Summary
This 8-K filing from The Hartford Financial Services Group, Inc. (HIG) on February 1, 2012, announces the company's official release from its registration as a savings and loan holding company. This follows the prior sale of its subsidiary, Federal Trust Corporation and Federal Trust Bank, to CenterState Banks, Inc., which was completed in November 2011. The release, effective January 26, 2012, was granted by the Federal Reserve Bank of Boston. For investors, this development signifies a strategic divestiture and a streamlining of The Hartford's business operations. The removal of this registration status likely simplifies regulatory oversight and potentially allows the company to focus more resources on its core insurance and financial services businesses. While this filing itself does not contain financial performance data, it marks the completion of a significant regulatory and operational step for the company.
Key Highlights
- 1The Hartford has been released from its registration as a savings and loan holding company, effective January 26, 2012.
- 2The release was granted by the Federal Reserve Bank of Boston.
- 3This follows the sale of its subsidiary, Federal Trust Corporation and Federal Trust Bank, to CenterState Banks, Inc.
- 4The sale of Federal Trust Corporation and Federal Trust Bank was consummated on November 1, 2011.
- 5The company had applied to the Federal Reserve Bank of Atlanta for this release on September 22, 2011.
- 6This filing is made under Regulation FD Disclosure (Item 7.01).
- 7The information provided is not deemed 'filed' for purposes of Section 18 of the Exchange Act.