June 26, 2007
Valley Bank acquisition approved
Shareholders of First Valley Bancorp overwhelmingly approved its acquisition by New England Bancshares Inc., the holding company for Enfield Federal Savings and Loan. First Valley Bancorp, the holding company for Valley Bank, had total assets of $184.9 million as of March and has four branches in Bristol, Plymouth, and Southington. The deal bumps New England Bancshares' assets to approximately $460 million. Under the deal, announced in November, Valley Bank will continue to operate under its own name as a subsidiary of New England Bancshares, which has pledged to invest $12 million into the bank. All regulatory requirements for the deal have already been approved, and both sides expect to close on the acquisition in July.
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