American Financial and Citibank Merger
Barkhamsted Connecticut is a small town in Litchfield County, Connecticut. It has seven communities, West Hill, Mallory, Barkhamsted Village, Center Hill, Washington Hill, Pleasant Valley and Riverton. The average population in 2020 was 3,794, up slightly from last year’s 3,051. The town incorporated as a town centuries ago. Today, many visitors come to this quaint little city to take in the Connecticut outdoors, and to enjoy the town’s small town feel.
Connecticut resident John S. Lehman purchased the then-vacant tracts of land on which the mall today sits. He then proceeded to build the mall with the help of his family. He chose to construct it on an independent public trust, so that the land would not be owned by any single person or company. John Lehman is one of the leaders of the CT Towns Association, which works to support the towns in their growth and development.
For many years, John Lehman has been a strong advocate for theCT towns Association. A former state senator and candidate for governor, John Lehman has always been a strong advocate of the position. In 2020, he helped to introduce legislation that would have capped tax increases on high income earners and institute a financial accountability board for all of the CT towns. He also co-sponsored a bill that would have required CT post offices to have security officers on duty twenty-four hours. Both measures were passed, but without the cap and accountability board, the legislature failed to take action.
Now, it appears that there will be another attempt at reform at the city of Barkhamsted, Connecticut. At this point, it appears that a business association of sorts will put forward a resolution asking the state to create a new tax structure for the city. If this is not successful, the association will propose that the city develop a new management system, which would include a new board of oversight for the CT towns. There are mixed feelings coming from the business community, but nothing is certain at this time.
The owners of two popular Connecticut based companies, CitiMed and American Financial Security, have decided that it is time to bring the books of their businesses into the public eye. According to a press release from AMSC Holding LLC, the two companies “are now considering going public.” AMSC Holding LLC owns a majority share of both CitiMed and American Financial Security; they are partners in CitiMed and American Financial Security is the primary financial holding company of both companies.
The owners of American Financial Security LLC, Robert A. Gage and Charles W. Gage, have been looking at their finances for the past year and a half. During their examination, they noted an unusual trend of debts and defaults that came from various parts of the financial portfolios held by the companies. These debts were concentrated in two areas, with CitiMed focusing heavily on commercial real estate loans and American Financial secures a large amount of credit card debt.
As is typical for a company going public, both CitiMed and American Financial will offer shares of stock for sale on the New Haven Board of Trade. The companies have reserved a list of buyers for their stock. It is expected that a secondary list of prospective buyers will be offered to the public shortly. This may cause a secondary hike in prices on the stock. No definitive information was released as to why either company is going public or if there will be additional announcements.
A press release issued by the shareholders of both companies confirmed that the board of directors have decided to sell the shares of stock. CitiMed will take control of the remaining shares of the original ct. The remaining shares of Hartford will be sold to a new holding company, which will be a completely new company. The purchase of these assets by CitiMed and American Financial will be the first of many to come in the spring of 2020.