United Financial in Conn. to enter new markets with branch purchase
United Financial Bancorp in Hartford, Conn., has agreed to buy six branches from Webster Financial in Waterbury, Conn.
The $7.1 billion-asset United said in a press release Tuesday that it will assume $120 million in deposits. The deal is expected to close in the fall.
The branches are in Waterford and Groton in Connecticut; Springfield, West Springfield and Longmeadow in Massachusetts; and Westerly, R.I. Acquiring the Connecticut and Rhode Island branches would allow United to enter new markets.
“The customers at these six branches will continue to benefit from an exceptional and convenient banking experience at United, a like-minded bank that is committed to the same great customer service they’re accustomed to and a dedicated community partner in the markets we serve,” William Crawford IV, United’s CEO, said in the release.
United said it will close three of its Massachusetts branches after the deal closes, moving customer accounts to the Webster locations.