Hartford, Conn.-based United Bank is buying six branches of Waterbury, Conn.-based Webster Bank NA and assuming around $120 million of deposits.
Three of the branches are in Massachusetts — the West Springfield branch at 50 Elm St., the Springfield branch at 1355 Boston Rd., and the East Longmeadow branch at 62 Center Square. Two are in Connecticut, the Waterford branch at 124B Boston Post Rd. and the Groton branch at 654 Long Hill Road in Groton Shopping Center. Also included is the Westerly branch at 48 Franklin St. in Rhode Island.
Upon completion, employees working at the six branches are expected to join United Bank. Three of United Bank's Massachusetts branches — located at 95 Elm St. in West Springfield, 459 Main St. in Indian Orchard, and 94 Shaker Road in East Longmeadow — will close due to their proximity to the would-be acquired branches.
The deal, which is subject to regulatory approval, is expected to close in the fall of 2018.
As of March 31, the United Financial Bancorp Inc. unit had $7.07 billion in assets, while the Webster Financial Corp. unit had $26.75 billion in assets.
