SI Financial Group Inc., parent of Savings Institute Bank and Trust Co. in Willimantic, expects to complete Wednesday its two-step conversion from a mutual to a publicly owned bank.
The closing of the transaction is subject to the satisfaction of customary closing conditions, the bank said Tuesday.
As a result of the conversion and related stock offering, SI Bancorp, MHC and SI Financial Group will cease to exist and new SI Financial Group, a Maryland corporation, will become the parent of Savings Institute Bank and Trust.
SI Financial has about $880 million in assets.
