A Maine banking company plans to introduce brokerage and trust services at Massachusetts and Connecticut banks it is acquiring.
Peoples Heritage Financial Group of Portland, Maine, said July 20 that it would buy SIS Bancorp of Springfield, Mass. SIS owns Springfield Institution for Savings and Glastonbury (Conn.) Bank and Trust Co., with 33 branches in all.
The $428 million stock deal is expected to close by yearend. The brokerage products and trust services should be available a few months later, a spokesman said.
Peoples Heritage, with $3.8 billion of assets, operates 194 branches through three subsidiaries. Its Heritage Investment Planning Services Inc. manages about $500 million of assets and sells a wide range of investments. SIS, with $1.8 billion of assets, offers no such services.