Now, the merged
"Today, we begin a new era where we will deliver on that promise while providing strong shareholder return," Crawford said. "For Rockville customers, although our name will change to
The name change was considered a key move for the merged institution to market products and services to a broader regional market. The bank's new market will stretch from
The merger is expected to bring together Rockville's strength in residential mortgage and commercial real estate lending with United's well-honed approach to customer cross-selling and sophisticated branch technology. As a larger institution, the combined banks also will be permitted to make larger loans.
The merged institutions expect to cut costs by 15 percent, with an undetermined number of layoffs, primarily in back office and administrative functions. About a third of the job cuts, to be phased in over two years, could be reached through attrition, the banks have said. Four branches in overlapping markets will close.
The stock-for-stock deal, announced in November, is valued at
The bank will be based in
Banking experts say the combined banks will have the firepower to challenge the dominance of
Both Rockville and United trace their lineage to the mid-1800s, with Rockville being the oldest, founded in 1858. United has expanded through acquisition in recent years, first entering
Under Crawford's leadership, Rockville has expanded into new markets, including a major push into commercial lending in
Shares in the combined banks started trading under the ticker symbol "UBNK" as of Thursday. At the close of trading Thursday on the Nasdaq Global Select Market, shares were valued at
A "second-step" stock offering in
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