HARTFORD, Conn. - Shawmut National Corp. said it had completed its acquisition of $3.4 billion-asset Northeast Federal Corp., Farmington, Conn., parent of Northeast Savings.
Effective immediately, all 33 Northeast Savings branches - situated in New York, Massachusetts, and Connecticut - become units of the Shawmut Bank in each of these states, the bank said.
Northeast Federal had $2.5 billion in retail deposits and $945 million in loans as of March 31.
According to Joel B. Alvord, Shawmut's chairman and chief executive, the bank now has the number one or two market share in five of the eight towns served by Northeast in the greater Albany, N.Y., area.
Northeast was acquired in a swap of 0.415 share of Shawmut common stock for each share of Northeast stock.
Shawmut National has assets of $38 billion, 360 branches, and more than 600 ATMs. It is expected to complete its merger with Fleet Financial Group, Providence, R.I., in the fall.