Branch Acquisition

On June 23, Richmond County Savings Bank, Staten Island, NY, purchased seven branches from Fleet National Bank, Providence, RI, a subsidiary of FleetBoston Financial Corp, Boston, MA. Five of the branches are located in New Jersey (in Atlantic City (2), Margate, Northfield, and Ventnor) and two are located in the state of New York. The New Jersey branches, which contained deposits of $232 million as of June 30, 2000, were divested as a condition of the January 25 Department of Justice (DOJ) approval of the merger between FleetBoston and Summit Bancorp, Princeton, NJ. The New Jersey branches were formerly branches of Summit Bancorp subsidiary Summit Bank, Hackensack, NJ, and the New York branches were formerly branches of Fleet National Bank. (Internal Notice, 6/25; SNL Bank , Thrift Weekly, 6/25/01)

On June 7, Fleet National Bank, Providence, RI, closed nine Connecticut branches. The branches were located in Danbury, Darien (2), Fairfield, Greenwich, New Fairfield, New Milford, Norwalk, and Wilton.

On June 8, Webster Bank, Waterbury, CT, closed nine Connecticut branches. The branches were located in Danbury, East Hartford, Ellington, Enfield, Hartford, Newington, West Hartford, Wethersfield, and Windsor Locks.

On June 15, Fleet National Bank closed nine branches located in Massachusetts and Maine. The branches were located in Acushnet, Bellingham, and Springfield, MA, and in Auburn, Augusta, Bangor, Lewiston, and Waterville (2), ME. (Internal Notice, 6/8; 6/9; 6/16/01)

Branch Openings

On May 29, Community National Bank, Derby, VT, opened a branch located at 97-98 State Street, Montpelier, VT. On May 31, New Haven Savings Bank, New Haven, CT opened a branch located at 316 Main Street, Route 150, Wallingford, CT. On June 5, Hampden Savings Bank, Springfield, MA, opened a branch located at 820 Suffield Street, Agawam, MA.

On June 11, Medford Savings Bank, Medford, MA, opened a branch located at 440 Massachusetts Avenue, Arlington, MA. On June 13, Naugatuck Valley Savings , Loan Association, Naugatuck, CT, opened a branch located at 860 Bridgeport Avenue, Shelton, CT. On June 25, Citizens Bank of Massachusetts, Providence, RI, opened 20 Stop , Shop branches in Rhode Island. The branches are located in Bristol, Kent, Newport, Providence, and Washington counties. (Internal Notice, 5/30; 6/1; 6/6; 6/12; 6/13; 6/26)

Northfield MHC and Bancorp Become Financial Holding Companies

On June 15, Northfield MHC and Northfield Bancorp, Inc., both of Northfield, VT, became financial holding companies. Northfield MHC is the parent company of Northfield Savings Bank, Northfield, VT. (Actions by the Board, 6/16/01)

FDIC Approves Proposal

On June 4, the Federal Deposit Insurance Corp (FDIC) approved the proposal of Salisbury Bank and Trust Co., Lakeville, CT, to acquire the Canaan branch of People's Bank, Bridgeport, CT. As of June 30, 2000, the branch contained total deposits of $27.4 million. As of the same date, Salisbury Bancorp, Lakeville, CT, parent company of Salisbury Bank and Trust Co., had total deposits of $155.9 million and ranked 44th among all commercial banking and thrift organizations in Connecticut. As of the same date, People's Mutual Holdings, Bridgeport, CT, parent company of People's Bank, had total deposits of $7.5 billion and ranked second. (FDIC Press Release, 6/4/01)

CT BankingDepartment Approves Proposals

On May 31, the Banking Commissioner of Connecticut issued a notice of intent not to disapprove the acquisition by United Parcel Service, Inc., of 100 percent of the voting securities of First International Bancorp, Inc., Hartford, CT, and, indirectly, of its subsidiary, First International Bank, Hartford, CT. As of June 30, 2000, First International Bancorp had total deposits of $273.3 million and ranked 31st among all commercial banking and thrift institutions in Connecticut.

On June 15, the Banking Commissioner of Connecticut approved the merger of First Federal Savings , Loan Association of E. Hartford, East Hartford, CT, with and into the Savings Bank of Manchester, Manchester, CT. The Commissioner also issued a notice of intent not to disapprove the acquisition by Connecticut Bankshares, Inc., Manchester, CT, parent company of the Savings Bank of Manchester, of 100 percent of the voting securities of First Federal Savings , Loan Association of E. Hartford. As of June 30, 2000, Connecticut Bankshares, Inc., had total deposits of $940.4 million and ranked 13th among all commercial banking and thrift institutions in Connecticut. As of the same date, First Federal S ,LA of E. Hartford had total deposits of $621.8 million and ranked 15th.

