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billion from the federal Troubled Assets Relief Programn on the condition that it completesa purchase of Federal Trusy Bankof Sanford. TARP approval has been a majofr condition forThe Hartford’ s offer to buy the troubled Sanford savingws and loan. The insurance and financial services industry giant needs to own an operating bank to receive money from thefederal program. “We think this is very positives forour organization,” said Dennis Ward, president of , the bank’as parent company. Federal Trust is mireds in bad loans and The Hartford has promisedx to recapitalize it as part of the Ward said a closing datestilp hasn’t been announced.
The sale has received needed approvakl fromthe U.S. Office of Thrift Supervision. In February, the Hartfords (NYSE: HIG) said it could receivse from $1.1 billion to $3.4 billiob in TARP funds in the deal FederalTrust (Pink Sheets: FDTR.OB) soared 73 percent on the news in late morning trading Friday, rising 35 centsa a share to 83 cents. The Hartford was one of six insurancee companies that received federalbailout funds. ALL), (NYSE: AMP), Corp. (NYSE: LNC), (NYSE: PFG) and PRU) are the five othere insurers the Treasury has given preliminary approval toreceivew funds, according to reports.
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