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Article: Chittenden Corporation Announces Investment Portfolio Transactions.
- Article from:
- Business Wire
- Article date:
- May 16, 2007
CopyrightCOPYRIGHT 2007 Business Wire. 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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BURLINGTON, Vt. -- Chittenden Corporation (NYSE: CHZ) announced that it is taking steps to adjust its balance sheet through a strategy which involves the sale of approximately $572 million or 52 of the investment securities held in the available-for-sale investment portfolio in accordance with Statement of Financial Accounting Standards No.115 Accounting for Certain Investments in Debt and Equity Securities. This strategy is designed to better position the Company's cash flows for the acquisition of Merrill Merchants Bancshares, Inc. and is consistent with its forecasts for future loan and deposit growth. The acquisition of Merrill Merchants, which remains subject to the ...