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 early today 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.
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