Enfield-based New England Bancshares announced today that it intends to merge its federal savings bank, Enfield Federal Savings and Loan Association, with its commercial bank, Valley Bank.
The combined institution will be renamed New England Bank.
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The company will retain the name of each bank at their respective branches and operate the branches as a division of New England Bank.
Bank officials said the merger will eliminate the extra regulatory and administrative costs of maintaining separately chartered banks with essentially the same products, services and operations.
“Given the focus and operating philosophy of each bank, the merger of our subsidiaries made a great deal of financial sense,” said David O’Connor president and CEO of New England Bank. “The merger will allow us to gain efficiencies in a relatively painless manner and is expected to result in benefits to our customers and stockholders.”
