NewAlliance Bancshares Completes Cornerstone Acquisition
January 03 2006 - 7:45AM
Business Wire
NewAlliance Bancshares, Inc. (NYSE: NAL) announced that it
completed its acquisition of Stamford-based Cornerstone Bancorp,
Inc. (AMEX:CBN) yesterday, providing its initial entry into
Fairfield County. Shareholders of Cornerstone approved the
acquisition in August and the banks received the required
regulatory approvals in September. The cash-and-stock transaction
was valued at approximately $48.7 million when announced. The
acquisition supports NewAlliance's growth strategy, providing it
with additional assets of $221 million and deposits of $186 million
as of September 30, 2005, and a strong immediate presence in the
highly attractive Fairfield County market. "We are pleased to
combine two great community banks," said Peyton R. Patterson,
Chairman, President and Chief Executive Officer of NewAlliance.
"With Cornerstone's outstanding reputation for personal service, we
see an excellent potential for growth in Fairfield County in the
consumer and commercial lending market, as well as in our wealth
management and trust services." Merrill J. Forgotson, former
President and CEO of Cornerstone, has become Senior Vice President
of NewAlliance and Head of Business Banking in the Fairfield County
region. Cornerstone has branches in Stamford at 550 Summer Street,
1117 High Ridge Road and 1042 Hope Street. Other branches are
located at 211 East Putnam Avenue, Cos Cob; 79 New Canaan Avenue,
Norwalk; and 1071 Post Road East, Westport. NewAlliance Bancshares,
which just completed its first full year as a public company, is
the parent company of NewAlliance Bank, the sixth largest bank
headquartered in New England and the third largest bank based in
Connecticut. Including this acquisition, the Bank now has 71
branches in six Connecticut counties - Fairfield, Hartford,
Middlesex, New Haven, Tolland and Windham. At September 30, 2005,
NewAlliance had $6.6 billion in assets and $3.7 billion in
deposits. In July 2005, NewAlliance acquired Hartford-based Trust
Company of Connecticut, tripling the Bank's trust assets under
management.
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