WESTERLY – Webster Bank N.A. of Waterbury, Conn., has entered into an agreement to sell six bank branches to United Bank of Hartford, Conn., including a location at 48 Franklin St., Westerly, the companies announced Tuesday.
United Bank will assume the personal and business banking deposits at the six acquired locations, including checking, savings, overdraft lines tied to checking accounts, IRAs and CDs belonging to both households and business customers.
“In addition to strengthening our core deposit and customer relationship base, our strategic purchase of these six branches enhances our already strong presence in Western Mass., where we enjoy significant franchise value, builds greater brand recognition and delivers new banking opportunities along the Connecticut shoreline – which will be a strong market for us and grows our branch banking network into new markets in Connecticut and Rhode Island,” said William H.W. Crawford IV, CEO of United Bank, in a statement.
The deal also included two branches in Waterford and Groton, Conn., and three branches in West Springfield, Springfield and East Longmeadow, Mass.
“We continuously evaluate our network to ensure that our banking centers are optimized to meet the geographic demands of customers, while concurrently seeking new opportunities to invest in high-opportunity markets and to modernize the overall banking experience,” said Jonathan W. Roberts, executive vice president, Consumer Deposits and Network Management, of the branch sale agreement. “Throughout the process, we are committed to living up to our standards of service excellence.”
Webster Bank did not answer PBN questions on whether customers at the branches are able to maintain their relationship with Webster Bank if they so choose.
Chris Bergenhiem is the PBN web editor.
