Enfield lender New England Bancshares announced Thursday that it 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 share of NEB common will be converted into the right to receive 0.9575 of a share of United Financial Bancorp common stock.
“We feel that this merger is an excellent opportunity for our customers and the communities we serve,” said NEB 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.”
