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.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.