CENTERBANK ANNOUNCES SALE OF BURGDORFF REALTORS
CENTERBANK ANNOUNCES SALE OF BURGDORFF REALTORS WATERBURY, Conn., Nov. 15 /PRNewswire/ -- Centerbank
(NASDAQ: CTBX) has sold Burgdorff Realtors, its real estate brokerage subsidiary, to Peter Burgdorff, announced Robert J. Narkis, chairman and chief executive officer of Centerbank. Terms of the sale were not disclosed.
Founded in 1958 by Douglas and Jean Burgdorff, the firm grew to be New Jersey's third largest real estate brokerage company. Peter Burgdorff is founder of Cornerstone Mortgage Company and is the son of Jean Burgdorff. Centerbank acquired Burgdorff Realtors in 1986. Narkis stated that Centerbank sold Burgdorff in order to focus its time and energies on core bank operations. "Burgdorff is a dynamic company in a strong market area. We anticipate building on the working relationships that have been established, and will continue to offer a variety of financing options to potential home buyers, not only at Burgdorff, but at real estate brokerage offices throughout New Jersey. All of this is being done through our subsidiary Centerbank Mortgage Company operated by President and Chief Executive Officer Thomas C. Brown." Headquartered in Waterbury, Conn., Centerbank was established in 1850. It recently took over Central Bank of Meriden and Connecticut Savings Bank of New Haven. Centerbank has assets of $3 billion and more than 50 branch offices throughout Connecticut. Its subsidiaries include Centerbank Mortgage Company, which operates on a nationwide basis; Center Capital Corporation, an equipment leasing subsidiary with offices across the country; and Affiliated Business Credit Corporation (ABCC), a commercial finance company based in Wethersfield, Conn. Centerbank is listed on the NASDAQ exchange under the symbol CTBX. -0- 11/15/91 /CONTACT: Gary Fetzer of Centerbank, 203-575-5546 (day), or 203-426-7115 (evening)/ (CTBX) CO: Centerbank ST: Massachusetts IN: FIN SU: DD-SD -- NE017 -- 1689 11/15/91 16:05 EST
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|Date:||Nov 15, 1991|
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