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HIG Acquires Federal Trust

Appointed Jeff Lange as regional Vice President of the Hartford's Chicago branch

The Hartford Financial Services Group (HIG), an insurance-based financial services company, has acquired Federal Trust Corporation, the parent company of Federal Trust Bank, and a FDIC-insured savings bank.

 

The company said that it has acquired Federal Trust Corporation for $10 million in cash and closed the transaction on June 24, 2009.

 

Ramani Ayer, Chairman and CEO, HIG, said: “The acquisition of Federal Trust represents the last significant step towards the closing of our investment agreement with Treasury.”

 

Separately, HIG has appointed Jeff Lange as regional Vice President of The Hartford’s Chicago Regional Office, and also enrolled 100,000th beneficiary in the college savings program.

 

In his new role, Mr. Lange will lead The Hartford’s agency relationships as well as commercial, personal lines, middle market, specialty practices and life cross-sell operations in Chicago and the upper Midwest.

 

He replaces Steve Wachtel, who is retiring after 23 years at HIG.