Bankwell Financial Group, Inc. (OTC:BWFG), the parent company of Bankwell Bank (“Bankwell Bank”), and The Wilton Bank (OTC:WIBW) ("Wilton Bank") announced today that the Connecticut Department of Banking has approved the merger of The Wilton Bank with and into Bankwell Bank and the FDIC has stated that it has no objections to the merger, successfully completing all regulatory required approvals.
Upon completion of the merger, to be effective today, the acquisition will increase Bankwell’s assets by approximately $71.4 million, including $65 million in deposits. In connection with the merger, the company is issuing aggregate cash of approximately $5 million to Wilton Bank shareholders. Bankwell projects the acquisition of The Wilton Bank to be accretive to earnings in the first year of the combined operations.
Bankwell Financial Group management team and board of directors, led by Peyton R. Patterson, President and CEO, will continue to lead the combined team of professional bankers. Charles Howell, former CEO of The Wilton Bank, will leave the Company.
Peyton R. Patterson, President and Chief Executive Officer of Bankwell Financial Group, stated, “We are proud of the hard work accomplished as we prepare to finalize our first acquisition and we look forward to the successful blending of our two like-minded community banks -- each a stand-out for its excellent customer service and focus on community. The merger completes an important step in our long-term strategy to expand our presence in Fairfield County. This growth enhances opportunities for businesses, customer relationships, employees and the communities we serve.”Bankwell will bring a vast array of new products and services to The Wilton Bank client base and the Wilton community, including Investment Services. With its competitive pricing and $8 million lending capability, Bankwell also brings a dedicated team of commercial lenders to support local business needs. More information about Bankwell can be found at www.mybankwell.com. Keefe, Bruyette & Woods, a Stifel Company, served as financial advisor to Bankwell Financial Group, Inc. and Sandler O’Neill & Partners, L.P. served as financial advisor to The Wilton Bank. Serving as legal advisor to Bankwell was Robinson & Cole, LLP and to The Wilton Bank, Hinkley, Allen & Snyder, LLP.