Heads up, Webster Bank customers. Uncle Bush is in da house.

[Atman]

The Bush's and banking...*shudder*...hey, if I had MY accounts there, I wouln't have my accounts there, that's all I'm sayin'.

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A Bush Joins Webster's League

Bank To Acquire Firm Run By Uncle Of The President
May 19, 2005
By KENNETH R. GOSSELIN, Courant Staff Writer

<snip>

Webster said Wednesday it has agreed to acquire the assets of New Haven-based J. Bush & Co., an investment management firm founded and still run by the president's uncle, Jonathan J. Bush Sr.

Bush, 74, will continue to run the firm, which caters to wealthy clients and institutional customers, but it will become a division of Webster's investment management unit. The deal, expected to close in June, will add $300 million to Webster's asset management portfolio, pushing it up to $1.5 billion.

Webster has a stated goal of building its investment management business, particularly providing advice to the wealthy. Currently, about half of the bank's $1.2 billion asset management portfolio contains investments from high-net worth individuals, those who have $1 million or more to invest.

<snip>

J. Bush & Co. was founded in 1970. In 1997, the firm was acquired by the parent of Riggs National Bank, based in Washington, D.C., and operated as a wholly owned subsidiary. After being tainted by a money-laundering scandal, Riggs was sold to PNC Financial Services Group Inc., based in Pennsylvania.

<snip>

http://www.courant.com/business/hc-webster0519.artmay19,0,2352506.story

[radwriter0555]

1. Ahhh, tha bank robbers ready the treasure chests!

Thank you...

[REACTIVATED IN CT]

2. Thanks for the heads up

I didn't see this in the New Haven Register.

I was in the process of removing my accounts from Webster anyway - I will now expedite the process. And I will tell them wny I am leaving

[REACTIVATED IN CT]

3. I just made arrangements to move a maturing CD out of Webster

When the branch manager asked why - I told him about the J Bush & Co affiliation. He didn't "want to get into a political discussion". Oh, well



"Non-cooperation with evil is as much a responsibility as co-operation with good." -- Ghandi