CNB Shareholders Approve United Merger
Shareholders of Worcester-based CNB Financial Corp., the holding company for Commonwealth National Bank, approved the company’s merger with United Financial Bancorp Inc.
CNB’s shareholders met Oct. 22 to vote on the merger, which joins six-branch Commonwealth with West Springfield-based United Bank.
United is a $1 billion bank with 19 offices in Hampshire and Hampden Counties.
The combined bank is expected to have assets of about $1.5 billion.
CNB agreed to be acquired by United for about $25 million after a bidding war erupted over the 15-year-old Worcester bank.
Prior to agreeing to the acquisition by United, CNB had agreed to an acquisition by Berkshire Hills Bancorp of Pittsfield for slightly less than $20 million.
United Financial’s CEO Richard Collins previously ran First Massachusetts Bank and Mechanics Bank, both formerly of Worcester.
United Bank reported net income of $560,000 for the second quarter compared to $2 million for the same period a year ago. United said its efforts to acquire Commonwealth included non-deductible expenses of $1.2 million.
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