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.

Steven Russo is pident and CEO of Plimoth Investment Advisors.
Plimoth Investment Advisors, led by CEO Steven Russo, is buying the trust and asset management business of SI Financial Group.

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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