Rockville Bank and United Bank have officially completed their merger, first announced late last year.

Under the terms of the agreement, Springfield-headquartered United Financial Bancorp merged with and into Rockville Financial Inc., with Rockville as the surviving holding company in the merger. Rockville Financial has now also changed its name to United Financial Bancorp, and Rockville Bank has become United Bank. The new entity will trade on the NASDAQ under the symbol "UBNK" beginning today.

William H.W. Crawford IV, president and CEO of the former Rockville Bank and Rockville Financial Inc., will be the CEO of United Bank and United Financial Bancorp Inc.

Richard B. Collins, United Financial Bancorp Inc.’s former chairman, president and CEO, retired today and will provide consulting services for one year. United’s current executive vice president and chief operating officer, J. Jeffrey Sullivan, is now president of the combined bank and the holding company.

The deal, which was billed as a "merger of equals," was a stock-for-stock transaction valued around $369 million. United Financial shareholders will receive 1.3472 shares of the new United Financial Bancorp for each share of legacy United Financial Bancorp Inc. common stock.

The new United Bank is now the largest community bank in the Hartford-Springfield market, with nearly $5 billion in assets and more than 50 locations across New Haven, Glastonbury, West Springfield and Worcester. The bank’s executive headquarters will remain in Glastonbury, Conn., and the bank will maintain regional offices in Enfield and South Windsor, Connecticut and West Springfield and Worcester, Mass.  

United’s board of directors also declared a cash dividend on the company’s common stock of 10 cents per share to be paid May 19 to shareholders of record at the close of business on May 12.

RBC Capital Markets LLC served as the lead financial advisor to Rockville Financial Inc. and rendered a fairness opinion in connection with the transaction. Sandler O’Neill + Partners L.P. also rendered a fairness opinion in connection with the transaction. 

Hinckley, Allen & Snyder LLP acted as Rockville’s legal counsel. Sterne Agee & Leach Inc. served as the exclusive financial advisor to United Financial Bancorp, Inc. and rendered a fairness opinion in connection with the transaction. Kilpatrick Townsend & Stockton LLP acted as United’s legal counsel.