HARTFORD, Conn. -- Shawmut National Corp. said it has completed its acquisition of Gateway Financial Corp. and Gateway Bank of Norwalk, Conn.
Gateway Bank was merged into Shawmut Bank Connecticut, and its signs at 28 offices will be changed in December to reflect the new name.
Gateway, with $1.3 billion of assets, makes Shawmut the largest bank in affluent Fairfield County, increasing its market share to 16.5% from 7.5%.
Shawmut has $31.3 billion of assets and 300 branches in Connecticut, Massachusetts, New Hampshire, and Rhode Island. The pending acquisition of Northeast Federal Corp. of Rhode Island would also give Shawmut a presence in New York State.
