West Springfield’s United Financial Bancorp Inc. plans to acquire Connecticut-based New England Bancshares, parent of New England Bank, for about $91 million.

United Financial Bancorp Inc., the holding company for United Bank, has 16 branches in Western and Central Massachusetts. The acquisition gives United entry to Hartford, Tolland, New London and Litchfield Counties in Connecticut. It does not currently have any branches in Connecticut. New England Bank has 15 branches and two administrative offices.

The transaction price represents about 163 percent of Enfield-based New England Bancshares’ tangible book value and a core deposit premium of 7.4 percent as of the end of the first quarter.

Under terms of the agreement, each share of New England Bancshares’ common stock will be converted into the right to receive 0.9575 share of United Financial common stock. United said it expects the deal to be immediately accretive to its earnings per share.

New England Bancshares is expected to add about $726 million in total assets, $557 million in gross loans and $581 million in total deposits to United Financial.

"Connecticut is an attractive and growing banking market and one we have had our eye on for some time," said Richard B. Collins, United’s chairman, president and CEO.

"Partnering with United Bank will allow us to continue providing our customers with a high level of personalized service and local decision making," said David J. O’Connor, New England Bancshares president and CEO.