People's United Financial, Inc., of Connecticut has announced that it will buy Chittenden Corporation for $1.9 million in cash, or $37 per share. The deal, if approved by shareholders of Chittenden and regulators, is expected to close in the first quarter, next year, and it will result in a leading regional banking franchise in New England. Maine Bank & Trust of Portland and Ocean National Bank of Kennebunk, branches of Chittenden, will not change their names. Chittenden, mainly dealing in commercial loans and residential mortgages, has assets worth $6.4 billion. The bank operates across 130 branches in Vermont, New Hampshire, Massachusetts, and Maine. The new entity will have assets of approximately $22 billion.
BancorpSouth Bank to merge with The Signature Bank
BancorpSouth Bank and Signature Bank, the two subsidiary banks of BancorpSouth, Inc., will merge under the BancorpSouth Bank name and charter, effective July 1st. The merger follows the previous merger of BancorpSouth, Inc., and City Bancorp. Signature Bank operates six banking locations in Springfield and one loan production office in Clayton in the St. Louis metropolitan area. Post merger, the locations at Springfield will be functional as BancorpSouth bank offices. The Signature Bank had assets worth $953 million approximately. BancorpSouth, Inc., a $13.0 billion financial holding company, has its headquarters in Tupelo. BancorpSouth and its subsidiaries provide diverse financial options including mortgage origination and servicing, brokerage, and insurance services.
Wachovia names Trotter as head of its Treasury Services
Wachovia Corp., has named David Trotter as the head of its Treasury Services division. At his new position, Trotter will report directly to the head of the Corporate and Investment Bank (CIB) and will serve on the Executive Committee. Trotter, prior to joining Treasury services, carries 20 years of corporate and investment banking experience at Wachovia's group. Wachovia's Treasury Services division is the nation's third-largest provider of cash management services. The organization caters to nearly 70,000 corporations and organizations. Wachovia Corp., one of the U.S.'s largest diversified financial service companies, has 3,400 retail banking offices in 21 states.
Wall honored for 35 years of banking service
Rondal J. "Ron" Wall, the vice president of the Bank of Clarendon, was honored by the South Carolina Bankers Association (SCBA) by being named to the "35 Year Club". Wall started his banking career with the Bank of Hartsville, which eventually became part of the Bank of America chain. Wall at the age of 58 is a 35-year veteran of the banking business industry. The SCBA is an organization set up to represent the common interest of banks in South Carolina, and it has had an association with the state's banking industry for 104 years.
