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  • Seller
  • Buyer
  • Type
  • Date Announced
  • Seller AUM
  • Trust Company of Connecticut
  • NewAlliance Bancshares, Inc.
  • Trust Banks
  • March 9, 2005
  • $700 Million

Seller Details

Trust Company of Connecticut , headquartered in Hartford , is a private state chartered trust company established in 1992 to provide trust, investment management and other fiduciary services to both individuals and institutions.

Buyer Details

NewAlliance Bancshares is the holding company of NewAlliance Bank, which is headquartered in New Haven and has 64 branches in five counties in Connecticut . NewAlliance Bank was formed in April 2004 through the merger of New Haven Savings Bank, Savings Bank of Manchester and Tolland Bank. At the end of December 2004, the Bank had assets of $6.3 billion and deposits of $3.7 billion. NewAlliance is the third largest banking institution headquartered in the state.

Transaction Summary

NewAlliance Bancshares, Inc. acquired Trust Company of Connecticut for approximately $19.3 million in cash and stock. Trust Company of Connecticut will continue to be based in Hartford , keep its name and operate as a separate trust division of NewAlliance within the Bank's Wealth Management Group. Nancy G. Dean, President of Trust Company of Connecticut , will become President of the trust division and Senior Vice President of NewAlliance Bank, and Chairman David B. Payne will become Chairman of a Trust Advisory Board to the trust division. At least 51% of the consideration for the acquisition will be in NewAlliance stock. At the end of 2004, Trust Company of Connecticut had over $700 million in assets under management.

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