262 replies to this topic

[The Voice of Reason]

With Appologies, I want to create a thread to track Hartford and Connecticuts companies. The life blood of out cities is the jobs created by these companies.

I plan on using this space to first off, list all of the area public and private companies based in the area, and also use this thread to follow the daily and weekly financial moves.

I am not so sure any of you guys are as interested in this stuff as I am, but I think at the vary least I should keep my postings to one simple place. and maybe HT will sticky it. hell maybe he will move it to the State level because I guess that might be wher this belongs. But here goes.

I am combining the most recent fortune 1000 list with our largest private companies
company * revenue in million * city

General Electric 6*176,656.0 *Fairfield
United Technologies 39*54,759.0 *Hartford
Aetna *27,599.6 *Hartford
Hartford Financial Services *25,916.0 *Hartford
Xerox *17,228.0 *Norwalk
Praxair *9,402.0 *Danbury
Terex *9,137.7 *Westport
Pitney Bowes *6,129.8 *Stamford
Emcor Group *6,006.2 *Norwalk
Northeast Utilities *5,823.5 *Berlin
W.R. Berkley *5,553.6 *Greenwich
Stanley Works *4,483.8 *New Britain
Chemtura *3,926.0 *Middlebury
United Rentals *3,731.0 *Greenwich
Silgan Holdings *2,923.0 *Stamford
Amphenol *2,851.0 *Wallingford
Crane *2,619.2Stamford
Phoenix *2,572.8 *Hartford
Hubbell *2,533.9 *Orange
Citizens Communications *2,288.0 *Stamford
IMS Health *2,192.6 *Norwalk
Magellan Health Services *2,156.0 *Avon
Applera *2,132.5 *Norwalk
Cenveo *2,046.7 *Stamford
Interactive Brokers Group *2,023.4 *Greenwich
UST *1,893.2 *Stamford
Knights of Columbus *1,739.9 *New Haven
Conair *1,700 *Stamford
Towers Perrin *1,420 *Stamford
Bozzuto's *1,170 *Cheshire
Kaman *1,086.03+ two recent mergers 55+?? * Bloomfield
Gerber Scientific * 640.02 + recent merger 53.31 *693.33 *South Windsor
priceline.com *Norwalk
Gartner Inc. *Stamford
Open Solutions Inc. *190.00 *Glastonbury


There are a ton of major companies that have operations, or whole divisions here, actually to many to list, but obviously they will be talked about as related news pops up. And Travelers, like it or not is not Hartford based right now.

ING
Prudential
Met Life
Bank of America
Travelers
etc etc...


I will try and add companies to the list. Basicly whenever I see a news item or someone else does, we can add the company and such as necessary.

Here is an interesting article from January.
http://www.zwire.com...=...00736&rfi=6

It has the official state top 100 from 2007, so dont take the numbers as gospel. most are wrong on the biggest ones. the above are from the 2008 Forbes list base of public info.

Over the 18-year run of The Connecticut 100, several generations of company trends have come and gone. There was the disturbing migration of firms out of Connecticut to warmer (and cheaper) climes. That seems to have abated. There was the widespread failure or acquisition of state-based banks. That has quieted down as well. Now a third trend has become evident-one that should bode well for the state's economic future.

What is happening is that a number of Connecticut's hotshot technology companies-ones that started up within the past decade or so-have now grown and matured to the point that they are appearing on the list of the state's largest. This has always been an exciting group to watch, but there has been a boom-or-bust aspect that's made it just a bit unpredictable. After all, great ideas are not always paired with the sharpest business sense. Good business minds are not necessarily attuned to what tomorrow will bring.

