Mechanics Savings Bank, Hartford, Conn., announced Thursday that it has reached an agreement to buy Chase Manhattan Bank's last two branches in the Hartford market.
The $892 million-asset thrift would pay an undisclosed sum for the East Hartford and West Hartford branches. The deal includes $27 million of retail and small-business deposits and the branches' commercial loans.
Edgar C. Gerwig, chairman, president, and chief executive officer of Mechanics, said it hopes to expand from the solid base of commercial customers that the branches would provide.
Mr. Gerwig said the deal is expected to close by the end of the second quarter and would be immediately accretive to earnings. Mechanics would take about 120 days to convert the branches, which would bring its total to 16.
- Laura Pavlenko Lutton