NORWICH, Conn. - Norwich Financial Corp. has agreed to buy Seconn Holding Co. and its subsidiary, Bank of Southeastern Connecticut, for $4.2 million in cash, or $6 per share.

That's about 113% of Seconn's March 31 book value.

The $44 million-asset Seconn has also granted Norwich an option to buy up to 24.9% of Seconn's stock at $4 per share under certain conditions.

The transaction, which is still subject to shareholder and regulatory approval, is expected to close at the end of the year.

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