New England Bancshares has announced that it intends to merge its wholly owned federal savings bank subsidiary, Enfield Federal Savings and Loan Association, with and into its wholly owned Connecticut commercial banking subsidiary, Valley Bank and rename the combined bank as New England Bank.
The company said that it is going to retain the name of each bank at their respective branches and operate the branches as a division of New England Bank.
The consolidation is expected to allow the company to reduce its operating expenses while maintaining the financial products and services offered by both banks. The combined structure will also assist the combined bank in offering a higher level of customer service, said New England Bancshares. The merger of the banking subsidiaries is subject to regulatory approval and is expected to be completed in the second quarter of the year 2009.
David O’Connor, president and CEO of New England Bancshares, said: The merger will allow us to gain efficiencies in a relatively painless manner and is expected to result in benefits to our customers and stockholders. The merger will not impact our commitment to the Enfield and Valley communities and the support we have always provided to such communities.
