|
|
Article: Citizens Financial Group to Buy Massachusetts Bank.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- April 18, 2003
CopyrightCOPYRIGHT 2003 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
By David McPherson, Providence Journal, R.I. Knight Ridder/Tribune Business News
Apr. 18--PROVIDENCE, R.I.--As Citizens Financial Group continues to prowl for its next big acquisition, it announced yesterday that it is buying a small Boston-area bank that will strengthen the Providence-based bank's hand against rival FleetBoston Financial Corp.
Citizens said it will pay $285 million in cash for Port Financial Corp., parent company of CambridgePort Bank, which operates 11 branches and 15 ATMs in a prosperous market in the greater Boston area.
"It's a very high-quality company that has a record of strong growth over the last three years," ...