NEW CANAAN & WILTON, Conn.--(EON: Enhanced Online News)--Bankwell Financial Group, Inc. (OTC:BWFG), the parent company of Bankwell Bank (“Bankwell Bank”), and The Wilton Bank (OTC:WIBW) ("Wilton Bank") announced today that the shareholders of Wilton Bank have approved the merger with and into Bankwell Bank. The merger has been approved by the Federal Deposit Insurance Corporation and approval from the Connecticut Department of Banking is expected shortly.
“We are pleased that our shareholders have supported the merger with Bankwell. Bankwell’s excellent reputation for exceptional service, credit quality and community-giving make us a winning combination.”
Bankwell also announced that it raised $6,197,500 in capital by issuing 370,000 shares of its common stock to a single prominent financial institution investor.
Peyton R. Patterson, President and Chief Executive Officer of Bankwell Financial Group, stated “We are excited to have passed this milestone and look forward to completing the merger. Together, we will continue to be the hometown bank serving the local community, but with a far greater array of services to offer individuals and businesses in the Wilton market. The additional capital we raised today will continue to support Bankwell’s anticipated growth from a strong capital position.”
Charles F. Howell, President, Treasurer and Chief Executive Officer of The Wilton Bank, added, “We are pleased that our shareholders have supported the merger with Bankwell. Bankwell’s excellent reputation for exceptional service, credit quality and community-giving make us a winning combination.”
The transaction is expected to close in the fourth quarter of 2013.
About Bankwell Financial Group, Inc. and Wilton Bank
Bankwell Financial Group is a federally-regulated bank holding company located in New Canaan, Connecticut. Bankwell Financial Group operates one state chartered commercial bank subsidiary, Bankwell Bank. This bank was recently created from the merger of The Bank of New Canaan and The Bank of Fairfield. Bankwell Bank operates branches in the Fairfield County towns or cities of New Canaan, Fairfield, Stamford and a loan production office in Bridgeport. Bankwell Bank is FDIC insured and provides a full range of banking services to commercial and consumer customers, primarily located within its community and the surrounding area.
The Wilton Bank is a state chartered commercial bank located in Wilton, Connecticut, whose deposits are insured by the FDIC. The Wilton Bank provides a full range of banking services to commercial and consumer customers, primarily located within its community and the surrounding area.
This news release contains forward-looking statements. These forward-looking statements may include: management plans relating to the transaction; the expected timing of the completion of the transaction; the ability to complete the transaction; the ability to obtain any required regulatory, stockholder or other approvals; any statements of the plans and objectives of management for future or past operations, products or services, including the execution of integration plans; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Forward-looking statements are typically identified by words such as “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project” and other similar words and expressions. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made. Neither Bankwell Financial Group nor The Wilton Bank assume any duty and do not undertake to update forward-looking statements. Because forward-looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those that Bankwell Financial Group or The Wilton Bank anticipated in its forward-looking statements and future results could differ materially from historical performance. Factors that could cause or contribute to such differences include, but are not limited to, the possibility: that expected benefits may not materialize in the timeframe expected or at all, or may be more costly to achieve; that the transaction may not be timely completed, if at all; that prior to the completion of the transaction or thereafter, Bankwell Financial Group’s and The Wilton Bank’s respective businesses may not perform as expected due to transaction-related uncertainty or other factors; that the parties are unable to successfully implement integration strategies; that required regulatory, stockholder or other approvals are not obtained or other closing conditions are not satisfied in a timely manner or at all; reputational risks and the reaction of the companies’ customers to the transaction; diversion of management time on merger-related issues. For any forward-looking statements made in this press release or in any documents, Bankwell Financial Group and The Wilton Bank claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.