FleetBoston Branch Sales

On August 5, Rockland Trust Company, Rockland, MA, purchased 16 branches from Fleet National Bank, Providence, RI. The transaction is the final branch divestiture in Massachusetts related to the Fleet/BankBoston merger. As of June 30, 1999, Independent Bank Corporation, Rockland, MA, parent company of Rockland Trust Company, had total deposits of $1.1 billion and ranked 25th among all commercial banking and thrift institutions in New England. As of the same date, Fleet Financial Group, Boston, MA, had total deposits of $42.2 billion and ranked first, and BankBoston Corporation, Boston, MA, had total deposits of $34.6 billion and ranked second.

On August 19, American Bank of Connecticut, Waterbury, CT, acquired three Connecticut branches from Fleet National Bank, Providence, RI. The branches are located in Middlebury, Southbury, and Woodbury. As of June 30, 1999, American Bank of Connecticut had total deposits of $526.8 million and ranked 19th among all commercial banking and thrift institutions in Connecticut. As of the same date, Fleet Financial Group, Boston, MA, had total deposits of $14.2 billion and ranked first, and BankBoston Corporation, Boston, MA, had total deposits of $2.8 billion and ranked fifth.

On August 19, Webster Bank, Waterbury, CT, acquired four Connecticut branches from Fleet National Bank, Providence, RI. The branches are located in Brookfield, Guilford, Meriden, and Thomaston. As of June 30, 1999, Webster Financial Corporation, Waterbury, CT, parent company of Webster Bank, had total deposits of $5.7 billion and ranked seventh among all commercial banking and thrift institutions in New England. In the FleetBoston divestiture process, only three branches remain to be divested, in October. (Internal Notice, 8/7; 8/21; SNL Weekly BankFax, 8/14; 8/28/00)

On August 26, The Berlin City Bank, Berlin, NH, purchased one branch from Bank of New Hampshire National Association, Farmington, NH. The branch, located in West Ossipee, NH, is being divested in order to appease antitrust concerns arising from the May 10 merger between Peoples Heritage Financial Group, Portland, ME, at the time the parent company of Bank of New Hampshire National Association, and Banknorth Group, Inc., Burlington, VT. The merged institution took Banknorth’s name. As of June 30, 1999, Peoples Heritage Financial Group, Portland, ME, had total deposits of $8.4 billion and ranked fifth among all commercial banking and thrift institutions in New England. As of the same date, Banknorth Group, Inc., Burlington, VT, had total deposits of $2.6 billion and ranked 13th. (Internal Notice, 8/28; SNL Weekly BankFax, 5/15/00)

On July 18, SI Bancorp, Inc., MHC, Willimantic, CT, became a mutual bank holding company through the acquisition of Savings Institute, Willimantic, CT. (Internal Notice, 7/21/00)

On August 3, shareholders of Union Bankshares Company, Ellsworth, ME, and Mid-Coast Bancorp, Inc., Waldoboro, ME, separately approved Union’s acquisition of Mid-Coast. Union Bankshares is the parent company of Union Trust Company, Ellsworth, ME, and Mid-Coast Bancorp is the parent company of The Waldoboro Bank, FSB, Waldoboro, ME. As of June 30, 1999, Union Bankshares Company, Ellsworth, ME, had total deposits of $185.1 million and ranked 20th among all commercial banking and thrift institutions in Maine. As of the same date, Mid-Coast Bancorp, Inc., Waldoboro, ME, had total deposits of $54 million and ranked 35th. The transaction is subject to regulatory approval. (SNL Weekly BankFax, 8/14/00)

On August 1, The Chase Manhattan Corporation, New York, NY, completed its acquisition of high-net-worth money manager Goldman, Lichtenberg, Wasserman , Grossman Inc., based in California. (SNL Weekly BankFax, 8/7/00)

On August 8, Bank of New York Co., Inc., New York, NY, signed a definitive agreement to acquire Ivy Asset Management Corporation, Garden City, NY, a privately held asset management firm.

