The Hartford Financial Services Group Inc. says it has completed its acquisition of Federal Trust Corporation for $10 million in cash.
The transaction closed on June 24, 2009, Hartford says.
Federal Trust Corporation, a unitary thrift holding company, is parent of Federal Trust Bank, Sanford, Fla., a federally-chartered, FDIC-insured savings bank.
The acquisition represents “the last significant step towards the closing of our investment agreement with Treasury,” said Ramani Ayer, chairman and chief executive officer of Hartford Financial.
Hartford has received $3.4 billion from the federal government’s Troubled Asset Relief Program, and it originally undertook the purchase of the bank to help facilitate that.
The company also announced plans to raise $750 million through a through a stock offering.
Following those announcements, Standard & Poor’s, New York, announced it was raising its outlook on Hartford Financial to stable, from negative.