The holding companies of United Bank and New England Bank have agreed to a merger of the two financial institutions, and the merger was approved by the shareholders of each company at meetings held on Nov. 1.
United Bank’s shareholders approved the merger by a margin larger than 80 percent, and the New England Bank shareholders approved it by 57 percent, according to press release distributed by the banks. New England Bank voters also approved a non-binding advisory resolution concerning compensation to be paid to certain New England Bank executives in connection with the merger.
"We are pleased to have our stockholders' vote for this merger and now look forward to completing the transaction, our system conversion and officially welcoming New England Bank employees, branches and customers into the United Bank family," Richard B. Collins, President and Chief Executive Officer of United Bank, said in a news release.
“We feel that this merger is an excellent opportunity for our customers and the communities we serve," David J. O'Connor, President and Chief Executive Officer of New England Bancshares, said in a news release.
“Partnering with United Bank will allow us to continue providing our customers with a high level of personalized service and local decision-making while preserving our community bank atmosphere,” O’Connor said.
Officials expect the merger be finalized by Nov. 16, conditional upon regulators' approval and satisfaction of other closing conditions.
New England Bank has their headquarters in Enfield, and operates 15 banking centers throughout northeast Connecticut, including Windsor Locks and East Windsor. United Bank is a federally chartered bank with a headquarters in West Springfield, MA. It offers an array of financial products and services at more than twenty locations throughout Western and Central Massachusetts.
United Bank also operates loan production offices in Beverly, MA, and Glastonbury, CT.