BURLINGTON, Vt. -- Banknorth Group Inc. said it had agreed to acquire North American Bank Corp. and its sole subsidiary, New Hampshire's Farmington National Bank, for $20.6 million in cash.
The acquisition, which will be accounted for as a purchase, is the first for Banknorth in the state of New Hampshire. The company said the deal was part of a plan to expand in "growth areas of Northern New England."
Federal Reserve Governor Michelle Bowman said she believes there is a feasible path forward for the revised capital reform proposal, emphasizing the importance of making broad changes informed by industry feedback to achieve broad consensus among Federal Reserve board members.
But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
The Office of the Attorney General in New York says the bank violated the state's Exempt Income Protection Act, illegally transferring customers' money to debt collectors.
The Providence, Rhode Island, company is having discussions with private wealth management teams elsewhere as it seeks to expand its fledgling private bank. In just three months, private banking deposits doubled to $2.4 billion.
After the Minneapolis-based company reported stubbornly high commercial deposit costs, it reduced its full-year forecast for net interest income by $200 million-$500 million.
