WILTON, Conn. -- BNC Financial Group Inc., the holding company for The Bank of New Canaan and The Bank of Fairfield, will acquire The Wilton Bank for about $5 million, BNC announced last week in a statement.
The Wilton Bank will be merged into The Bank of New Canaan. The acquisition will add to about $75.1 million in assets to the BNC Financial Group, bringing its total assets to $700 million. The transaction will expand BNC Financial Group’s presence in Fairfield County, where it currently has five branches and one loan production office.
“We are excited to expand our presence in Fairfield County and to welcome The Wilton Bank’s customers to The BNC Financial Group family. Together, we will continue to be the hometown bank serving the local community, but with a far greater array of services to offer individuals and businesses in the Wilton market,” Peyton R. Patterson, BNC Financial president and CEO, said in a statement.
Charles F. Howell, president, treasurer and CEO of The Wilton Bank, said, “The Bank of New Canaan Financial Group is made up of like-minded community banks, and we are delighted to be partnering with them. Their excellent reputation for exceptional service, credit quality, and community-giving made us a winning combination.”
The transaction has been unanimously approved by the Board of Directors of BNC Financial Group and The Wilton Bank. It is expected to close in the fourth quarter of 2013. The closing is subject to conditions, including the approval by The Wilton Bank’s stockholders and customary regulatory approvals.
BNC Financial Group plans to establish a Wilton Advisory Board to promote continuity and maintain The Wilton Bank's legacy in the community.
Under the terms of the merger agreement, stockholders of The Wilton Bank will have the right to receive $13.50 in cash (subject to adjustment under certain conditions) in exchange for each share of The Wilton Bank. BNC Financial Group expects no tangible book value dilution at close.
BNC Financial Group is a federally regulated bank holding company located in New Canaan. BNC Financial Group operates two state-chartered commercial bank subsidiaries, The Bank of New Canaan and The Bank of Fairfield. The Bank of New Canaan operates a division in Stamford under the name Stamford First Bank.