SI Financial Group in Willimantic, Conn., has agreed to sell its trust and asset management division.
The $1.6 billion-asset company said in a press release Tuesday that its bank will sell the business to Plimoth Investment Advisors, a Plymouth, Mass., firm owned by BayCoast Bank and Dedham Institution for Savings. SI Financial did not disclose the price.
Plimoth has about 450 clients in southeastern Massachusetts with roughly $600 million of assets under management.
SI Financial’s trust and asset management division serves about 300 clients with $120 million in assets under management.