Connecticut Bancshares of Manchester has agreed to buy First Federal Savings and Loan Association of East Hartford for $110 million in cash.

Combined, the thrift company would have $2.5 billion of assets and 35 branches in three central Connecticut counties and would rank as the third-largest bank or thrift headquartered in the state. Connecticut Bancshares, the $1.4 billion-asset parent of the Savings Bank of Manchester, would almost double in size but still lag the state’s largest banks, $11.6 billion-asset People’s Bank of Bridgeport and $11.2 billion-asset Webster Financial of Waterbury.

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