RankCompany
TownSales
(in Millions)Product or Service</B>
1General Electric Co. Inc.
Fairfield$163,391diversified manufacturing and technology
2United Technologies Corp.
Hartford$47,829aerospace, defense, building products
3The Hartford
Hartford$26,500insurance, financial services
4Aetna Inc.
Hartford$25,146managed health care
5Xerox Corp.
Stamford$15,895copier, office products and systems
6Praxair Inc.
Danbury$8,324industrial gases
7Terex Corp.
Westport$7,648heavy construction equipment
8Northeast Utilities
Berlin$6,884electricity
9Pitney Bowes Inc.
Stamford$5,730office machines
10W.R. Berkley Corp.
Greenwich$5,395property casualty insurance
11EMCOR Group Inc.
Norwalk$5,021mechanical, electrical services
12The Stanley Works
New Britain$4,019tools, hardware, specialty hardware
13Chemtura Corp.
Middletown$3,723specialty chemicals
14United Rentals Inc.
Greenwich$3,640heavy-equipment rentals
15OdysseyRe
Stamford$2,902reinusurance
17Silgan Corp.
Stamford$2,668metal, plastic and paper products
18Phoenix Companies Inc.
Hartford$2,578insurance, financial services
19Amphenol Corp.
Wallingford$2,471electronic cables, connectors
20Hubbell Inc.
Orange$2,414electrical parts
21Crane Co.
Stamford$2,257diversified manufacturing
22Citizens Communications
Stamford$2,025electric, telephone, natural gas, water
23IMS Health Inc.
Westport$1,959pharmaceutical, health-care research
24Applera Corp.
Norwalk$1,949life-science systems, genetic databases
25Studen Loan Corp.
Stamford$1,869student loans
26*UST Inc.
Greenwich$1,851tobacco, wine and other products
27*Mashantucket Pequot Gaming Enterprises Inc.
Mashantucket$1,850gaming and entertainment
28*Interactive Brokers Group
Greenwich$1,737investment services
29*Conair Corp.
Stamford$1,700kitchen and personal-care products
30Magellan Health
Farmington$1,690managed mental-health care services
31*Retail Brand Alliance
Enfield$1,500clothing retailer
32*Purdue Pharma
Stamford$1,460pharmaceuticals
33*Knights of Columbus
New Haven$1,450insurance
35Arch Chemicals Inc.
Norwalk$1,435specialty chemicals
36*Mohegan Tribal Gaming Authority
Uncasville$1,426gaming and entertainment
37*Towers Perrin
Stamford$1,420human-resources consulting
38Star Gas Partners LP
Stamford$1,297fuel oil, propane
39Barnes Group Inc.
Bristol$1,260spring and metal components
40Blyth Industries Inc.
Greenwich$1,2221housewares, scented candles
41Kaman Corp.
Bloomfield$1,206advanced technology products
42*Unimin Corp.
New Canaan$1,200mining materials
43Hexcel Corp.
Stamford$1,193engineered materials
44Bozzuto's Inc.
Cheshire$1,170wholesale groceries, convenience stores
45*Affinion Group
Norwalk$1,138business services
46priceline.com Inc.
Norwalk$1,123Internet consumer services
47Gartner Inc.
Stamford$1,060computer research, analysis
48Ethan Allen Interiors Inc.
Danbury$1,005furniture and household products
49*Esselte Corp.
Stamford$1,000office supplies
50Vertrue Inc.
Stamford$800membership services, recruitment
51Playtex Corp.
Westport$636personal care products
52Gerber Scientific Inc.
South Windsor$575scientfic instruments
53*Lane Construction Corp.
Meriden$555heavy construction
54*Doctors Associates Inc.
Milford$512Subway fast-food franchises
55Genesse & Wyoming Inc.
Greenwich$479freigh rail operations
56FactSet Research Systems
Norwalk$476online database services
57Photronics Inc.
Brookfield$455semiconductors and microelectronics parts
58Rogers Corp.
Killingly$455manufacturing
59*Chase Enterprises
Hartford$425real estate, diverse holdings
60Proliance International Inc.
New Haven$416auto cooling systems
61TRC Companies Inc.
Windsor$406environmental services
62*Oakleaf Waste
Management
East Hartford$400waste management services
63*Heartland Industrial
Partners
Greenwich$365aerospace, auto parts
64Independence Holding Co.
Stamford$365insurance
65Lydall Inc.
Manchester$326fiber materials, components
66*ATMI Corp.
Danbury$326semiconductors
67RBC Bearings Inc.
Oxford$306ball bearings
68*Stew Leonard's
Norwalk$292retail groceries and dairy
69*Standyne Automotive Corp.
Windsor$290diesel-fuel injection equipment
70MTM Technologies Inc.
Stamford$275technology services
71World Wrestling Entertainment Inc.
Stamford$263professional wrestling, related products
72*North Castle Partners LLC
Greenwich$244food and health products
73Tauck Holdings Inc.
Westport$240tour operators
74Clayton Holdings
Shelton$239financial services
75Hometown Auto Retail
Watertown$233new and used automobiles
76Familymeds Group
Farmington$231pharmacies, pharmaceuticals
77*R.T. Vanderbilt Co. Inc.
Norwalk$221chemicals, mining
78O&G Industries Inc.
Torrington$221nonresidential construction
79*SS&C
Windsor$206investor services and software
80The Aristotle Corp.
Stamford$203educational and health products
81Baldwin Technology Co.
Shelton$202printing controls and accessories
82Open Solutions Inc.
Glastonbury$194business services
83*The Lee Co.
Westbrook$183diversified manufacturing
84*Gerald Metals Inc.
Stamford$172nonferrous and precious metals
85Zygo Corp.
Middlefield$168measurement and automaton devices
86Sturm, Ruger & Co.
Fairfield$168food products
87L-1 Identity Solutions
Stamford$164security systems and services
88*Bartlett Tree Experts
Stamford$161tree care and landscaping services
89Axsys Technologies Inc.
Rocky Hill$156precision opticals
90*Moran Towing Corp.
New Canaan$150tugboats, towing services
91Darwin Professional
Underwriters Inc.
Farmington$149insurance
92Webloyalty.com
Norwalk$144online marketing services
93Eastern Co.
Naugatuck$139locks and industrial hardware
94Jupitermedia Corp.
Darien$138Internet publishing, digital assets
95*Ulbrich
North Haven$136steel
96*Guida-Seibert Dairy
New Britain$128dairy products
97*Simkins Industries
New Haven$122paperboard mills
98*Newman's Own Inc.
Westport$120food products
99First Aviation Services
Westport$119services to aircraft operators
100Greenfield Online Inc.
Wilton$100marketing data

