Rockville Financial (RCKB) in Glastonbury, Conn., and United Financial Bancorp (UBNK) in West Springfield, Mass., have secured four of the five regulatory approvals needed to complete their high-profile merger.
The companies said in a press release Wednesday that the Connecticut Department of Banking had approved the deal earlier this week. They have also received a green light from the Federal Deposit Insurance Corp. and the Federal Reserve Board. The Office of the Comptroller of the Currency informed the companies that it does not intend to make any comments on the notice it received.
The companies still need to hear from the Massachusetts Board of Bank Incorporation. Shareholders of the companies will meet on April 8 to vote on the merger.
Rockville and United agreed in November to a $369 million combination billed as a merger of equals. The combined company, which will be called United Bank, will have about $5 billion in total assets.
"Teams from both banks are working very hard to ensure this merger will result in the premier community bank in New England that will have greater scale, the best banking products and services with advanced banking technology and over 50 branches in Connecticut and Massachusetts," Bill Crawford, Rockville's president and chief executive, said in the release.
The companies have said they expect to complete the merger in mid-2014.