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 as president and CEO in April 2012. Last year, the company once known as BNC Financial bought Wilton Bank for $5 million, raised capital and rebranded as Bankwell.
"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.