Shareholders Approve Rockville-United Merger of Equals
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 that the merger of Rockville Financial, Inc. with United Financial Bancorp, Inc. has been approved by shareholders at their special shareholders’ meetings held on Tuesday, April 8, 2014.
Rockville and United have now secured full regulatory and shareholder approvals required for their merger of equals to proceed.
Based on preliminary results, approximately 93% of Rockville Financial, Inc. shares voted at the meeting were voted in favor of approving the Merger Agreement. Also based on preliminary results, approximately 96% of United Financial Bancorp, Inc. shares voted at the meeting were voted in favor of approving the Merger Agreement.
Rockville and United publicly announced their strategic merger of equals on November 15, 2013, a stock-for-stock transaction valued at $369 million. The combined bank, which will be named 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.
“On behalf of our employees and Board of Directors, I want to publicly thank our shareholders, regulators and the communities we serve for their support of our merger with United Bank. We reached another milestone today that builds on the excitement of our two banks coming together,” said William H.W. Crawford, IV, President and CEO of Rockville Financial, Inc. and Rockville Bank. “Community banks have to be concerned about being too small to succeed. But as I proudly told our shareholders today, the new United Bank will be a larger, stronger version of the community bank Rockville customers know and trust, with the same exceptional service and branch staff they will continue to enjoy doing business with, just with a different name and new and improved service offerings.”
“The overwhelming support for this merger demonstrated by our shareholders today show they see the same advantages we do of bringing together Rockville and United to create the new United Bank,” said Richard B. Collins, United Financial Bancorp, Inc.'s Chairman, President and Chief Executive Officer. “We are uniting our two banks whose legacies date back well over a century to create a new, stronger bank that will have scale and ability to deliver our customers the best banking products and services, offer them advanced banking technology solutions and provide them with more locations to do their banking. Our shareholders’ approval today moves us closer to making the new United Bank a reality.”
United and Rockville expect their merger to close on April 30, 2014. They are closing as of a month-end to ensure operational efficiencies.