The state banking department has approved Danbury-based Union Savings Bank’s $35 million acquisition of The First National Bank of Litchfield.
Under the agreement first announced in October, each First Litchfield shareholder will receive $15 per share in cash.
First Litchfield Financial Corp. runs the Litchfield bank, which has $520 million in assets and nine branches in Litchfield and Hartford counties.
Union Savings is a state-chartered mutual, meaning it is owned by depositors, with $2 billion in assets. When the merger is completed, Union Savings will have approximately $2.5 billion in assets, $1.7 billion in deposits and 28 branches statewide.
Union Savings CEO John Kline said in October that the merger will significantly expand its market share in Litchfield County as well as a greater presence in Hartford County.
“This acquisition will further our vision of becoming the bank of choice in western Connecticut,” Kline said.
