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HFD/Conn Economic development

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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.



Met Life

Bank of America


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.


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.



(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


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



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


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.


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


East Hartford$400waste management services

63*Heartland Industrial


Greenwich$365aerospace, auto parts

64Independence Holding Co.


65Lydall Inc.

Manchester$326fiber materials, components

66*ATMI Corp.


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


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.



Norwalk$144online marketing services

93Eastern Co.

Naugatuck$139locks and industrial hardware

94Jupitermedia Corp.

Darien$138Internet publishing, digital assets


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




# 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

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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

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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.


Smith said Tuesday that Webster

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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/sod/sodMarketBank.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.

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Looks like a few companies came out with earnings today


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.

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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

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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.


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.

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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


and Phoenix lost a bunch of money. I hate that this is Hartfords weakest link. because IT IS DAMN WEAK.


Barnes group

Barnes Group Lays Off 95 Workers, 30 In State


Johnson Memorial Lays Off 55 Ahead Of ECHN Merger


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"


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.

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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


260 offices $16.1 Billion in assets.

Susquehanna Bancshares site


230 offices $13 Billion in assets.

Provident Bankshares site


150 offices $6.4 Billion in assets.

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

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Webster Bank is now getting fed funds from the bail out.

WBS was pre approved for $400 Million


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.

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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

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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.

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a little late on this, but it is news


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.

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Hartford Hospital, University of Connecticut Health Center Propose Merger


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.

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The area around Hartford Hospital buch like the area around The Farmington UCONN Hospital can become major office areas. More so in Hartford than Farmington, but in the same way as in Houston. the medical office complex there is something like 10,000,000 SF of medical biotech and research office space.

I would love to see a partnership like this slowly move parts of the South end towards this kind of development. god knows there is land available. and the area could use the increased traffic and tax/employment base.

Park street could really make the come back it has shown us glimpses of.


ok so I just saw in the courant a graphic about the merger by the numbers.

Hartford Hospital and Dempsey

total beds 867-224

ER visits 79,994-27,921

In patient discharges 39,269-9,931

average Length of stay 5.5-6 days

Total operating expenses $697.97-$222.28

in millions

So this creates a pretty large health care providor.

1,091 Beds

107,915 ER visits

49,200 In Patient Discharges

$920.25 Million in operating expenses.

Then add in the deals with Middletown, New Britain etc...

this will be a great research situation.

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Wachovia's Waterbury Mortgage Office Shutting Down

65 jobs gone.

not a positive by any means. but at least its 65 jobs and not 650.

I got laid off the day after christmass, so I am glad these guys got the news before they spend what little savings they might have,

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Sovereign To Alter Car Loan Strategy, Cut Jobs

Sovereign Bank has decided to stop making auto loans through dealerships and will cut 60 jobs throughout the Northeast, a third of them in Rocky Hill.

yeah so thats 20 more jobs.

don't know how I missed this one. pretty well sucks having more bad news.

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three banking articles came out recently.

one was basicly an add for CBT.


Fledgling Community Bank Marked By Losses, But CEO Says CBT Will Survive

Connecticut Bank and Trust Co. opened in 2004 on promises of up-to-date financial technology, old-fashioned person-to-person customer service and an aggressive business plan. Chairman and CEO David Lentini has presided over an expansion from three to seven branches, as well as steady growth in assets and gross income. But the fledgling bank has not been immune to an industrywide crisis. Although it has expanded, CBT has posted losses in every quarter of its existence and has seen its stock go from a high of more than $20 a share to $4.25 recently. Lentini, however, said his bank, with assets of $225 million, is well positioned to weather the current financial malaise.

This bank was listed in another article as poorly capitolized by the FDIC, so this seems a more positive spin than anything. but the good news is that their deposits are up quite a bit lately, so maybe they have more cash than last reported to FDIC (september) they are saying they have 225M now and they were at 200 last quarter and had dropped even.

The other article was about Webster announcing its flagship Boston branch. It will be interesting to see how Webster expands into Mass as they have ZERO boston branches, so they are going to need to buy some smaller Boston area banks to build market share before this downtown branch opens in 2009.


They definately have the funds, but I dont think this is an area they can grow into organicly simply because of the current market conditions, and the need to stay pretty liquid.

If webster buys a few small banks it immediately gains the customers, and revenues from them without having to build branches and market share over the years.

A third article I read about banking

Peoples bank is again talking about acquisitions with the media. "American banker" an industry publication and anaylist this time.

This time only two targets were mentioned

Colonial bancgroup from Montgomery Ala. and Synovus Financial Group in Columbus Ga.

If either of these purchases happen Peoples united will more than double in size becoming a major player along the entire Atlantic coast.

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I liked a few pieces of this article.

it shows how small companies can have a large effect on the local economy. The last paragraph is great.

Demand for the technology made Premise the 71st fastest-growing technology company in the nation in Deloitte

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