Hartford Seeks to Buy a Bank

By Kevin Kingsbury
November 15, 2008

In a move that highlights the contortions companies are undergoing to weather the credit crisis, the venerable but battered insurer Hartford Financial Services Group Inc. said it will try to turn itself into a savings and loan to gain access to federal funds aimed at shoring up the banking sector.

To pull off the transformation, the 198-year-old insurer will spend $10 million to buy Federal Trust Corp., a small thrift holding company based in Florida.

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