The Hartford To Sell Federal Trust Corporation To CenterState Banks

The Hartford HIG today announced a definitive agreement to sell Federal Trust Corporation to CenterState Banks, Inc. The sale, which is subject to regulatory approval, is expected to close in the fourth quarter and is consistent with The Hartford's other recent sales of non-core operations. Acquired by The Hartford in June 2009, Federal Trust Corporation is a unitary thrift holding company and is the parent company of Federal Trust Bank, a federally-chartered, FDIC-insured savings bank. Federal Trust Bank operates 11 full-service offices in Seminole, Orange, Volusia, Lake and Flagler Counties, Fla. The Hartford expects to record an after-tax charge of approximately $70 million in the second quarter related to the divestiture, including losses on certain Federal Trust Bank assets and liabilities which will not be sold to CenterState Banks, Inc.