| Ticker: MECH | ||
| Exchange: NASDAQ-National Market | Hartford, Connecticut | |
| Industry: Financial |
| Type of Shares: | Common Shares | Filing Date: | 2/9/96 | |
| U.S. Shares: | 5,290,000 | Offer Date: | 6/24/96 | |
| Non-U.S. Shares: | 0 | Filing Price: | $10.00 | |
| Primary Shares: | 5,290,000 | Offer Price: | $10.00 | |
| Secondary Shares: | 0 | Gross Spread: | ||
| Offering Amount: | $52,900,000 | Selling: | ||
| Expenses: | - | Reallowance: | ||
| Shares Out After: | - |
| Manager | Tier | Phone |
| Keefe, Bruyette & Woods, Inc. | Lead Manager | (212) 323-8300 |
| Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| Revenue: | Assets: | ||||
| Net Income: | Liabilities: | ||||
| EPS: | Equity: | ||||
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year | |||||
| Business Description |
| Mechanics Savings Bank was organized as a Connecticut-chartered mutual savings bank in 1861. It currently operates 14 banking offices. Its main office is located in the downtown business district in the City of Hartford, and its 13 other offices are located in Hartford (2), Avon, Bloomfield, East Hartford, Glastonbury, Manchester, New Britain, West Hartford (3), Wethersfield and Windsor, all within Hartford County. At December31, 1995 the Bank is currently the largest independent banking institution headquartered in the City of Hartford, and the fifth largest headquartered in Hartford County. The Bank is a full service community bank offering a wide variety of deposit products, non-deposit investment products, commercial, residential and consumer loans, and other traditional banking products and services. The powers of a Connecticut savings bank are virtually identical to those of a Connecticut commercial bank, and the Bank is configured more like a commercial bank than a traditional savings bank in terms of its relatively high level of commercial and industrial loans, commercial mortgages and demand deposit accounts. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to fund the transition from a mutual to a stock bank holding company. |
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