SI Financial Group, Inc. Announces Stockholder Approval of Merger With Berkshire Hills Bancorp, Inc.
April 02 2019 - 4:02PM
SI Financial Group, Inc. (the “Company”) (NASDAQ Global Market:
SIFI), the holding company for Savings Institute Bank and Trust
Company (the “Bank”), announced today that the stockholders of the
Company approved the previously announced merger of the Company
with and into Berkshire Hills Bancorp, Inc. (“Berkshire”) at a
meeting of the Company’s stockholders held on April 2, 2019. The
stockholders of the Company also approved the non-binding proposal
with respect to the merger-related compensation payable to the
executive officers of the Company. Subject to the receipt of the
required regulatory approvals and the satisfaction of customary
closing conditions, the parties expect to close the merger in the
second quarter of 2019.
About SI Financial Group,
Inc.
SI Financial Group, Inc. is the holding company
for Savings Institute Bank and Trust Company. Established in 1842,
Savings Institute Bank and Trust Company is a community-oriented
financial institution headquartered in Willimantic, Connecticut.
Through its twenty-three branch locations, the Bank offers a
full-range of financial services to individuals, businesses and
municipalities within its market area.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements include, but
are not limited to, statements identified by words such as
“expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,”
“estimates” or words of similar meaning.
Forward-looking statements involve risks and
uncertainties that may cause actual results to differ materially
from those in such statements. The following factors, among others,
could cause actual results to differ materially from the
anticipated results expressed in the forward-looking statements:
the businesses of Berkshire and the Company may not be combined
successfully, or such combination may take longer than expected;
the cost savings from the merger may not be fully realized or may
take longer than expected; operating costs, customer loss and
business disruption following the merger may be greater than
expected; governmental approvals of the merger may not be obtained,
or adverse regulatory conditions may be imposed in connection with
governmental approvals of the merger or otherwise; credit and
interest rate risks associated with Berkshire’s and the Company’s
respective businesses; and difficulties associated with achieving
expected future financial results. Additional factors that could
cause actual results to differ materially from those expressed in
the forward-looking statements are discussed in Berkshire’s and the
Company’s reports (such as the Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K)
filed with the Securities and Exchange Commission (“SEC”) and
available at the SEC’s Internet website (www.sec.gov). All
subsequent written and oral forward-looking statements concerning
the proposed transaction or other matters attributable to Berkshire
or the Company or any person acting on their behalf are expressly
qualified in their entirety by the cautionary statements above.
Except as required by law, Berkshire and the Company do not
undertake any obligation to update any forward-looking statement to
reflect circumstances or events that occur after the date the
forward-looking statement is made.
CONTACT:
Catherine Pomerleau, Executive
Assistant/Investor Relations AdministratorEmail:
investorrelations@savingsinstitute.bank (860) 456-6514
SI Financial Grp., Inc. (NASDAQ:SIFI)
Historical Stock Chart
From Apr 2024 to May 2024
SI Financial Grp., Inc. (NASDAQ:SIFI)
Historical Stock Chart
From May 2023 to May 2024