^ Massachusetts Bank to Buy Heritage S&L

CONNECTICL'T SPORTS Rivalry to end Pratt urges Series CtameT In band unity angine changes Is put on hold ... p «g « 4 11 iBaurh^strr) V3nchester — A City of Village Charm Hrralh Monday, Oct. 27, t906 30 Cents ^ Massachusetts /> bank to buy Heritage S&L By Alex GIrelll Associate EOltor By John F. Kirch Despite the rainy weather. High Herold Reporter way Department workers today heyan Manchester’s annoal curb side leaf pickup program. The Heritage Savings A Loan Association, which has been An experimental new system was put into operation this year in plagued by financial problems for the past several years, has agreed response to public criticism in the past that for many residents the to be bought out by a much larger pickup came too early or loo late in Massachusetts financial institu the season. tion for $7 7 million The definitive agreement be This year one leaf pickup ma tween t he Ma nchester-based Herit chine and a crew will be stationed age and the ComFed Savings Bank In each of six sections of town and was signed Saturday, banking will continue vacuum leaf pickup officials said. It would take effect throughout the season, working upon approval of the acquisition by wherever they find the leaves state and federal regulators, a raked to curbside process that could take six months Keith Chapman, the town high "This is a instant solution for way superintendent, asked that us," said Heritage President Wil householders rake the leaves to the liam H. Hale "We can move curb sometime between now and Nov. 16. forward and be creative again." Under the terms of the agree About 25 crew members were iat ment. each of Heritage’s 496,000 work today. Chapman said. Rain shares of stock would be purchased slowed the work somewhat, but by ComFed for $15 in cash, with the Chapman said there Is some per-share price subject to downw compensation in the fact that the ard adjustment of up to $1. wetness keeps the dust down. Employee stock options for ap The leaf collection will continue proximately eo.OOOshares would be for six weeks, with the machines cashed out in the merger. Hale WILLIAM H. HALE making several passes through said. each of their assigned streets. If the agreement is approved. ., keeps his post Chapman said he hopes the new Heritage will be taking its name off system will serve all citliens in a timely manner. its branches throughout the state Heritage, which has 12 branches and becoming part of ComFed In past years, six routes were in the Hartford and New Haven Hale said this should not affect taken In succession Some com areas, has been troubled by a poor 8h customers or Heritage’s involve loan portfolio it acquired when It plainants said that as a result, ment in the community leaves were collected before there purchased Fidelity Federal Sav Jo In connection with the acquisi was time for raking Others said ings of New Haven In 1984, The bad vam tion. ComFed has received an they weren’t served until snow and ' • loans are the basis for a federal telei assigned warrant to purchase lawsuit Heritage has filed against got Ice had complicated the process. newly issued common shares of Chapman asked that citizens not seven form er executives of New Heritage at $14 a share. New Fidelity, woul phone the Highway Department shares will number 15 percent of office because the pickup date for a Hersid photo by Pinto Hale and Miller both said that its fi the number of outstanding com despite Its troubles. Heritage was particular street will be deter The annual leaf pickup program gets off under way simultaneously this year in all mon shares, Haie said. Ab mined by conditions In the field and not forced Into the merger with to a wet start today as a highway crew sections of town, and the pickup will The warrant is used as a safety fourt not by a preset schedule ComFed and Is healthy enough to Festi works along Henry Street Work got continue for about six weeks. measure by ComFed in case operate on Its own. another bank makes a competitive fest " ’They’re not an endangered Rant offer to purchase Heritage. Hale species.” said ComFed President "D explained Miller. He called the agreement a ComFed, based in Lowell. Mass . marriage of two strengths, saying dayti originates more residential mort It would increase his company’s ran I Contras may be trained In U.S. gages In New England than any presence in Connecticut. now other financial Institution and also ComFed. which had a net worth In WASHINGTON (AP) - ’The.... The newspaper said Ft Benning ranks as the largest secondary- Frid AP late last week the United States military aid. $27 million in non- of $83 million and earned more than armed services plan to recom In Columbus. Ga , has too high a market seller of resedential mor- festii will provide the rebels with, among