United Financial Bancorp, Inc. Announces Completion of Acquisition
of New England Bancshares, Inc.
WEST SPRINGFIELD, Mass.,
Nov. 16, 2012 /PRNewswire/
-- United Financial Bancorp, Inc. ("UBNK") (NASDAQ Global
Select Market: UBNK), the holding company for United Bank, today
announced the completion of its acquisition of New England
Bancshares, Inc. ("NEBS"), the holding company for New England
Bank. As a result of the merger, NEBS was merged with and
into UBNK, with UBNK as the surviving entity, and New England Bank
was merged with and into United Bank, with United Bank as the
surviving entity.
Under the terms of the merger agreement, NEBS stockholders are
receiving 0.9575 of a share of UBNK common stock for each share of
NEBS common stock held. NEBS stockholders will receive information
shortly on how to exchange their shares for the merger
consideration.
"We are very pleased to announce the completion of our
acquisition of New England Bancshares. We welcome the
shareholders, customers and employees of New England Bank to United
and we look forward to introducing our brand of banking in
Connecticut," said Richard B. Collins, President and CEO. "We
remain focused on enhancing the value of our shareholders'
investment in our company and delivering the best possible banking
experience to our customers."
Effective as of the completion of the acquisition, former NEBS
President and Chief Executive Officer David
J. O'Connor and former NEBS director Thomas P. O'Brien were appointed to the Board of
Directors of UBNK and United Bank.
Stifel Nicolaus Weisel acted as exclusive financial advisor to
UBNK and FinPro Capital Advisors, Inc. acted as financial advisor
to NEBS in connection with the transaction.
About United Financial Bancorp, Inc.
United Financial Bancorp, Inc. is a publicly owned corporation
and the holding company for United Bank, a federally chartered bank
headquartered at 95 Elm Street, West
Springfield, MA 01090. United Financial Bancorp,
Inc.'s common stock is traded on the NASDAQ Global Select Market
under the symbol UBNK. As of September
30, 2012, United Financial Bancorp, Inc. had total
consolidated assets of $1.68
billion. United Bank provides an array of financial
products and services through its 16 branch offices and two express
drive-up branches in the Springfield region of Western Massachusetts and six branches in the
Worcester region of Central
Massachusetts. United Bank also operates loan production
offices located in Beverly,
Massachusetts and Glastonbury, Connecticut. Through its
Wealth Management Group, United Bank offers access to a wide range
of investment and insurance products and services, as well as
financial, estate and retirement strategies and products. For
more information regarding United Bank's products and services and
for United Financial Bancorp, Inc. investor relations information
please visit www.bankatunited.com or on Facebook at
facebook.com/bankatunited.
Forward Looking Statements Disclaimer
Certain statements contained in this press release that are not
statements of historical fact constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, notwithstanding that such statements are not specifically
identified. Words such as "believes," "anticipates,"
"expects," "intends," "targeted," "continue," "remain," "will,"
"should," "may" and other similar expressions are intended to
identify forward-looking statements but are not the exclusive means
of identifying such statements. Forward-looking statements
are not guarantees of future performance and involve certain risks,
uncertainties and assumptions which are difficult to predict.
Therefore, actual outcomes and results may differ materially from
what is expressed or forecasted in such forward-looking
statements. All subsequent written and oral forward-looking
statements concerning the proposed transaction or other matters
attributable to United Financial Bancorp, Inc. or any person acting
on its behalf are expressly qualified in their entirety by the
cautionary statements referenced above. Forward-looking
statements speak only as of the date on which such statements are
made. United Financial Bancorp, Inc. undertakes no obligation
to update any forward-looking statement to reflect events or
circumstances after the date on which such statement is made, or to
reflect the occurrence of unanticipated events.
For More Information Contact:
Dena M. Hall
Senior Vice President
413.787.1700
SOURCE United Financial Bancorp, Inc.