United Financial Bancorp (UBNK) in West Springfield, Mass., is closing a pair of Connecticut branches just months after buying them.
The $2.4 billion-asset company will also consolidate another branch into a nearby location, it said Thursday. Regulators have approved the changes, which will take place on March 31, the company said in a press release.
United Financial obtained the branches last year through its $91 million purchase of New England Bancshares in Enfield, Conn. United Financial acquired 15 Connecticut branches in the deal, its first locations outside of Massachusetts.
"The decision to close and consolidate these branch locations followed a thorough review of our branch operations and is based primarily on improving the efficiency of our branch network while maintaining convenient banking locations for our customers," Richard Collins, United Financial's president and chief executive, said in the release. "We remain strongly committed to our new Connecticut region and to providing Connecticut customers with the excellent level of service for which United Bank has become known."
The lender lost $4.7 million last quarter after recording $4 million in acquisition-related expenses and $4.5 million in costs due to closing an employee stock ownership plan.