Chemical Reopens Ex-Ensign Branches
NEW YORK - Chemical Bank reopened 11 branches of Ensign Federal Savings Bank Monday under its own name.
The unit of Chemical Banking Corp. acquired about $646.4 million in deposits through the branch purchase from the Resolution Trust Corp.
The RTC announced Friday it approved the sale of New York-based Ensign Federal to seven financial institutions, including Chemical, Bank of New York, and First Fidelity Bancorp., for a combined premium of $8.9 million, or 1.04% of deposits.
Chemical, which said it negotiated the transaction before signing a merger agreement with Manufacturers Hanover Corp., said the addition brings it to about $20 billion in total deposits.
First Fidelity, based in Lawrenceville, N.J., acquired $130.4 million in deposits and three New Jersey offices of Ensign.
