United Financial Bancorp
United Financial Bancorp was the former publicly traded bank holding company of United Bank, a community banking institution serving southern New England.
Last updated August 26, 2026
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Overview
United Financial Bancorp was an American bank holding company associated with United Bank, a Connecticut-chartered community bank serving consumers, businesses and nonprofit organizations in Connecticut, Massachusetts and Rhode Island. The holding company traded on the NASDAQ Global Select Market under the symbol UBCP until it was acquired by People's United Financial in 2019. The institution's operating history traced back to several New England mutual savings and cooperative banking organizations. One predecessor, the Savings Bank of Rockville, was established in Rockville, Connecticut, in 1858 by twenty local businessmen with reported initial assets of $175. Another predecessor began in Massachusetts in 1882 as the Springfield Cooperative Savings Fund and Loan Association. Through successive mergers and charter and name changes, those organizations developed into Rockville Bank and United Bank. Rockville Bank became a public company in 2005, while United Financial Bancorp was incorporated as the holding company for United Bank in 2007 during the institution's transition to full public ownership. The company expanded through acquisitions during the 2000s and early 2010s. It acquired CNB Financial Corp., the parent of Commonwealth National Bank, in 2009, and New England Bancshares, the holding company of New England Bank, in 2012. In 2014, Rockville Bank completed a merger with United Bank. Rockville was the legal acquirer, but the combined holding company adopted the name United Financial Bancorp and Rockville Bank adopted the United Bank name. The transaction created a larger regional community bank led by William H. W. Crawford IV, while Richard B. Collins, the chief executive of legacy United Bank, retired. United Bank's business included retail and commercial deposits, consumer and commercial lending, wealth-management services, and related banking products. Customers were served through branch offices as well as online, mobile and telephone banking channels, with relationship bankers supporting local markets. The bank emphasized community-based service, local decision-making and long-term relationships with households, businesses and community organizations rather than a national-bank model. The company continued to grow its southern New England footprint after the 2014 combination. It relocated its corporate offices from Glastonbury to Hartford's Goodwin Square office tower in 2017, bringing more than 200 employees into the city's central business district. In 2018, it agreed to acquire six branches from Webster Bank and opened banking centers in Westport and Greenwich, Connecticut. By 2019, United Bank reported 58 locations across its three-state market, more than 800 employees and approximately $7.34 billion in assets. The bank and its foundations also reported substantial local charitable activity, including more than $1.2 million in community partnerships, scholarships and sponsorships during 2018. People's United Bank announced an all-stock acquisition of United Financial Bancorp in July 2019. The transaction, valued at approximately $759 million at announcement, closed on November 1, 2019, ending United Financial Bancorp's independent public-company existence. People's United was subsequently acquired by M&T Bank in 2022, and the former United Bank branches were ultimately rebranded, consolidated or closed under the successor organizations.
History
United Financial Bancorp developed from a group of community-bank institutions with roots in Connecticut and Massachusetts. The oldest cited predecessor was the Savings Bank of Rockville, founded in Rockville, Connecticut, in 1858. A Massachusetts predecessor began in 1882 as the Springfield Cooperative Savings Fund and Loan Association and became Springfield Cooperative Bank the following year. Mergers with Highland Cooperative Bank in 1960 and West Springfield Cooperative Bank in 1968 produced United Cooperative Bank. The Rockville institution changed its name to Rockville Bank in 2000. United Cooperative Bank became United Bank in 2004, converted to a federal charter and established a mutual holding-company structure. Rockville Financial, Inc., the holding company for Rockville Bank, became publicly owned in 2005. United Financial Bancorp was incorporated in 2007 as the holding company for United Bank and completed the second-step conversion that made it a fully public company. The holding company pursued expansion through acquisitions. In 2009, it acquired CNB Financial Corp., parent of Commonwealth National Bank. In 2012, it acquired New England Bancshares, Inc., the holding company of New England Bank. In 2013, Rockville Bank and United Bank announced a merger of equals. The legal acquirer was Rockville, but the resulting company was renamed United Financial Bancorp and the operating bank adopted the United Bank name in 2014. Crawford became the combined organization's chief executive, while Collins retired from the legacy United Bank leadership team. Integration continued with a core data-processing conversion in 2014 and the creation of community banking teams serving key Connecticut and Massachusetts markets. The company operated under the United Bank brand and maintained a network of branches, digital channels and telephone services. Its activities covered retail and business banking, commercial and consumer lending and wealth management. United Bank expanded its physical network during the late 2010s. The company moved its corporate headquarters from Glastonbury to downtown Hartford in 2017. In 2018, it announced a six-branch purchase from Webster Bank and opened additional full-service offices in Westport and Greenwich. By 2019, the bank had 58 locations across Connecticut, Massachusetts and Rhode Island, more than 800 employees and approximately $7.34 billion in assets. Community involvement was a recurring element of the institution's public identity. The United Bank Foundation Connecticut and United Bank Foundation Massachusetts, together with the bank, supported local partnerships, scholarships and corporate sponsorships. Reported giving exceeded $1.2 million in both the 2015 and 2018 activity periods. In July 2019, People's United Bank announced that it would acquire United Financial Bancorp in an all-stock transaction announced at approximately $759 million. The transaction closed on November 1, 2019, ending United Financial Bancorp's independent existence and bringing United Bank into People's United's organization. People's United was later acquired by M&T Bank in 2022. Branches associated with the former United Bank were subsequently rebranded, consolidated or closed.
