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Enfield lender New England Bancshares is being acquired by a West Springfield bank in a deal valued at $91 million.
The parent of New England Bank, with 15 branches and $726.5 million in assets, is being acquired by United Financial Bancorp.
The deal, which has been approved by the board of directors of both banks, will give United Financial its first presence in Connecticut including branches in Tolland, Hartford and Litchfield counties.
The deal is due to close in the fourth quarter, pending shareholder and regulatory approvals.
The parent of United Bank will also add to its holdings approximately $557.9 million in gross loans and $581.6 million in deposits.
Under the terms of the merger agreement, each New England Bank common share will be converted into the right to receive 0.9575 of a share of United Financial common stock.
“We feel that this merger is an excellent opportunity for our customers and the communities we serve,” said New England CEO David J. O’Connor. “Partnering with United Bank will allow us to continue providing our customers with a high level of personalized service and local decision-making while preserving our community bank atmosphere.”
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Read HereThis special edition informs and connects businesses with nonprofit organizations that are aligned with what they care about. Each nonprofit profile provides a crisp snapshot of the organization’s mission, goals, area of service, giving and volunteer opportunities and board leadership.
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Delivering Vital Marketplace Content and Context to Senior Decision Makers Throughout Greater Hartford and the State ... All Year Long!
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