Federal Trust, investor group end negotiations for recapitalization

By Lisa Kerner

Charlotte, N.C., Sept. 29 - Federal Trust Corp. said negotiations with an investor group based in New York and Florida have been terminated.

As a result, Federal Trust is now free to negotiate with other parties with respect to the acquisition of, or an investment in, the company, a company news release said.

On Sept. 19 it was announced that Federal Trust had entered into a letter of intent with the investor group. The group planned to invest between $40 million and $55 million in the Sanford, Fla.-based thrift holding company in exchange for control, it was previously reported.

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