Remember, that was a list from 2007, so I took a few companies out(advo, and United natural foods)

Top employers in the state 2006

Employer

Industry

City

# of CT Employees

United Technologies Corp. Building Systems & Aerospace

Hartford 26,400
Stop & Shop Cos. Inc. Supermarket

North Haven 14,049
Hartford Financial Services Group Inc. Investment & Financial Services

Hartford 12,100
Yale University Higher Education & Research

New Haven 11,500
Foxwoods Resort Casino Gaming & Tourism

Mashantucket 11,500
Mohegan Sun Gaming & Tourism

Uncasville 10,000
Wal-Mart Stores, Inc. Retail

Bentonville, AR 8,859
General Dynamics Electric Boat Submarines

Groton 8,000
AT&T Connecticut Telecommunications

New Haven 7,700
Aetna Inc. Health Insurance

Hartford 7,450
Pfizer Global Research and Development Pharmaceutical

New London 6,500
General Electric Co. Diversified Technology

Fairfield 6,300
St. Paul Travelers Cos. Inc. Insurance & Asset Management

Hartford 6,200
Hartford Hospital Hospital

Hartford 5,619
Bank of America Financial Services

Hartford 5,100
CIGNA Health Care & Employee Benefits

Bloomfield 4,390
Northeast Utilities Energy Products & Services

Hartford 4,148
Athena Health Care Systems Nursing & Rehabilitation Facilities

Southington 3,725
ESPNSports Media

Bristol 3,000
St. Francis Hospital and Medical Center Hospital

Hartford 2,898
People's Bank Banking

Bridgeport 2,816
Webster Financial Corp. Banking, Insurance, Investment Management

Waterbury 2,700
United States Surgical Surgical

Norwalk 2,583
Masonicare Senior Health Care & Retirement Living

Wallingford 2,414
Boehringer Ingelheim Corp. Health Care Products

Ridgefield 2,200

Edited by The Voice of Reason, 23 October 2008 - 06:16 PM.

[The Voice of Reason]

We have had quite a few developments in this area lately.

Today Gerber Scientific just bought a laser company.

Kaman corp recently sold its music segment, and have used the profits(about 100M) to buy Virginia-based Industrial Supply Corp and then on 10/07 bought industrial rubber and mechanics of Puerto Rico.

Also we just lost one of our fortune 1000 companies to downtown Providence.  United Natural foods

Edited by The Voice of Reason, 22 October 2008 - 01:31 PM.

[Theophrastus Bombastus]

I would include Travelers too - more employees here than in St. Paul - hopefully Htfd will be HQ soon

[The Voice of Reason]

Theophrastus Bombastus, on Oct 22 2008, 02:35 PM, said:

I would include Travelers too - more employees here than in St. Paul - hopefully Htfd will be HQ soon

This all may be true, but untill its official, its not a CT Company.


Other news from today or at least I read it today.

Webster is thinking expansion by hopping on the stimulus plan.
http://www.courant.c...0,3274594.story
Smith said Tuesday that Webster — one of the largest Connecticut-based banks — doesn't need the additional capital to survive the economic downturn. But it could qualify for $135 million to $400 million of the federal bank assistance and needs to determine whether it should apply for it, Smith told analysts on a conference call about the bank's third quarter results.

