Rockville Financial (RCKB) in Connecticut and United Financial Bancorp (UBNK) in West Springfield, Mass., will close four overlapping branches after their planned merger closes next year.
The companies said Thursday that they plan to close three United branches and a Rockville branch, all in Connecticut. They plan to shift the customer accounts and employees to nearby locations.
The closures would not take place until after the companies receive regulatory and shareholder approval for their merger. After the closures, the company would still have more than 50 branches in Massachusetts and Connecticut, according to the Federal Deposit Insurance Corp.
"After looking at duplicative services of the combined bank, the close proximity of our branches and the inefficiencies that exist within the branch network, we came to a sound and practical business decision that will result in significant cost-savings and greater shareholder return without compromising both banks' long history of providing superior customer service or dramatically impacting our hardworking branch teams," Rockville Chief Executive Bill Crawford said in a press release.
The $2.2 billion-asset Rockville and the $2.5 billion-asset United agreed to a $369 million merger of equals last month. The company will keep United's name and stock symbol and would be based in Glastonbury, Conn.