VIRGINIA BEACH -- Essex Financial Partners said its subsidiary, Essex Savings Bank, has completed the sale of its three Florida branches to Chase Federal Bank of Miami.
Terms were not disclosed. Chase Federal, not related to Chase Manhattan corp. of New York, assumed $93 million of deposits. Also transferred were Essex Savings loans, securities, fixed assets, and cash.
Gene D. Ross, chief executive of the Essex partnership's subsidiaries, said the sale leaves his Virginia Beach-based organization adequately capitalized under the standards established by the Federal Deposit Insurance Corporation Improvement Act of 1991.