SI Financial in Conn. to sell trust and asset management business

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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.

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