The Hartford Financial Services Group Inc. announced it finalized the acquisition of Federal Trust Corp., a unitary thrift holding company and the parent of Federal Trust Bank, for $10 million. The transaction closed yesterday.
"The acquisition of Federal Trust represents the last significant step towards the closing of our investment agreement with Treasury," said Ramani Ayer, chairman and CEO of The Hartford. "Federal Trust has served the Central Florida market for more than 20 years and the company will continue to serve its customers, operating under the Federal Trust name."
Dennis Ward, president and CEO of Federal Trust Bank, said "we are pleased to be part of The Hartford Financial Services Group Inc, a 200 year old company recognized as one of the most ethical companies in the world. The additional capital provided by The Hartford supports the long term financial viability of our institution for our customers."
Federal Trust Bank operates 11 full-service offices in Seminole, Orange, Volusia, Lake and Flagler Counties, Florida.
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