Chemical Reopens Ex-Ensign Branches

NEW YORK - Chemical Bank reopened 11 branches of Ensign Federal Savings Bank Monday under its own name.

The unit of Chemical Banking Corp. acquired about $646.4 million in deposits through the branch purchase from the Resolution Trust Corp.

The RTC announced Friday it approved the sale of New York-based Ensign Federal to seven financial institutions, including Chemical, Bank of New York, and First Fidelity Bancorp., for a combined premium of $8.9 million, or 1.04% of deposits.

Chemical, which said it negotiated the transaction before signing a merger agreement with Manufacturers Hanover Corp., said the addition brings it to about $20 billion in total deposits.

First Fidelity, based in Lawrenceville, N.J., acquired $130.4 million in deposits and three New Jersey offices of Ensign.

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