Two Connecticut-based mutually owned community banks have announced plans to merge.
Guilford Savings Bank (GSB) and Norwich-based Eastern Connecticut Savings Bank said they plan to join forces to create a $1.4 billion lender that will offer commercial, business, personal and digital banking services to a combined 25,000 clients.
GSB, founded in 1875, has a nearly 150-year history and over $1.1 billion in assets. Eastern Connecticut Savings Bank, established in 1915, is much smaller, with $264 million in assets, and focuses on the greater Norwich area.
Once the deal closes, which is expected to occur during the second quarter of 2025 pending regulatory and other customary approvals, GSB President Kyle Eagleson will become the CEO.
He will succeed current GSB CEO Timothy Geelan, who plans to retire in March 2025.
Meantime, Eastern Connecticut Savings Bank President and CEO Lisa Griffin will take on the role of market president for the Eastern Connecticut Savings Bank region.
There are no plans for branch closures or other staff reductions, the banks said.
“Both banks have been built on a foundation of trust and service, and this merger will allow us to expand our reach and capabilities while staying true to our shared core values,” Eagleson said. “We’re excited to offer even greater innovation, convenience and services to our clients throughout Connecticut.”
Piper Sandler & Co. served as a strategic financial advisor on the deal. Luse Gorman PC served as legal counsel to GSB. Pierson Ferdinand LLP served as legal counsel to Eastern Connecticut Savings Bank.
