The parent company of New Canaan’s Bankwell Bank said Tuesday it will expand beyond Fairfield County through the purchase of Hamden’s Quinnipiac Bank & Trust for about $15 million.
The deal would add approximately $100 million to Bankwell Financial Group’s assets, bringing its total to $880 million. It will also expand Bankwell’s presence beyond Fairfield County into New Haven.
The definitive agreement between the two calls for 25 percent of Quinnipiac shares to be exchanged for $12 in cash each, or about $3.6 million. The remaining 75 percent will be exchanged for just over half a share of Bankwell Financial Group stock each.
Mark Candido, Quinnipiac’s President and CEO, and Dick Barredo, executive vice president and chief lending officer, will remain with Bankwell in senior positions, Bankwell said.
The deal is expected to close in the third quarter.
