Connecticut-based full-service financial institution United Bank has signed an agreement Webster Bank to acquire six bank branches situated in the regions of Connecticut, Massachusetts and Rhode Island.
The agreement involves two branches in Connecticut, three branches in Massachusetts and one branch in Rhode Island.
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All personal and business banking deposits made at these six branches will be transferred to United Bank. It will also assume IRAs and CDs belonging to households and business customers.
Overall, the acquirer will assume nearly $120m of branch deposits in the transaction.
The Webster Bank employees working in these six branches are also expected to join United Bank.
The deal, subject to regulatory approval, is expected to be completed this year.
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By GlobalDataUnited Bank CEO HW Crawford, IV said: “In addition to strengthening our core deposit and customer relationship base, our strategic purchase of these six branches enhances our already strong presence in Western Mass where we enjoy significant franchise value, builds greater brand recognition and delivers new banking opportunities along the Connecticut shoreline – which will be a strong market for us and grows our branch banking network into new markets in Connecticut and Rhode Island.”
Following the closure of the deal, United Bank is also expected to carry out branch consolidation process in the Springfield region.
The company noted that the existing customers at these six branches will continue to receive all banking services, while United Bank will send a package of information to all of them before their account and branch conversions.
