Merger Announcements

UST Corporation, Boston, MA has entered into a definitive agreement to acquire Somerset Savings Bank, Somerville, MA for $93.7 million in stock and Affiliated Community Bancorp, Waltham, MA for $259 million in stock. The transactions are expected to be completed in the first half of 1998. As of June 30, 1997, UST Corporation, parent company of USTrust, Boston, MA and United States Trust Company, Boston, MA, had total deposits of $2.8 billion and ranked sixth among all commercial banking and thrift organizations in Massachusetts. As of the same date, Somerset Savings Bank had total deposits of $452.1 million and ranked 35th and Affiliated Community Bancorp, parent company of Federal Savings Bank, Waltham, MA, Lexington Savings Bank, Lexington, MA, and Middlesex Bank and Trust Company, Newton, MA, had total deposits of $677.6 and ranked 18th.

Century Bancorp, Medford, MA has entered into a definitive agreement to acquire Haymarket Co-operative Bank, Boston, MA for approximately $20 million in cash. The transaction is expected to be completed in early 1998, subject to regulatory and shareholder approvals. As of June 30, 1997, Century Bancorp, parent company of Century Bank and Trust Company, Somerville, MA, had total deposits of $463.7 million and ranked 33rd among all commercial banking and thrift organizations in Massachusetts. As of the same date, Haymarket Co-operative Bank had total deposits of $135.8 million and ranked 119th. (American Bkr., 12/11, 12/16; Boston Globe, 12/11, 12/13, 12/16; N.Y. Times, 12/11, 12/16; SNL Weekly BankFax, 12/15, 12/22/97)

On December 6, First National Bank of the Berkshires, Lee, MA merged with City Savings Bank of Pittsfield, Pittsfield, MA under the charter and title of City Savings Bank of Pittsfield. As of June 30, 1997, City Savings Bank of Pittsfield had total deposits of $233.4 million and ranked 69th among all commercial banking and thrift organizations in Massachusetts. As of the same date, Lee National Banc Corporation, Lee, MA, parent company of First National Bank of the Berkshires, had total deposits of $51.2 million and ranked 200th.

On December 18, SIS Bancorp, Springfield, MA merged with Glastonbury Bank and Trust Company, Glastonbury, CT. Glastonbury Bank will operate as an independent subsidiary. As of June 30, 1997, SIS Bancorp, parent company of Springfield Institution for Savings, Springfield, MA, had total deposits of $1.0 billion and ranked 23rd among all commercial banking and thrift organizations in New England. As of the same date, Glastonbury Bank and Trust Company had total deposits of $216.6 million and ranked 138th. (Internal Notice 12/8; SNL Weekly BankFax, 12/22/97)

The shareholders of Bank of Southington, Southington, CT have approved the acquisition of the bank by Hubco, Inc., Mahwah, NJ. The transaction is expected to be completed in January 1998. As of June 30, 1997, Bank of Southington had total deposits of $122.1 million and ranked 56th among all commercial banking and thrift organizations in Connecticut. As of the same date, Hubco, parent company of Lafayette Bank and Trust Company, Bridgeport, CT, had total deposits of $944.4 and ranked 12th.

The shareholders of Community Savings Bank, Bristol, CT have approved the proposed merger with New England Community Bancorp, Windsor, CT. The transaction is expected to be completed December 31. After the acquisition, Community Savings Bank will be renamed Community Bank of Bristol. As of June 30, 1997, New England Community Bancorp, parent company of New England Bank and Trust Company, Windsor, CT and Equity Bank, Wethersfield, CT, had total deposits of $385.1 million and ranked 26th among all commercial banking and thrift organizations in Connecticut. As of the same date, Community Savings Bank had total deposits of $65.9 million and ranked 73rd.

The shareholders of Branford Savings Bank, Branford, CT have approved the proposed acquisition of the thrift by North Fork Bancorp, Melville, NY. The transaction is expected to be completed by year end, subject to regulatory approval. As of June 30, 1997, Branford Savings Bank had total deposits of $165.0 million and ranked 47th among all commercial banking and thrift organizations in Connecticut. (SNL Weekly BankFax, 12/8, 12/15, 12/22, 12/29; Boston Globe, 12/29/97)

The shareholders of Mechanics Savings Bank, Hartford, CT have approved the formation of a bank holding company expected to be named MECH Financial, Hartford, CT. As of June 30, 1997, Mechanics Savings Bank had total deposits of $665.8 million and ranked 15th among all commercial banking and thrift organizations in Connecticut. (SNL Weekly BankFax, 12/1/97)

On November 26, Medford Bancorp, Medford, MA, a new bank holding company, was formed through the acquisition of Medford Savings Bank, Medford, MA. As of June 30, 1997, Medford Savings Bank had total deposits of $824.6 million and ranked 14th among all commercial banking and thrift organizations in Massachusetts.

