Connecticut

PSB Holdings in Putnam, Conn., plans to convert from mutual ownership to a stock-owned bank.

SBT Bancorp in Simsbury, Conn., plans to raise about $7.5 million through a private placement of subordinated debt and $8.6 million through a public offering of common stock.

Bankwell Financial Group in New Canaan, Conn., has issued $25.5 million in subordinated debt and it plans to exit the Small Business Lending Fund program.

The Credit Union League of Connecticut (CULCT) has unveiled a new "consumer-focused" brand to increase CU awareness through a new website: www.ctcreditunions.org.

Webster Financial in Waterbury, Conn. has hired a deputy chief financial officer from Citigroup.

Webster Financial in Waterbury, Conn., reported second-quarter profit of $50.5 million, a 12% jump from a year ago, as mortgage banking revenue improved.

Synchrony Financial in Stamford, Conn., has agreed to issue private-label cards on behalf of Newegg, an online retailer of consumer electronics.

Synchrony Financial signed a multiyear extension with Chevron to issue cards and the two companies introduced a new rewards program.

Citizens Financial Group in Providence, R.I., has named two new state presidents for Citizens Bank in Connecticut and Massachusetts.

Liberty Bank in Middletown, Conn., has agreed to buy Naugatuck Valley Financial in Naugatuck, Conn.