Damon DelMonte, an analyst at Keefe, Bruyette & Woods Inc. in Hartford, said Webster probably would look for acquisitions in the corridor between Boston and Springfield. Webster plans to open a downtown Boston office this spring.
Other markets Webster could target are along the Connecticut-Massachusetts border and elsewhere in Rhode Island, DelMonte said.


Travelers is looking to snag AIGs commercial clients and maybe make some moves. Travelers right now is in a great position to grow, so they are suspending share buy backs to help
http://bloomberg.com...id=a4RaEFpJDHRw
AIG is auctioning units that sell coverage to consumers in the U.S. and life insurance businesses worldwide to raise capital. Travelers said today that it doesn't expect difficulty in financing a deal if the company finds an acquisition that makes sense.

`We're going to approach anything we do cautiously and thoughtfully,'' Fishman said of acquisitions, without discussing possible targets.

Edited by The Voice of Reason, 22 October 2008 - 09:03 PM.

[The Voice of Reason]

Connecticuts banking sector.

Right now is actually a pretty good time for the banking sector in Connecticut. Things can change on a dime right now, but most CT banks are quite healthy. Also, the fed is encouraging banks to do mergers right now to further strengthen themselves, and is even providing low interest loans to help this process along. It stands to reason that the CT banks will fare well due to being mostly healthy to begin with.

I am again going to overwhelm you guys with numbers. these are from the FDIC web site and were reported 06/30/2008. Also, these numbers are only for FDIC banks, so there may be planty of smaller or non FDIC banks not on the list.
http://www2.fdic.gov...k.asp?barItem=2 from here you can search any area of the country for banking info.

These are the numbers for banks with operations in Connecticut. Formatting is going to be tricky, but this shows the bank name, the # of branches this bank has outside of CT, the ammount of deposits it holds outside of CT, then the number of office in state and the deposits ammount in state. lastly the market share.

These numbers are pretty recent, but they do not include Peoples banks purchase of Chitteden banks so, the outside of the state numbers are WAY off for Peoples.