On November 26, NMBT Corporation, New Milford, CT, a new bank holding company, was formed through the acquisition of New Milford Bank , Trust Company, New Milford, CT. As of June 30, 1997, New Milford Bank , Trust had total deposits of $282.9 million and ranked 33rd among all commercial banking and thrift organizations in Connecticut. (SNL Weekly BankFax, 12/1, 12/8/97)

Fleet Financial Group, Boston, MA has completed its acquisition of Columbia Management Company, Portland, OR, a money manager with $22 billion in assets under management. Columbia will retain its name and operate as an independent company under the direction of current management. As of June 30, 1997, Fleet Financial Group had total deposits of $37.2 billion and ranked first among all commercial banking and thrift organizations in New England. (American Bkr., 12/11; SNL Weekly BankFax, 12/15/97)

State Street Corporation, Boston, MA, parent company of State Street Bank and Trust, Boston, MA, has entered into a definitive agreement to acquire the unit trust services business of Bank of Scotland, Edinburgh, Scotland. Bank of Scotland has approximately $22 billion of unit trust assets under trusteeship. In addition, State Street has set up a joint venture with Mediolanum SpA, Milan, Italy, an Italian insurance company, to manage and administer pension funds in Italy. The new joint venture will be named Mediolanum State Street. As of June 30, 1997, State Street Corporation had total deposits of $11.1 billion and ranked fourth among all commercial banking and thrift organizations in New England. (American Bkr., 12/12; Boston Globe, 12/11; SNL Weekly BankFax, 12/15/97)

People's Bank, Bridgeport, CT has agreed to acquire the assets of Independent Resources Inc., Litchfield, CT, an equipment-leasing firm. The transaction is expected to be completed in December. The acquired company will become a new subsidiary named People's Capital and Leasing Corporation. As of June 30, 1997, People's Mutual Holdings, Bridgeport, CT, parent company of People's Bank, had total deposits of $5.6 billion and ranked second among all commercial banking and thrift organizations in Connecticut. (SNL Weekly BankFax, 12/8/97)

Atlantic Bank and Trust Company, Boston MA has acquired a $12.3 million loan portfolio for about $10.5 million. The portfolio contains 63 loans that are primarily performing and secured by commercial real estate located in the Northeast. Atlantic Bank has acquired $165.9 million in loans this year. As of June 30, 1997, Atlantic Bank and Trust Company had total deposits of $230.1 million and ranked 70th among all commercial banking and thrift organizations in Massachusetts. (SNL Weekly BankFax, 12/22/97)

BankBoston Corporation, Boston, MA has agreed to acquire a "material interest" in Game Plan LLC, a sports finance-related company that provides consulting, advisory, and investment banking services associated with the acquisition, sale, and financing of professional sports teams, the formation of sports leagues and the development and financing of sports facilities. As of June 30, 1997, BankBoston Corporation had total deposits of $32.5 billion and ranked second among all commercial banking and thrift organizations in New England. (SNL Weekly BankFax, 12/22/97)

The Federal Reserve Board of Governors (Fed) will allow banks to lend up to 100 percent of the purchase price of so-called "small cap" stocks listed by Nasdaq. The margin requirement in Regulation U had prevented some buyers from borrowing more than half the purchase price from a bank. In addition, the Fed will give banks permission to lend up to half the purchase price of exhange-traded options. The changes are effective April 1. (American Bkr., 12/9/97)

The Office of Thrift Supervision (OTS) has increased the public comment period on applications such as requests for new charters to 25 days from 10. The comment period begins on the day that an application is filed, and the OTS may grant extensions on a case-by-case basis. The new rule also allows the OTS to conduct an "informal meeting," an alternative to formal hearings, with any party that files a written request for one. (SNL Weekly BankFax, 12/8/97)

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.