WASHINGTON–The federal Office of Thrift Supervision has given two insurers permission to buy federal savings banks and become federally regulated bank holding companies.
Hartford Financial Services Group Inc., Hartford, and Lincoln National Corp., Radnor, Pa., said they are making the arrangements in an effort to become eligible to participate in the federal Capital Purchase Program, part of the Troubled Asset Relief Program.
Hartford is acquiring Federal Trust Bank, Sanford, Fla., a savings bank, and the bank's parent, Federal Trust Company.
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