Southern New England Telephone Co. - Specimen Stock Certificate
Inv# SE2269B Stock
Specimen Stock printed by American Bank Note Company.
The Southern New England Telephone Company, commonly known as SNETCo by its customers, operates as Frontier Communications of Connecticut. It’s a local exchange carrier owned by Frontier Communications.
SNETCo’s journey began on January 28, 1878, when it was established as the District Telephone Company of New Haven. Notably, it holds the distinction of being the pioneer in establishing the first telephone exchange and the world’s first telephone book. Since its inception, SNETCo has maintained a monopoly on most telephone services within the state of Connecticut. The only exceptions are the Greenwich and Byram exchanges, which are served by Verizon New York.
Interestingly, SNETCo and Cincinnati Bell were the only two companies within the old Bell System that AT&T, the former parent company, held a minority stake in. By 1983, AT&T’s stake had dwindled to just 19.6 percent. Consequently, neither company was considered a Bell Operating Company; instead, they were regarded as independents.
In 1998, SNETCo was acquired for a staggering $4.4 billion by SBC Communications. Subsequently, SBC Communications acquired the old AT&T, renaming it as the “new” AT&T. Under AT&T’s ownership, SNETCo was known as AT&T Connecticut. In 2006, AT&T merged the operations of SNETCo into AT&T Teleholdings, formerly Ameritech, transforming it into a subsidiary of the latter.
On June 1, 2007, Woodbury Telephone’s operations were merged into SNET. Later, on October 24, 2014, Frontier Communications acquired AT&T’s Connecticut operations, encompassing Southern New England Telephone and SNET America, for a sum of $2 billion. Consequently, the company began operating as Frontier Communications of Connecticut. This acquisition marks the second former unit of the Bell System to be acquired by Frontier, following the purchase of Frontier West Virginia (originally C&P Telephone of West Virginia) from Verizon in 2010.
A stock certificate is issued by businesses, usually companies. A stock is part of the permanent finance of a business. Normally, they are never repaid, and the investor can recover his/her money only by selling to another investor. Most stocks, or also called shares, earn dividends, at the business's discretion, depending on how well it has traded. A stockholder or shareholder is a part-owner of the business that issued the stock certificates.
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