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BNC Financial Group of New Canaan, Conn., has hired former NewAlliance Bancshares Chief Executive Peyton R. Patterson as its new CEO.
April 17 -
The $625 million-asset BNCF Financial will pay about $5 million in cash for the $75 million-asset Wilton. BNC Financial said it expects no tangible book value dilution after the deal is completed.
June 14 -
The $483 million-asset company issued 370,000 shares of common stock to a prominent financial institution investor, according to a press release Monday. The investor was not named in the release.
September 30 -
After less than a year on the job, BNC Financial CEO Peyton Patterson is looking at new markets, products and a plan to bring in up to $50 million in capital.
June 27
Bankwell Financial Group (BWFG) in New Canaan, Conn., has agreed to buy Quinnipiac Bank & Trust in Hamden, Conn.
Bankwell said in a press release Tuesday that it will pay $15 million in cash and stock for the $100 million-asset Quinnipiac. About 75% of the consideration involves stock. The $780 million-asset Bankwell said it expects the deal to be immediate accretive to earnings, adding that it should earn back its tangible book value in four years.
The acquisition in Bankwell's second since hiring Peyton Patterson
"We are excited to expand our presence into New Haven County," Patterson said in Tuesday's release. "With Quinnipiac's excellent reputation, it will provide a strong foundation upon which to build our presence in the surrounding New Haven markets. Together, we will continue to be the hometown bank serving the local community, but with a far greater array of services to offer local individuals and businesses."
Mark Candido, Quinnipiac's president and chief executive, and Dick Barredo, chief lending officer, will remain with Bankwell in senior posts after the transaction closes. One Quinnipiac director will join Bankwell's board.
Bankwell expects to complete the acquisition in the third quarter.
Sandler O'Neill and Hinckley, Allen & Snyder advised Bankwell. Sterne, Agee & Leach and Luse Gorman Pomerenk & Schick advised Quinnipiac.
