United Completes Acquisition Of Commonwealth National
West Springfield-based United Financial Bancorp Inc. said its acquisition of Worcester's CNB Financial Corp., parent of Commonwealth National Bank, is now complete.
United Financial is the parent of United Bank. With the acquisition complete, Commonwealth is now part of United Bank.
Charles R. Valade, president of Commonwealth, was made executive vice president of United Bank. Also, Christine Trifari, CNB senior vice president and corporate secretary, was made a senior vice president at United.
Paula Aiello, CNB Financial director, was appointed to the United Financial board of directors.
After initially agreeing to be acquired by Berkshire Hills Bank of Pittsfield, Commonwealth in June decided to kill that deal in favor of a $25 million, half stock half cash offer from United.
CNB's shareholders approved the merger in October. The combined bank is expected to have assets of about $1.5 billion.
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