INSTITUTION NAME * # of offices * Deposits x$1000 * # of offices * Deposits x$1000 * Market share
BANK OF AMERICA NA               * 5565 * 624494033 * 173 * 17758182 * 21.34%
WEBSTER BANK NATIONAL ASSN * 42 * 1831589 * 142 * 10336621 * 12.42%
PEOPLES UNITED BANK              * 3 * 86811 * 162 * 8817112 * 10.60%
WACHOVIA BANK NATIONAL ASSN * 3263 * 390380846 * 75 * 7378154 * 8.87%
TD BANK NATIONAL ASSN             * 1000 * 68739478 * 88 * 4496771 * 5.40%
NEWALLIANCE BANK                     * 13 * 345878 * 77 * 4132554 * 4.97%
JPMORGAN CHASE BANK NA             * 3133 * 457539030 * 42 * 3468970 * 4.17%
RBS CITIZENS NATIONAL ASSN        * 1185 * 68366732 * 51 * 2836239 * 3.41%
LIBERTY BANK                           * 0 * 0 * 34 * 2167140 * 2.60%
CITIBANK NATIONAL ASSN          * 1043 * 222591073 * 30 * 1734750 * 2.09%
SOVEREIGN BANK                      * 715 * 46150992 * 33 * 1627900 * 1.96%
PRUDENTIAL BANK&TRUST FSB   * 0 * 0 * 1 * 1312502 * 1.58%
FAIRFIELD COUNTY BANK          * 0 * 0 * 21 * 1226276 * 1.47%
ROCKVILLE BANK                     * 0 * 0 * 21 * 1050254 * 1.26%
UNION SAVINGS BANK              * 0 * 0 * 18 * 1031430 * 1.24%
FARMINGTON SAVINGS BANK     * 0 * 0 * 15 * 817932 * 0.98%
FIRST COUNTY BANK                * 0 * 0 * 14 * 782414 * 0.94%
PATRIOT NATIONAL BANK         * 3 * 50931 * 16 * 676983 * 0.81%
NEWTOWN SAVINGS BANK        * 0 * 0 * 18 * 665061 * 0.80%
SAVINGS INSTITUTE B&T CO     * 0 * 0 * 22 * 624812 * 0.75%
TORRINGTON SAVINGS BANK     * 0 * 0 * 7 * 610278 * 0.73%
NAUGATUCK SAVINGS BANK      * 0 * 0 * 13 * 567347 * 0.68%
CHELSEA GROTON SAVINGS BANK * 0 * 0 * 14 * 559456 * 0.67%
SAVINGS BANK OF DANBURY     * 0 * 0 * 12 * 478719 * 0.58%
HUDSON CITY SAVINGS BANK  * 115 * 16477169 * 6 * 445323 * 0.54%
THOMASTON SAVINGS BANK    * 0 * 0 * 8 * 420493 * 0.51%
CAPITAL ONE NATIONAL ASSN   * 737 * 70168784 * 1 * 416080 * 0.50%
DIME BANK                            * 1 * 21045 * 9 * 412299 * 0.50%
GUILFORD SAVINGS BANK          * 0 * 0 * 7 * 364211 * 0.44%
CONNECTICUT CMTY BANK NA   * 0 * 0 * 9 * 348485 * 0.42%
FIRST NB OF LITCHFIELD           * 0 * 0 * 9 * 348259 * 0.42%
NAUGATUCK VALLEY S&L           * 0 * 0 * 10 * 343452 * 0.41%
SALISBURY BANK&TRUST CO      * 3 * 29738 * 4 * 303077 * 0.36%
PUTNAM BANK                         * 0 * 0 * 7 * 285710 * 0.34%
MILFORD BANK                        * 0 * 0 * 7 * 280231 * 0.34%
WINDSOR FS&LA                     * 0 * 0 * 5 * 265373 * 0.32%
WASHINGTON MUTUAL BANK     * 2200 * 183231086 * 13 * 248340 * 0.30%
NORTHWEST COMMUNITY BANK * 0 * 0 * 8 * 204178 * 0.25%
ENFIELD FS&LA                       * 0 * 0 * 8 * 203243 * 0.24%
SIMSBURY BANK&TRUST CO      * 0 * 0 * 5 * 199757 * 0.24%
VALLEY BANK                         * 0 * 0 * 4 * 190046 * 0.23%
ESSEX SAVINGS BANK             * 0 * 0 * 4 * 188415 * 0.23%
JEWETT CITY SAVINGS BANK    * 0 * 0 * 4 * 169777 * 0.20%
BANK OF NEW CANAAN             * 0 * 0 * 2 * 157581 * 0.19%
CITIZENS NATIONAL BANK        * 0 * 0 * 5 * 155028 * 0.19%
HSBC NATIONAL BANK USA         * 8 * 138581 * 10 * 151674 * 0.18%
CONNECTICUT BANK&TRUST CO * 0 * 0 * 7 * 147352 * 0.18%
STAFFORD SAVINGS BANK          * 0 * 0 * 3 * 147194 * 0.18%
FIRST NB OF SUFFIELD             * 0 * 0 * 4 * 144945 * 0.17%
LITCHFIELD BCORP                  * 0 * 0 * 5 * 139233 * 0.17%
EASTERN FEDERAL BANK         * 0 * 0 * 4 * 137092 * 0.16%
BANKERS BANK NORTHEAST      * 0 * 0 * 1 * 127201 * 0.15%
CONNECTICUT RIVER CMTY BANK * 0 * 0 * 2 * 121667 * 0.15%
COLLINSVILLE SAVINGS SOCIETY * 0 * 0 * 2 * 100025 * 0.12%
BANK OF SOUTHERN CONNECTICUT * 0 * 0 * 4 * 89641 * 0.11%
NATIONAL IRON BANK                 * 0 * 0 * 4 * 88982 * 0.11%
INSURBANC                             * 0 * 0 * 1 * 88503 * 0.11%
WILTON BANK                          * 0 * 0 * 2 * 80614 * 0.10%
APPLE VALLEY BANK&TRUST CO * 0 * 0 * 3 * 67360 * 0.08%
WASHINGTON TR CO OF WESTERLY * 15 * 1545131 * 3 * 65138 * 0.08%
MERRILL LYNCH B&T CO FSB          * 53 * 22876006 * 1 * 58204 * 0.07%
CASTLE BANK&TRUST CO              * 0 * 0 * 2 * 47082 * 0.06%
BANK OF NEW YORK                     * 7 * 34519601 * 2 * 42399 * 0.05%
DARIEN ROWAYTON BANK              * 0 * 0 * 2 * 41303 * 0.05%
PRIME BANK                                * 0 * 0 * 1 * 39136 * 0.05%
NORTHERN TRUST BANK FSB           * 12 * 746588 * 1 * 35646 * 0.04%
BANK OF GREENWICH                    * 0 * 0 * 1 * 34880 * 0.04%
COMMUNITYS BANK                     * 0 * 0 * 1 * 31190 * 0.04%
KEYBANK NATIONAL ASSN             * 996 * 60994228 * 1 * 29647 * 0.04%
FIELDPOINT PRIVATE B&T             * 0 * 0 * 1 * 18726 * 0.02%
QUINNIPIAC BANK&TRUST CO         * 0 * 0 * 1 * 9956 * 0.01%
BANK OF WESTERN MA                 * 12 * 559431 * 1 * 6864 * 0.01%
HUDSON VALLEY BANK NA             * 25 * 1605126 * 1 * 2328 * 0.00%

