BNC Financial Group (BNFI) in New Canaan, Conn., has agreed to buy Wilton Bank (WIBW) in Wilton, Conn.
The $625 million-asset BNC Financial will pay about $5 million in cash for the $75 million-asset Wilton. BNC Financial said it expects no tangible book value dilution after the deal is completed.
"We are excited to expand our presence in Fairfield County," Peyton Patterson, BNC Financial's president and chief executive, said in a press release Friday. "We will continue to be the hometown bank serving the local community, but with a far greater array of services to offer individuals and businesses in the Wilton market."
The transaction is expected to close in the fourth quarter.
Keefe, Bruyette & Woods served as financial advisor to BNC Financial Group; Robinson & Cole provided legal counsel. Sandler O'Neill acted as financial advisor to Wilton Bank, while Hinckley, Allen & Snyder was the legal counsel.