Hartford to sell Federal Trust;
The Hartford Financial Services Group Inc. said it would sell Federal Trust Corporation to CenterState Banks, Inc. and that it expects an after-tax charge of about $70 million in the second quarter related to the divestiture, including losses on certain Federal Trust Bank assets and liabilities which will not be sold to CenterState Banks, Inc. The sale, subject to regulatory approval, would close in the fourth quarter, and is in line with The Hartford's other recent sales of non-core operations.
NewAlliance Bank, a subsidiary of NewAlliance Bancshares, Inc, today announced plans to open a branch in downtown Hartford, Connecticut The branch is scheduled to open in early 2010.The branch will be located in Hartford 21, which is owned and operated by Northland Investment Corporation.