New Prospect for Bank of New England?:...
From Times Staff and Wire Reports
New Prospect for Bank of New England?: Fleet/Norstar Financial Group is considering joining forces with a New York investment firm specializing in leveraged buyouts to bid for the failed Bank of New England, according to a published report. The Wall Street Journal quoted “people familiar with the situation” as saying that Fleet is thinking of teaming with Kohlberg Kravis Roberts & Co. in a joint bid for the failed bank. Separately, the Federal Deposit Insurance Corp. extended its deadline for bids on three former subsidiaries of the bank to March 29 from March 15. The three banks are Bank of New England of Boston, New Connecticut Bank & Trust Co. of Hartford, Conn., and New Marine National Bank of Portland, Me.