Number of Institutions in the Market: 73 * 20149 * 2273489907 * 1305 * 83201197 * 10000.00%

Now, when it comes to the way this bodes well for CT, its pretty simple. Webster is looking for out of state additions to its network, and as long as they are not purchased, they will likely be adding 1-2 small banks from Mass or Rhode Island to their rolls. This will ultimately lead to a few more jobs in Hartford or Waterbury. Peoples United bank will be making a fairly significant purchase some time in the near future as well. This will bring quite a few back office jobs to the state as Peoples starts to become a real regional powerhouse. New Alliance Bank is just starting to reach outside of the state, and if this trend continues, we should see job growth in New Haven. These are our big 3 banks, and honestly they are great assets for the state. If things "go our way" all 3 of these banks will grow out of state and bring more jabs to their back offices.

The next area of potential is the group of banks that are near to the state borders, and have 1-2 branches outside the state. There is no telling if they will continue to grow, but with any luck, as the industry consolidates over the next few years, we can only hope that the CT based banks are left standing and that they have bought out and merged with competitors.

We may never be Charlotte/North Carolina, but if some of our mid sized banks are able to make some moves CT could well have more than the big 3 and those Big 3 might well become bigger players in the region only strengthening our job market.

Edited by The Voice of Reason, 23 October 2008 - 06:26 PM.

[The Voice of Reason]

Looks like a few companies came out with earnings today

http://www.hartfordb...=HBJTODAY#A6960
Danbury-based home furnishings company Ethan Allen Interiors Inc. said today profit slid in the fiscal first quarter as weakness in the housing market persisted and consumers cut back on spending.


"Our focus has also been to maintain liquidity," Kathwari said in a statement. "We are pleased that during the quarter we increased our cash position by $5.5 million with an ending balance of about $80 million." (AP)


Norwalk-based Xerox Corp. says third-quarter profit edged up 2 percent, topping Wall Street's forecast, as sales to smaller businesses helped offset weakness in large U.S. corporations.

Xerox's sales grew just 2 percent, to $4.37 billion, short of the $4.47 billion that analysts polled by Thomson Reuters were expecting. Sales would have been flat were it not for a weak U.S. dollar.

[The Voice of Reason]

Banking news and speculation.

PNC out of Pittsburgh just bought National city from Ohio.
The fed lent PNC $7.7 Billion to pull this off.

To put this in perspective that is a BIG WOW.  PNC was healthy, but healthy like Webster is, not healthy like Peoples United.  The merger was worth something like 5.8Billion, but the fed financed 7.7 to the combined company.
keeping this to scale PNC was a 19Billion dollar company and they just borrowed 7.7 Billion to buy a 5 Billion dollar company.

This means a 1 billlion dollar company like Webster could borrow 400M to buy a bank like Berkshire bank corp.  or Washington Trust AND Rockville bank.

It will be interesting to see how the CT Banks do with this Fed funding opportunity.

and a little tid bit

AIG put a Hartford guy in charge of the transition.  I am not sure this will help hartford at all.  but its good to have a Hartford guy in charge   hopefully his relatiuonships will help Hartford companies land some of the AIG units.



Richard H. Booth has been named vice chairman of transitional planning and chief administrative officer at the ailing American International Group, and will continue as chairman of its HSB Group Inc. unit — Hartford Steam Boiler Inspection and Insurance Co. — until it's sold.

Booth, who had been AIG's senior vice president and chief administrative officer, is a former president of The Travelers Corp. and former executive vice president of The Phoenix Cos. in Hartford. He will oversee the restructuring of AIG's corporate center and the separation of companies being sold.

[drc72]

Looks like Stamford has a pretty good cooperate presence.

Edited by drc72, 25 October 2008 - 08:20 AM.

[The Voice of Reason]

CBT came out with its quarterly report today.

