Center Financial completes fifth acquisition in four years with purchase of Great Country Bank.WATERBURY, Conn.--(BUSINESS WIRE)--Dec. 15, 1995--Center Financial Corp. (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 : CFCX), the holding company for Centerbank, today announced the completion of its acquisition of Great Country Bank. Effective Monday, December 18, Great Country's six full-service branch offices and one mini-bank will reopen re·o·pen tr. & intr.v. re·o·pened, re·o·pen·ing, re·o·pens 1. To open or be opened again: Officials reopened the airport after the snow was cleared. Schools reopen in September. as Centerbank. Under the terms of the agreement, Great Country Bank shareholders will receive .3136 shares of Center Financial Corp. common stock in a tax-free exchange tax-free exchange An exchange of assets between taxpayers in which any gain or loss is not recognized in the period during which the exchange takes place. Rather, taxpayers are required to adjust the basis of assets exchanged. for each of their Great Country Bank common shares. The exchange ratio was calculated based on an average closing price of $17.84 of Center Financial Corp. common stock for the fifteen days prior to the receipt of final regulatory approval on Dec. 15, 1995. With this acquisition, Center Financial Corp. increases its assets to $3.4 billion, and extends its branch network to the contiguous Adjacent or touching. Contrast with fragmentation. See contiguous file. markets of Ansonia, Shelton, Beacon Falls and Seymour, with 43 Centerbank locations in 27 communities throughout Connecticut. In making the announcement, Center Financial Corp. President and Chief Executive Officer Robert J. Narkis stated, "Extending Centerbank's existing operations to include the lower Naugatuck valley is a perfect example of the prudent, strategic growth that will help the company achieve its high performance objectives. With the support of our new customers, shareholders, and neighbors, we welcome the opportunity to carry on the tradition of customer service and community involvement achieved in the past by Great Country Bank." Mark S. Wallace, regional president for Centerbank's newly-created Valley region, added, "The creation of a fourth operating region to serve the former customers of Great Country Bank reflects Centerbank's commitment to its newest local market. By maintaining our centralized cen·tral·ize v. cen·tral·ized, cen·tral·iz·ing, cen·tral·iz·es v.tr. 1. To draw into or toward a center; consolidate. 2. customer contact and decision-making for consumer, small business, and mid-market commercial banking operations directly in the Valley, we intend to become the area's leading community bank." Center Financial Corp. is the holding company for Centerbank, Centerbank Mortgage Co., Center Capital Corp., and Affiliated Business Credit Corp. In addition to Great Country Bank, the company's acquisition of Watertown-based Heritage Bank is expected to close in the first quarter of 1996, pending receipt of shareholder and regulatory approvals. Established in 1850, Centerbank delivers banking services throughout central Connecticut and is insured by the FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). . Centerbank Mortgage Co. is a full-service mortgage banking company with a residential servicing portfolio of over $6.0 billion, operating through a nationwide network of more than twenty loan origination 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. offices, including partnerships with affinity groups A special interest group. This is a marketing term for a group of people with similar interests. and real estate brokerage companies under its subsidiary, The Mortgage Corner Inc., eleven wholesale/correspondent offices, and Center Credit Corp., a newly-formed national consumer finance company. Center Capital Corp. is an equipment leasing Equipment Leasing is a financing option to lease equipment for a certain amount of time. Leasing Benefits
CONTACT: Center Financial Corp., Waterbury Patricia B. Sweet, 203/578-6296 |
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