United Financial Bancorp

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.

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.

1. 2019Acquired by People's United Financial

   People's United completed its all-stock acquisition of United Financial Bancorp on November 1.

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2. 2018Six Webster branches purchased

   United Bank agreed to purchase six Webster branches and completed the related conversion in October.

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3. 2017Corporate headquarters moved to Hartford

   The company moved its corporate offices from Glastonbury to Goodwin Square in downtown Hartford.

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4. 2014Rockville-United merger completed

   Rockville became the legal acquirer, the holding company changed its name to United Financial Bancorp and the operating bank became United Bank.

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5. 2012New England Bancshares acquired

   United Financial completed its acquisition of New England Bancshares, the holding company of New England Bank.

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6. 2009CNB Financial acquired

   The company acquired CNB Financial Corp., parent of Commonwealth National Bank.

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7. 2007United Financial Bancorp incorporated

   United Financial Bancorp was incorporated as the holding company for United Bank and completed its second-step conversion.

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8. 2005Rockville Financial becomes publicly traded

   Rockville Financial, the holding company for Rockville Bank, completed its public offering and traded under UBNK.

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9. 2004United Cooperative Bank becomes United Bank

   The Massachusetts predecessor adopted the United Bank name, converted to a federal charter and formed a mutual holding company.

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10. 1882Springfield predecessor established

    The institution that eventually became part of United Bank began as Springfield Cooperative Savings Fund and Loan Association.

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11. 1858Savings Bank of Rockville founded

    A predecessor institution was established in Rockville, Connecticut, by twenty local businessmen.

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A regional community-bank platform focused on relationship banking, consumer and business finance, wealth management and local community involvement in southern New England.

• Retail bankingConsumer 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 and commercial bankingBusiness 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.

• Commercial and consumer lendingLending

  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.

• Wealth managementFinancial advisory services

  Wealth-management services complemented the bank's deposit and lending products and extended its relationship-banking proposition to customers seeking financial-management support.

• 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.

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• 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.

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• 2019Sale to People's United FinancialM&A

  United Financial Bancorp agreed to combine with the larger People's United banking organization.

  What changed. 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)

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• 2018Purchase six Webster Bank branchesM&A

  United Bank pursued additional branch density in its southern New England markets.

  What changed. 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.

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• 2017Move corporate offices to HartfordStrategy

  United Financial sought a more central headquarters location and a stronger presence in Hartford's business district.

  What changed. 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.

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• 2014Combine Rockville Bank and United BankM&A

  The two regional banking organizations sought to combine their operations and expand their community-bank scale.

  What changed. 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.

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• 2022M&T Bank later absorbs People's United Bank

  People's United Bank, the successor owner of the United Bank business, was subsequently subsumed into M&T Bank.

  M&A
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• 2019People's United Financial agrees to acquire United Financial Bancorp

  People's United Bank and United Bank announced an all-stock transaction for United Financial Bancorp. The acquisition closed on November 1, 2019.

  M&A
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• 2018United Bank agrees to purchase six Webster Bank branches

  United Bank agreed to acquire six Webster Bank branches in Connecticut, Massachusetts and Rhode Island, with the conversion completed in October 2018.

  M&A
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• 2017United Financial Bancorp relocates corporate offices to downtown Hartford

  The company announced and then completed the relocation of its corporate offices from Glastonbury to Hartford's Goodwin Square office tower, bringing more than 200 jobs to the central business district.

  Other
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• 2017United Financial Bancorp recognized on Fortune's fastest-growing companies list

  United Financial Bancorp was reported as number 39 on Fortune's 100 Fastest-Growing Companies list for 2017.

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• 2014United Bank completes merger and adopts United Financial Bancorp name

  Rockville Bank completed its acquisition of United Bank, changed the holding company's name to United Financial Bancorp and renamed Rockville Bank United Bank.

  M&ALeadership change
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• 2013United Financial Bancorp announces merger with Rockville Bank's United Bank predecessor

  Rockville Bank and United Bank announced plans for a merger of equals, with William H. W. Crawford IV designated to lead the combined organization.

  M&A
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1. United Financial Bancorp