The Voice of Reason 8 Report post Posted October 22, 2008 (edited) 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/site/news.cfm?newsid=...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 EmployeesUnited Technologies Corp. Building Systems & AerospaceHartford 26,400 Stop & Shop Cos. Inc. SupermarketNorth Haven 14,049 Hartford Financial Services Group Inc. Investment & Financial ServicesHartford 12,100 Yale University Higher Education & ResearchNew Haven 11,500 Foxwoods Resort Casino Gaming & TourismMashantucket 11,500 Mohegan Sun Gaming & TourismUncasville 10,000 Wal-Mart Stores, Inc. RetailBentonville, AR 8,859 General Dynamics Electric Boat SubmarinesGroton 8,000 AT&T Connecticut TelecommunicationsNew Haven 7,700 Aetna Inc. Health InsuranceHartford 7,450 Pfizer Global Research and Development PharmaceuticalNew London 6,500 General Electric Co. Diversified TechnologyFairfield 6,300 St. Paul Travelers Cos. Inc. Insurance & Asset ManagementHartford 6,200 Hartford Hospital HospitalHartford 5,619 Bank of America Financial ServicesHartford 5,100 CIGNA Health Care & Employee BenefitsBloomfield 4,390 Northeast Utilities Energy Products & ServicesHartford 4,148 Athena Health Care Systems Nursing & Rehabilitation FacilitiesSouthington 3,725 ESPNSports MediaBristol 3,000 St. Francis Hospital and Medical Center HospitalHartford 2,898 People's Bank BankingBridgeport 2,816 Webster Financial Corp. Banking, Insurance, Investment ManagementWaterbury 2,700 United States Surgical SurgicalNorwalk 2,583 Masonicare Senior Health Care & Retirement LivingWallingford 2,414 Boehringer Ingelheim Corp. Health Care ProductsRidgefield 2,200 Edited October 24, 2008 by The Voice of Reason Share this post Link to post Share on other sites
The Voice of Reason 8 Report post Posted October 22, 2008 (edited) 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 October 22, 2008 by The Voice of Reason Share this post Link to post Share on other sites
Theophrastus Bombastus 0 Report post Posted October 22, 2008 I would include Travelers too - more employees here than in St. Paul - hopefully Htfd will be HQ soon Share this post Link to post Share on other sites
The Voice of Reason 8 Report post Posted October 23, 2008 (edited) 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.com/business/hc-webster...0,3274594.story Smith said Tuesday that Webster Edited October 23, 2008 by The Voice of Reason Share this post Link to post Share on other sites
The Voice of Reason 8 Report post Posted October 23, 2008 (edited) 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. Edited October 24, 2008 by The Voice of Reason Share this post Link to post Share on other sites
The Voice of Reason 8 Report post Posted October 24, 2008 Looks like a few companies came out with earnings today http://www.hartfordbusiness.com/article_li...=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. Share this post Link to post Share on other sites
The Voice of Reason 8 Report post Posted October 24, 2008 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 Share this post Link to post Share on other sites
drc72 5 Report post Posted October 25, 2008 (edited) Looks like Stamford has a pretty good cooperate presence. Edited October 25, 2008 by drc72 Share this post Link to post Share on other sites
The Voice of Reason 8 Report post Posted October 27, 2008 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.hartfordbusiness.com/article_li...=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. Share this post Link to post Share on other sites
The Voice of Reason 8 Report post Posted October 30, 2008 (edited) 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.com/business/hcu-phoeni...,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.com/business/hc-barnesl...,0,999413.story Johnson Memorial Lays Off 55 Ahead Of ECHN Merger http://www.courant.com/business/hc-johnson...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.com/business/hcu-thehar...,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 October 31, 2008 by The Voice of Reason Share this post Link to post Share on other sites
The Voice of Reason 8 Report post Posted November 4, 2008 http://www.courant.com/business/hc-thehtfd...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 Share this post Link to post Share on other sites
The Voice of Reason 8 Report post Posted November 6, 2008 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-ir.net/phoenix.zhtml?...p;p=irol-irhome 150 offices $6.4 Billion in assets. Peoples United Bank currently has 300 offices and $21 Billion in assets. Share this post Link to post Share on other sites
The Voice of Reason 8 Report post Posted November 7, 2008 Webster Bank is now getting fed funds from the bail out. WBS was pre approved for $400 Million http://www.courant.com/business/hcu-webste...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. Share this post Link to post Share on other sites
The Voice of Reason 8 Report post Posted November 8, 2008 http://www.hartfordbusiness.com/article_li...=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 Share this post Link to post Share on other sites
mikel 0 Report post Posted November 8, 2008 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. Share this post Link to post Share on other sites
The Voice of Reason 8 Report post Posted November 8, 2008 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. Share this post Link to post Share on other sites
The Voice of Reason 8 Report post Posted November 15, 2008 The Hartford buys S&L, will apply for federal funding (posted Yesterday at 3:58pm) http://www.hartfordbusiness.com/article_li...=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, Share this post Link to post Share on other sites
The Voice of Reason 8 Report post Posted November 17, 2008 (edited) a little late on this, but it is news http://www.courant.com/business/hc-robinso...,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 November 17, 2008 by The Voice of Reason Share this post Link to post Share on other sites
The Voice of Reason 8 Report post Posted November 22, 2008 Hartford Hospital, University of Connecticut Health Center Propose Merger http://www.courant.com/community/news/hcu-...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. Share this post Link to post Share on other sites
HartfordTycoon 4 Report post Posted November 22, 2008 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. Share this post Link to post Share on other sites
The Voice of Reason 8 Report post Posted November 22, 2008 (edited) 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. EDIT 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. Edited November 22, 2008 by The Voice of Reason Share this post Link to post Share on other sites
The Voice of Reason 8 Report post Posted November 25, 2008 http://www.courant.com/business/hc-ap-wach...0,6859364.story 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, Share this post Link to post Share on other sites
The Voice of Reason 8 Report post Posted November 26, 2008 http://www.courant.com/business/hc-soverei...0,7460939.story 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. Share this post Link to post Share on other sites
The Voice of Reason 8 Report post Posted December 1, 2008 (edited) three banking articles came out recently. one was basicly an add for CBT. http://www.courant.com/business/hc-5questi...0,3440002.story 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. http://www.hartfordbusiness.com/news7300.html 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. Edited December 1, 2008 by The Voice of Reason Share this post Link to post Share on other sites
The Voice of Reason 8 Report post Posted December 2, 2008 http://www.hartfordbusiness.com/news7302.html 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 Share this post Link to post Share on other sites
