William H.W. Crawford IV, President and CEO of Rockville Bank and Rockville Financial, Inc. (NASDAQ: RCKB), and Richard B. Collins, United Financial Bancorp, Inc.'s (NASDAQ: UBNK) Chairman, President and Chief Executive Officer, today announced the two banks secured regulatory approval from the Massachusetts Board of Bank Incorporation of their application to merge Rockville Bank of Glastonbury, Connecticut, with United Bank of West Springfield, Massachusetts.
This means Rockville Financial, Inc. and United Financial Bancorp, Inc. have received all regulatory approvals required for their merger of equals to proceed, including from the Federal Deposit Insurance Corporation, Board of Governors of the Federal Reserve System, the Connecticut Department of Banking and now the Massachusetts Board of Bank Incorporation. The Office of the Comptroller of Currency also informed both Companies previously that it does not intend to make any comments on the notice filed with it.
In November, Rockville and United publicly announced their strategic merger of equals, a stock-for-stock transaction valued at $369 million. The combined bank, which will be called United Bank, will create the largest community bank headquartered in the Hartford – Springfield market with nearly $5 billion in assets and top five deposit market share in each metropolitan statistical area.
United and Rockville have scheduled their respective special shareholder meetings for April 8, 2014 when shareholders will be asked to give their final approval of the merger.
“The Rockville Bank Team is pleased to have secured all regulatory approvals for our merger and we look forward to our special shareholder meeting on April 8,” said William H.W. Crawford, IV, President and CEO of Rockville Financial, Inc. and Rockville Bank. “Creating the new United Bank means bringing together two great community banks to build a stronger, higher-performing bank that is more efficient, effectively serves our customers banking needs while delivering a solid return for our shareholders.”
“By securing full regulatory approval, we are one step closer to introducing the new United Bank that will be built on the same steadfast commitment to exceptional customer service and strong shareholder value that have made our two banks so successful,” said Richard B. Collins, United Financial Bancorp, Inc.'s Chairman, President and Chief Executive Officer. “Just like the Rockville Team, we are looking forward to our shareholder vote on April 8.”