Worcester banker retires after United Bank merger
Richard B. “Dick” Collins has retired from United Bank.
United Bank of West Springfield, which has a wide presence in Central Massachusetts after its 2009 acquisition of Commonwealth National Bank, has merged with a Connecticut financial institution, Rockville Bank of Glastonbury, in a $369 million, all-stock deal.
The bank also announced that its chairman and CEO, Richard B. “Dick” Collins, who served as president of the former Worcester-based Mechanics Bank in the 1980s and 1990s, has retired. He is being replaced by the CEO of Rockville Bank, William H.W. "Bill'' Crawford IV.
The combined institution, which will retain the United Bank name, will now have close to $5 billion in assets. It will be headquartered in Glastonbury.
J. Jeffrey Sullivan, chief operating officer of the predecessor United Bank, is now president of the new United.
Effective Thursday, its Nasdaq ticker symbol is UBNK.
In connection with the merger, announced last Nov. 15, United's board declared a cash common-stock dividend of a dime a share, to be paid May 19 to stockholders on record by May 12.
Collins served as president of Mechanics Bank when it was sold in 1993 to Bank Boston. He served as president of United Bank at the time it acquired Commonwealth National for a reported $19.5 million.
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