Guilford Savings Bank in Guilford, Conn., has applied with regulators to acquire Eastern Connecticut Savings Bank in Norwich, Conn.
The $1.1 billion-asset GSB agreed in November to buy the $264 million-asset Eastern Connecticut Savings. The deal is expected to close in the second quarter.
Kyle Eagleson, GSB’s president, will succeed Timothy Geelan as CEO in March. Lisa Griffin, Eastern Connecticut Savings’ president and CEO, will serve as market president for the Eastern Connecticut Savings Bank region. Two of the seller’s directors will join GSB’s board.
“This is a tremendous opportunity to bring together two historic community banks with shared core values and create both scalability and strength to better service our clients,” Geelan said in the release. “Together, we will continue our legacy of charitable giving, volunteerism and helping our neighbors reach their financial goals.”
Piper Sandler and Luse Gorman advised GSB. Pierson Ferdinand advised Eastern Connecticut Savings.