Key Developments For United Financial Bancorp, Inc.
United Financial Bancorp, Inc. (UBNK.O) (Nasdaq)
United Financial Bancorp, Inc. Receives Regulatory Approval To Acquire CNB Financial Corp.
United Financial Bancorp, Inc. and CNB Financial Corp announced that United Financial Bancorp has received regulatory approval to acquire CNB Financial. The merger is anticipated to close on or about November 30, 2009.
United Financial Bancorp, Inc. Announces Share Repurchase Plan
United Financial Bancorp, Inc. announced that its Board of Directors has approved a stock repurchase program. Under this program the Company intends to repurchase up to 798,055 shares, or 5% of the Company's outstanding shares of common stock, from time to time depending on market conditions, at prevailing market prices in open market transactions. This repurchase program will become effective and repurchases will commence after the completion of the current stock repurchase plan which was previously approved on February 19, 2009.
United Financial Bancorp, Inc. Declares Quarterly Cash Dividend
United Financial Bancorp, Inc. announced a quarterly cash dividend of $0.07 per share, payable on December 1, 2009 to shareholders of record as of November 6, 2009.
United Financial Bancorp, Inc. Declares Dividend
United Financial Bancorp, Inc. announced a quarterly cash dividend of $0.07 per share, payable on August 28, 2009, to shareholders of record as of August 7, 2009.
United Financial Bancorp, Inc. To Acquire CNB Financial Corp.
United Financial Bancorp, Inc. and CNB Financial Corp. announced the signing of an agreement and plan of merger, pursuant to which CNB Financial will merge with and into United Financial and Commonwealth National Bank will merge with and into United Bank. CNB Financial and Berkshire Hills Bancorp will terminate their previously announced merger agreement. United Financial will acquire the outstanding shares of CNB Financial for an aggregate purchase price of approximately $25 million, which includes outstanding stock options and warrants. Under the terms of the agreement, CNB Financial shareholders will have the opportunity to elect to receive either: (1) $10.75 per share in cash for each CNB Financial share; (2) 0.8257 United Financial shares for each CNB Financial share; or (3) a combination of United Financial common stock and cash, provided that the total cash consideration paid by United Financial to shareholders of CNB Financial equals 50% of the total merger consideration. All CNB Financial shareholder elections will be subject to the allocation and proration procedures set forth in the merger agreement. In connection with CNB Financial's execution of a definitive merger agreement with United Financial, CNB Financial and Berkshire Hills Bancorp, Inc. have mutually agreed to terminate their previously executed merger agreement, dated as of April 29, 2009 and as amended as of May 21, 2009, and will no longer pursue their proposed business combination.
