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Article: Branching out: Fairfield County Bank scoops up Bank of Westport.(Cover Story)
- Article from:
- Fairfield County Business Journal
- Article date:
- February 16, 2004
- Author:
CopyrightCOPYRIGHT 2004 Westfair Communications, Inc. 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)
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After five years of modest profits, the Bank of Westport will be sold, pending regulatory approval, to the newly created Fairfield County Bank Corp. of Ridgefield for $12 per share or approximately $11.2 million.
Paul S. McNamara, chairman of the board of Fairfield County Bank, classified the acquisition as "a strategic opportunity to expand our brand of community banking to the Westport market and to offer additional banking products, brokerage and investment services, and insurance to the Bank of Westport customers."
The acquisition of the Bank of Westport will add $70 million in assets and approximately $64 million in deposits to Fairfield County ...