Bankwell Financial Group Inc. in New Canaan recently announced plans to acquire Quinnipiac Bank & Trust Co. in Hamden. The acquisition of the New Haven County bank would add about $100 million in assets to Bankwell, totaling $880 million at the end of this reporting period.
Bankwell, which has six branches and one loan production office, will establish an advisory board of Quinnipiac directors to maintain a continuity of services in the New Haven community. Mark Candido, Quinnipiac president and CEO, and Dick Barredo, executive vice president and chief lending officer, will remain in senior positions after the transaction closes.
The transaction, which was approved by the boards of directors of Bankwell and Quinnipiac, is expected to close in the third quarter this year. The transaction closing is subject to conditions, including customary regulatory approvals and the approval by Quinnipiac’s stockholders, according to a press release.
Under the new agreement, 25 percent of Quinnipiac shares will be exchanged for $12 in cash per share, and 75 percent of its shares will be exchanged for 0.56 shares of Bankwell’s stock each.
Sandler O’Neill & Partners L.P. served as financial adviser to Bankwell Financial Group, and Hinckley, Allen & Snyder L.L.P. acted as its legal counsel. Sterne, Agee & Leach Inc. was financial adviser to Quinnipiac Bank & Trust Co., and Luse Gorman Pomerenk & Schick P.C. acted as its legal counsel.
