DOB: Bank Stock Conversions in Connecticut

Bank Stock Conversions in Connecticut

Mutual institutions may convert to capital stock banks under procedures outlined in Connecticut's General Statutes. The following lists provide information on bank stock conversions of Connecticut state-chartered savings and loan associations and savings banks.  View other pages on this web site for more information on bank mergers or failuresNote: dates are listed in month/day/year format.

Savings and Loan Associations

Institution Conversion
Historical Notes
Heritage Savings and Loan,
12/81 Merged with and into ComFed Savings Bank of Lowell, Massachusetts on December 31, 1986. Placed into conservatorship with the RTC in December 1990, with offices later sold to either First Federal Savings and Loan Association of East Hartford or First Constitution Bank.
American Savings & Loan
Association, Waterbury
12/81 In 1985, converted to a state-chartered savings bank known as American Bank of Connecticut
Shelton Savings and Loan
8/28/86 Name changed to Shelton Savings Bank on January 25, 1988. Shelton Savings Bank was merged with and into Webster Bank in October 1995.
The Bank of Hartford 2/13/87 Converted from a mutual savings & loan association to a capital stock savings bank; formerly known as Hartford Home S&L but changed its name in 1982 to Bank of Hartford. On June 10, 1994, the Banking Commissioner declared the financial condition of the bank to be unsafe and unsound and named FDIC as receiver. Deposits and certain assets transferred to Eagle Federal Savings Bank, Bristol.
Savings and Loan
Association of Southington
8/21/87 On August 21, 1987 merged with and into the newly-chartered State Savings Bank in Southington. State Savings Bank, N.A., merged with and into Connecticut National Bank on December 14, 1990.
Cargill Bank of Connecticut 2/16/88 In January 1999, Westbank Corporation, West Springfield, MA, acquired Cargill Bancorp, Inc., the holding company of Cargill Bank. Cargill Bank will continue to operate as a Connecticut state-chartered savings and loan association, as a wholly-owned subsidiary of Westbank Corporation.
(Naugatuck Valley S&L filed to convert on June 25, 1987, but later withdrew its application).


Savings Banks

Institution Conversion
Historical Notes
Burritt Mutual Savings Bank,
New Britain
11/23/83 At the same time, changed its name to Burritt Interfinancial Bancorporation. Seized by the FDIC on December 4, 1992 and insured deposits transferred to Derby Savings Bank.
Society for Savings,
1/31/84 Name changed to Bank of Boston Connecticut on May 28, 1993, following the merger a month earlier of Bank of Boston Connecticut with and into Society For Savings.
Suffield Savings Bank 4/24/84 On February 2, 1987, changed name to Suffield Bank. Seized by the FDIC on September 6, 1991 and deposits transferred to First Federal Bank, FSB, Waterbury. First Federal Bank changed its name to Webster Bank on November 1, 1995.
Gateway Bank, Norwalk 8/21/85 Merged with and into Shawmut Bank Connecticut, N.A. on June 27, 1994.
Derby Savings Bank 12/4/85 Merged with and into Webster Bank in January 1997.
Great Country Bank,
1/14/86 Merged with and into Centerbank, Waterbury on December 15, 1995
New Milford Savings Bank 2/13/86 On August 28, 2000, approval was granted to New Milford Savings Bank to change its name to NewMil Bank.
Southington Savings Bank 6/16/86  
Dime Savings Bank
of Wallingford
7/9/86 Merged with and into Lafayette American Bank in August 1998.
Central Bank for Savings,
7/17/86 In December, 1987 changed its name to Central Bank. Seized by the FDIC on October 18, 1991 and deposits transferred to Centerbank, Waterbury
New England Savings Bank,
New London
8/31/86 Seized by the FDIC on May 21, 1993 with insured deposits going to Citizens Savings Bank, Rhode Island
The Banking Center,
8/13/86 In May 1988, changed name to Centerbank. Centerbank was merged with and into First Union Bank of Connecticut in November 1996.
People's Savings Bank
of New Britain
8/20/86 Merged with and into Webster Bank in August 1997.
City Savings Bank of Meriden 8/27/86 On August 14, 1992, merged with and into Dime Savings Bank of Wallingford
Berlin Savings Bank 9/11/86 Name changed to MidConn Bank on September 18, 1986. MidConn Bank was merged with and into Eagle Bank in June 1997.
Branford Savings Bank 11/4/86 In December 1997, North Fork Bancorporation, Inc., Melville, N.Y., acquired Branford Savings Bank. Branford Savings Bank subsequently changed its name to Superior Savings of New England, effective October 17, 1998.
The Norwich Savings Society 11/14/86 Merged with and into People’s Bank in February 1998.
The Brooklyn Savings Bank,
2/25/87 Seized by the FDIC on October 19, 1990 and deposits transferred to The Willimantic Savings Institute.
Moodus Savings Bank 7/1/87 Changed its name to Hometown Bank, effective August 24, 1998.
Farmers and Mechanics
Bank, Middletown
12/7/93 Acquired by the The Royal Bank of Scotland Group plc; the Governor and Company of the Bank of Ireland; and Citizens Financial Group, Inc., Providence, RI. Effective November 1996, resulting bank to operate under the name of Citizens Bank of Connecticut.
Bristol Savings Bank 3/3/94 On October 12, 1995, Bristol Savings was granted approval to convert from a capital stock Connecticut savings bank to a capital stock federal savings bank to be named Webster Bank.
Norwalk Savings Society 6/15/94 Changed its name to NSS Bank in February 1998. NSS Bancorp, Inc., and, indirectly, NSS Bank, of Norwalk, acquired by Summit Bancorp, Inc., NJ, in November 1998. NSS Bank received approval from the Banking Commissioner on March 12, 1999 to change its name to Summit Bank.
Mechanics Savings Bank,
6/25/96 Mechanics Savings Bank merged with and into Webster Bank, effective June 23, 2000
The Savings Bank
of Manchester
7/26/96 Mutual holding company reorganization with no public offering
American Savings Bank,
New Britain
11/30/99 American Savings Bank merged with and into Banknorth, National Association, Portland, ME, effective February 14, 2003
The New Haven 
Savings Bank
4/1/04 NewAlliance Bancshares, Inc., a corporation formed as the holding company of The New Haven Savings Bank, consummated its mutual-to-stock conversion.  A wholly owned subsidiary, NewAlliance Bank, was established through the combination of The New Haven Savings Bank, The Savings Bank of Manchester, and Tolland Bank.
Collinsville Savings Society 4/30/04 The Commissioner issued a notice of intent not to disapprove the formation of a proposed mutual holding company to be known as Collinsville Savings Mutual Holding Company.  Approval was also granted to form a reorganized savings institution to be known as Collinsville Stock Bank, and subsequently merge Collinsville Savings Society with and into Collinsville Stock Bank, the resulting bank to operate as a capital stock savings bank under the name Collinsville Savings Bank.

Bank Information

Content Last Modified on 12/12/2007 2:01:25 PM