HARTFORD, Conn. (AP) — Hartford Financial Services Group Inc. said on Monday that it will sell Federal Trust Corp., a thrift holding company with 11 offices in Florida, to CenterState Banks Inc.
Financial terms of the transaction were not disclosed.
Hartford expects to record an after-tax charge of about $70 million in the second quarter related to the transaction. That includes losses on certain assets and liabilities that will not be sold to CenterState.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