This is the weakest bank in CT right now, and it is continuing to do poorly.  The good thing is that it is closely held, so the holders may bail this puppy out out of pocket.  I would assume though that its just a matter of time before one of the other banks around here gobble this infant up.

http://www.hartfordb...=HBJTODAY#A7020


Hartford-based Connecticut Bank and Trust Co. lost $1.5 million, or 42 cents a share, in the third quarter, greater than its year-earlier loss of $530,000, or 15 cents a share.

David A. Lentini, CBT's chairman and CEO, said the results included a $1.3 million addition to the bank's allowance for loan losses during the three months ended Sept. 30. A year earlier, CBT's third-quarter loan-loss provision was $111,000.

[The Voice of Reason]

Here is an interesting development from today.

PNX whom is spinning off Virtus Investment Partners has just sold a 23% equity stake in the resulting company to Harris Bank.

Harris is owned by BMO. BMO is a MAJOR player in Canada and have been trying to get further into the US markets. They bought Harris bank in the Chicago area

http://www.courant.c...,0,381720.story
and Phoenix lost a bunch of money. I hate that this is Hartfords weakest link. because IT IS DAMN WEAK.



also
Barnes group
Barnes Group Lays Off 95 Workers, 30 In State
http://www.courant.c...,0,999413.story


Johnson Memorial Lays Off 55 Ahead Of ECHN Merger
http://www.courant.c...0,5437285.story
While not a real good thing at least it was bought by a local company. Hopefully this will help the people being served and also make ECHN a stronger company that will being more jobs to the area in the long run.

Hartfords biggest bad news was at "the Hartford"
http://www.courant.c...,0,566860.story

Shares in The Hartford are tumbling again today after analysts late Wednesday raised questions about the company's financial strength. In mid-afternoon trading on the New York Stock Exchange, shares were trading below $10, down from a close Wednesday of $19.86.

With today's collapse, The Hartford's share prices are down by nearly 90 percent for the year.

Edited by The Voice of Reason, 30 October 2008 - 08:14 PM.

[The Voice of Reason]

http://www.courant.c...0,2235213.story

125 jobs lost ar the Hartford in the capitol region.
500 total.

not too bad in all, but obviously not good news

[The Voice of Reason]

I read a great write up on Peoples united bank (PBCT) today on my Bloomberg terminal.
its a report for investors etc, and was based off of a meeting with all of the banks senior management.


Apparently PBCT is not just looking at buying a bank that is geographicly adjacent to existing operations.  and they are even looking into doing what is called transformational acquisition.  this is when the company buys something larger than they are all ready.  Here is a blurb.

"The company referred to two types of potential acquisitions, transformational
and non-transformational. A non-transformational acquisition could be one or
two traditional commercial banks of a similar size that could grow People's
asset base to roughly the $50 billion range. A transformational acquisition
could be a company, or even part of a company, that is much larger and perhaps
less traditional, and could potentially require more capital than the $3.0
billion People's currently has available. Moreover, it appears as if a
contiguous deal is less important (in the wake of the considerable banking
turmoil, and therefore opportunity).

While we have no knowledge of any M&A negotiations or discussions, we believe
possible targets in a transformational deal could be Synovus Financial (SNV-
Hold-$9.46), and First Horizon (FHN-Hold-$11.33), both institutions are covered
by our colleague Tony Davis. Similarly, possible targets in non-
transformational deals could be Fulton Financial (FULT-Hold-$9.51), Susquehanna
Bancshares (SUSQ-Sell-$14.83), and Provident Bankshares (PBKS-Hold-$10.09). In
either case, People's remains committed to generating an IRR in excess of 20%,
with the priority being a deposit rich institution with more of a commercial
bank orientation versus a thrift orientation. People's reiterated its aversion
to pure thrifts, as the company believes thrifts are at a structural
disadvantage from an earnings power base."

I find it interesting to see that through traditional mergers the leaders see the company growing into the $50Billion range.  This is pretty good news.  a bank in the $50B range is a big player in regional banking.

Fultons web site
http://www.fult.com/AboutUs.html
260 offices $16.1 Billion in assets.

Susquehanna Bancshares site
http://www.susquehanna.net/
230 offices $13 Billion in assets.

Provident Bankshares site
http://phx.corporate...p;p=irol-irhome
150 offices $6.4 Billion in assets.


Peoples United Bank currently has 300 offices and $21 Billion in assets.

[The Voice of Reason]

Webster Bank is now getting fed funds from the bail out.
WBS was pre approved for $400 Million

http://www.courant.c...0,3511300.story

The Waterbury-based banking holding company said it has committed to loan an amount equal to what it gets through the voluntary federal assistance program. Webster's chairman and chief executive James C. Smith said last month the company would be interested in making acquisitions if it participates in the program.

