SI Financial Group Inc., parent of Savings Institute Bank and Trust Co. in Willimantic, has completed its conversion from a mutual to a publicly owned bank as well as a related $52.4 million stock offering.
The closing of the transaction is subject to the satisfaction of customary closing conditions, the bank said Tuesday.
As a result, newly formed SI Financial Group, a Maryland corporation, owns Savings Institute Bank and Trust.
SI Financial has about $880 million in assets.
