Conn. Thrift to Sell Its Trust Department

Bancorp Connecticut said it will sell the trust department of its Southington Savings Bank to Hartford-based Trust Company of Connecticut.

The price was not disclosed. The deal was announced last week and is scheduled to close this fall,

Southington Savings has about $85 million of assets under management; the buyer has $500 million.

Trust Company is already managing the department's investment portfolio on an outsourcing basis. The deal provides for it to hire Southington Savings' trust employees and open an office in the branch that has housed the department.

Robert D. Morton, president and chief executive officer of Bancorp Connecticut, said its trust department is "modestly profitable." The decision to sell was based on an assessment of how much it would cost to expand the business, he said.

"To take it to the next level would require substantial resources, a significant financial commitment with an unacceptably long payback period," Mr. Morton said.

-- Louis Whiteman

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