On Friday, the company said the new capital will "position Webster to pursue opportunities for growth, including acquisition of like-minded partners that share Webster's vision to be New England's bank."

Under the program, Webster can issue up to $400 million in senior preferred shares and provide warrants for up to an additional $60 million in common stock to the Treasury, subject to certain conditions



So again I will just say that this puts Webster is a pretty good position to grow.
I am not sure how much they would want to spend on acquisitions but I would think they could easily add 50 or more branches and several billion in assets.

[The Voice of Reason]

http://www.hartfordb...=HBJTODAY#A7142

Reuters: Hartford Steam Boiler sale near (posted Today at 11:37am)

Struggling insurance conglomerate American International Group Inc. is close to selling its Hartford Steam Boiler Inspection and Insurance Co. unit, Reuters, citing a source, said today in a published report.

Reuters did not identify a price or potential buyer for Hartford Steam, which AIG acquired in 2000 for about $12 billion in stock.

The news service also quoted a source familiar with AIG's situation as saying the company is also expected to reach deals to sell its U.S. personal lines unit and an equipment insurer by the year end.

a source familiar with the situation said on Thursday.



whenever this is final, and whomever this is it is a big deal around here.  I will be very interested to see what happens

[mikel]

Regarding Webster Bank, do they have significant operations in Hartford?   I'm only familiar with the small branch office on the corner of Trumbull & Asylum.

[The Voice of Reason]

Yes, Webster has a large part of their operations in Hartford.

Outside of Waterbury I am pretty sure it is their largest base of operations, and Hartford almost acts as a 2nd HQ since most of their business banking is in Hartford.

As the bank continues to grow Hartford should be the one to benefit more than even waterbury and may even become the HQ as banks tend to move towards big cities as they grow.  That is of course as long as the Hartford politicians dont screw things up.

[The Voice of Reason]

The Hartford buys S&L, will apply for federal funding (posted Yesterday at 3:58pm)
http://www.hartfordb...=HBJTODAY#A7214

I am not sure how this will affect anything, but I hope it secures one of our greatest institutions, and Hartfords largest employer,

[The Voice of Reason]

a little late on this, but it is news
http://www.courant.c...,0,417509.story


With the addition from Thelen, Robinson & Cole will have more than 250 lawyers and about 90 partners. The Hartford office will have about 150 lawyers and 60 partners.

The firm, which was founded in 1845, will have more than 500 employees in Hartford and seven other offices throughout Connecticut and the Northeast.


Law firms are Huge economic engines. I think its sad that so many players in Hartfords legal circles have folded recently, but the fact that the largest Hartford based law firm is benefiting from this bodes well. Ultimately it is better to have Hartford Based firms growing in places like New York rather than having NY and Boston firms driving here to work Hartford cases.


I read a very interesting article about law firms going public about 2 years ago. I am sure that the momentum to do this has stopped, but on the other side of this recession, I would guess that Robinson and Cole are now growing into a position to benefit from such a move and presue further growth is a few years time.  The article mentioned mid sized firms had the most to gain by going public and buying another firm out apparently a firm could get better lawyers, and more clients by being one of the "big boys"

its all conjecture, but any company that employes 500 in the region is a great positive.

Edited by The Voice of Reason, 17 November 2008 - 09:50 AM.

[The Voice of Reason]

Hartford Hospital, University of Connecticut Health Center Propose Merger


http://www.courant.c...0,3131111.story
So, we knew something like this was coming.
but it is quite interesting to think of the potential research activity and long term benefits.  I assume there will be some administrative losses however.  

here is an interesting positive spin that I will paste in.

The facility in Farmington will be owned by UConn and run by Hartford Healthcare; the one in Hartford will continue to be owned and operated by Hartford Healthcare.

In addition, UConn and Hartford Hospital would form alliances with St. Francis Hospital and Medical Center, The Hospital of Central Connecticut, and Connecticut Children's Medical Center. This new Connecticut Health Collaborative would focus on public health, research and teaching, among other aspects of health care.

"If we can stabilize the bottom line, we have the potential to become one of the great academic hospitals in the country,'' UConn President Michael Hogan said. "The research dollars we can garner will grow exponentially...The potential for this to be a real economic driver is enormous.'' Without the deal, UConn's future is grim.

Thats my bolding.

[HartfordTycoon]

I think this is huge news. It's hard to speculate what it will ultimately mean at this point in time, but this certainly bodes well for Healthcare in the Hartford Region.