Fearing Connecticut's bank merger frenzy could get hostile, a $1.4 billion thrift holding company has adopted a shareholder rights plan.
Bristol-based Eagle Financial Corp. last week adopted a so-called poison pill to "deter coercive or unfair takeover tactics," company officials said.
Eagle president and chief executive Robert J. Britton said the thrift has not received any indication that another institution might make a hostile play for Eagle, but officials wanted to be ready. He also insisted that the thrift is not for sale.
"I think anyone would agree it's better to be prepared and have something in place prior to something developing," Mr. Britton said. The thrift has been considering such a plan since it went public nine years ago, he added.
Under the plan, stockholders will receive one right per share of common stock held as of Nov. 1. The rights would be triggered if a person or group becomes owner of at least 15% of Eagle stock.