New England Community Bancorp has completed its purchase of Manchester (Conn.) State Bank for $10 million, the Windsor- based company's second transaction in nine months.
The purchase of $93 million-asset Manchester increases New England Community's total to $425 million, and adds Manchester's three branches to the 11 of New England Bank.
Under the agreement, Manchester shareholders will receive 5.493 shares of New England Community stock, plus $35.20 in cash for each of their shares. That's a per-share price of $101.80, based on the July 10 closing price of New England Community stock.
New England Community officials expect to save more than 30% in expenses