The Hartford Completes Federal Trust Acquisition
HARTFORD, Conn., Jun 24, 2009 (BUSINESS WIRE) -- The Hartford Financial Services Group, Inc. (NYSE: HIG) announced today that it has completed its acquisition of Federal Trust Corporation for $10 million in cash. The transaction closed on June 24, 2009.
"The acquisition of Federal Trust represents the last significant step towards the closing of our investment agreement with Treasury," said Ramani Ayer, chairman and chief executive officer of The Hartford. "Federal Trust has served the Central Florida market for more than 20 years and the company will continue to serve its customers, operating under the Federal Trust name."
About Federal Trust Corporation
Federal Trust Corporation is a unitary thrift holding company and is the parent company of Federal Trust Bank, a federally-chartered, FDIC-insured savings bank. Federal Trust Bank operates 11 full-service offices in Seminole, Orange, Volusia, Lake and Flagler Counties, Florida. The company's executive and administrative offices are located in Sanford, Fla.
About The Hartford
Celebrating nearly 200 years, The Hartford (NYSE: HIG) is an insurance-based financial services company that serves households, businesses and employees by helping to protect their assets and income from risks, and by managing wealth and retirement needs. A Fortune 500 company, The Hartford is recognized widely for its service expertise and as one of the world's most ethical companies. More information on the company and its financial performance is available at www.thehartford.com.
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Some of the statements in this release may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. We caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially. Investors should consider the important risks and uncertainties that may cause actual results to differ. These important risks and uncertainties include those discussed in our Quarterly Reports on Form 10-Q, our 2008 Annual Report on Form 10-K and the other filings we make with the Securities and Exchange Commission. We assume no obligation to update this release, which speaks as of the date issued.
SOURCE: The Hartford Financial Services Group, Inc.
The Hartford Financial Services Group, Inc.
Media Contact:
Shannon Lapierre, 860-547-5624
Shannon.Lapierre@thehartford.com
or
Investor Contact:
Rick Costello, 860-547-8480
Richard.Costello@thehartford.com
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