimated earnings per share of Bancorp Connecticut for 2002. Banknorth Group, Inc., headquartered in Portland, Maine Portland is the largest city in the U.S. state of Maine, with a 2004 population of 63,882. Portland is Maine's cultural, social and economic capital. Tourists are drawn to Portland's historic Old Port district along Portland Harbor, which is at the mouth of the Fore River and part , is one of the country's 35 largest commercial banking companies with total assets of $21.3 billion at June 30, 2002. The Company's banking subsidiary, Banknorth, N.A., operates banking divisions in Maine, 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). , Vermont, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , and Connecticut, as well as Massachusetts. The Company also operates divisions and subsidiaries in insurance, money management, investment planning and leasing. Other subsidiaries and divisions provide services in mortgage banking, government banking, asset based lending, private banking, 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 other 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. . |
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