Federal Trust, Hartford to merge
Orlando Business Journal
Federal Trust Corp. announced Nov. 14 that it is merging with The Hartford Financial Services Group Inc.
According to a release, the agreement with Hartford is valued at $10 million. Federal Trust stockholders will receive $1 for each share of Federal Trust stock owned.
It is the second time in two months that Federal Trust announced a proposed merger. Federal Trust announced in September the termination of a private recapitalization transaction with an unnamed investor group in New York and Florida.
The company also received notice earlier this month that it was being delisted from the New York Stock Exchange.
The transaction, which is scheduled to take place in first quarter 2009, will allow Federal Trust to “be able to serve our customers as a strong, financially viable institution,” said Dennis T. Ward, CEO of Federal Trust Corp. in a prepared statement.
Federal Trust Corp. (PINKSHEETS: FDTR) is a Sanford-based unitary thrift holding company, and parent of Federal Trust Bank, which operates 11 offices in Seminole, Orange, Volusia, Lake and Flagler counties.
The Hartford Financial Services Group Inc. (NYSE: HIG) is a Hartford, Conn.-based financial services company with locations around the world.
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