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.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

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