As part of its previously announced objective to enter the retail banking market in early 2001, MetLife has signed a definitive agreement to acquire Grand Bank, N.A. of Kingston, New Jersey. Terms of the agreement were not disclosed.
The acquisition is subject to regulatory approval. A nationally chartered bank, Grand Bank opened for business on February 23, 1999, and provides banking services to individuals and small businesses in the Princeton, New Jersey area. As of June 30, 2000, Grand Bank reported total assets of $80 million, deposits of $52 million and shareholder equity of $7.3 million.
“This agreement is an important step towards reaching our ultimate goal of being in the retail banking business,” said Judy Weiss, Executive Vice President in charge of MetLife’s newly created banking unit. “As we build this business, we will continue to explore opportunities that provide new services for our customers, including accounts for claims payouts, and create opportunities for many of our other operations.”
Once the acquisition is completed, MetLife plans to rename the bank MetLife Bank.
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