The Hartford Insurance Group announced plans to acquire a Central Florida thrift, and simultaneously applied for a thrift charter and federal funds under the government's Capital Purchase Program.
The Hartford said it estimates that it would be eligible for a capital infusion of between $1.1 billion and $3.4 billion under existing Treasury guidelines. The final amount of capital requested will be determined following approval by Treasury, Hartford officials said.
Under the Capital Purchase Program, Treasury will buy up to $250 billion of senior preferred shares of qualifying U.S.-controlled banks and savings institutions to help create liquidity to ease the credit market crunch and bolster the economy.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
