BERLIN, Conn. -- Midconn Bank has signed a definitive agreement to merge with Federal Savings Bank, New Britain. Federal's shareholders will receive about $12.3 million in Midconn stock.

Midconn chairman Richard S. Martin will be chairman of the merged bank and Midconn president and chief executive Richard J. Toman will be president. The companies said a number of Federal Savings directors will be elected to Midconn's board.

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