lethal aid and $3 million for a $10 million In the six months ending mend training sites In the United public profile for the contra train tages In the region Sept. 30. has 21 offices in Massa rarel States for contra troops after Costa other equipment surface-to-air human rights enforcement office The agreement comes after ing. although In many respects it missiles for use against high- The legislation also provides $300 chusetts and five loan production trivU Rica. El Salvador and Honduras would be Ideal. Other published months of negotiations, which performance helicopters the So million In economic aid to Costa offices In Connecticut. Its assets tition objected to use of their territory. reports have Indicated the training began after Heritage dropped viets have sent to the Sandinistas Rica. Honduras, FI Salvador and total $972 million, compared to Shadi The Washington Post reported sites will be Puerto Rico and Fort plans to merge with the Suffleld Heritage’s $260 million. Heritage today. In addition. I 'S trainers will Guatemala Savings Bank Suffleld, which Bcagg. N.C., home of the Arm y provide instnictlon for the contras has deposits of $226 million and a The newspaper quoted unidenti Green Berets A U.S official said Friday the announced In 1985 that It would buy in such areas as military tactics, goal In Nicaragua Is for the contras net worth of $3 3 million. fied sources as saying the Arm y. The newspaper, quoting Reagan out Heritage, later changed Its Bla human rights and weapons use to put sufficient military pressure "To the customer, the strength of Navy, Air Force and Marine Corps administration officials, said the offer and Heritage terminated the Bla The training will be focused on the on the Sandinistas so that they a larger bank should improve the have been directed to make the Slate Department will provide merger process before completion. “ yout upper leadership ranks of the abandon Marxism and choose number of offices out there." Hale recommendations, using low- overall policy guidance for the Raymond F Miller Jr , contras, who. in turn, will train the instead to establish representative said. He said the S A L’s services gant" profile sites that would minimize contra program, the U.S military ComFed’s president and chief rank and file the officials told the democracy. could Increase, but he saw no rock i adverse publicity and citizen will train contra unit commanders AP executive officer, said this morn cutting back she’s opposition. But officials have openly ac ing that top management at and the Central Intelligence President Reagan’s signature on The biggest addition. Hale said, “ Id The administration had tried to knowledged in recent months that Heritage will stay In place One Agency will support the operations the aid legislation Friday resumed could be 15- and 30-year fixed-rate persuade several Latin American as an alternative outcome, they member of Heritage’s board of power around — but not In — Nicaragua military assistance to the contras mortgages — something Heritage governments to allow use of their would welcome an outright contra directors will sit on the ComFed securi A Pentagon spokesman. Cm dr following a . 2'/4-year suspension does not currently offer. territory, but Costa Rica. El victory On the other hand, the board. Hale said while the others man ' Robert Prucha, told The Asso mandated by Congress, "rhe ad Before It takes effect, the agree Salvador and Hondurns said they administration believes defeat of will sit on the company’s Connecti really ciated Press on Sunday night he ministration hopes the renewed aid ment must be approved by the did not want to Invite retaliation the contras would give the Sandi cut advisory board of directors who It had not heard of the report and, will help the rebels become a more state banking commissioner and from Nicaragua’s leftist Sandl- nistas a freer hand in their alleged Hale said he would sit on the make therefore, could not confirm or credible fighting force the Federal Home Loan Bank nlsta government, the sources deny If. efforts to support leftist rebels advisory board and become presi now,” Over the next year, the insur Board. said. Administration officials fold the elsewhere in Central America and dent of Com Fed’s Connecticut IntervI gents will receive $70 million in in South America. Heritage stockholders must also division. He would also become approve the deal. Hale said the of Van vice president of the company upon earliest that could take place is She I approval of the merger. December. has be but stil ‘Big Bang’ strikes say alx TODAY’S HERALD a wond London exchange CPU uni Pope calls for truce Ballot use down LONDON (AP) - The much- He spoke as he surveyed in his United In a quest for peace.

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