- 2019
Acquired by People's United Financial
[1]People's United completed its all-stock acquisition of United Financial Bancorp on November 1.
- 2018
Six Webster branches purchased
[1]United Bank agreed to purchase six Webster branches and completed the related conversion in October.
- 2017
Corporate headquarters moved to Hartford
[1]The company moved its corporate offices from Glastonbury to Goodwin Square in downtown Hartford.
- 2014
Rockville-United merger completed
[1]Rockville became the legal acquirer, the holding company changed its name to United Financial Bancorp and the operating bank became United Bank.
- 2012
New England Bancshares acquired
[1]United Financial completed its acquisition of New England Bancshares, the holding company of New England Bank.
- 2009
CNB Financial acquired
[1]The company acquired CNB Financial Corp., parent of Commonwealth National Bank.
- 2007
United Financial Bancorp incorporated
[1]United Financial Bancorp was incorporated as the holding company for United Bank and completed its second-step conversion.
- 2005
Rockville Financial becomes publicly traded
[1]Rockville Financial, the holding company for Rockville Bank, completed its public offering and traded under UBNK.
- 2004
United Cooperative Bank becomes United Bank
[1]The Massachusetts predecessor adopted the United Bank name, converted to a federal charter and formed a mutual holding company.
- 1882
Springfield predecessor established
[1]The institution that eventually became part of United Bank began as Springfield Cooperative Savings Fund and Loan Association.
Products and positioning
A regional community-bank platform focused on relationship banking, consumer and business finance, wealth management and local community involvement in southern New England.
Consumer banking
Retail banking
United Bank provided branch-based consumer banking for households in its southern New England footprint. Services included deposit accounts and everyday banking support delivered through local branches, relationship bankers, online banking, mobile banking and telephone banking.
Business banking
Business and commercial banking
The bank served small and midsize businesses through commercial deposits, relationship-based banking and business finance. Its local-market model was intended to combine regional scale with direct access to banking teams familiar with Connecticut, Massachusetts and Rhode Island communities.
Lending
Commercial and consumer lending
United Bank offered lending to consumers and businesses as part of its community-bank platform. The portfolio included consumer finance and commercial credit activities, although the available reference material does not provide a complete product-level breakdown.
Financial advisory services
Wealth management
Wealth-management services complemented the bank's deposit and lending products and extended its relationship-banking proposition to customers seeking financial-management support.
Marketing campaigns
- 2017Community partnership and foundation investment
Connecticut · Massachusetts
United Bank and the Connecticut and Massachusetts foundations announced more than $1.2 million in combined investment in local partnerships.
Outcome. The activity supported local organizations, scholarships and corporate sponsorships.
- 2015United Bank foundation community giving
Connecticut · Massachusetts
The bank and its two renamed charitable foundations supported community partnerships, scholarships and sponsorships, with reported giving totaling approximately $1.2 million during 2015.
Outcome. The program reinforced United Bank's community-bank positioning.
Brand decisions
2019
Sale to People's United FinancialM&ABackground
United Financial Bancorp agreed to combine with the larger People's United banking organization.
Action taken
The parties announced an all-stock acquisition, which closed on November 1, 2019.
Aftermath
United Financial Bancorp ceased to operate as an independent public company and United Bank became part of People's United.
Announced transaction value. $759 million (July 15, 2019 announcement)
2018
Purchase six Webster Bank branchesM&ABackground
United Bank pursued additional branch density in its southern New England markets.
Action taken
United Bank agreed to purchase six Webster branches in Connecticut, Massachusetts and Rhode Island and completed their conversion in October.
Aftermath
The transaction increased the bank's reported network to 56 locations in October 2018, before later expansion.
2017
Move corporate offices to HartfordStrategyBackground
United Financial sought a more central headquarters location and a stronger presence in Hartford's business district.
Action taken
The company relocated its corporate offices from Glastonbury to the Goodwin Square office tower in downtown Hartford.
Aftermath
More than 200 employees were brought into Hartford's central business district.
2014
Combine Rockville Bank and United BankM&ABackground
The two regional banking organizations sought to combine their operations and expand their community-bank scale.
Action taken
Rockville acted as the legal acquirer, adopted United Financial Bancorp as the holding-company name and renamed Rockville Bank United Bank.
Aftermath
The combined bank completed a core data-processing conversion and organized market coverage around community banking teams.
Recent events
People's United Financial completed acquisition of United Financial Bancorp[2]
Reported:
People's United Financial announced that it had completed its acquisition of United Financial Bancorp in a 100% stock transaction. The transaction had been announced on July 15, 2019.
Sources2 sources
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