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Provider: Reuters Investment Profile
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Rockville Financial Inc And United Financial Bancorp, Inc. To Merge In A Transformational Merger-Of-Equals


Friday, 15 Nov 2013 08:07am EST 

Rockville Financial Inc and United Financial Bancorp, Inc announced they have entered into a definitive merger agreement in a stock-for-stock transaction valued at $369 million, based on the closing price of Rockville Financial, Inc. common stock on November 14, 2013. The combination will create the community bank headquartered in the Hartford - Springfield market with $4.8 billion in assets, over 50 branches and top five deposit market share in each metropolitan statistical area. In the merger, United Financial Bancorp, Inc. shareholders will receive 1.3472 shares of Rockville Financial, Inc. common stock for each share of United Financial Bancorp, Inc. common stock. Upon closing, Rockville Financial, Inc. shareholders will own approximately 49% of stock in the combined company; United Financial Bancorp, Inc. shareholders will own approximately 51%. The merger is expected to generate approximately $17.6 million in fully phased-in annual cost savings or approximately 15% of the expected combined expense total. Additionally, the merger is expected to be approximately 30% accretive to the stand-alone 2015 earnings of both entities, excluding the impact of the potential revenue enhancement opportunities. The new company will be governed by a 20-person Board of Directors consisting of an equal number of Rockville and United directors. 

Company Quote

1250.0
80.0 +6.84%
8 Jul 2014