Business Services Industry
Hartford, Conn.-Based Phoenix Cos. to Sell Its Trust Company to Webster Bank.
Knight Ridder/Tribune Business News, December, 2003
By Diane Levick, The Hartford Courant, Conn. Knight Ridder/Tribune Business News
Dec. 19--The Phoenix Cos. Inc. plans to sell its trust company to Webster Bank for an undisclosed price, the latest move by Phoenix to shed assets, raise capital and concentrate on its core businesses.
Waterbury-based Webster Financial Corp. said Thursday that its bank has a definitive agreement to buy Phoenix National Trust Co. in Hartford, which has about $80 million of assets under management.
The company, which has 12 full-time employees, provides trust, custodial and other financial services.
Webster will employ two of the trust company's officers and an administrator, leaving the fate of the other nine employees uncertain. Webster will see...
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