On August 23, Bank of New York, New York, NY, a unit of Bank of New York Co., Inc., signed a definitive agreement to acquire approximately $9 billion of custodial accounts administered by Bank of America Private Bank, Los Angeles, CA, a subsidiary of Bank of America, Charlotte, NC. The transaction is expected to be completed in the third quarter. (SNL Weekly BankFax, 8/14; 8/28/00)

On August 17, shareholders of Cohoes Bancorp, Inc., Cohoes, NY, failed to approve the thrift’s proposed merger with Hudson River Bancorp, Hudson, NY. In its Form 8-K filed Aug. 18 with the SEC, Cohoes said that 48 percent of its outstanding shares were voted in favor of the proposed merger, while 32 percent either voted against or abstained. The deal, originally announced on April 25, has been threatened by the unsolicited bids that other area institutions made for each of the thrifts. Earlier this year, Cohoes and Hudson disclosed in filings with the SEC and in news releases that TrustCo Bank Corporation of NY, Schenectady, NY, made bids for each thrift, while Ambanc Holding Co., Amsterdam, NY, submitted a separate bid for Cohoes. (SNL Weekly BankFax, 8/21/00)

On July 27, TrustCo Bank Corporation of NY, Schenectady, NY, completed its acquisition of Landmark Financial Corporation, Canajoharie, NY. TrustCo reported that Landmark shareholders "overwhelmingly" approved the thrift’s takeover by TrustCo. (SNL Weekly BankFax, 7/31/00)

On July 26, shareholders of Iroquois Bancorp, Auburn, NY, approved the bank’s acquisition by First Niagara Financial Group, Lockport, NY. The transaction is expected to be completed in the fourth quarter. (SNL Weekly BankFax, 7/31/00)

On July 31, Richmond County Financial Corporation, Staten Island, NY, completed its acquisition of South Jersey Financial Corporation, Turnersville, NJ. (SNL Weekly BankFax, 8/7/00)

On August 15, the U.S. Department of Justice (DOJ) approved the acquisition of BSB Bancorp, Inc., Binghamton, NY, by NBT Bancorp, Inc., Norwich, NY. The approval came after NBT agreed to sell a BSB branch in Norwich, NY. The DOJ reportedly said in a statement that selling the branch, which has approximately $58 million in deposits, would satisfy its concerns about the impact of the transaction on competition in Chenango County, NY. The merger is subject to final approval by the Office of the Comptroller of the Currency (OCC). (SNL Weekly BankFax, 8/21/00)

On August 16, Berkshire Bancorp, Inc., New York, signed a definitive agreement to acquire GSB Financial Corporation, Goshen, NY. The transaction, which is subject to regulatory and shareholder approval, is expected to be completed in the fourth quarter. (SNL Weekly BankFax, 8/21/00)

On August 16, Metlife, Inc. signed a definitive agreement to acquire Grand Bank NA, Kingston, NJ, a unit of Grand Bancorp, Inc., Kingston, NJ. The unit will be renamed "MetLife Bank." The transaction is subject to regulatory approval. (SNL Weekly BankFax, 8/21/00)

On August 2, the Federal Reserve Board of Governors (Fed) released what may be its final annual study on bank and thrift fees. The report says that during 1999, fees on some checking accounts fell, while ATM transaction fees and surcharges rose. The bank fee study was mandated by Congress in 1989 in the wake of the S,L bailout, but is slated for elimination under a 1995 law aimed at the discontinuation of "unnecessary" reports. (SNL Weekly BankFax, 8/7/00)

On August 9, the Federal Deposit Insurance Corporation (FDIC) issued a paper on deposit insurance reform, examining controversial suggestions to raise the coverage limits and expand pricing requirements to include a larger percentage of the industry. The so-called "options paper," which is not a formalized regulatory proposal, covers a wide range of aspects of reform, an issue that has drawn recent congressional scrutiny and divided both regulators and banking trade groups. The FDIC said the current insurance system remains ineffective and inefficient despite repairs made a decade ago. (SNL Weekly BankFax, 8/14/00)

On August 21, the OCC, Fed, FDIC, and Office of Thrift Supervision (OTS) jointly announced their proposed consumer protection rules for the sale of insurance products by depository institutions. The required disclosures include a statement that the insurance product or annuity is not a deposit or other obligation of, or guaranteed by either the depository institution or its unit, and a statement that the insurance product or annuity is not insured by the FDIC or any other U.S. agency, the depository institution, or its unit. (SNL Weekly BankFax, 8/28/00)

Items in Bank Notes focused on developments affecting banking structure in New England. They were condensed from daily newspapers and press releases from federal and state financial regulatory agencies. Their reproduction does not imply our endorsement of the accuracy, opinions or policies reflected in the subject matter.Items in Bank Notes focused on developments affecting banking structure in New England. They were condensed from daily newspapers and press releases from federal and state financial regulatory agencies. Their reproduction does not imply our endorsement of the accuracy, opinions or policies reflected in the subject matter.