The state Department of Banking said it has approved the merger of two community banks located in eastern Connecticut.
The DOB said it approved the merger of Guilford Savings Bank (GSB) and Norwich-based Eastern Connecticut Savings Bank on May 7.
The banks announced last December that they plan to join forces to create a $1.4 billion lender that will offer commercial, business, personal and digital banking services to a combined 25,000 clients.
The DOB also said it has approved the combined banks’ new name — Ascend Bank — which will be used once the deal is finalized.
ADVERTISEMENT
The proposed target date for the merger is June 1, according to the DOB.
