Farmers & Mechanics Bank makes announcement.MIDDLETOWN, Conn.--(BUSINESS WIRE)--Nov. 6, 1996--As of the close of business of today, Nov. 6, the merger of Farmers & Mechanics and Citizens Bank of Connecticut Connecticut, state, United States Connecticut (kənĕt`ĭkət), southernmost of the New England states of the NE United States. It is bordered by Massachusetts (N), Rhode Island (E), Long Island Sound (S), and New York (W). has become effective. With the completion of the merger, Farmers & Mechanics Bank The Mechanics Bank, founded in 1905, is a financial service company based in the San Francisco Bay Area. The bank has $2.644 billion in assets and 33 branches in Contra Costa, Alameda, San Francisco, Sacramento, Napa, El Dorado, Marin, and Placer Counties. (Nasdaq: FMCT FMCT Fissile Material Cutoff Treaty FMCT Fargo Moorhead Community Theatre FMCT Forward Model Checking Technique FMCT Fire Line Meter and Compound Torrent ) will cease its existence as a public company. Further information can be obtained from the news release being issued concurrently by Citizens Financial Group Inc. A letter will be sent to all shareholders of FMCT in the near future describing arrangements for surrender of certificates in exchange for a cash payment of $32 per share. John F. Beckert, president and chief executive officer of Farmers & Mechanics Bank, took this opportunity to thank the directors, officers and employees for their contributions to the bank's turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. and successful conversion to a public company. He also expressed confidence that Farmers & Mechanics working together with and as part of Citizens Bank share the same strong commitment to the communities and customers which they serve in Connecticut. CONTACT: Citizens Financial Group James R. Dorsey, SVP SVP S'il Vous Plaît (French: Please) SVP Senior Vice President SVP Schweizerische Volkspartei (Swiss People~s Party) SVP Society of Vertebrate Paleontology SVP Social Venture Partners SVP St Vincent de Paul and Director of Corporate Affairs 401/455-5935 or John F. Beckert, 860/346-9677 |
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