BANKING & FINANCE - Sept. 1, 1992
From Times Staff and Wire Reports
Bank of Boston to Acquire Connecticut Bank: Bank of Boston announced plans to buy Hartford-based Society for Savings Bancorp. Inc. for $200 million. Bank of Boston, with assets of $31 billion, proposes to exchange 0.8 shares of its common stock for each share of Society for Savings stock. At current prices, the deal would be worth about $193.9 million. Bank of Boston’s stock fell $1.25 to close at $20.375 a share on the NYSE, while Society for Savings gained $2.625 at $15.125 a share in OTC trading. Society is a relatively healthy New England thrift with a reputation for good management and improving earnings, said Frank Barkocy, a bank analyst for Advest Inc. of Hartford.
