WATERBURY, Conn. -- Centerbank said it has added $964 million in deposits, $102 million in secured borrowings, and $595 million in loans as a result of its takeover of the failed Connecticut Savings Bank.
Connecticut Savings, which was closed by regulators on Nov. 14, had 20 branches in New Haven County that reopened as Centerbank offices.
Centerbank increased its size in the transaction to more than $3 billion in assets and 50 branches statewide.
Robert J. Narkis, chairman and chief executive officer of Waterbury-based Centerbank, called Connecticut Savings "a perfect fit" because it is active in areas contiguous to Centerbank's network.
"This move, coupled with the stabilization of our nonperforming assets, positions us well for continued profitability," Mr. Narkis said.
Centerbank cut its loss for the first nine months of 1991 to $6.6 million from $33.3 million last year.
The third quarter produced the company's first three-month profits since June 1989 - $151,000, or one cent a share.
Nonperforming assets were down by $1.1 million in the 12 months ended Sept. 30 to $180.4 million. Nonperforming loans and leases were off $12.3 million to $95.6 million.
Mid-October Move
In a mid-October expansion, Centerbank acquired certain assets and liabilities, including $293 million in performing loans and $626 million of deposits, of Central Bank, a thrift based in Meriden with 15 offices.
Moving to focus on core banking operations, Centerbank announced the sale last Friday of Burgdorff Realtors, a New Jersey brokerage it acquired in 1986, for an undisclosed price.
The buyer was Peter Burgdorff, the founder of Cornerstone Mortgage Co. and the son of the realty firm's founder.
