Members of North Haven’s Lancraft Fife and Drum Corps entertained at today’s grand opening of the Patriot National Bank branch at 370 Post Road East at the intersection of Compo Road South. The branch is the 18th for the Stamford-based bank—15 are in Connecticut and three in New York. (CLICK TO ENLARGE) Dave Matlow for WestportNow.com

They are offering CDs again at the former Westport site of the Sam Goody music retailer on Post Road East—but these are certificates of deposit at the new Westport branch of the Patriot National Bank. Wielding the ribbon-cutting scissors at today’s grand opening were Westport First Selectman Gordon Joseloff (4th l.) and Charles F. Howell, Patriot president and CEO. The bank joins People’s United Bank at the intersection of Compo Road South and North and Post Road East. They in turn soon will be joined by a branch of Fairfield County Bank which this week received approval from the Westport Planning and Zoning Commission for its new facility on the southeast corner. (CLICK TO ENLARGE) Dave Matlow for WestportNow.com

Westport-based Terex Corporation today announced that it has reached a definitive agreement to acquire ASV Inc., a Minnesota-based equipment manufacturer, through a tender offer followed by a merger. It valued the deal at $488 million.

Headquartered in Grand Rapids, Minn., ASV is a manufacturer of compact rubber track loaders and related accessories, undercarriages and traction products. Caterpillar Tractor Inc., which holds an almost 24 percent stake in ASV, indicated support of the merger.

The transaction is valued at approximately $488 million, or $18 per fully diluted share of ASV common stock, and is subject to the valid tender of a majority of ASV’s fully diluted common shares, regulatory approvals and other customary conditions, an announcement said.

Terex said it expects the transaction to close by the end of the first quarter of 2008.

The billionaire head of a Westport-based hedge fund who ran national ads urging Americans to donate to charities instead of buying Christmas gifts said today he won’t support the town’s First Night effort because “we have decided not to consider donation requests from people we don’t know.”
Rozanne Gates: Turned down by hedge fund exec.  WN file photo

Ray Dalio, founder and chairman of Bridgewater Associates, made the statement in a comment posted on WestportNow in response to an earlier posting from Rozanne Gates, executive director of First Night Westport Weston, sponsor of the nonprofit, alcohol-free event on New Year’s Eve.

Gates, who was commenting on news story about Dalio’s donate-to-charities-instead-of-buying-gifts campaign, said she had tried unsuccessfully to get Dalio and Bridgewater Associates to become a sponsor of First Night and that a friend had told her, “Forget about it, he never gives to anything.” (See WestportNow Dec. 4, 2007)

In his comment, which he addressed “Dear Rozanne,” Dailo said: “Your posting suggests that I am not charitable and therefore implies that the Dalio Family’s ad campaign (which we tried to keep anonymous) to encourage people to consider making donations to people’s favorite charities as Christmas gifts is insincere.”

The head of a Westport-based hedge fund wants people to donate to charity instead of buying Christmas gifts.
Ray Dalio: Give to charity. File photo

Ray Dalio, founder and chairman of Bridgewater Associates on Glendinning Place off Weston Road, has launched a public campaign to urge Americans to give to charity instead of feeding into the traditional Christmas shopping frenzy.

Dalio, a Greenwich resident whose net worth is listed at $4 billion by Forbes, is running full-page advertisements in six major newspapers nationwide suggesting that shopping would be easier and more meaningful if people made charitable contributions.

His ads urge people to redefine Christmas by making charitable donations that would allow them to “spend more quality time with family and friends rather than in stores shopping for them.”

The future of the Commerce Bank branch on Westport’s Main Street is uncertain following today’s announcement that Toronto-Dominion Bank, which owns TD Banknorth with three branches in Westport, will take over New Jersey-based Commerce Bancorp. Inc.  for $8.5 billion in cash and stock.
Employees sought to attract new customers when Commerce Bank opened its Westport branch on Main Street in June 2006. (CLICK TO ENLARGE) Larry Untermeyer for WestportNow.com

The deal would nearly double TD Bank Financial Group’s U.S. presence, adding Commerce’s roughly 460 branches on the East Coast.

Commerce decided to sell after ousting founder Vernon Hill, the former chief executive officer, whose dealings with companies controlled by family members prompted a U.S. investigation.

TD Banknorth said in March that it will close one of its four branches in Westport, once part of the old Westport Bank & Trust Co., as part of a restructuring plan that closed 24 branches and cut 400 positions. (See WestportNow March 24, 2007)

Neil DeFeo:Playtex will thrive with buyout. Playtex photoThe 200 Westport employees of Playtex Products Inc. are seeing visions of the Energizer bunny.

Energizer Holdings Inc. has announced it will buy Playtex for about $1.16 billion. But the fate of the Westport headquarters of the personal products company at the Nyala Farms office complex on Greens Farms Road is not known.

Playtex products include Hawaiian Tropic and Banana Boad sun screen, and Wet One wipes. St. Louis-based Energizer makes batteries, flashlights and shaving products. It will fold the company into its Schick Wilkinson Sword division later this year.

Neil DeFeo, chairman and chief executive officer of Playtex, said in a statement that Energizer offered a good premium over the company’s share price. “For our employees, it means becoming a part of a much larger consumer products business with the scale and resources to thrive in an increasingly competitive environment,” he said.

By Josh Goldstein and Ed Kiersh

The Westport Downtown Merchants Association three-day annual Main Street sidewalk sale gets under way today as some members worry about spiraling rents and the dominance of national chain stores in the town center.

Michelle Weber and Gavin Arneth, vice president and president of the Downtown Merchants Association, stroll Westport’s Main Street. (CLICK TO ENLARGE) Ed Kiersh for WestportNow.com

The 10 a.m. to 6 p.m. sale continues Saturday and Sunday. The summer fete showcases a mix of newly received fall fashion items and a vast array of merchandise at clearance sale prices. Festival director Gavin Arneth promises it will be “a great opportunity to see what the street offers and to mingle with your neighbors in a calm, friendly atmosphere.” Arneth, president of the merchants’ group, said he hopes Main Street and area restaurants will dazzle sidewalk strollers with their hospitality, charm and finger food treats. Oscar’s, Westport Pizzeria, and other emporiums have delighted sale visitors for the past 15 years.