P.M. BRIEFING : Boston Bank to Sell Subsidiary
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BOSTON — Bank of New England Corp. said today that it agreed to sell most of Bank of New England-Old Colony, its Rhode Island subsidiary, to Citizens Financial Group of Rhode Island for $75 million.
The deal, which requires the approval of federal regulators, is the last big step in the Bank of New England’s effort to boost its capital and to restructure and trim its operations.
“This sale virtually completes our program to downsize the company and to concentrate our efforts on our strong franchises in Connecticut, Maine and Massachusetts,” said Lawrence K. Fish, the New England bank’s chairman and chief executive officer.
Citizens Financial Group is a subsidiary of Royal Bank of Scotland Group.
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