Savings Institute Bank & Trust Selected to Acquire
Remaining Assets of the Circle Trust Company
State Banking Commissioner John P. Burke, acting in his capacity as Receiver of Circle Trust Company (“CTC”), announced that Savings Institute Bank & Trust of Willimantic, Connecticut has been selected and has agreed to acquire the remaining assets of CTC. The transaction involves the Savings Institute’s acquisition of the trust services and wealth management trust line of business through assignment of all applicable custodial and trust agreements. The proposed agreement requires the approval of the Connecticut Superior Court.
“The department is happy to announce this agreement between the Receiver and the Savings Institute,” stated James Heckman, spokesman for the Connecticut Department of Banking. “The agency is encouraged that the Saving Institute will be able to complete this agreement in a prompt and orderly manner.”
The Savings Institute was incorporated by an act of Connecticut Legislature on May 30, 1842. The Savings Institute offers personal and business financial services, including insurance, trust and investment services through its fifteen branch offices located throughout Eastern Connecticut.
Last week, State Banking Commissioner John P. Burke, again acting in his capacity as Receiver of the CTC, announced that MG Colorado Holdings, Inc. had been selected to acquire certain assets of CTC relating to the company’s third-party administrator business. Prior to that action, Fiduciary Counselors Inc. of Washington, D.C. was appointed independent fiduciary of the Trust Advisors Stable Value Plus Fund, a fund previously managed by the CTC.