WEST SPRINGFIELD — A western Massachusetts-based bank has announced plans to buy a Connecticut bank for $91 million in cash and stock.
The purchase of Enfield-Conn.-based New England Bank by West Springfield-based United Bank announced Thursday will expand United’s presence into Hartford, Tolland, New Haven and Litchfield counties in Connecticut, where New England Bank operates 15 full-service banking offices and two administrative offices.
The combined banks will have $2.4 billion in assets and more than 300 employees. Officials say they are not expecting major job losses.
United Bank has 24 banking locations in western and central Massachusetts.
The acquisition is subject to regulatory approval.