On June 19, the Banking Commissioner of Connecticut approved the merger of Hometown Bank, Moodus, CT, with and into Liberty Bank, Middletown, CT. As of June 30, 2000, Liberty Bank had total deposits of $1.3 billion and ranked 10th among all commercial banking and thrift institutions in Connecticut. As of the same date, Hometown Bank had total deposits of $54.1 million and ranked 69th. (CT Dept. of Banking News Bulletin, 6/1; 6/15; 6/22/01)

Merger Announcements

On June 11, Banknorth Group, Inc., Portland, ME, signed a definitive agreement to acquire Andover Bancorp, Inc., Andover, MA, for approximately $333 million in stock, and MetroWest Bank, Framingham, MA, for approximately $166 million in cash. Under terms of the larger transaction, Banknorth will exchange 2.27 shares of its stock for each Andover share held. The MetroWest agreement calls for shareholders to receive $11.50 in cash for each of their shares. The deal, subject to regulatory and shareholder approval, is expected to close by October.

The two transactions are the first announced by Banknorth since the company was created by a merger between Peoples Heritage Financial Group, Portland, ME, and Banknorth Group, Inc., Burlington, VT. That deal was seen as a key move in the acquirer's transformation from a rural New England thrift to a more diversified and wider-reaching community bank.

As of June 30, 2000, Banknorth Group, Inc., had total deposits of $11.2 billion and ranked fourth among all commercial banking and thrift institutions in New England. As of the same date, Andover Bancorp, Inc., had total deposits of $1.1 billion and ranked 25th. As of the same date, MetroWest Bank had total deposits of $641.7 million and ranked 45th. (SNL Bank , Thrift Weekly, 6/18/01)

North Fork Acquisition Delayed

On June 11, North Fork Bancorp, Inc., Melville, NY, said that it will probably not complete its acquisition of Commercial Bank of New York, New York, NY, until the fourth quarter, although it previously expected to close the deal in the third quarter. Completion was delayed when the Federal Reserve Board of Governors (Fed) opted to step into the regulatory approval process; North Fork had expected to receive a waiver from that agency. Commercial Bank of New York, which does not have a holding company, is being acquired by subsidiary North Fork Bank, and North Fork's management thought it might receive a waiver from the Fed on that basis. (SNL Bank , Thrift Weekly, 6/18/01)

Washington Mutual to Acquire Dime

On June 25, Washington Mutual Bank, WA (WaMu), signed a definitive agreement to acquire Dime Bancorp, Inc., New York, NY, in a $5.2 billion stock and cash deal. Under terms of the transaction, WaMu will pay $1.4 billion in cash and 92.3 million shares of its stock. The deal, subject to regulatory and Dime shareholder approval, is expected to be completed in 2002. Washington Mutual is the nation's largest thrift, with $219 billion in assets, and operates more than 1,225 retail branches. (CNNfn, 6/25; NY Times, 6/26/01)

CBS to Acquire Fleet Branches

On June 8, Community Bank System Inc., DeWitt, NY (CBS), announced that it will acquire 36 branches, with deposits of approximately $484 million, from FleetBoston Financial Corp, Boston, MA. The transaction, subject to regulatory approval, is expected to close early in the fourth quarter. Closing the deal will give the bank 121 branches. (SNL Bank , Thrift Weekly, 6/11/01)

WaMu Acquires Fleet Mortgage Co.

On June 1, Washington Mutual Inc., Seattle, WA (WaMu), completed its acquisition of Fleet Mortgage Co., Columbia, SC, a unit of FleetBoston Financial Corp, Boston, MA. On April 2, WaMu agreed to buy the mortgage unit for $660 million in cash. The addition of Fleet Mortgage's $143.9 billion mortgage servicing portfolio brings WaMu's total servicing portfolio to $455.9 billion, making it one of the nation's largest loan servicers. (SNL Bank , Thrift Weekly, 6/4/01)

Fleet to Acquire Liberty's Asset Management Operations

On June 4, FleetBoston Financial Corp, Boston, MA, signed a definitive agreement to acquire the asset management businesses of Liberty Financial Cos., Boston, MA, for $900 million in cash, and assume $110 million in debt. The transaction will propel Fleet into the No. 29 spot worldwide for assets under management, up from No. 42. Liberty will add $51 billion in assets under management, to bring Fleet's total to $173 billion. (Boston Globe, 6/5; NY Times, 6/5; SNL Bank , Thrift Weekly, 6/11/01)

MA State Web Site Lists Bank Fees

During the week of June 24-29, the Office of the Massachusetts State Treasurer posted the results of a fees survey it sent to banks and credit unions on a new Web site, www.bestvaluebanking.com. Residents of the state will be able to enter the city where they live and the services they want, and get a list of financial institutions that fit the bill. Massachusetts is the first state to make that kind of information available in a simple, searchable format. (Boston Globe, 6/29/01)

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.