Glastonbury’s Rockville Bank and United Bank in West Springfield are now one institution with nearly $5 billion in assets, with the formal completion of their $369 million all-stock merger.
As expected, United Financial Bancorp Inc. merged into Rockville Financial Inc., with the surviving entity renamed United Bank, with its executive headquarters in Glastonbury.
Rockville CEO William H.W. “Bill’’ Crawford IV holds the same post with United Bank and its parent, now named United Financial Bancorp Inc. Richard B. “Dick’’ Collins, chairman and CEO of the predecessor United Bank and its parent, retired Wednesday, the day the merger was effective.
J. Jeffrey Sullivan, chief operating officer of the predecessor United Bank, is now president of the new United.
Effective Thursday, its Nasdaq ticker symbol is UBNK.
In connection with the merger, announced last Nov. 15, United’s board declared a cash common-stock dividend of a dime a share, to be paid May 19 to stockholders on record by May 12.
In addition to Crawford and Sullivan, others seated on the new 10-member United board: Robert A. Stewart Jr., chairman; Raymond H. Lefurge Jr., vice chairman; Michael A Bars; Michael F. Crowley; Stuart E. Magdefrau; Kristen A. Johnson; Carol A. Leary; and Kevin E. Ross.
RBC Capital Markets LLC was lead financial advisor to Rockville Financial, Inc. and rendered a fairness opinion on the merger. Sandler O’Neill + Partners L.P. also rendered a fairness opinion.
Hinckley, Allen & Snyder LLP was Rockville’s legal counsel.
Sterne Agee & Leach, Inc. served as the exclusive financial advisor to United Financial. and rendered a fairness opinion in connection with the transaction. Kilpatrick Townsend & Stockton LLP acted as United’s legal counsel.
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