U.S. Trust Acquires Failed Florida Thrift
A unit of U.S. Trust Corp. has acquired a failed thrift in Florida, gaining the authority to provide a full range of banking services to customers in the state.
Limited by its trust charter, U.S. Trust Company of Florida previously could not provide checking accounts and other deposit-gathering services.
The company said it acquired all the deposits of Great Life Federal Savings Association of Sunrise, Fla., from federal regulators for an undisclosed price. The failed thrift reopened Monday as the U.S. Trust Company of Florida Savings Bank.
The New York-based parent company is following a route taken by J.P. Morgan & Co., which recently acquired a failed Florida thrift.