United Bank Announces Purchase of Six Bank Branches
HARTFORD, Conn. — United Bank announced it has entered into an agreement with Webster Bank, N.A. of Waterbury, Conn. to purchase six branches located in Connecticut, Massachusetts, and Rhode Island.
United Bank will assume approximately $120 million of branch deposits in the transaction, which is expected to close in the fall of 2018, pending regulatory approval.
Under the terms of the agreement, the following six Webster Bank branches will be purchased by United Bank, and employees at those branches are expected to join the United Bank team: 50 Elm St., West Springfield; 1355 Boston Road, Springfield; 62 Center Square, East Longmeadow; 124B Boston Post Road, Waterford, Conn.; 654 Long Hill Road, Groton, Conn.; and 48 Franklin St., Westerly.
Due to the close proximity of three branches in the Springfield market as a result of this transaction, United Bank will take the following actions at the time of the closing of the agreement, pending regulatory approval:
• United’s branch at 95 Elm St., West Springfield will close. All banking activity in that branch will consolidate into the Webster branch across the street at 50 Elm St. Also, customers will continue to have access to the separate drive-up branch at 52 Van Deene Ave., West Springfield.
• United’s branch at 459 Main St. in Indian Orchard will close. All banking activity in that branch will consolidate into the Webster branch at 1355 Boston Road, which is only one mile away from the Indian Orchard branch.
• United Bank’s branch at 94 Shaker Road in East Longmeadow will close. All banking activity in that branch will consolidate into the Webster branch at nearby 62 Center Square.
United Bank emphasizes that customers from the six branches included in this transaction do not need to do anything at this time. United will mail a package of information to the homes and/or businesses of all Webster customers from these branches in advance of the account and branch conversions, which are expected to occur in the fall of 2018.