Shares in the Putnam Trust Co. were trading for more than twice book value on speculation that the bank, headquartered in the wealthy suburban community of Greenwich, Conn., may be acquired.

The share price of the bank, which has $686 million of assets and $2 billion of trust money under management, surged 18% to $36 on the disclosure Friday that it is reviewing several unsolicited offers. That capped a 38% surge since Jan. 3.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.