Chicago — The Office of Thrift Supervision approved applications from
Insurance companies that own thrifts, which are federally regulated, are eligible to apply for a piece of the $700 billion in government bailout funds.
In November 2008, The Hartford announced a merger agreement to acquire the parent company of Federal Trust Bank for approximately $10 million, and will provide an additional amount to recapitalize the bank.
Also in November 2008, Lincoln Financial Group announced that it applied with the Office of Thrift Supervision to become a savings and loan holding company concurrent with reaching an agreement to acquire Newton County Loan & Savings, FSB, a federally regulated savings bank.