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Vernon Rockville, Conn.-based Rockville Financial Inc. ($2.22 billion) and West Springfield, Mass.-based United Financial Bancorp Inc. ($2.49 billion) signed a $369 million merger-of-equals.
The deal value is based on the closing price of Rockville Financial common stock on Nov. 14. United Financial Bancorp shareholders will receive 1.3472 shares of Rockville Financial common stock for each share of United Financial common stock.
Upon closing, Rockville Financial shareholders will own approximately 49% of stock in the combined company and United Financial Bancorp shareholders will own approximately 51%.
The combination will create the largest community bank headquartered in the Hartford-Springfield market with $4.8 billion in assets, more than 50 branches and top five deposit market share in each metropolitan statistical area.
The merger...