New England Community Bancorp, Windsor, Conn., said it has an agreement to buy Bank of South Windsor (Conn.) for $32.8 million in stock.
The three branches of $155 million-asset South Windsor will merge into New England Community's New England Bank subsidiary. This deal, coupled with $600 million-asset New England's previously announced pact to buy Olde Port Bank and Trust, Portsmouth, N.H., will give the company four bank subsidiaries with 18 branches.
"The opportunity to join forces with Bank of South Windsor represents an exciting and important stage in the growth and development of New England Community," said David A. Lentini, chairman and chief executive officer.
New England said it expects the deal to close in the third quarter.