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CNB Financial Shareholders OK United Financial Merger

Oct 22, 2009 | Reprints | Unlock Link | Print

Worcester-based CNB Financial Corp.’s shareholders approved the company’s pending merger with United Financial Bancorp Inc. today.

CNB is the parent company of Commonwealth National Bank.

West Springfield-based United Financial beat rival Berkshire Bank to win a months-long merger race for Commonwealth National after offering $25 million, or $10.75 per share, in late June. Berkshire had initially offered $8.50 per share in late April, and had announced a merger agreement before United jumped in with a $10 per share offer. Berkshire countered with $9.23 per share, and United upped its offer to $10.25 before settling on $10.75 per share. Berkshire received $970,000 from Commonwealth National as part of their split.

Banking & Lending