BOSTON -- Shawmut National Corp., based in Hartford, Conn., has completed its $150 million acquisition of New Dartmouth Bank of Manchester, N.H.
The acquired bank, to be called Shawmut Bank NH, will operate 37 banking offices in the state.
The completion of the deal puts to rest a controversy that surrounded Shawmut's attempts to acquire New Dartmouth. Initially, the Federal Reserve Board rejected the acquisition application, because of questions regarding the bank's minority-lending record.
After Shawmut's mortgage unit agreed to set up a $960,000 fund to compensate minority-group members who may have been denied mortgages unfairly, the application was approved upon resubmission.
