Marine Midland Agrees to Buy First Federal Savings & Loan
May 05, 2011
BUFFALO, N.Y. -- Marine Midland Bank said it will acquire First Federal Savings & Loan Association of Rochester, N.Y., for $620 million. The deal, expected to close by year end, is subject to regulatory approval. First Federal, with $7.2 billion in assets, is a unit of Toronto-based CT Financial Services Inc., which itself is a subsidiary of Imasco Ltd., a consumer-product and services company in Montreal. The thrift, with 79 branches in New York and 15 mortgage-origination offices in nine states, was purchased by CT Financial in 1991. Marine Midland has $22.7 billion in assets and has headquarters in Buffalo. The bank is the principal U.S. subsidiary of HSBC Americas Inc., which in turn is a subsidiary of HSBC Holdings PLC.. Jimmy Evers, Marine Midland's president and chief executive, said in a statement that while the deal would result in some branch consolidation, all First Federal employees would be offered jobs ``for at least one year from the date of the signing of the agreement.'' A Marine Midland spokeswoman said it is ``too early to tell'' how many jobs ultimately will be lost.
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