New Canaan-based Bankwell Financial Group Inc., parent company of Bankwell Bank, has successfully completed the merger of Quinnipiac Bank & Trust Co. “with and into Bankwell,” effective Oct. 1.
Blake S. Drexler will remain as executive chairman of Bankwell and the rest of the Bankwell executive team will remain in place, Bankwell said in a statement.
Quinnipiac President and CEO Mark A. Candido will serve as president of Bankwell”™s New Haven County region and as senior vice president of Bankwell. Richard R. Barredo, Quinnipiac”™s executive vice president and chief lending officer, will serve as first vice president of Bankwell. Raymond W. Palumbo, former vice chairman of Quinnipiac”™s board of directors, was appointed to the boards of directors of Bankwell Financial Group and Bankwell.
Bankwell Financial Group and Quinnipiac entered into an “Agreement and Plan of Merger” March 31 for their merger into Bankwell. Per the agreement, the shareholders of Quinnipiac, as of the record date, were able to elect to receive either $12 cash, 0.56 shares of Bankwell Financial common stock for each share of Quinnipiac common stock (with about 75 percent of Quinnipiac shares exchanged for stock and approximately 25 percent for cash) or a combination of cash and Bankwell Financial common stock.
“This is a unique and exciting opportunity to combine two well-respected community banks that share a strong commitment to our local communities,” Drexler said in a statement. “The merger gives Bankwell a meaningful presence in New Haven County and we look forward to continuing to provide former Quinnipiac Bank & Trust customers with the type of full-service relationship banking experience they have come to expect.”
“Bankwell will provide the resources needed to provide customers with a great banking experience,” Candido said. “Along with the high level of personal service they currently enjoy, our customers will benefit from the expanded range of products and services that Bankwell has to offer.”
Bankwell operates eight branches in New Canaan, Fairfield, Stamford and Wilton and, in New Haven County, in Hamden and North Haven. It also operates a loan production office in the city of Bridgeport. It provides services to commercial and consumer customers, primarily within its communities and their surrounding areas.
