A key member of United Financial Bancorp's management team has departed a month after the company's merger with Rockville Financial.
The $5 billion-asset United Financial said late Monday that Jeffrey Sullivan had resigned as its president. He will also leave the board of the company based in Glastonbury, Conn.
"With the merger between these two great community banks complete, I felt that now is the right time to pursue other interests," Sullivan said in a press release. "I have a lot of confidence that United's leadership team, coupled with the hardworking and talented employees I've enjoyed working with for more than a decade, will unquestionably make United Bank the premier community bank in New England."
The departure is particularly noteworthy since merger-of-equal deals are often mired by culture problems and analysts had applauded the companies for their attention to ironing out such issues during negotiations.
Sullivan was United's chief operating officer prior to the merger. He was widely viewed as the heir apparent to United's chief executive post held by Richard Collins. As part of the merger, Collins, who had also been United's chairman and president, retired when the deal closed on April 30. Collins is expected to serve as a consultant to the company for a year, while Bill Crawford, Rockville's former chief executive, became the CEO for the combined company.
"I want to thank Jeff for his commitment to United Bank over the past 12 years and his effort in helping us achieve a successful legal close of our merger," Crawford said in the release. "Jeff has enjoyed a long career in banking and demonstrated a strong personal and professional commitment to Springfield and Western Massachusetts."
The company said it has no plans to hire a new president; it has not made a decision as to who will replace Sullivan on the board.
United also promoted Dena Hall, the company's chief marketing officer, to the additional post of regional president for western Massachusetts. She is also the president of the company's United Bank Foundation. Michael Moriarty, currently regional team leader for United Bank, was promoted to executive vice president for commercial banking in western Massachusetts.
"With Jeff's departure, it was very important for us to maintain strong executive leadership in the Greater Springfield market," Crawford said in the release.