August 15, 2012

Merger costs weigh on NEB's 1Q net

Enfield thrift New England Bank posted flat fiscal first-quarter profits due to higher expenses partly tied to its impending merger with a West Springfield lender.

For three months ended June 30, parent New England Bancshares Inc. netted $801,000, or 14 cents a diluted share, up barely from $779,000, or 13 cents a share, gained the same quarter a year ago.

Without acquisition related expenses of $510,000, net income would have been $1.3 million, or 23 cents a share in the latest quarter, NEB said.

New England Bank is being acquired for $91 million by United Financial Bancorp in a deal set to close in the fourth quarter.

New England Bank has 15 branches and approximately $726.5 million in assets.

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