The chief executive officer and one other board member of Enfield thrift New England Bancshares, awaiting its $91 million merger with a West Springfield lender, have been promised board seats on the merged institution, a regulatory filing shows.
The parent of New England Bank also agreed to pay a $3.2 million breakup fee to United Financial Bancorp. if their deal falls through, according to NEB’s 8-K filing with the Securities and Exchange Commission.
David J. O’Connor, NEB’s president and CEO, along with another unidentified member of the savings and loan’s board, will get seats on United’s board following the merger announced Monday, the filing said.
The boards of both institutions voted in favor of the merger set to close, if regulators and stockholders approve, in the fourth quarter.
New England Bank has 15 branches and $726.5 million in assets, and would give United Financial its first Connecticut presence.
