Hartford Financial Services Group Inc. said it has completed its acquisition of Federal Trust Corp. for $10 million in cash.
Federal Trust is a unitary thrift holding company and is the parent company of Federal Trust Bank, a federally-chartered, FDIC-insured savings bank. It has 11 full-service offices in Florida in Seminole, Orange, Volusia, Lake and Flagler Counties. The company is based in Sanford, Fla.
Ramani Ayer, Hartford's chairman and chief executive officer, said in a press release that the acquisition "represents the last significant step towards the closing of our investment agreement with Treasury."